Contract drugs manufacturer Piramal Healthcare UK saw turnover and profitability curtailed by supply chain disruption and factory challenges during the pandemic.
The Morpeth-based firm, which also runs a Grangemouth facility, saw pre-tax profit fall 6% to £4.25m and turnover fall more than 10% to £72.63m in 2021. In accounts filed at Companies House, directors said the reduced profits were partially offset by a one-off payment relating to the US launch of a product.
Piramal, which employs about 582 people and specialises in making active pharmaceutical ingredients and oral solids at its Northumberland site, said it expected revenues and profits to rise in 2022. The improved outlook was down due to easing of the operating challenges and thanks to an improved order pipeline for antibody drug conjugation - used in cancer treatment - that is made at the Grangemouth plant.
