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HomeLatest NewsGrifols created record revenues of 6,000 million thanks to the plasma sector

Grifols created record revenues of 6,000 million thanks to the plasma sector

Date: March 26, 2023 Time: 12:40:46

The pharmaceutical multinational Grifols closed 2022 with a profit of 208 million euros, representing an increase of 10.4% compared to a year earlier, and with record revenues of 6,064 million, 12.4% more in constant terms, as reported on Tuesday to the National Securities Market Commission (CNMV). The increase in turnover, which excluding Biotest was 5,702.7 million, was driven “especially by Biopharma’s main proteins after the strong recovery in plasma supply.”

The gross operating result (Ebitda) was 1,247 million euros and the margin stands at 21% of revenues (1,221 million euros and 20.1% including Biotest), supported by operating leverage and cost discipline, although it continues to be impacted by the high cost per liter of plasma.

Results by segments

The co-CEOs of the company Victor Grifols Deu and Raimon Grifols Roura have explained that for 2023 the company “has a solid foundation on which to build its future”, after having taken, in their words, difficult but necessary measures in 2022 , in reference to the plan to cut expenses that included an ERE.

Gross margin stood at 37.6% in 2022 (36.8% including Biotest), decreasing from the 39.8% reported in 2021 and impacted by Biopharma and Diagnostic. Biopharma’s revenues reached 5,005.4 million euros, representing growth of 19.6% at constant exchange rates compared to 2021. The company has ensured that Biopharma’s results are due to obtaining plasma, a solid underlying demand of the main proteins and price increases, in addition to the increase in sales of some products.

Plasma collection has continued to improve and has seen 25% in 2022 (+26% in the United States) compared to the previous year, due to the drive for efficiency in centers in terms of digitization, processes and donor experience, in addition to the macroeconomic context and the contributions of qualified volunteers from Mexico.

Diagnostic has registered revenues of 671.3 million in 2022, which represents a decrease of 19.7% in constant exchange due to the end of the sales of tests of Covid-19 and the end of the obligation to carry out tests of the Zika virus . Bio Supplies grew 13.2% at constant exchange to 146.1 million euros in 2022, after the acquisition of the remaining 51% of the capital of Access Biologicals.

Forecasts for this 2023

2023 Grifols “is focused on expanding margins and reaching the plasma volumes planned for 2023”, reducing the cost per liter (CPL) with the donor compensation falling by 20% in the fourth compared to its maximum quarter July that prompted a reduction of the CPL of 10% in the same period.

The company expects revenues to rise between 8% and 10% this year and margin expansion in the second half with an Ebitda margin of between 23% and 25%. These forecasts include the “savings” of 100 million derived from the plan to reduce operating costs, as well as a saving of 250 million in cash as part of the improvement plan.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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