Grifols approves IPO of its US biopharma business | Reuters Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv The logo of the Spanish pharmaceuticals company Grifols is pictured on theirs facilities in Parets del Valles, north of Barcelona, Spain, January 9, 2024. REUTERS/Albert Gea Purchase Licensing Rights, opens new tab Companies Grifols SA Our Standards: The Thomson Reuters Trust Principles., opens new tab Purchase Licensing Rights Busine ...

Core Insights - Grifols has presented proof-of-concept data from its Chronos-PD program, indicating that biological changes in individuals with Parkinson's disease can occur more than a decade prior to clinical diagnosis, which may lead to advancements in early detection and intervention [1][4][9] Group 1: Chronos-PD Program - The Chronos-PD program, developed by Grifols' subsidiary Alkahest, aims to identify early signs of Parkinson's disease years before clinical diagnosis by utilizing plasma samples collected over 15 years [3][9] - The program employs AI, advanced proteomics, and real-world data to identify biomarkers that could predict disease risk and inform future treatments [3][4] Group 2: Research Findings - The proof-of-concept study analyzed over 2,600 longitudinal plasma samples and measured more than 25,000 protein types, making it the most comprehensive longitudinal proteomic study in Parkinson's disease to date [4][5] - Researchers confirmed previously discovered PD biomarkers and identified novel early biomarkers, including significant modulation of the CXCL12–cell adhesion molecules–integrin axis, which is linked to neuroinflammation in PD [5][6] Group 3: Implications for Early Detection - Current diagnostic methods for Parkinson's disease often detect the disorder too late to slow its progression, highlighting the urgent need for early detection biomarkers [7] - The Chronos-PD program shifts the focus from symptom-based evaluation to molecular trajectory profiling, potentially accelerating the development of early detection and intervention tools [11] Group 4: Grifols' Commitment and Resources - Grifols has one of the world's largest collections of biospecimens, with over 100 million proprietary plasma samples, which can be utilized for research across various diseases [10][12] - The company is dedicated to improving health outcomes through innovation in plasma-derived medicines and biopharmaceuticals, focusing on chronic, rare, and prevalent conditions [13][16]

Core Viewpoint - The Ontario and Manitoba Health Coalitions are calling for a judicial inquest into the operations of Grifols following reports of patient deaths and non-compliance issues at their plasma harvesting centers [1][2][3] Group 1: Patient Safety and Compliance Issues - Two patients died in Winnipeg after having their blood plasma harvested at Grifols centers, raising serious safety concerns [1] - Grifols has been found non-compliant with serious breaches at multiple centers, including Calgary, St. John, Regina, and Saskatoon [1] - Inspection reports from Health Canada indicate repeated failures at Grifols' facilities, prompting calls for accountability [3][4] Group 2: Legislative and Ethical Concerns - The Ontario Health Coalition is advocating for the end of Grifols' contract with Canadian Blood Services (CBS) and the expansion of the voluntary public donation system [2][4] - The Voluntary Blood Donations Act prohibits paid plasma harvesting, yet CBS signed a 15-year contract with Grifols in 2022, which contradicts the intent of the legislation [4] - Advocacy groups emphasize that for-profit companies should not be allowed to harvest human blood, citing moral and ethical implications [3][6] Group 3: Economic and Social Implications - Grifols has been advertising potential earnings of $6,890 per year for plasma donations, which may attract low-income individuals to sell their plasma out of financial desperation [6][7] - The practice of frequent plasma harvesting raises concerns about health impacts, particularly for economically disadvantaged individuals [5][8] - Comparisons are drawn between the U.S. and Canada regarding plasma harvesting frequency, with calls for a more cautious approach in Canada [8]

Core Viewpoint - The Manitoba Health Coalition and Ontario Health Coalition are responding to the deaths of two paid donors at for-profit plasma collection facilities owned by Grifols, raising concerns about safety and control of the blood system [1]. Group 1: Incident Response - The Coalitions have issued warnings regarding the safety of for-profit plasma collection and the implications for the blood system [1]. - Spokespeople will outline necessary questions and steps to enhance safety and restore confidence in the blood and plasma system following the incident [1]. Group 2: Event Details - A response event is scheduled for March 13 at 10:30 a.m. EDT / 9:30 a.m. CDT via Zoom, with registration required [2]. - Contact information for key representatives from the Manitoba and Ontario Health Coalitions is provided for further inquiries [3].

Core Insights - The article discusses the investment position in GRIFOLS, indicating a beneficial long position through various means such as stock ownership and derivatives [1] Group 1 - The author expresses personal opinions regarding GRIFOLS and clarifies that no compensation is received for the article, aside from Seeking Alpha [1] - The article emphasizes the importance of conducting due diligence and research before making any investment decisions, particularly in high-risk trading styles [2] - It is noted that past performance does not guarantee future results, and the views expressed may not reflect those of Seeking Alpha as a whole [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of February 2026 Commission File No. 001-35193 Grifols, S.A. (Translation of registrant's name into English) Avinguda de la Generalitat, 152-158 Parc de Negocis Can Sant Joan Sant Cugat del Valles 08174 Barcelona, Spain (Address of registrant's principal executive office) Indicate by check mark whether the ...

Financial Data and Key Metrics Changes - In fiscal year 2025, the company generated EUR 468 million in free cash flow, an increase of over EUR 200 million year-over-year, reflecting a focus on capital discipline [4] - Revenue reached EUR 7,524 million, representing a 7% increase over the previous year and a 9.1% increase on a like-for-like basis [4] - Adjusted EBITDA reached EUR 1,825 million, a 5.6% year-over-year increase, while on a like-for-like basis, it increased by close to 12% [5][36] - The leverage ratio improved to 4.2 times, a reduction of 4 points from the prior year [6] Business Line Data and Key Metrics Changes - The Biopharma segment grew 8.4% for the year on a reported basis and 10.9% on a like-for-like basis, driven by the immunoglobulin franchise, which saw a 14.7% year-over-year increase [12][13] - Albumin revenues declined by 5.1% year-over-year due to market pressures in China, although positive momentum was noted in the U.S. and other regions [16] - The Alpha-1 and specialty proteins portfolio saw a full-year growth of 1.4% or 3.8% on a like-for-like basis [18] Market Data and Key Metrics Changes - In China, albumin demand declined amid government cost controls, but the company managed to outperform the market through a partnership with Shanghai RAAS [7] - The U.S. remains the most important IgG market, with the company being the only scale plasma company with a fully integrated end-to-end value chain [10] Company Strategy and Development Direction - The company aims to prioritize profitability and cash flow generation while reducing leverage, with key projects in Egypt and Canada expected to redefine the plasma industry [10][23] - The focus for 2026 includes balancing growth across key proteins and enhancing margin improvements [9][50] - The company is committed to a localized business model to mitigate geopolitical risks and ensure supply chain resilience [11][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate complex geopolitical and macroeconomic environments, highlighting the strength and resilience of the business model [3] - The company is optimistic about achieving margin expansion goals and continues to advance differentiated therapies to the market [8][54] Other Important Information - The company successfully launched Prufibry in Europe and plans to launch FESILTY in the U.S. in the first half of 2026 [8][20] - The strategic partnership in Egypt has achieved EMA approval for Egyptian-sourced plasma, marking a significant milestone for the company [28][30] Q&A Session Summary Question: Is 2026 a specific year where growth is differing from the capital market target? - Management clarified that the focus is on optimizing the quality of EBITDA growth rather than prioritizing revenue growth for 2026 [56][58] Question: What are the internal levers to improve profitability? - Management indicated that balancing growth in IG and albumin, along with driving efficiencies in manufacturing and plasma collection, are key levers for improving profitability [69][72] Question: What is the status of the Haema BPC buyback? - The timing of the Haema BPC buyback will be determined by the board, with potential execution expected in 2026 or 2027 [73]

Financial Data and Key Metrics Changes - In fiscal year 2025, the company generated EUR 468 million in free cash flow, an increase of over EUR 200 million year-over-year, reflecting a focus on capital discipline [4][6] - Revenue reached EUR 7,524 million, representing a 7% increase over the previous year and a 9.1% increase on a like-for-like basis [4][5] - Adjusted EBITDA reached EUR 1,825 million, a 5.6% year-over-year increase, with a like-for-like increase of close to 12% [5][36] - The leverage ratio improved to 4.2x, a reduction from 4.6x at the end of 2024 [6][38] Business Line Data and Key Metrics Changes - The Biopharma segment grew 8.4% for the year on a reported basis and 10.9% on a like-for-like basis, driven by the immunoglobulin franchise which saw a 14.7% year-over-year increase [12][14] - Albumin revenues declined by 5.1% year-over-year due to market pressures in China, although positive momentum was observed in the U.S. and other regions [16][17] - The Alpha-1 and specialty proteins portfolio saw a full-year growth of 1.4% or 3.8% on a like-for-like basis [18] Market Data and Key Metrics Changes - In China, albumin demand declined amid government cost controls, but the company managed to outperform the market through a partnership with Shanghai RAAS [7][16] - The U.S. remains the most important market for immunoglobulin, with the company being the only scale plasma company with a fully integrated end-to-end value chain [10][24] Company Strategy and Development Direction - The company aims to prioritize profitability and cash flow generation while reducing leverage, with key projects in Egypt and Canada expected to redefine the plasma industry [10][23] - The focus for 2026 includes balancing growth across key proteins and enhancing margin improvements [9][49] - The strategic partnership in Egypt is seen as a game-changer, allowing for the commercialization of plasma-derived therapies sourced from Egyptian plasma [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning and resilience amid geopolitical and macroeconomic challenges [3][11] - The company is focused on optimizing EBITDA growth quality and balancing immunoglobulin and albumin growth [58][60] - The fundamentals of the business remain sound, with a commitment to long-term vision and value creation for shareholders [53][54] Other Important Information - The company achieved a significant credit rating improvement, with S&P moving ratings from B flat stable to BB- stable [45] - The company plans to refinance its 2027 maturities, with preparations in advanced stages [46] Q&A Session Summary Question: Is 2026 a year where growth differs from capital market targets? - Management indicated that revenue growth is not a priority for 2026, focusing instead on optimizing EBITDA quality [58][60] Question: Potential EBITDA guidance for 2026? - Management confirmed that the estimated EBITDA guidance for 2026 aligns with the analyst's calculations, suggesting a range of EUR 1.9 billion to EUR 1.97 billion [63][64] Question: What are the levers for improving profitability? - Management explained that balancing growth in IG and albumin, along with driving efficiencies in manufacturing and plasma collection, are key levers for improving profitability [69][72] Question: Update on Haema BPC buyback? - Management stated that the timing of the buyback will be determined by the board, with expectations for execution in 2026 or 2027 [73]

Financial Data and Key Metrics Changes - In fiscal year 2025, the company generated EUR 468 million in free cash flow, an increase of over EUR 200 million year-over-year, reflecting a focus on capital discipline [4] - Revenue reached EUR 7,524 million, representing a 7% increase over the previous year and a 9.1% increase on a like-for-like basis [4] - Adjusted EBITDA reached EUR 1,825 million, a 5.6% year-over-year increase, with a like-for-like increase of close to 12% [5][34] - The leverage ratio improved to 4.2 times, a reduction of 0.4 times from the previous year [5][38] Business Line Data and Key Metrics Changes - The Biopharma segment grew 8.4% for the year on a reported basis and 10.9% on a like-for-like basis, driven by the immunoglobulin franchise, which saw a 14.7% year-over-year increase [11] - Albumin revenues declined by 5.1% year-over-year due to market pressures in China, although the company outperformed the market through its partnership with Shanghai RAAS [15] - The Alpha-1 and specialty proteins portfolio saw a full-year growth of 1.4% or 3.8% on a like-for-like basis [16] Market Data and Key Metrics Changes - In the U.S., the company stands as the only scale plasma company with a fully integrated end-to-end value chain, which is crucial for the IgG market [9] - In Canada, the share of IG self-sufficiency increased from 15% to around 30% in 2025, with plans for further expansion [26] - The strategic partnership in Egypt has achieved EMA approval for Egyptian-sourced plasma, marking a significant milestone for the company [27] Company Strategy and Development Direction - The company aims to prioritize profitability and cash flow generation while reducing leverage, focusing on key projects in Egypt and Canada [9] - The local-for-local business model has proven resilient against macroeconomic challenges, allowing the company to navigate tariff impacts effectively [8] - The company is committed to enhancing its vertical integration and self-sufficiency in key markets, which is expected to provide a competitive advantage [22][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning and fundamentals, emphasizing the resilience of the plasma industry amid geopolitical shifts [10][53] - The focus for 2026 will be on margin expansion and controlled growth, with a clear strategy to balance growth across IG and albumin [49] - The company is optimistic about the long-term potential of its strategic partnerships and the ability to meet evolving market demands [32][53] Other Important Information - The company achieved a significant credit rating improvement, with S&P upgrading its rating from B flat stable to BB- stable [45] - The company plans to refinance its 2027 maturities, with preparations already in advanced stages [46] Q&A Session Summary Question: Is 2026 a specific year where growth differs from capital market targets? - Management clarified that revenue growth is not a priority for 2026, focusing instead on optimizing EBITDA quality and leveraging market share gains in the U.S. [56][57] Question: What is the potential EBITDA guidance for 2026? - Management indicated that the EBITDA guidance for 2026 could be around EUR 1.9 billion to EUR 1.97 billion, depending on margin assumptions [63][64] Question: What are the internal levers to improve profitability? - Management explained that the focus is on balancing growth in IG and albumin while driving efficiencies in manufacturing and plasma collection [68][72] Question: What is the status of the Haema BPC buyback? - Management stated that the timing of the buyback will be determined by the board, with potential execution in 2026 or 2027 [73]

FY 2025 Results February 26, 2026 FY 2025 Results - 1 - Legal Disclaimer Important Information This presentation does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (as amended and restated from time to ...