New tax laws delivered nearly $100m more from Regeneron Ireland last year

New accounts show pre-tax profits at Regeneron Ireland DAC last year increased by 56pc to $4.09bn.

Revenues rose by 8pc, from $11.15bn to $12.15bn.

The accounts show the firm is a substantial contributor of the Exchequer and its corporation tax charge for 2024 totalled $608.18m.

The Pillar Two international corporation tax reforms introduced at the start of 2024 delivered an additional $98.8m in corporation tax for the Exchequer last year.

Those Pillar Two reforms mean firms with revenues in excess of €750m are subject to an effective minimum corporate tax rate of 15pc.

The accounts show that based on its pre-tax profits of $4.09bn, it would have had a 12.5pc corporation tax bill of $512.29m.

Regeneron Ireland DAC’s corporation tax bill increased by $98.8m due to “the impact of Pillar Two legislation enacted in Ireland”.

The Pillar Two uplift of $98.8m was offset by R&D tax credits of $2.34m and $566,000 under “other”.

The $608.18m corporation tax charge is an 88pc increase on the firm’s corporation tax charge of $322.35m for 2023.

This sharp increase in Regeneron Ireland’s DAC corporation tax payout came against the background of Ireland’s corporation tax increasing by 18pc last year to €28bn, before the €11bn from the Apple tax case is taken into account.

The revenues recorded by the Irish-based unit account for 85.5pc of ­Regeneron’s global revenues of $14.2bn in 2024.

Regeneron Ireland DAC paid out a dividend of $4.3bn to its parent, Regeneron Atlantic Holdings (RAH), last year.

The Regeneron operation here has gone from strength to strength since it established its Irish HQ at the former Dell site in Limerick.

Since 2013, when Regeneron first announced plans to invest in operations in Ireland, the company has consistently exceeded job and investment projections for its Irish operations.

Numbers employed at Regeneron Ireland DAC last year increased from 1,868 to 2,082, made up of 1,889 in production, 69 in R&D, 111 in administration and 13 in commercial.

The company’s staff costs last year increased from $279m to $317m.