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Despite Solid Quarter, Lowering Our Grifols FVE Based on Changes to Our R&D and Tax Rate Assumptions

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

Grifols' top-line growth rebounded in the second quarter, with 5.1% growth at constant currencies for its dominant bioscience segment. Sales in the U.S. and Canada declined 1.9% due to continued pressure on plasma collection and immunoglobulin supply, despite mid-single-digit price increases, which was countered by double-digit growth in Europe, China, and other international markets. While SG&A expenses showed solid cost control, Grifols continues to ramp R&D spending as it expands the pipeline (driven by recent Alkahest and Gigagen acquisitions), and cost of goods increased due to increased cost of plasma (both donor costs and fixed costs for unused fractionation/purification capacity). We continue to think Grifols is executing well on its strategy to acquire and expand plasma collection centers globally, and this is helping the firm expand supply of its products as we emerge from a lower period of donations during the pandemic.

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Company Profile

Business Description

As a vertically integrated plasma derivative producer, Spain-based Grifols collects plasma and then manufactures and sells plasma-derived products globally. By acquiring Talecris in 2011, Grifols dramatically expanded its plasma-derived product portfolio, and the firm's bioscience business contributed 79% of sales in 2020. Grifols also has smaller segments including diagnostics, hospital supplies, and biosupplies. Diagnostics is now roughly 14% of revenue following the Novartis and Hologic deals.

Avinguda de la Generalitat, 152-158, Parc de Negocis Can Sant Joan
Barcelona, 08174, Spain
T +34 935710500
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 24,000