Grifols Stock Earnings Reports

Grifols reported solid Q3 2025 results driven by strong Biopharma performance—particularly immunoglobulins—which led to year-to-date revenue of EUR 5.5bn (+7.7% YoY; +10.5% like-for-like) and adjusted EBITDA of EUR 1.358bn (+11.2% YoY; +17.3% like-for-like). Free cash flow pre-M&A/pre-dividends improved materially to EUR 188m year-to-date (an improvement of EUR 257m vs prior year), and leverage improved to 4.2x (per credit agreement) with secured leverage at 2.6x. Management reaffirmed full-year 2025 revenue and adjusted EBITDA guidance at Capital Markets Day FX rates and raised free cash flow guidance to EUR 400m–425m. Key operational highlights: strong Ig growth (IV and notably subcutaneous XEMBIFY), disciplined cost/OpEx management, improved margins, and continued pipeline progress—fibrinogen launched in Europe late 2025 with a planned U.S. CFD launch in H1 2026; AFD in the U.S. will be pursued later after additional clinical evidence. Management reiterated the strategic focus on commercial growth, margin expansion, and targeted pipeline execution, while noting FX headwinds (weaker USD) and IRA impacts that affect revenue and EBITDA but have limited impact on leverage and free cash flow due to natural hedges. Capital structure actions and potential refinancings are being evaluated for 2026, and the company flagged possible non-cash impairments tied to deprioritized projects that will not affect the go-forward EBITDA or cash story.