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Grifols SA
Investor Relations

Grifols is a healthcare company that makes medicines and diagnostic products from human plasma. Its main products are plasma-derived therapies used to treat immune disorders, bleeding conditions, and other serious illnesses, along with diagnostic test systems and blood-typing tools used in labs and hospitals. It also runs plasma collection centers, which supply the raw material for its medicines. Its customers are hospitals, clinics, pharmacies, blood banks, and medical laboratories. Grifols makes money by selling finished therapies, diagnostic reagents, and testing instruments, and by supplying products and services tied to plasma collection and blood testing. A large part of the business depends on turning donated plasma into specialized treatments that are hard to make and heavily regulated. What makes Grifols different is that it sits in several parts of the healthcare value chain at once. It collects plasma, processes it into medicines, and also sells diagnostic equipment that helps screen blood and support laboratory testing. That mix gives it a role both as a drug maker and as a supplier to the blood and diagnostics industry.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
May 7, 2026
AI Summary
Q1 2026

In line: Grifols said Q1 2026 results were in line with expectations and full-year 2026 guidance remains on track.

Biopharma led: Biopharma was the main growth driver, with immunoglobulins delivering double-digit growth and U.S. demand still strong.

China headwind: Albumin sales fell in China because of pricing and market pressure, but management said hospital pricing has started to stabilize and expects improvement later in the year.

Plasma shift: The company framed Egypt as a major strategic lever that should lower cost per liter, improve supply security and support margin expansion.

Balance sheet: Grifols said refinancing materially strengthened liquidity and removed near-term refinancing risk, while cash interest is still expected to be at or below 2025 levels.

Diagnostics optionality: Diagnostics was held back by the Quidel Ortho dissolution, but management said the business is still on track and the new Barcelona platform remains a key launch later in 2026.

Key Financials
Revenue
EUR 1.7 billion
Adjusted EBITDA
EUR 381 million
Adjusted EBITDA margin
22.4%
Free cash flow
negative EUR 8 million
Leverage
4.3x
Biopharma revenue growth
6.8% at constant currency
Immunoglobulin growth
15.3% year-over-year at constant currency
Xembify growth
double-digit in-market demand growth
Albumin sales
down 6.1% year-over-year at constant currency
Alpha-1 and specialty proteins sales
down 7.4% year-over-year
Diagnostics like-for-like revenue growth
low single digits year-over-year
Quidel Ortho compensation
USD 65 million
Egypt plasma collection
about 1 million liters in 2026
Operating expenses
down 7.7% at constant currency
Gross margin improvement vs Q4 2025
180 basis points
Group profit
EUR 73 million
Revolving credit facility
over $2 billion
Bond redemption
EUR 500 million
U.S. IG market size
over $20 billion
Fibrinogen U.S. market size
about $50 million
Fibrinogen U.S. potential market size
$800 million
China albumin market value
approximately EUR 1 billion
Earnings Call Recording
Other Earnings Calls

Management

Mr. Jose Ignacio Abia Buenache
CEO & Director
No Bio Available
Mr. Alfredo Arroyo Guerra CPA
CFO & VP
No Bio Available
Mr. Lluis Pons Gomez
Senior Vice President of Strategy & COO Office
No Bio Available
Ms. Nuria Pascual Lapeña
VP of Corporate Treasury, Risk Management Investor Relation & Sustainability Officer
No Bio Available
Mr. David Ian Bell
Chief Corporate Development, Legal & Data Protection Officer
No Bio Available
Ms. Maria Teresa-Rioné Llano
Chief Communications Officer
No Bio Available
Mr. Camille Alpi
Chief Human Resources & Talent Officer
No Bio Available
Mr. Vicente Blanquer Torre
Chief Quality Officer
No Bio Available
Mr. Sergio Roura Adell
President of Commercial Tech Support
No Bio Available
Mr. Víctor Grifols Deu
Executive Director
No Bio Available

Contacts

Address
BARCELONA
Barcelona
C/ Jesus y Maria, 6
Contacts
+34935710000.0
www.grifols.com
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