Pharmaceutical Grifols registered As reported by the company in a memo to the National Securities Market Commission, it recorded a loss of €108.2 million between January and March, despite its revenue increasing by as much as 23% to €1,561 million. This result contradicts the 53.3 million Euro profit recorded by the group in the same period of the previous year. The company stated that losses were already foreseen and they were due to restructuring costs of the transformation plan, which covers 140m euros. The company has experienced a significant loss of value in the stock market in the last year due to changes in its management structure. Last February, the board announced that Steven F. Mayer was replaced by Thomas Glanzmann. The official reason for this change was Mayer’s health and personal reasons that prevented him from carrying out the company’s compliance plan, which would mean the layoff of 2,300 workers worldwide.
Transformed from an unknown laboratory specializing in blood therapy into a company, one of the biggest stock market Spaingrew based on acquisitions and international expansion. In April 2022, Grifols made the most controversial acquisition: it bought the German company Biotest for 1.413 million. The company’s debt has grown to over 9,000 million, which already represents nine times its EBITA (earnings before interest and tax). “Within Ibex, one of the most indebted needs to lower its indebtedness level as its current activity does not justify these numbers. I know that is very much in mind,” says director Juan José Fernández-Figares. The analytics department at Link Securities
The company emphasizes that it has lowered leverage in the final note presented this Tuesday., a metric that correlates a company’s debt and assets up to 7.0x. “Adjusted operating cash flow is positive and liquidity reaches €1,300 million. The company is working to reduce its leverage to 4.0x in 2024,” the statement said.
adjusted net profit
Adjusted net profit of blood products company was 26 million euros. The group also highlights the “good” results of the Biopharma division, whose revenue increased by 26.2% in the first quarter to € 1,291 million. Thomas Glanzmann, Grifols’ chairman and recently appointed CEO, stressed that the company’s results showed “a solid quarter despite the challenging macroeconomic environment”.
“Our results underscore the strength of our business. The progress we make in 2023 to increase the company’s operating efficiencies and improve our plasma cost base is particularly important. The simplification of our governance model and new leadership structure will continue to drive this transformation.‘ he underlined.
Adjusted gross operating profit (Ebitda), which essentially excludes non-recurring restructuring costs of EUR 140 million, pe was €298.8 million with an adjusted EBITDA margin of 21% excluding Biotest and 19.3% inclusive..
Grifols’ adjusted EBITDA estimates improved and rose above 21% for the first half of 2023 and 22-24% for the full year, while the adjusted EBITDA estimate for the full year was increased to over €1,400 million. Grifols reported that it has accomplished more than 80% of its initial cost savings plan of 400 million euros. and increased the expected impact to over 450 million Euros.