Grifols reduces its profit by 30% in the first quarter of 2021, to 129.9 million

Grifols is feeling the impact of Covid-19. The Spanish pharmaceutical company reduced its profit in the first quarter of 2021 by 30.3% compared with the same period in 2020, to $155.6 million (€129.9 million,) the company reported in a statement sent to the Spanish Securities and Exchange Commission (CNMV).

The company justifies the decline in profits to the poorer performance of the bioscience division, due to the lower amount of plasma collected in the second and third quarters of 2020. The group recorded a turnover of $1.44 billion (€1.2 billion), 8.4% less than a year earlier.

The company has mitigated the impact of the pandemic by contributing new products, efforts to increase plasma donations, managing inventories, and expanding plasma collection capacity.

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Grifols reported ebitda of $356.4 million (€296.8 million) in the first quarter of 2021

Grifols’ gross operating profit (Ebitda) was $356.4 million (€296.8 million) compared to $421 million (€351 million) in the first quarter of 2020 and accounted for 25.1% of revenues, lower than the percentage reported in the previous quarter and the first quarter of the previous year.

Net financial debt reached $7.44 million (€6.2 billion) and the net financial debt to Ebitda ratio stood at 5.1 times due to the $606 million (€505 million) paid for the acquisitions of bPL, Kedrion, Alkahest, and GigaGen. Grifols recorded cash of $457 million (€381 million) on March 31st, 2021, which, in addition to undrawn credit lines of approximately $806.8 million (€672 million), brings its liquidity position to more than $1.2 billion (€1 billion).

Revenues from the BioScience division fell by 13.3% to $1.08 billion (€901.3 million)

By division, revenues from the BioScience division, the company’s core business, fell by 13.3% to $1.08 billion (€901.3 million). The increase in the price of some of the main plasma proteins and the introduction of new products helped to cushion the decline.

The Diagnostics division accelerated its growth with a 21.1% rise to $244 million (€203.3 million) in revenues. In this area, sales of the molecular TMA test for the detection of Sars-Cov-2 made a significant contribution.

Lastly, sales in the Hospital division rose by 1.7% to $37.5 million (€31.2 million), while the Bio Supplies division posted sales of $67.6 million (€56.3 million), 12.2% less than a year ago.

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(Featured image by AbsolutVision via Pixabay)

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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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