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    Joaquin Garcia-Quiros • JB Capital

    Joaquin Garcia-Quiros's questions to Grifols SA (GRFS) leadership

    Joaquin Garcia-Quiros's questions to Grifols SA (GRFS) leadership • Q2 2025

    Question

    Joaquín García-Quirós of JB Capital Markets asked for more detail on the Alpha-1 and Specialty Proteins segment's strong performance, questioning whether growth came from Alpha-1 or other proteins and if it was driven by market share, pricing, or patient volume.

    Answer

    President of BioPharma Roland Wandeler responded that while detailed breakdowns are not provided, both Alpha-1 and specialty proteins saw pleasing growth. He attributed Alpha-1's progress to a new specialty pharmacy provider in the U.S. and a strategy focused on all three levers: share, price, and patient volume, with a notable emphasis on increasing diagnosis rates for the 85% of patients who remain undiagnosed.

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    Joaquin Garcia-Quiros's questions to Grifols SA (GRFS) leadership • Q2 2024

    Question

    Joaquin Garcia-Quiros asked for clarification on the Q2 gross margin decline and the outlook for H2, as well as the high financial expenses and the expected run rate after using the Shanghai RAAS proceeds for debt repayment.

    Answer

    CEO Nacho Abia explained the gross margin was impacted by a cautionary inventory provision, but he expects normalized levels similar to or higher than Q1 going forward. VP of Investor Relations Daniel Segarra clarified that Q2 financial expenses were affected by a non-cash accounting entry related to debt repayment and that the run rate should be lower, more aligned with Q1, after the debt is paid down.

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