Plasma-derived medicines company Grifols S.A. (GRFS) on Thursday reported higher first-quarter profit and revenue, driven by continued strong demand for immunoglobulin therapies and growth in its Biopharma business.
Group profit increased 21.9% to 73 million euros, compared with 60 million euros in the year-ago quarter.
Revenue dropped 4.8% to 1.70 billion euros from 1.79 billion euros last year, due to unfavorable foreign exchange translation effects. On a constant currency basis, revenues increased 3.3%, supported by growth in the company's Biopharma segment, particularly its immunoglobulin franchise.
Adjusted EBITDA increased to 381 million euros from 378 million euros last year, while adjusted EBITDA margin remained stable at 22.4%.
Biopharma revenue grew 6.8% at constant currency, with immunoglobulin revenue rising 15.3%, driven by strong demand for Gamunex in the U.S. and Europe as well as the launch of Yimmugo in the U.S.
The company reaffirmed its full-year 2026 guidance, saying first-quarter performance was in line with expectations.
Nacho Abia, Chief Executive Officer of Grifols, said: "We started the year delivering performance in line with our expectations and reassured that we are on track to achieve our guidance for the full-year 2026 as we continue to build momentum over the course of the year. These results were achieved in a complex geopolitical and macroeconomic environment, marked by persistent uncertainties. In this context, these results underscore both the resilience of our business and the strength of our underlying fundamentals."
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