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    Thomas Jones • Berenberg

    Thomas Jones's questions to Grifols SA (GRFS) leadership

    Thomas Jones's questions to Grifols SA (GRFS) leadership • Q2 2024

    Question

    Thomas Jones asked for the outlook on the NAT business and the Alpha-1 franchise. He also requested more specifics on working capital initiatives, particularly around inventory management and receivables, and the balance between efficiency and maintaining safety stock.

    Answer

    CEO Nacho Abia stated the NAT business has likely bottomed out with positive expectations ahead and confirmed a focus on tighter inventory management. Roland Wandeler, President of BioPharma, explained the Alpha-1 franchise saw temporary impacts from a specialty pharmacy transition in Q2 but expects the change to yield positive results by year-end, reaffirming long-term commitment and growth expectations.

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    Thomas Jones's questions to Grifols SA (GRFS) leadership • Q1 2024

    Question

    Thomas Jones from Berenberg asked for specifics on future cost savings expected from the operational improvement plan, given the EUR 110 million in related one-off costs this year. He also questioned if the revised 4.5x year-end leverage target implies no further asset sales are planned for 2024 and inquired about the strategic ramp-up of the Yimmugo IG product.

    Answer

    CEO Nacho Abia clarified that the restructuring costs are the final part of a comprehensive plan initiated last year, with benefits already appearing in inventory and operational costs. Executive Chairman Thomas Glanzmann confirmed the 4.5x leverage target is the focus for 2024 and no other asset sales are expected this year. Regarding immunoglobulins, Roland Wandeler noted Yimmugo will play a key role in substituting older products, while Thomas Glanzmann highlighted the significant growth of Xembify (subcu IG), correcting an earlier mix-up.

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