Biotech
Grifols reduces its profit by 30% in the first quarter of 2021, to 129.9 million
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.
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.
If you want to find more details about Grifols and its financial results, download for free the Born2Invest mobile app. Our companion app brings you the latest business news in the world so you can stay on top of the market.
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.
__
(Featured image by AbsolutVision via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
-
Business1 week ago
Fighting Agri-Food Fraud: How TecnoCientifica’s T-Scanner is Changing the Game
-
Cannabis2 weeks ago
Netherlands Toughens Drug Penalties: Longer Sentences for Smugglers
-
Impact Investing5 days ago
Italy Is at the Bottom of the DPAM Ranking on Compliance with the Paris Agreement
-
Crowdfunding2 weeks ago
Bank of Italy Now Partially Unblocks Lemonway