Grifols Sa Stock Earnings Reports

Grifols reported H1 2026 revenues of €3.574 billion (up 2.6% at constant currency) with Biopharma driving growth (+5.4% CC). Q2 adjusted EBITDA was €472 million (25.2% margin); H1 adjusted EBITDA €854 million (margin ~24%). Free cash flow before M&A improved by ~€103 million to €91 million in H1. Management reiterated full‑year 2026 guidance and expects continued improvement in H2 driven by (1) sustained IG momentum (IVIG and strong double‑digit growth in SCIG/Xembify), (2) ramping plasma supply from Egypt enabling U.S. donor‑center optimization, (3) progress at Biotest, and (4) diagnostic product launches (Evansys IH) and longer‑term platform development (ISARD immunoassay, MUNDAKA NAT). Key one‑offs: ~€40 million of costs related to closure of 29 U.S. donor centers (c. €25 million non‑cash). Albumin faced pricing/headwind in China from a mid‑2025 price adjustment but management expects stabilization in H2 and growth outside China. Alpha‑1 programs (SPARTA outcome readout expected late Q4 2026; Phase 3 subcutaneous 15% underway) are material potential upside. Corporate/financial notes: net leverage ~4.2x (net secured 2.7x), strong liquidity (~€2 billion), refinancing completed earlier in the year, and the Board has initiated an evaluation process for a potential IPO of the U.S. Biopharma business (subject to approvals and market conditions). Management reiterated focus on disciplined commercial mix, working capital and deleveraging over time.