Grifols reported a net profit of 59 million euros for 2023, a 72% drop from 2022. The Catalan plasma-derived medicines group, which faced a stock-market storm last month after Gotham City Research published a report alleging accounting practices aimed at lowering reported debt, explained that excluding restructuring costs, net profit would reach 206 million euros.
The pharmaceutical company, currently under investigation by the National Securities Market Commission, highlights a revenue figure of 6.592 billion euros, up 11%, and an adjusted operating income of 1.474 billion euros, up 26%, with clear progress toward a leverage ratio of 4x.
In a communication to the CNMV, the group attributes the performance to its Biopharma division, cost savings from operational improvement plans, and operating leverage. The debt ratio, central to the Gotham report that triggered the stock-market uproar, has been reduced to 6.3x, and the company states it is moving toward its target of 4x.
In response to the turmoil caused in the market by Gotham City’s report questioning the weight of the group’s debt as disclosed to investors, Grifols ultimately removed representatives of the founding family from management. A new chief executive, Nacho Abia, will take the helm starting April 1.
Thomas Glanzmann, who continues to hold the roles of president and chief executive, noted that the year was a record for solid advances in both operating and financial results. He also highlighted the revitalization of the plasma business, which bore the brunt of the pandemic’s impact, the achievement of innovation milestones, and a strategic alliance with the Haier group, which acquired a 20% stake in its China operations, Shanghai RAAS, in December.
This week, the chairman of the CNMV, Rodrigo Buenaventura, said the regulator plans to publish its analysis of Grifols in the coming weeks after requesting a second information tranche from the Catalan plasma products group. Buenaventura explained that additional documentation had been provided by the company in recent days. He also noted that the CNMV is in contact with its American counterpart, the U.S. Securities and Exchange Commission, regarding information about Gotham City Research, the entity that caused the stock decline earlier in the year.