Grifols Q1 revenue misses consensus, net profit jumps

Investing.com -- Grifols shares fell 0.8% after the Spanish plasma products maker reported first-quarter revenues of €1.7 billion, a 3.3% increase on a constant currency basis but slightly below analyst consensus of €1.72 billion, as China albumin pricing pressure and a tough comparison base in specialty proteins weighed on top-line growth.

Net profit rose 21.9% year-on-year to €73 million, while adjusted EBITDA reached €381 million, up 0.8% on a constant currency basis, with margins stable at 22.4%.

The Biopharma division remained the primary growth engine, with revenues up 6.8% on a constant currency basis.

The immunoglobulin franchise was the standout performer, growing 15.3% on a constant currency basis, supported by sustained demand for Gamunex in the U.S. and core European markets and the U.S. launch of Biotest's next-generation IVIG product Yimmugo.

Albumin revenues declined 6.1% on a constant currency basis, reflecting ongoing government-driven pricing pressure in China.

Free cash flow pre-M&A improved by €30 million year-on-year to negative €8 million, supported by working capital management and lower capital expenditure. Leverage stood at 4.3 times at quarter-end, with liquidity of €1.6 billion.

CEO Nacho Abia said the results demonstrated "the resilience of our business and the strength of our underlying fundamentals" in a complex geopolitical and macroeconomic environment.

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