'We will re-invest all our profits back into the business': County Armagh pharma giant breaks £1billion revenue barrier with record profits and workforce growth
Almac Group surpasses £1 billion revenue for the first time in the company’s history with latest Annual Accounts reporting record revenues, profit and employee numbers reaching over 7,700 employees worldwide
Craigavon pharmaceutical giant Almac Group has achieved a major financial milestone, with annual revenues surpassing £1 billion for the first time in the company’s history.
In its latest financial results for the year ending 30 September 2024, the global contract pharmaceutical development and manufacturing organisation reported revenues of £1.027 billion—a 7% increase on the previous year’s £957.5 million. Pre-tax profits surged by 27%, climbing to £119 million, up from £93.8 million in 2023.
The company also revealed its highest-ever employee numbers, with the average workforce growing by 3%, reaching over 7,700 employees worldwide.
These record-breaking results underscore the momentum behind Almac’s ongoing £400 million+ global capital investment programme, launched in November 2021. This programme has included the development of a Centre of Excellence for Diagnostic development and commercial manufacturing, a state of the art 100,000 sq ft pharmaceutical manufacturing facility, and an expansion of cryogenic and ultra-low temperature service capabilities for clinical supply across Durham, North Carolina and Singapore. A major expansion continues to clinical production and distribution capabilities in Souderton, Pennsylvania.
Almac, which currently employs more than 7,700 people worldwide, is at the forefront of developing, manufacturing, testing and distributing essential medicines to patients around the world. During this financial year the group was involved in the development of hundreds of life-saving drugs spanning more than 20 therapeutic areas including oncology, cardiology, immunology, gene therapy and neurology.
Alan Armstrong, Almac Group chairman and CEO said: “Today’s results mark another successful year of growth for Almac. As a privately-owned and independent company, we will re-invest all our profits back into the business, enabling us to innovate and expand to meet the growing needs of our global clients, working in partnership to advance human health.
“I am proud of the continued progress we are making, which is thanks to the dedication of our valued global workforce.”