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Grifols loses €56 million and takes a minimal step back in reducing its debt

Date: June 22, 2024 Time: 16:50:15

Grifols closes a semester in the red. The blood products firm has posted losses of 56 million between January and June due to restructuring costs amounting to 140 million euros associated with its transformation plan, which it has already executed in its entirety. As reported to the National Securities Market Commission (CNMV) on Thursday, its revenues have risen by 14.8%, to 3,225 million thanks to Biopharma.

If only the second quarter of the year is taken into account and that the adjusted net profit was 114 million in the half, the net result amounted to 52 million. The company’s executive chairman and CEO, Thomas Glanzmann, has defined the results as good and said that they have exceeded forecasts, which, according to him, shows that the transformation plan “is paying off, driving profitability and further expansion of margins”.

In this sense, the increase in plasma supply is accelerated by more than 12%, while the cost per liter is reduced by more than 20%. The company argues that the main levers of this increase lie in the decrease in compensation to donors, which stabilized in the second quarter, as well as in the optimization of the network of plasma centers. Going forward, the decrease in other plasma-related costs and digitalization are expected to further optimize the cost of these processes.

The focus of concern continues on the debt ratio, which is slightly reduced to 6.9 times EBITDA, from 7 times at the end of the previous quarter, although it falls from 9.1 times at the end of the semester of 2022. The key is whether they manage to reduce the target to four times by the end of 2024.

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