Grifols, S.A. (GRFS)

Grifols reported third-quarter 2026 revenue of EUR 2,040 million on 2 November, up 8.4 percent at constant currency, and net profit of EUR 162 million 1.

Adjusted EBITDA, the company's own measure of operating profit, was EUR 538 million in the quarter, a margin of 26.4 percent 1.

Biopharma, the plasma medicines business, grew 10.3 percent at constant currency in the quarter, led by immunoglobulins at 11.3 percent 1. Albumin fell 13.2 percent, which the company ties to regulation and high inventory in China 1.

Net leverage, debt measured against earnings, fell to 3.98x from 4.2x a year earlier, and liquidity rose to EUR 2,140 million 1. The company said it remains on track to meet its 2026 guidance 1.

The board approved on 30 October an interim dividend of euro 0.15 per share, payable on 4 December 2026 2.

The open question is the Phase 3 SPARTA study of alpha-1 antitrypsin in emphysema, with topline results expected by the end of the fourth quarter of 2026, the company said 1.

Grifols describes itself as founded in Barcelona in 1909 1. Its Class A shares have been listed in Spain since the initial public offering of 17 May 2006 3.

In July 2003 it bought Alpha Therapeutics, including a plasma fractionation plant in Los Angeles, for $104 million 3. In June 2011 it bought the U.S. company Talecris Biotherapeutics for $3.7 billion 3.

The Talecris deal created the non-voting Class B shares, which trade in the United States as the ADSs under GRFS 3. In January 2014 Grifols bought Novartis's diagnostic business for $1.7 billion, which built the Diagnostic unit 3.

In October 2020 it bought 11 U.S. collection centers and a Montreal fractionation facility from GC Pharma for $457 million 3. In February 2021 it bought 25 centers from BPL Plasma for $385 million 3.

In December 2021 it sold preferred shares in its U.S. plasma subsidiaries to an affiliate of GIC, Singapore's sovereign wealth fund, for $990 million 3. In April 2022 it acquired Biotest Holdings, which owned most of the German plasma company Biotest, for EUR 1.09 billion 3.

On 18 June 2024 it sold a 20 percent stake in China's Shanghai RAAS to Haier for about $1.8 billion, keeping 6.58 percent, and used the proceeds to reduce debt 3. In 2024 and February 2025 it bought 28 centers from ImmunoTek for $266 million and $281 million 3.

Revenue rose 4.3 percent to EUR 7.5 billion in 2025 from EUR 7.2 billion in 2024 3. The company attributed the 2025 result mainly to a lower cost per liter of plasma collected and strong demand for its key proteins 3.

Consolidated net profit more than doubled, from EUR 213 million in 2024 to EUR 500 million in 2025, as income tax expense fell from EUR 231 million to EUR 115 million 3.

Biopharma: the plasma medicines

Biopharma makes medicines from proteins in human plasma and brought in EUR 6.5 billion in 2025, up 5.6 percent and 86.2 percent of revenue 3. Immunoglobulins, about 63.0 percent of the unit, grew 11.5 percent, and the subcutaneous kind grew 55.4 percent 3.

The company reports 26.0 percent of U.S. immunoglobulin volume with Gamunex-C, 87.0 percent of U.S. rabies immunoglobulin with HyperRAB and more than 69.0 percent of global alpha-1 antitrypsin sales with Prolastin 3.

Albumin, sold mostly as Albutein, holds a 17.6 percent share by volume, but its 2025 revenue fell 7.7 percent after Chinese price cuts tied to government spending policy 3.

Diagnostic, Bio Supplies and Others

Diagnostic, which makes blood-typing and donor-screening tests, earned EUR 640 million, 8.5 percent of revenue 3. In the first half of 2026 it fell 9.7 percent at constant currency after the early end of a joint business with QuidelOrtho 4.

Bio Supplies, non-therapeutic biological products and plasma sold to others, earned EUR 154 million, 2.0 percent of revenue, down as Japanese shipments were postponed to 2026 3. Others, including hospital products, earned EUR 243 million 3.

Plasma centers and plants

Grifols collects plasma at more than 400 centers: 310 in the United States, 97 in Europe and 8 elsewhere 3. Plasma medicines are made at Clayton in North Carolina, Los Angeles and Parets del Valles in Spain 3.

In Egypt it runs 18 plasma centers through a partnership with the government and expects 20 by the first quarter of 2027 1.

People and rivals

Nacho Abia became chief executive on 1 April 2024 after more than ten years leading Olympus Corporation of the Americas 3. Anne-Catherine Berner is non-executive chairperson, and the company has more than 25,000 employees 31.

On 29 July 2026 the board accepted the resignation of independent director Inigo Sanchez-Asiain and co-opted Joanna Le Couilliard, who also became audit committee chair 5.

The company ranks itself among the three largest plasma producers with Takeda and CSL Group 3.

Reorganization and open issues

On 1 July 2026 Grifols began a reorganization toward a two-system model, with U.S. plasma mainly serving the U.S. market and plasma from the rest of the world serving Europe and other regions 4. It created separate U.S. and rest-of-world Biopharma organizations 4.

The umbrella, in words

Brands: Gamunex-C and Flebogamma are immunoglobulins, Xembify a subcutaneous immunoglobulin, Prolastin an alpha-1 treatment, Albutein albumin, HyperRAB for rabies exposure and Tavlesse a tablet for chronic immune thrombocytopenia 3.

The group had 90 companies, associates and other subsidiaries at the end of 2025 3. It owns 100.0 percent of Biotest's ordinary voting shares and 61.6 percent of its non-voting preferred shares, 80.8 percent of the capital 3.

It owns 50.1 percent of Grifols Canada Plasma, bought for about EUR 19 million, and keeps a 6.58 percent stake in Shanghai RAAS 3. Grifols Egypt is a public-private partnership with the Egyptian government, a joint investment of EUR 280 million 3.

The company sold BPC Plasma and Haema, plasma collectors, to Scranton Plasma in 2018 but holds an option to repurchase them, and consolidates both as subsidiaries 3. Its plants include Parets, Clayton and Los Angeles 3.

Control: the largest holders of voting Class A shares are Deria (15.204 percent), Scranton Enterprises (8.404 percent) and Ponder Trade (7.089 percent) 3. The company says no person controls it 3.

The company confirmed its 2026 guidance on 2 November, after nine months in line with expectations 1.

In Egypt, Grifols said it is on track to collect about one million liters of plasma in 2026 and aims for up to three million liters a year by 2029 1. It expects Egypt to supply about 50 percent of the plasma it collects outside the United States by 2029 1.

In Montreal, the company said it expects to begin plasma fractionation and gammaglobulin manufacturing by 2027 3.

Pipeline: the Alpha-1 SubQ 15% program is in Phase 3, and SPARTA topline results are expected by the end of the fourth quarter of 2026 1.

The company said the postponed Japanese shipments of Anti-D, Tetanus and Anti-HB products are now expected in 2026 3. The interim dividend of euro 0.15 per share is payable on 4 December 2026 2.