Ratings agency S&P Global Ratings has called for “extreme caution” in analyzing the Gotham City Research fund’s report on pharmaceutical company Grifols, published on Tuesday, which said shares of the Catalan blood products company may be worthless.
“We work together Up-to-date information that we verify every day and read very carefully “Third-party reports can be of interest to many areas,” said Leandro de Torres Zabala, managing director and head of S&P’s analytical and corporate ratings area for Europe, the Middle East and Africa.
In this sense, the organization that gave Grifols a B+ financial rating defended its own calculations to determine this figure. leverage levels of the latter and did not comment on the accounting irregularities allegedly committed.
The bear fund released a report early Tuesday, accusing the pharmaceutical company of manipulating debt ratios and gross operating profit (EBIT) to artificially reduce leverage and warning that its actions would not be “investment grade.”
After the publication of this report, the company’s shares lost 42 percent of their value, ending Tuesday’s session with a decrease of 25.91 percent, which caused the company to remain on the stock exchange for 2.2 billion euros.
Grifols added: The report also harmed “all its stakeholders” and this has literally caused great concern to patients and donors.
Grifols’ board of directors reaffirmed that it “fully supports” CEO and chief executive Thomas Glanzmann, who it said has cooperated decisively in the growth and development of the company since its founding in 2006.
He also added that all operations published in the Gotham City report were “unanimously approved by the company’s board of directors and its various committees.”
He also said that operations have started in the same way.”All information and support documentsnecessary”, including evaluations and opinions of third parties.
In this sense, he criticized the American company’s questioning of the price of purchasing donor centers and said that “it is difficult to understand if you do not have enough information.”
“As with the acquisition of any business, the price paid is not just the price of the assets but also their ability to generate profits,” he added.