Grifols responds to the crisis by (almost) tripling profits in 2024

BarcelonaGrifols has closed 2024 with almost triple the profits of the previous year. The Catalan multinational of blood derivatives has earned 157 million euros, almost triple the 59 million euros it recorded in 2023, a year in which it registered a record income –as in 2022– which has now widened, with 7,212 million euros, 1.

These figures leave behind one of the most turbulent years that the company has experienced recently. First there was the attack by Gotham, the New York hedge fund that in Januaryaccused the Catalan company of manipulating results and debt; also the umpteenth changes in the dome, with the departure of the Grífols family from executive positions, the arrival of Nacho Abia as CEO and the step alongside the person who has led the company in the last two years, Thomas Glanzmann, and finally the failed takeover bid process (OPA) of the Canadian fund Brookfield, which lasted only four months. In fact, on Tuesday we learned that Glanzmann will leave the non-executive presidency and will be replaced by Anne-Catherine Berner, current independent director.

Abia himself summed it up this way on Wednesday in a statement sent by the company to the National Securities Market Commission (CNMV): "We have achieved a historic performance, fulfilling the commitments and objectives of 2024 thanks to the efforts of our team in a challenging year." One of the most positive notes of last year was the sale of 20% of the Chinese subsidiary Haier for 1.6 billion euros, a divestment that has allowed the company to dry up debt that was due in 2025. In the middle of last year, Grifols also placed 1 billion euros on the stock market in 2024 in which the Catalan pharmaceutical company's shares have fluctuated turbulently. The company started the year at around 15 euros per share and this year it has not yet recovered the 10 euros per share mark, and the most difficult moment was precisely the moment of the presentation of the 2023 results, when the value of the company fell to a decade-long low – the share price fell to 7.5 euros. The reason was an accounting doubt that arose during the presentation of results to analysts.

Grifols has received a boost from its main growth driver: the Biopharma segment, which has increased its revenues by 11.3% during 2024. Adjusted gross operating profit (EBITDA) stood at €1,779 million, with a margin of 24.7%. The leverage ratio fell to 4.6 times, driven by the improvement in EBITDA, the €1,600 million divestment of the Chinese subsidiary and also the level of cash flow, which stands at €266 million in 2024.