Core Viewpoint - Grifols (GRFS) is currently positioned as a better value opportunity compared to Neurocrine Biosciences (NBIX) based on various valuation metrics and earnings outlook [1][3]. Valuation Metrics - GRFS has a forward P/E ratio of 7.65, significantly lower than NBIX's forward P/E of 31.35, indicating that GRFS may be undervalued [5]. - The PEG ratio for GRFS is 0.26, while NBIX's PEG ratio is 1.22, suggesting that GRFS has a more favorable earnings growth outlook relative to its price [5]. - GRFS's P/B ratio stands at 0.60, compared to NBIX's P/B of 4.63, further highlighting GRFS's relative undervaluation [6]. Earnings Outlook - GRFS has a Zacks Rank of 2 (Buy), indicating a stronger improvement in its earnings outlook compared to NBIX, which has a Zacks Rank of 3 (Hold) [3][6]. - The overall valuation metrics and solid earnings outlook position GRFS as the superior value option in the current market [6].

Company Overview - Grifols conducted a conference call to review its Business Results for the First Quarter of 2025, featuring key executives including the CEO, CFO, and President of Biopharma [1]. Logistics and Presentation - The conference call is expected to last about an hour, including a Q&A session, and is being recorded for future reference [2]. - Additional materials, including the presentation, are available on the Grifols Investor Relations website [2]. Financial Reporting - All financial statements are prepared in accordance with EU IFRS and other applicable reporting provisions, including alternative performance measures (APMs) [4]. - Grifols management utilizes APMs to assess financial performance, cash flow, and overall business health [4].

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 May 2025 Commission File No. 001-35193 Grifols, S.A. Form 20-F x Form 40-F ¨ G r i fo l s, S.A. TABLE OF CONTE N T S S e q u e n t i a l P a g e N u m b e r 1. E a rn i n g s P r e s s R e l e a s e , d a t e d M a y 1 2, 2 0 2 5 2. Q 1 2 0 2 5 E a rn i n g s P r e s e n t a t i o n 3 5 (Translation of r ...

Debt and Financial Exposure - As of December 31, 2024, the company had $3.2 billion and €6.0 billion in senior interest-bearing debt, with 29.0% of this debt at variable interest rates[130] - The company has approximately $3.2 billion of U.S. dollar denominated senior debt, increasing its exposure to currency risk[132] - In 2024, €4.8 billion, or 66.6%, of the company's net revenue of €7.2 billion was denominated in U.S. dollars, exposing it to foreign currency exchange rate fluctuations[131] Operational Risks - The company relies on third parties for the sale, distribution, and delivery of its products, which could materially affect its business if these parties fail to perform[140] - The company’s manufacturing capacity could be significantly impacted by accidents or force majeure events, potentially leading to substantial revenue loss[133] - The company’s reliance on third-party suppliers for key components may impair its manufacturing ability if these suppliers fail to deliver[136] - The company’s revenue could be adversely affected by extreme weather conditions and climate change, which may increase operational risks[133] Regulatory and Compliance Challenges - The company is subject to complex and evolving data privacy regulations, which could lead to increased operational costs and compliance challenges[152] - The California Privacy Rights Act (CPRA) was enacted in November 2020, effective January 1, 2023, expanding consumer control over personal information and increasing compliance obligations for businesses[154] - Noncompliance with GDPR can result in penalties of up to €20 million or 4% of global company revenues[156] - The company faces potential costs related to compliance with various data protection regulations, which could adversely affect its business[157] - The ongoing changes and uncertainties surrounding the Affordable Care Act (ACA) could materially affect the company's operations in the United States[188] - Government pressures on reimbursement rates and pricing in the healthcare industry may adversely impact the company's financial performance[190] - The 340B Program requires the company to extend discounts, and changes to this program could negatively affect financial results[191] - The company must report detailed pricing information to CMS, and inaccuracies in this reporting could lead to fines and sanctions that adversely affect business operations[205] - Non-compliance with the 340B Program under the Public Health Service Act could lead to civil monetary penalties of up to $5,000 for each instance of overcharging covered entities[202] - Regulatory approvals are required for marketing products outside the United States, and delays in obtaining these approvals could hinder market entry and revenue generation[206] - The company is required to disclose payments to healthcare providers under the Physician Payment Sunshine Act, which imposes additional compliance costs[207] - Heightened scrutiny over pharmaceutical pricing in the U.S. could impact the company's ability to negotiate sales contracts and pricing agreements[212] - Proposed legislation targeting drug pricing may impose additional pricing pressures on the company's products, potentially affecting profitability[215] Intellectual Property and Patent Risks - The patent landscape in biotechnology is uncertain, and the company may not secure additional patents or face challenges to existing patents, impacting competitive advantage[163] - The company may be subject to substantial costs from patent litigation, which could affect its ability to compete effectively in the marketplace[175] - There is a risk of unauthorized use of the company's intellectual property, which could harm its reputation and commercial interests[169] - The company relies on trade secrets and nondisclosure agreements to protect proprietary information, but these measures may not be fully effective[170] - The company has in-licensed certain patent rights, and any failure of licensors to enforce their rights could impact the company's competitive position[177] - The company may need to obtain additional licenses or renew existing agreements, which could be uncertain and affect its ability to develop and commercialize products[178] Climate Change and Environmental Risks - Climate change poses risks to the company's operations, including physical risks like water scarcity and flooding, which could increase costs and disrupt the supply chain[182] - New regulatory requirements related to climate change may increase operating costs and necessitate additional investments in technology[183] - The company faces risks associated with environmental, health, and safety regulations, which could result in substantial liabilities and compliance costs[219] Market and Shareholder Dynamics - The Grifols Family and Scranton Enterprises B.V. own approximately 36% of Class A shares, exercising 100% voting control[226] - Class B ADSs traded as high as $11.56 on October 1, 2024, and as low as $5.47 on March 13, 2024, closing at $6.52 on April 10, 2025[227] - The company has faced negative publicity from short sellers, which may impact revenues and customer confidence[231] - Fluctuations in the exchange rate between the U.S. dollar and the euro may affect the value of ADSs and shares, increasing volatility[234] - The company may incur significant expenses defending against lawsuits resulting from negative publicity, impacting financial condition[232] - Ineffective internal controls could harm the company's ability to provide reliable financial reports, affecting market confidence[224] - The market price of shares may be influenced by various factors, including short selling and market expectations for financial performance[229] - The company intends to evaluate costs and liabilities associated with registration requirements for any rights offering[239] - The depositary may refuse to transfer ADSs under certain conditions, impacting liquidity for holders[241] Cost Management and Efficiency - A cost savings plan has been implemented to reduce headcount and improve efficiency in plasma procurement, which may lead to unexpected charges and expenses[179] - The company has acquired multiple plasma collection centers, including Canadian Plasma Resources Corporation in 2023 and Haema Plasma Kft. in 2024, as part of its plasma acquisition strategy[179]

Group 1 - The article expresses a beneficial long position in the shares of GRFS, indicating a positive outlook on the company's stock performance [1] - The author emphasizes the importance of conducting due diligence and research prior to any investment, highlighting the risks associated with short-term trading and options trading [2] - It is noted that past performance is not indicative of future results, and no specific investment recommendations are provided [3]

Core Message - Grifols has received a $21 million grant from The Michael J Fox Foundation for Parkinson's Research to identify plasma-based biomarkers for early detection of Parkinson's disease (PD) through the "Chronos-PD" initiative [1][11] - The initiative aims to revolutionize PD management by detecting the disease years before symptoms appear, enabling the development of new diagnostics and disease-modifying therapies [1][4][5] Grifols' Research and Capabilities - Grifols possesses one of the world's largest collections of biospecimens, with over 100 million plasma samples collected over nearly 15 years, representing thousands of disease states [3][5] - The company leverages its proprietary plasma repository, advanced technology platforms, and plasma proteomics expertise to drive innovative research [4][5] - Grifols' subsidiary Alkahest, specializing in AI and multiomics analysis, is leading the Chronos-PD program [12] Parkinson's Disease Context - PD affects nearly 1 million people in the US and over 6 million worldwide, with limited understanding of its drivers despite decades of research [10] - Current PD diagnosis relies on medical history, physical examination, and brain imaging, often detecting the disease too late to significantly slow or reverse its progression [2] Grifols' Broader Impact - Grifols is a global healthcare leader in plasma-derived medicines and transfusion medicine, operating in over 110 countries with more than 23,000 employees [14][16] - The company focuses on treating conditions across various therapeutic areas, including immunology, neurology, and infectious diseases, driven by patient needs and its growing knowledge of chronic and rare conditions [6][7] - Grifols continues to expand its network of donation centers, which is the world's largest with over 390 centers across multiple regions [15]

Core Viewpoint - Grifols has received a $21 million grant from The Michael J. Fox Foundation to develop plasma-based biomarkers for early detection of Parkinson's disease, aiming to enhance diagnostic tools and disease-modifying therapies [1][4][7]. Company Overview - Grifols is a global healthcare company founded in 1909, specializing in plasma-derived medicines and transfusion medicine, with operations in over 110 countries [8][9][10]. - The company has a significant repository of over 100 million plasma samples collected over nearly 15 years, making it one of the largest collections of biospecimens globally [5][8]. Research Initiative - The "Chronos-PD" initiative will analyze longitudinal plasma samples over a period of up to 10 years to track changes in plasma proteins in individuals with Parkinson's disease [4][6]. - The research aims to establish an early-warning system for Parkinson's disease, potentially revolutionizing its management by identifying biomarkers before clinical symptoms appear [7][8]. Technological Approach - Grifols is leveraging advanced technologies, including AI and multiomics analysis, to drive research and development in diagnostic and therapeutic drug discovery [6][8]. - The initiative is expected to not only benefit Parkinson's disease research but also be applicable to other diseases and therapeutic areas [5][6].

Financial Performance - Revenue reached €1793 million, a 124% increase at constant currency compared to the previous year[13] - Adjusted EBITDA was €462 million, with a margin of 258%, representing a 267% increase at constant currency[13] - Free cash flow amounted to €127 million, a €97 million improvement[13] - Leverage ratio improved to 51x, down from 68x in Q1 2024[13] - Year-to-date revenue reached €5237 million, an increase of 91% at constant currency[24] - Year-to-date adjusted EBITDA was €1253 million, a 250% increase at constant currency[60] Business Segment Performance - Biopharma revenue increased by 121% in Q3 2024 and 99% year-to-date at constant currency, driven by growth in core geographies and a positive product mix[24, 29] - Diagnostic revenue increased by 13% in Q3 2024 at constant currency[25] - Bio Supplies revenue increased by 487% in Q3 2024 at constant currency[95] Strategic Initiatives - GigaGen was awarded a US BARDA contract to develop its recombinant polyclonal antibody therapeutic platform[13] - The company is on track to achieve 2024 innovation milestones, including regulatory progress for Fibrinogen in the EU and the US[13, 50] - SRAAS sale proceeds of approximately €1560 million were used to reduce bonds and term loans[83]

Core Viewpoint - Grifols SA has ended discussions with Brookfield Capital Partners regarding a potential acquisition, following a rejected indicative offer of 6.45 billion euros ($6.81 billion) for the company [1][2]. Financial Performance - For the first nine months of 2024, Grifols reported a revenue growth of 9.1% year-over-year at constant currency, with gains across all business units [3]. - The company achieved an adjusted EBITDA of 1.7 billion euros over the past 12 months [3]. - Grifols improved its financial stability by reducing debt after selling a 20% stake in Shanghai RAAS for 1.6 billion euros [3]. Acquisition Discussions - Brookfield Capital's proposal was deemed to undervalue Grifols' growth prospects and long-term potential, leading to the mutual agreement to terminate discussions [2]. - In August, Brookfield Asset Management sought 9.5 billion euros ($10.6 billion) in debt financing for a potential take-private deal for Grifols [4]. - Grifols had previously confirmed that Brookfield engaged in preliminary discussions with key shareholders regarding a potential joint offer to delist the company's shares [4]. Legal Issues - The National Court has accepted a complaint from the Anti-Corruption Prosecutor's Office to investigate Gotham City Research and others for allegedly disseminating misleading information about Grifols to manipulate its stock price [5]. - Gotham City Research released a short report in January alleging that Grifols manipulated its accounts to present a distorted leverage ratio [6]. Stock Performance - Grifols' stock (GRFS) experienced a decline of 12.9%, trading at $7.03 during the premarket session [7].

Core Viewpoint - Grifols' shares fell over 7% after Brookfield Asset Management withdrew its acquisition proposal, which was valued at €6.45 billion (approximately $6.8 billion), due to disagreements on the company's valuation [1][2] Company Performance - Grifols' stock has declined 30.2% year-to-date, significantly underperforming the industry average decline of 4.5% [5] - The company's net financial debt stood at €9.2 billion, with a liquidity position of €704 million, raising concerns about its cash flow generation capabilities [4] Acquisition Attempts - The negotiations between Grifols and Brookfield ended after the Grifols board rejected the acquisition offer, citing that it undervalued the company's long-term potential [1] - Brookfield was also in discussions with banks to raise funds for the acquisition, which would have included refinancing Grifols' existing debt [2] Management Changes - In response to ongoing concerns, Grifols appointed new management and removed family members from executive roles [8]