The pre-tax loss of $959.7m follows pre-tax losses of $917.77m in 2022.

The pre-tax loss takes account of non-cash amortisation costs of $873.59m and non-cash depreciation costs of $28.8m.

The loss also takes account of an increase in research and development costs from $827.82m to $873.59m.

The company recorded an operating loss of $700m and interest payments of $259.8m added to the losses.

The company received a corporation tax credit of $106.69m which resulted in a post-tax loss of $853.02m The directors say they consider the financial position as satisfactory.

On the company’s future developments, the directors say the company expects to be in a position to continue to increase its eye care sales through continued growth and strengthening of relationships with its customers.

The business expanded during the year as the company in September 2023 purchased Novartis product XIIDRA, the first and only non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease.

The deal has cost Bausch + Lomb $1.75bn in an upfront cash payment and potential milestone obligations of up to $750m.

Staff costs increased from $121m to $125m. Directors’ pay increased from $1.68m to $1.8m, made up of $1.7m in emoluments and $103,000 in pension contributions.

The accounts show the US was the company’s largest market, accounting for 62%, or $1.38bn, in sales, while the Netherlands accounted for $276.7m in sales, with Japan accounting for $125.67m in revenues. The company recorded Irish revenues of $3.6m.

Numbers employed fell from 1,594 to 1,577, made up of 1,304 in production, 237 in administration and 36 in selling and distribution.

In a post-balance sheet event, the company received a capital contribution of $161.77m.

At the end of December 2023, the company had shareholder funds of $1.74bn. Cash funds increased from $19.9m to $38.75m.