Barclays sees Grifols as a potential "winner" in the trade war.

BarcelonaIn trade wars, there are usually winners and losers. Some lose more than others, or some gain more than the rest. According to analysts at the British bank Barclays, Grifols is among the winners. They justify this conclusion by the fact that the Catalan multinational, hit by stock market attacks following reports from the analysis firm Gotham Research, sources and produces its plasma in the US, so the tariffs "will not have a material impact."

At the same time, they point out that if the US were to enter a recession, the company would be "well positioned to benefit." Their argument is that "plasma donations typically increase during a recession, as donors seek to supplement their income, allowing the sector to realize savings and reduce the rate offered to donors, thus reducing the implicit cost per liter of plasma and increasing margins."

Analysts also highlight that plasma-derived products are exempt in the US from the legal restrictions that allow the federal government to negotiate prices. This boosts Grifols' pricing power.

Another element is a "limited exposure" to China, where the US is focusing its trade battle. Grifols explained that China represents 50 percent of global demand for albumin, the most abundant protein in plasma, which accounts for 14 percent of global sales. This means that the Asian giant accounts for 7 percent of the Catalan firm's sales, and any tariffs China imposes would only affect Grifols' albumin imports.