Grifols delves deeper into a business model like Zara's in the US

Grifols is deepening its commitment to full integration and self-sufficiency in plasma production to avoid importing it to countries where blood donations are paid for. One instrument to reinforce this commitment will be the initial public offering with a portion of the capital of the Biopharma division in the United StatesThe company has decided to take this step, announced Tuesday night to the Spanish National Securities Market Commission (CNMV), to strengthen its model in the US. This approach encompasses the entire value chain, from plasma collection to manufacturing, logistics, analysis, and distribution of blood products, comparable to the vertical integration of the Inditex-Zara model. According to market sources, the total value of the business to be listed is between €23.7 billion and €27.7 billion, between 13 and 15 times earnings before interest, taxes, depreciation, and amortization (EBITDA), and could substantially reduce Grifols' debt, which currently stands at €0. The company intends to carry out the operation through an initial public offering (IPO) for a minority stake, which, according to Bloomberg, could raise around €6 billion if 20% of the shares are offered. The company's shares, which had risen more than 8% in early trading, finished 1.36% higher on the Spanish market, reaching €8.96.

The United States is the main country where blood donations are paid for, allowing Grifols to source its blood without importing. This is a model it is also implementing in Egypt and Canada. It is not applicable in Europe, as paying for blood donations is not permitted, with some exceptions such as remuneration or financial compensation for donors in Germany. In any case, the raw material can come from Germany, Egypt, or Canada. The Biopharma businessIn the US, it supplies more than 60% of the world's plasma, with very strong demand, according to the company. Grifols has 300 donation centers in 40 states and industrial facilities in California and North Carolina, employing a total of 14,000 people.

The self-sufficiency strategy is expanding into markets that the group considers key to broadening global access to plasma-derived therapies. The approach focuses on redefining the global plasma market "through a new model based on vertically integrated self-sufficiency programs with robust regulatory frameworks, designed to strengthen security of supply," according to the group. All of this is happening against a backdrop of sustained growth in global demand and increasing pressure on healthcare systems to ensure stable and resilient supply chains. Within this context, Grifols is forging public-private partnerships so that countries "can reduce their external dependence and guarantee high-quality, cost-effective access to essential therapies, as is being done in Egypt and Canada."