Company selling DNA data boosts profits to nearly €5m as it scales back Irish operations

A Dublin-based firm, owned by a US biotechnology company, that sells genetic data to third parties for health research purposes reported pretax profits of almost €5 million last year, recently filed company accounts show.

Genuity Science Ireland, formerly called Genomics Medicine Ireland, earned $5.46 million (€4.88 million) in profits before tax last year, an increase of 24 per cent compared with $4.39 million in 2024, its financial accounts show.

The company previously traded worldwide as WuXi NextCode before worsening relations between the US and China forced the company to separate its intercontinental operations.

The firm generated $6.87 million in revenue last year, a 17.73 per cent increase from its 2024 revenue of $5.84 million, the accounts show. Slightly more than half of its 2025 revenue, $3.64 million, came from activity outside of Europe.

Genuity Science ended the 2025 financial year with net liabilities of $18.49 million, a 22.8 per cent decrease from the previous year, and did not recommend dividends be paid to the company’s directors.

Colin Beecham served as a director throughout the entire financial year and is a former senior vice-president of its UK arm, while Jonathan Lanfear and David Kavanagh resigned from the company in May and October 2025, respectively. Steven Gillis joined the company when Lanfear left.

They were the only people employed by the company during the financial year, with $47,327 in total spent on all salaries, the filings show.

A note in the directors’ report of the financial accounts described the company as “engaged in activities in connection with population genomics”.

It said the firm “has developed a disease-specific database of genomics”, or the information of individuals’ DNA, “to examine the relationship between genetics and disease across a number of disease areas”.

[ H&M overcomes online sales dip to report 13% rise in pretax profitOpens in new window ]

“The company provides data access to this database to third-party customers,” the note read, with a specific focus on issues with the central nervous system, heart and metabolism.

While it continues to “provide secure and data-protection-compliant access to the high-quality data sets [it holds] to fee-paying customers”, the company is looking “to reduce both the breadth of its commercial offering and the cost of its business model”.

It is “no longer carrying out its own research on the data”, a note in the directors’ report reads, with no expenses incurred by research and development practices.

Genuity Science is funded through customer contracts and short-term loans from its Manhattan-based parent company HiberCell, which will “continue to fund the company for a period of 12 months”, based on results from the company filings.

“However, HiberCell’s ability to raise additional funding in order to be able to continue ... to support the company represents a material uncertainty over the ability of” Genuity Science to continue operating, the directors’ report read.