The plasma derivatives multinational Grifols increased its revenues in the third quarter by 37% in reported terms, to 1,541 million euros, driven by the results of Biopharma, which had a turnover of 1,265 million euros, 49% more.
This growth places revenues for the first nine months of the year at 4,351 million euros, with an increase of 18.8% in reported terms compared to a year earlier, the Catalan company reported this Tuesday to the CNMV. For the year as a whole, the multinational expects to reach a record revenue figure, between 5,800-6,000 million euros. In this way, sales in 2022 would exceed those of two years ago, when they amounted to 5,340 million (4,933 million euros in 2021).
However, profits do not point in the same direction of exceeding the levels of two years ago. Grifols has earned 188 million euros in the first nine months of the year. The company has not reported the variation compared to the same period in 2021, since in the third quarter of that year it did not report earnings. In the full year of 2020, it earned 619 million euros, while in 2021 profits fell to 183 million due to the impact of Covid on the industry. The multinational has reported that the level of profits for this 2022 is conditioned by the increase in financial expenses related to the acquisition of Biotest.
The volume of plasma obtained has grown by 25% to date, with which the company has now focused on increasing efficiency to reduce the cost per liter. Reported EBITDA amounts to €927 million, which represents a margin of 21.3% (22.2% excluding Biotest), "driven by revenue growth, operating leverage and greater financial discipline." commented the pharmaceutical group.
"Today, we continue to deploy financial discipline and cost control measures to improve cash flow and expense profile, as well as prioritize debt reduction. These efforts, coupled with the business opportunities and inherent potential of Biotest will continue to drive Grifols' results," said Steven F. Mayer, Executive Chairman of the Board of Directors.
Mayer was recently appointed in a decision that removed the family that owns the first line of management. The movement meant that Víctor Grifols Roura, who had served as non-executive chairman until then, became director and honorary chairman of the company. Grifols Roura has been the architect of the company's transformation from a local SME to a multinational with 27,000 workers.
In June, Grifols reported that the debt was close to 9,000 million, which caused a fall in the share. The multinational has assured that it is focused on "improving cash flow and expense profile, reducing debt, capturing business opportunities, unlocking the substantial value of the Biotest acquisition and streamlining the organization." The reported leverage ratio is reduced to 8.6 times, while it is expected that by the end of 2022 it will decrease to 7.9 times.
"Today's results are proof of Grifols' efforts to drive growth and operational execution, as evidenced by our significant sequential improvement despite the difficult macroeconomic environment," said the two Grifols CEOs, Victor Grifols Deu and Raimon Grifols Roura The Grifols share has fallen by 1.81% at the opening of the Ibex after the publication of its results.
