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    Grifols (GRFS)

    Business Description

    Grifols, S.A. (GRFS) is a multinational company specializing in the procurement, manufacture, and commercialization of plasma-derived medicines, non-plasma therapies, and diagnostic solutions. It focuses on human plasma derivatives used to treat medical conditions such as immune deficiencies and bleeding disorders. The company also distributes diagnostic products and biotechnological materials globally.

    1. Biopharma - Develops and sells plasma-derived medicines, including immunoglobulins, alpha-1 antitrypsin, albumin, coagulation factors, and fibrinogen.
    2. Diagnostic - Offers diagnostic solutions such as auto-analyzers, diagnostic reagents, blood typing tests, and virus screening tests.
    3. Bio Supplies - Provides biological materials for research and diagnostics.
    4. Others - Includes miscellaneous products and services related to its core operations.

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    Questions to Ask Management

    1. Given the evolving U.S. healthcare landscape, can you provide more granularity on your exposure to Medicare and Medicaid, and how might future policy adjustments further impact these segments?
    2. With the temporary disruption in albumin sales due to the license renewal process in China, what is your long-term view on underlying albumin growth, and what proactive measures are you putting in place to avoid similar setbacks?
    3. Despite Q1 performance significantly exceeding expectations, why have you maintained your conservative guidance for 2025, and what macroeconomic or currency risks are you factoring into your outlook?
    4. Considering the non-disclosure of specific alpha-1 revenues and the potential competitive threat from Inhibrx-101, how do you plan to protect your market share and margin profile in this area over the midterm?
    5. If the Biotest delisting offer fails to achieve the expected uptake, how will you redeploy the anticipated proceeds within your capital allocation framework, and what alternative strategic options would you consider?

    Analyst Coverage

    Research analysts who have asked questions during Grifols earnings calls.

    Guilherme Sampaio

    CaixaBank, S.A.

    4 questions for GRFS

    Jaime Escribano

    Banco Santander, S.A.

    4 questions for GRFS

    Alvaro Lenze Julia

    Alantra Equities

    3 questions for GRFS

    Charles Pitman

    Barclays PLC

    3 questions for GRFS

    Also covers: ARGX, SOAGY

    Graham Parry

    Bank of America Corporation

    2 questions for GRFS

    Also covers: GSK, NVS, SNY

    James Gordon

    JPMorgan Chase & Co.

    2 questions for GRFS

    Also covers: ARGX, AZN, GSK

    Joaquin Garcia-Quiros

    JB Capital

    2 questions for GRFS

    Thibault Boutherin

    Morgan Stanley

    2 questions for GRFS

    Also covers: EVO, INDV, NVO +1 more

    Thomas Jones

    Berenberg

    2 questions for GRFS

    Álvaro Lenze

    Alantra Equities

    1 question for GRFS

    Also covers: FER

    Alvaro Lenze Julia

    Alantra

    1 question for GRFS

    Charles Pitman-King

    Barclays

    1 question for GRFS

    Also covers: ARGX

    Peter Verdult

    Citigroup Inc.

    1 question for GRFS

    Also covers: AZN, EVO, GMAB +4 more

    Latest news

    Recent press releases and 8-K filings for GRFS.

    Grifols announces strong H1 2025 results
    ·$GRFS
    Earnings
    Guidance Update
    Dividends
    • Grifols reported H1 2025 revenues of EUR 3,677 million, a 7.0% increase at constant currency, and a net profit of EUR 177 million, nearly four times the figure reported in H1 2024.
    • The company's adjusted EBITDA rose 12.7% at constant currency to EUR 876 million, achieving a 23.8% margin.
    • Free cash flow pre-M&A improved by EUR 182 million year-on-year, resulting in minus EUR 14 million for H1 2025, and the leverage ratio decreased to 4.2x from 5.5x in H1 2024.
    • Grifols reinstated a dividend payment of EUR 0.15 per share and reaffirmed its 2025 guidance, improving the Free Cash Flow pre-M&A guidance to EUR 375-425 million.
    Jul 30, 2025, 12:00 AM
    6-K
    Grifols completes delisting offer for Biotest shares
    ·$GRFS
    M&A
    Delisting/Listing Issues
    • Grifols Biotest Holdings launched a public delisting offer for Biotest at €43.00 per ordinary share and €30.00 per preferred share, with the acceptance period ending on June 6, 2025.
    • The offer was accepted for 416,922 ordinary shares (≈2.11% of voting shares; ≈1.05% of share capital) and 3,002,804 preferred shares (≈15.18% of preferred shares; ≈7.59% of share capital), totaling €108,011,766 in payouts.
    • Post-offer, Grifols holds 99.25% of voting ordinary shares and 61.40% of non-voting preferred shares of Biotest, directly and via its subsidiary.
    • Biotest shares were delisted from the Frankfurt Stock Exchange effective June 6, 2025, with settlement expected by June 16, 2025.
    Jun 12, 2025, 12:00 AM
    6-K
    Grifols SA Approves Board Restructuring Proposals
    ·$GRFS
    Board Change
    • The Ordinary General Shareholders' Meeting on June 5, 2025, approved key proposals, including board restructuring and approval of resolutions.
    • The Board of Directors appointed Mrs. Anne-Catherine Berner as the new Chairperson and reorganized several committees, indicating significant governance changes.
    Jun 5, 2025, 12:00 AM
    6-K
    Grifols SA Publishes 6-K on Biotest Delisting Offer
    ·$GRFS
    M&A
    Delisting/Listing Issues
    • Grifols SA released a Form 6-K on May 6, 2025, providing inside information regarding its subsidiary's offer document approval.
    • The report announces that BaFin approved the offer for a public delisting purchase of Biotest AG’s shares.
    • The offer proposes EUR 43.00 per ordinary share and EUR 30.00 per preference share, with an acceptance period from May 6 until June 6, 2025.
    May 6, 2025, 12:00 AM
    6-K
    Grifols SA Reports Potential New Share Offer Discussion
    ·$GRFS
    M&A
    • The document is a Form 6-K from Grifols SA, published in April 2025, outlining that the board has no knowledge of media reports regarding a potential new offer for its shares by Brookfield Capital Partners (UK) Limited.
    • The report was officially signed by Authorized Signatory David I. Bell, confirming the company's position on the matter.
    Apr 2, 2025, 12:00 AM
    6-K
    Grifols Initiates Public Delisting Offer for Biotest
    ·$GRFS
    Delisting/Listing Issues
    Takeover Bid
    • Grifols announces that its subsidiary, Grifols Biotest Holdings GmbH, will submit a public delisting purchase offer for all no-par bearer common shares and non-voting bearer preferred shares of Biotest AG at EUR 43 and EUR 30 respectively.
    • The offer is part of an effort to cancel Biotest's trading on the Frankfurt Securities Exchange, with the final steps dependent on the approval of the offer document by BaFin.
    • The Board of Directors unanimously approved this move, with the inside information disclosed on March 31, 2025.
    Mar 31, 2025, 12:00 AM
    6-K
    Grifols SA Addresses CNMV Allegations
    ·$GRFS
    Legal Proceedings
    Accounting Changes
    • Grifols SA clarifies the media report alleging a “continuous fraud” by its top executives, emphasizing that the claims do not reflect the company’s actual financial reporting.
    • The filing details that the CNMV’s administrative proceedings, initiated on 25 September 2024, confirmed no material inaccuracies in the regulated accounting figures, with discrepancies limited to the accounting treatment of two specific transactions already restated in the first half of 2024.
    • It is stressed that the alleged irregularities are viewed as negligent rather than fraudulent, with no financial benefit derived from them.
    Mar 10, 2025, 12:00 AM
    6-K