Thibault

Thibault inquired about Grifols' 2026 revenue growth strategy, specifically if it deviates from long-term targets, and whether the slower growth is driven by demand, plasma capacity, or a strategic focus on plasma economics and 'last liter' profitability.

Answer

CFO Rahul Srinivasan and President of Biopharma Roland Wandeler explained that 2026 revenue growth is not the primary priority, as the company has achieved deleveraging and regained U.S. market share. The focus is on optimizing EBITDA quality, balancing IG and albumin growth, and reducing production costs, leveraging strategic partnerships in China and Egypt.

Thibault from Morgan Stanley inquired about Grifols' 2026 revenue growth strategy, specifically whether the moderated growth is a temporary deviation from long-term targets, and if it's driven by demand, plasma capacity, or a strategic focus on plasma economics and 'last liter' profitability.

Answer

CFO Rahul Srinivasan clarified that revenue growth is not the primary priority for 2026, as the company has achieved pre-COVID leverage and regained U.S. market share, now focusing on optimizing EBITDA quality. President of Biopharma Roland Wandeler elaborated on plasma economics, emphasizing the need to maximize first-liter proteins, balance IG and albumin growth, and reduce production costs. He noted a strategic shift to control IG growth in key markets after two years of strong expansion, while aiming to boost albumin sales, supported by partnerships in China and the transformative Egypt project.