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    Charles Pitman • Barclays PLC

    Charles Pitman's questions to Grifols SA (GRFS) leadership

    Charles Pitman's questions to Grifols SA (GRFS) leadership • Q1 2025

    Question

    Charles Pitman asked about Grifols' exposure to U.S. drug pricing policies, the specifics of the albumin sales phasing, the pricing differential between U.S. and ex-U.S. markets, the product mix between SCIG and IVIG, and the phasing impact on rabies revenue.

    Answer

    CEO Nacho Abia stated it was too early to assess the full impact of U.S. policy but highlighted the company's self-sufficient U.S. presence as a protective factor. He clarified the albumin license renewal in China was a planned event that does not alter the full-year growth forecast. President of Biopharma Roland Wandeler added that ex-U.S. prices are moving closer to U.S. levels, the subcu (Xembify) share is approaching high single-digits, and the rabies revenue phasing is due to normal seasonality.

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    Charles Pitman's questions to Grifols SA (GRFS) leadership • Q2 2024

    Question

    Charles Pitman from Barclays questioned the driver for the increase in non-current financial assets. He also asked CEO Nacho Abia for his impressions after four months, the work remaining in the company's turnaround, and how to prevent a repeat of recent issues like accounting misinterpretations.

    Answer

    CEO Nacho Abia expressed his view that Grifols is a phenomenal company with solid fundamentals and that the path to convincing investors is to continue delivering on commitments and ensuring the business is well understood. VP of IR Daniel Segarra clarified that there were no significant changes in non-current assets, pointing to the reclassification of debt and the cash from the Shanghai RAAS sale as the main balance sheet movements.

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    Charles Pitman's questions to Grifols SA (GRFS) leadership • Q1 2024

    Question

    Charles Pitman of Barclays sought confirmation that the Shanghai RAAS proceeds will be used to pay down specific 2025 and 2027 bonds. He also asked for an explanation of Biotest's path from being dilutive to accretive, the reasons for delays since 2022, its impact on working capital, and the current fractionation capacity utilization.

    Answer

    Executive Chairman Thomas Glanzmann confirmed the Shanghai RAAS proceeds will be used to pay down debt as outlined. He explained that Biotest is not expected to contribute significantly to EBITDA until its new products, like fibrinogen and Yimmugo, are launched. Glanzmann also stated that current fractionation capacity utilization is at 70%, and CEO Nacho Abia reiterated that he is not ready to provide cash flow guidance beyond 2024.

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    Charles Pitman's questions to argenx SE (ARGX) leadership

    Charles Pitman's questions to argenx SE (ARGX) leadership • Q1 2025

    Question

    Charles Pitman requested the actual price differential between a Part B and Part D patient in Q1 and asked about the expected future administration split, particularly the growth outlook for the IV formulation.

    Answer

    Chief Financial Officer Karl Gubitz explained that the high-level difference is the incremental 20% rebate paid for Part D patients in the catastrophic phase. He stated that while the IV formulation will always be important in the U.S. due to buy-and-bill customers and physician preference, the proportion of patients on Part D will increase over time from its current minority position.

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