Grifols Announces a Profit of €3.3 Million After the First Quarter Losses

Grifols recovers good dynamics. The Catalan pharmaceutical company has recorded revenues of €4.88 billion between January and September 2023, 11.7% more in comparable terms compared to the previous period. as communicated this Thursday to the National Securities Market Commission (Cnmv).

The Catalan pharmaceutical company has announced a profit of €3.3 million until September, which contrasts with the losses of €56.2 million it recorded in the first half of the year, after the restructuring costs of €140 million associated with its transformation plans.

On the other hand, the adjusted gross operating result (Ebitda) amounted to €374 million in the third quarter of 2023, with an adjusted margin of 25.1%. Furthermore, in the accumulated of the first nine months, the Ebitda has reached €1.03 billion (a margin of 23.2%). The Catalan pharmaceutical company has stated that these margins have been supported “by the good results of Biopharma, the cost savings derived from the operational improvement plan and operational leverage.”

Specifically, revenues at Biopharma have reached €1.37 billion in the third quarter of 2023, which has materialized in an annual increase of 13.7%, driven by “the strong underlying demand, the price increases of the main proteins plasma or due to the solid growth strategy outside the United States,” as the firm has developed.

On the other hand, Diagnostic’s turnover has decreased by 3.1% annually in the third period of the year, standing at €165 million. However, in the sum of the first nine months of the year, the division’s income has increased by 0.9%, reaching €498 million, driven “mainly by blood typing solutions.”

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Grifols has also confirmed the sale of a stake in Shanghai Raas for $1.5 billion

With the presentation of the results, the company has also confirmed the sale of a stake in Shanghai Raas for $1.5 billion, after announcing the operation in mid-June.

Thomas Glanzmann, president and CEO of Grifols, has announced regarding the operation in China that “we are progressing and working with full dedication and effort to sign the agreement and we hope to be able to announce it before the end of 2023, as we committed.” The manager added that “as it is a highly regulated environment, we hope to obtain all approvals and close the transaction during the first half of 2024.”  

Grifols is a listed Catalan pharmaceutical company. The company’s activity focuses on the research, development, manufacturing, and marketing of products derived from plasma (blood products), intravenous therapy products and diagnostic systems, among others. The Barcelona plasma production plant is located in the town of Parets del Vallès.

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First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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