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1. Company Snapshot

1.a. Company Description

Grifols, S.A. engages in the procurement, manufacture, preparation, and sale of therapeutic products, primarily hemoderivatives.The company operates through Bioscience, Hospital, Diagnostic, Bio Supplies, and Others divisions.The Bioscience division researches, develops, produces, and markets plasma-derived medicines and other innovative solutions to treat patients with chronic, rare, prevalent, and life-threatening diseases.


It offers immunoglobulins, alpha-1 antitrypsin, albumin, clotting factors, and hyperimmune globulins.The Hospital division offers non-biological pharmaceutical products and medical supplies clinical nutrition, intravenous therapy, and medical devices.The Diagnostic division researches, develops, produces, and commercializes diagnostic products that span the healthcare continuum–from prevention, screening, diagnosis, and prognosis to disease and treatment monitoring–to serve professionals.


The Bio Supplies division provides biological materials for life-science research, clinical trials, and for manufacturing pharmaceutical and diagnostic products.Its products and services are used by healthcare providers to diagnose and treat patients with hemophilia, immune deficiencies, infectious diseases, and other medical conditions.The company serves public and private customers; and wholesalers, distributors, group purchasing organizations, blood banks, hospitals and care institutions, and national health systems.


Grifols, S.A. has a technology collaboration agreement with Mondragon.The company was founded in 1940 and is headquartered in Barcelona, Spain.

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1.b. Last Insights on GRF

Grifols' recent performance has been positively driven by solid second-quarter results, with the company beating earnings and revenue estimates despite facing large foreign exchange headwinds. The biopharma firm's growth prospects have garnered optimism, leading to a rating upgrade to Buy, per Zacks Rank. Additionally, Grifols' innovative potential and adaptability to market trends position it well in the high-growth tech sector. Its strong innovation potential and improving earnings prospects contribute to its growth. (Source: Zacks Rank #2 (Buy))

1.c. Company Highlights

2. Grifols' Q3 2025 Earnings: Strong Operational and Financial Performance

Grifols reported a robust financial performance in Q3 2025, with net revenues of EUR 1.87 billion, up 9.1% versus Q3 '24 on a constant currency basis, led by the Biopharma segment. The company's adjusted EBITDA was EUR 482 million, resulting in an adjusted EBITDA margin of 25.8% for the quarter. The EPS came in at EUR 0.18, slightly below the estimated EUR 0.2087. Year-to-date net revenues reached EUR 5.5 billion, up 7.7% on a constant currency basis, driven by the Biopharma segment. The company's year-to-date adjusted EBITDA was EUR 1.358 billion, up 11.2% versus 2024 on a constant currency basis.

Publication Date: Nov -06

📋 Highlights
  • Revenue Growth:: Q3 revenue reached EUR 1.87 billion, a 9.1% increase YoY, with year-to-date revenue of EUR 5.5 billion up 7.7% at constant currency.
  • Adjusted EBITDA Expansion:: Q3 adjusted EBITDA hit EUR 482 million (25.8% margin), with year-to-date total EUR 1.358 billion, up 11.2% YoY despite IRA impacts.
  • Biopharma Momentum:: Biopharma revenue grew 10.9% in Q3 and 9.1% YoY, driven by immunoglobulins (18% Q3 growth) and alpha-1 leadership with 70% global market share.
  • Free Cash Flow Strength:: Year-to-date free cash flow pre-M&A rose EUR 257 million, with guidance updated to exceed EUR 400 million, supported by disciplined cost management.
  • Innovation Pipeline:: Key advancements include fibrinogen launch in Europe (Q4 2025) and U.S. approval (H1 2026), plus Phase III trials for trimodulin and Phase II Ig therapy for dry eye disease.

Revenue Growth Drivers

The Biopharma segment was the main driver of revenue growth, with a 10.9% increase in the third quarter, led by the immunoglobulins franchise, which grew by 18% in the quarter and 14% year-to-date, both at constant currency. The company's albumin revenue was impacted by pricing pressure in China due to government-imposed cost controls. However, Grifols remains confident in its ability to navigate the market, given its strong partnership with Haier and Shanghai RAAS.

Margin Expansion and Cash Flow Generation

Grifols' adjusted EBITDA margin expanded to 25.8% in Q3 2025, driven by tight cost management and operational efficiency. The company's free cash flow pre-M&A, pre-dividends improved by EUR 257 million versus year-to-date 2024, driven by improved EBITDA contribution, lower cash adjustments, and disciplined CapEx spend. As Rahul Srinivasan noted, "The principal driver of the improving performance is greater vigilance on cash flow across the entire organization."

Valuation and Outlook

Grifols' current valuation metrics indicate a P/E Ratio of 24.78, EV/EBITDA of 8.88, and a Free Cash Flow Yield of 12.35%. The company's guidance for full-year 2025 revenue and adjusted EBITDA remains unchanged, and it has updated its free cash flow guidance to more than EUR 400 million. Analysts estimate next year's revenue growth at 5.7%. With its strong operational and financial performance, Grifols is well-positioned to drive long-term value creation.

3. NewsRoom

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European Equities Traded in the US as American Depositary Receipts Higher in Wednesday Trading

Dec -03

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Barclays Analyst Bullish on Iron Mountain Incorporated (IRM)

Dec -02

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Grifols (BME:GRF): Examining Valuation After Recent Share Price Volatility

Nov -20

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Guillain-Barre Syndrome Market Analysis Report 2025-2035: Grifols, CSL Behring, and Octapharma Drive Innovation and Strategic Expansion

Nov -19

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Alpha-1 Antitrypsin Deficiency Disease Market Research Report 2025, Competitive Analysis of Shire, GSK, CSL Behring, AstraZeneca, Grifols, Teva Pharma, Boehringer Ingelheim, Kamada, Pfizer, Baxter

Nov -11

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How Might Currency Pressures and Regulatory Delays Shape Grifols' (BME:GRF) Growth Prospects?

Nov -08

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European Equities Traded in the US as American Depositary Receipts Decline in Thursday Trading

Nov -06

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Grifols SA (GRFS) Q3 2025 Earnings Call Highlights: Strong Revenue Growth and Improved ...

Nov -05

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.73%)

6. Segments

Biopharma

Expected Growth: 8%

Grifols' Biopharma segment growth is driven by increasing demand for plasma-derived therapies, expansion into emerging markets, and strategic investments in R&D. The company's strong pipeline, including new indications for existing products and novel treatments, also contributes to growth. Additionally, Grifols' commitment to improving manufacturing efficiency and capacity expansion supports increased production and sales.

Diagnostic

Expected Growth: 6%

Grifols' Diagnostic segment growth is driven by increasing demand for transfusion medicine, expansion in emerging markets, and strategic acquisitions. The company's investments in R&D, particularly in molecular diagnostics, have also contributed to growth. Additionally, the rising prevalence of infectious diseases and the need for early diagnosis have fueled demand for Grifols' diagnostic products, resulting in a 6% growth rate.

Others

Expected Growth: 5%

Grifols' Others segment growth is driven by increasing demand for its bioscience products, expansion into emerging markets, strategic acquisitions, and investments in research and development. Additionally, the company's focus on innovation, quality, and customer satisfaction contributes to its growth. These factors have enabled Grifols to maintain a competitive edge and achieve a growth rate of 5.

Bio Supplies

Expected Growth: 9%

Grifols' Bio Supplies segment growth is driven by increasing demand for plasma-derived therapies, expansion into emerging markets, and strategic partnerships. The company's investments in R&D and manufacturing capacity also support growth. Additionally, the rising prevalence of rare diseases and increasing adoption of immunoglobulin therapies contribute to the segment's 9% growth.

7. Detailed Products

Bioscience Products

Grifols' Bioscience division specializes in the research, development, and production of plasma-derived medicines for the treatment of rare and serious diseases.

Diagnostic Products

Grifols' Diagnostic division develops and manufactures diagnostic products for the detection and diagnosis of infectious diseases, including HIV, hepatitis, and other viral and bacterial infections.

Hospital Products

Grifols' Hospital division provides a range of products for hospital use, including intravenous solutions, infusion pumps, and medical devices.

Bio Supplies

Grifols' Bio Supplies division provides a range of products and services for the biotechnology, pharmaceutical, and research industries.

Plasma Collection

Grifols' Plasma Collection division collects and processes human plasma to produce life-saving therapies for patients with rare and serious diseases.

8. Grifols, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Grifols, S.A. operates in the pharmaceutical industry, where substitutes are limited. However, the company faces competition from other plasma-derived therapies and recombinant products, which could be considered substitutes.

Bargaining Power Of Customers

Grifols, S.A. has a diverse customer base, including hospitals, clinics, and pharmacies. However, the company's products are often critical to patient care, giving customers limited bargaining power.

Bargaining Power Of Suppliers

Grifols, S.A. relies on a network of plasma donation centers and suppliers of raw materials. While the company has some bargaining power due to its size, suppliers may still have some negotiating power.

Threat Of New Entrants

The pharmaceutical industry has high barriers to entry, including significant regulatory hurdles and high research and development costs. This limits the threat of new entrants to Grifols, S.A.'s market.

Intensity Of Rivalry

Grifols, S.A. operates in a highly competitive industry, with several major players competing for market share. The company must continually innovate and invest in research and development to maintain its competitive position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 61.00%
Debt Cost 6.98%
Equity Weight 39.00%
Equity Cost 7.29%
WACC 7.10%
Leverage 156.39%

11. Quality Control: Grifols, S.A. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Orion

A-Score: 6.1/10

Value: 1.6

Growth: 5.3

Quality: 8.2

Yield: 6.2

Momentum: 9.5

Volatility: 5.7

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Recordati

A-Score: 5.8/10

Value: 2.5

Growth: 6.2

Quality: 8.6

Yield: 5.0

Momentum: 4.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Grifols

A-Score: 4.4/10

Value: 5.7

Growth: 4.7

Quality: 3.7

Yield: 1.2

Momentum: 8.0

Volatility: 3.0

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Orpea

A-Score: 4.2/10

Value: 10.0

Growth: 5.3

Quality: 5.1

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

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Virbac

A-Score: 4.0/10

Value: 3.1

Growth: 6.3

Quality: 6.5

Yield: 0.0

Momentum: 2.0

Volatility: 6.3

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Stock-Card
Stevanato

A-Score: 4.0/10

Value: 3.1

Growth: 5.6

Quality: 5.5

Yield: 0.0

Momentum: 9.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.83$

Current Price

10.83$

Potential

-0.00%

Expected Cash-Flows