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 Catalan blood products company Grifols closed 2025 with a net profit of €402 million, 156% higher than the previous year, thanks mainly to lower financial costs, the company reported on Thursday. The company recorded revenues of €7.524 billion last year, representing a 9.1% increase, which falls to 7% at constant exchange rates. This increase was primarily driven by the strong performance of the Biopharma business, especially the immunoglobulin franchise, as well as by progress in strategy execution and the achievement of targets by the Diagnostic business unit. Free cash flow before mergers and acquisitions amounted to €468 million, €201 million higher than in 2024. This improvement was driven by the expansion of EBITDA (earnings before interest, taxes, depreciation, and amortization), working capital management, a better reflection of financial costs, and normal operating activities. In fact, in 2025 Grifols focused its efforts on strengthening its balance sheet. The leverage ratio was reduced due to improved EBITDA and solid free cash flow generation. The company plans to refinance its 2027 maturities in two phases this year.

Both Sabadell and CaixaBank were the two Catalan (or Catalan-origin) companies on the Ibex 35 that grew the most in 2025. The year was marked by strong growth in the Spanish stock market and, from a Catalan perspective, by the recovery of Grifols and the notable declines of Puig.

Grifols has received certification from the European Medicines Agency (EMA) for the entire value chain of Grifols Egypt for Plasma Derivatives (GEPD), a project by the Catalan multinational specializing in plasma derivatives in partnership with the Egyptian government. The authority responsible for the scientific evaluation, supervision, and safety control of medicines in the European Union (EU) confirmed that the entire Grifols Egypt plasma platform "operates under the most demanding European standards of quality, safety, and regulatory control," the company explains. Thanks to this certification, Egypt becomes the first country in Africa and the Middle East to operate a fully integrated plasma collection and processing system "that meets the strictest international standards throughout the entire cycle, from the medical evaluation of donors and the donation process to the analysis of the medicines" and the plasma processing. This also facilitates the country's progress toward exporting surplus medicines derived from Egyptian plasma to other markets, particularly in Europe, including Spain.

On January 9, 2024, almost two years ago, Grifols, the Catalan multinational specializing in blood products with family capital, suffered a huge blow on the stock market. The reason? The speculative fund Gotham City Research Gotham accused the company of manipulating its debt and operating profit (EBITDA), alleging that it inflated profits while concealing the true extent of its liabilities after years of growth. Before the pandemic, a crisis that paralyzed the blood collection business and strained its finances, the company had expanded through acquisitions, which had increased its debt. Following the initial allegations, which Gotham supplemented with subsequent reports, the group implemented governance reforms and had to divest part of its business in China, Shanghai RAAS, which it sold to the Chinese giant Haier. to reduce their liabilitiesToday, BK is in the midst of expanding its operations in Egypt, in partnership with the Egyptian government through an agreement signed in 2020, and will launch Africa's first biotechnology plant. Furthermore, it is experiencing less turbulent times and has a better outlook, according to analysts. Much of this change in the outlook is due to its results, as it earned €304 million through September, a 245% increase compared to the same period last year, after closing the third quarter with a profit of €127 million, a 146% increase. Its revenue in these nine months grew by 7.7%, to €5.542 billion.

The messages that the Gotham City Research short fund published on January 8 and 9, 2024, and which assured that Grifols shares were worth zero euros, caused the Catalan pharmaceutical company to suffer a capitalization loss of 3.814 billion euros. Now, a year and a half after that stock market crash, the judge of the National Court admitted a complaint against the analysis firm Gotham City and several of its directors for allegedly having released biased and misleading financial information to the market in order to lower the share price of the Catalan pharmaceutical company Grifo's New York, which is dedicated to making money when the value of its assets falls.

Grifols has created a strategy committee within its board of directors, which will be controlled by the founding family, who stepped down from management more than a year agoThis committee includes former CEOs Raimon Grífols Roura, vice president of the group, and his cousin, Víctor Grífols Deu, as well as Tomàs Dagà, a trusted advisor to the family. The other members are the company's non-executive president, Anne-Catherine Berner, and independent director, Íñigo Sánchez-Asiaín Mardones.

After announcing it at the shareholders' meeting In June, and confirmed in its first-half results presentation, Grifols has launched a dividend distribution of €102 million. This is the first dividend paid to shareholders in four years and demonstrates a "firm commitment" to creating value for those who hold shares in the company.

The National Securities Market Commission (CNMV) has imposed several fines on Grifols and its directors for a value of almost 1.4 million euros, following the sanctioning file that opened last September following accusations by the Gotham City hedge fund about flaws in its financial information and management reports. Official State Gazette (BOE) published this Wednesday a resolution dated July 24 by the Spanish stock market regulator detailing the sanctions for very serious and serious infractions imposed on the Catalan blood derivatives company and several of its directors.

Grifols is strengthening its industrial commitment to Catalonia and, especially, to the Vallès Oriental region. Following the storm caused by accusations from the Gotham hedge fund and the resulting internal reorganization, the pharmaceutical company is focusing on its production capacity and will invest €160 million in the construction of a new plant in Lliçà de Vall, where more than 400 jobs will be created once it comes online. During the day, the company's stock market rose 4.34%.

Has Grifols put its stock market losses behind it? The multinational blood products company leads the Ibex 35's gains this Wednesday, rising 5.19% to €11.36 per share. The stock's performance is based on JP Morgan's forecasts, which predict solid second-quarter results and sustained growth in the company's profitability, which appears to have put the losses caused by allegations of accounting malpractice at the Gotham City fund behind it.

The Catalan multinational blood products company Grifols is embarking on a new era. The company is considering returning to dividend payments and has seen its share price rise after the shock caused by the attacks from the short-selling fund Gotham City Research. At this week's shareholders' meeting, the current chairman, Thomas Glanzmann, retired after 19 years on the board of directors. For the first time, a woman is assuming this position: Anne-Catherine Berner.

Grifols plans to return to its dividend policy "as soon as possible." This was one of the messages delivered by the company's CEO, Nacho Abia, during the shareholders' meeting held at the group's headquarters in Sant Cugat del Vallès, which endorsed the accounts and agenda by a majority, many of the items with more than 99% of the votes. At the moment, the forecast is to pay the first dividends in more than four years this year, based on the 2024 results. The meeting debuted Anne-Catherine Berner as the new non-executive chairwoman, the first woman to hold that position in the group, who told shareholders that Grifols is "a strong company, with good results and records in key metrics." The new chairwoman highlighted that the company has overcome challenges such as the pandemic or the attacks carried out by Gotham City Research and stressed that the board of directors is now "more independent."

Peace at Grifols. One of the funds critical of the Catalan multinational's management, Mason Capital, which holds a 3.174% stake, has announced its support for the group's management and the proposed candidates and changes to the board of directors.

Grifols has won its first court case against Gotham City Research in the U.S. The Federal District Court for the Southern District of New York rejected the hedge fund's request to dismiss the lawsuit filed by the Catalan multinational blood products company.

Grifols' outlook improves after a period of stock market penalties. Credit rating agency Moody's has upgraded the Catalan multinational blood products company's rating from B3 to B2 and its probability of default rating from B3 to B2-PD. At the same time, it maintains its outlook on the company as "positive."

Grifols has started in 2025 as well which closed the previous year: tripling profits. Although the company experienced one of its most turbulent years in 2024 due to the attack by the New York-based fund Gotham, as well as changes at the top and even a failed takeover bid, the Catalan pharmaceutical company made a statement: 2024 was also a record-breaking year. Now, a year after this journey through the wilderness, the Parets-based company continues to boast a solid business: from January to March, the company earned €60 million, 179% more than a year ago.

In 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."

In a week The stock market is in turmoil due to Trump's tariff warLarge companies have not stopped their internal movements and signings to strengthen their positions amid this uncertain macroeconomic environment. From the transfer of communications directors between Puig and Grifols to the new heads of the La Caixa Foundation and the new director of the Port of Tarragona, these are the main appointments of the week.

The series about a possible takeover bid for Grifols isn't over. The proof is in its share price: the Catalan pharmaceutical company's shares, which had been battered for a few days, soared this Wednesday by up to 14% (at midday they were close to 6%) after the announcement of the acquisition. The Confidential has published that the Canadian fund Brookfield, which announced an agreement with the Grífols family last July to study a takeover bid –and that in September abandonment– is once again in talks with his family, through Morgan Stanley.