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.

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 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.