Grifols recorded a net profit of 87.95 million euros in the first nine months of this year, compared to losses of 14.22 million euros recorded during the same period last year, as reported by the business this Thursday. However the cash flow remains negative and debt It was only reduced to 9.208 million.
Likewise, Grifols confirmed the forecast for the full financial year 2024. The company explained that the result was impacted by the financial and tax charges non-recurring expenses linked to debt reduction following the sale of 20% of its Chinese subsidiary Shanghai Raas (SARS).
In a statement sent to National Securities Market Commission (CNMV) This Thursday, the company explained that if these extraordinary expenses are not taken into account, the net profit would be 264 million until September.
Grifols generated a positive cash flow 127 million in the third quarter, but in the first nine months it is still negative -69 million (i.e. more money is going out of the fund than coming in).
Debt
As for the net financial debt of Grifols according to the criteria of the credit agreement, amounts to 8.128 million euros. This amount does not, however, include the impact of 1,080 million euros of financial obligations linked to the lease contract (rentals) mainly coming from plasma centers.
If we add this amount, the net debt according to the balance sheet amounts to 9,208 million euros, a very slight reduction compared to the 9,396 at the end of the second quarter. A year earlier, at the end of the third quarter of 2023, the debt amounted to 10.680 million euros.
The company insisted on the efforts made to reduce its debt and explained that it had allocated the 1.6 billion from the sale of SRAAS “to the reduction of issues of senior secured bonds maturing in 2025 and LTB loans maturing in 2027” .
THE income until September amounted to 5,237 million euros, or 9.1% more, and the gross operating profit (Ebitda) adjusted increases by 25% over one year, to 1,253 million euros.
In the third quarter, the company achieved a net profit of 52 million euros, compared to a profit of 55.87 million euros for the same period of 2023. For its part, turnover increased by 12 .4%, to 1,793 million euros and adjusted Ebitda was 462 million, or 26.7% more over one year.
On the other hand, the Catalan company has not provided information on its relations with the family holding company. Scranton that the fund requested Brookfield make the decision whether or not to move forward with the exclusionary takeover bid announcement. An offer which remains pending because Brookfield cannot find other investors with whom to share the cost of the operation, as announced by OKDIARIO.
Segments
Billing for Biopharmaceutical It increased by 9.9% until September, up to 4.455 million euros, and in the third quarter it recorded an increase of 12.1%, up to 1.533 million “due to high demand of key proteins in major geographies.
The immunoglobulin franchise increased by +14.3% thanks to the new launches of subcutaneous immunoglobulins (SCIG) in various European countries and its good results in the United States, with an increase of 51.8%.
For their part, albumin increased 10.3% for the full year due to increased demand in China, and sales of alpha-1 antitrypsin and other specialty proteins increased by 1.3% due to increased demand for rabies hyperimmune proteins in the United States. .
Diagnostics sales amounted to 479 million through September, up 1.7% thanks to positive developments in blood typing solutions and sales of NAT solutions for screening blood and plasma donations by nucleic acids.
The company assured that it was maintaining “effective management of plasma supply” which allowed the cost per liter (CPL) to decrease slightly in the third quarter, accentuating the significant drop accumulated since the maximum cost known in July 2022.
As such, the outlook for plasma costs “remains positive” and the company anticipates opportunities for further reductions through continuous improvement initiatives aimed at increasing efficiency.
“I am proud of the good results obtained in the third quarter. Thanks to the entire Grifols team, we have successfully driven growth, maintained disciplined cost control and advanced our continuous improvement initiatives. With this ongoing work and our strong fundamentals, we continue to make progress in achieving our 2024 goals,” said Grifols CEO, Nacho Abia.
