Grifols delivers a strong 2024 exceeding guidance on revenue and free cash flow

Barcelona, Spain – February 26, 2025 – Grifols (MCE:GRF, MCE:GRF.P, NASDAQ:GRFS), a global healthcare company and leading manufacturer of plasma-derived medicines, reported record results for the full year, with accelerated sequential improvement across key metrics, culminating in a strong fourth quarter.

Nacho Abia, Chief Executive Officer, commented, “Grifols delivered an all-time high performance, achieving its 2024 commitments and goals thanks to the team's unwavering focus and dedication during what was a challenging year. Their hard work and dedication to patients are apparent across the company, from a re-energized Biopharma business to completing innovation milestones, to the strategic alliance with Haier Group in support of deleveraging. Our actions have built clear momentum and position us for sustainable, profitable growth into 2025 and beyond.”

Rahul Srinivasan, Chief Financial Officer, said, “Grifols delivered a strong finish to cap off our second consecutive record year, a testament to the commitment and drive of our Grifols’ team. With significant progress in de-risking our balance sheet and a strong focus on free cash flow generation following our 2024 outperformance, we have a clear opportunity to drive a substantial re-rating of our story over time.”

Business Segment Performance

In the fourth quarter, total revenue grew 13.6% at cc, reaching EUR 1,976 million resulting in a full year 2024 revenue growth of 10.3% at cc. Both quarterly and full year revenue totals represent all-time-high records. Biopharma continues to be the leading growth driver for Grifols growing 15.1% at cc in Q4 and full year growth of 11.3% at cc. This underscores the strong global underlying demand.

The immunoglobulin franchise continues to be the engine for expansion experiencing strong growth in the fourth quarter at 17.9%, bringing the full year growth to 15.3%. These outstanding results are not only driven by volume but also benefiting from favourable product mix. Growing demand is reflected in both IVIG and SCIG (XEMBIFY^®), with SCIG reporting an increase of 55.5% at cc for the year.

Both Albumin and Alpha-1 and Specialty Proteins continue with solid results. Albumin records a year-to-date growth of 8.0% at cc, while Alpha-1 and Specialty Proteins closes 2024 with a year-to-date growth of 4.9%, following the Alpha-1 specialty pharmacy transition in the US earlier in the year.

In 2024, plasma supply effectively met growing demand while cost per liter (CPL) further declined. Grifols has a well-diversified donor-center network and continues to execute on its strategic initiatives to improve its plasma supply while both diversifying its footprint and implementing efficiencies and yield improvements.

Diagnostic underlying business increased 0.7% at cc in 2024 excluding the one off commercial true-up in Q1’23. Main drivers were the Blood Typing Solutions’ performance, reporting double-digit-growth in key counties, led by North America, Latin America and EMEA.

Financial Performance and Leverage

Adjusted EBITDA for the fourth quarter of 2024 was EUR 526 million with a 26.6% margin, an increase of an 18.5% compared to the same quarter last year. Adjusted EBITDA for the full year 2024 achieved EUR 1,779 million, with a margin of 24.7%, primarily being driven by volume growth in Biopharma and continuous CPL and yield improvement due to the successful execution of the Operational Improvement Plan.

Reported EBITDA for the fourth quarter was EUR 482 million (24.4% margin). In the full year, it increased by 32% up to EUR 1,631 million, at a 22.6% margin.

Free Cash Flow exceeded guidance significantly, increasing to EUR positive 335 million in the fourth quarter and EUR 266 million for the full year driven primarily by EBITDA expansion and improved working capital management across the supply chain.

Deleveraging progress continues at pace. Leverage ratio in 2024 declined from 6.8x in the first quarter of 2024 to 4.6x by the end of 2024 (4.5x at constant currency). As of December 31, 2024, Grifols had a liquidity position of approximately EUR 1.9 billion.

Reported Net Profit increased ~271% in 2024 to EUR 157 million, almost tripling.

Note: For comparative purposes with FY 2024, the financial statements for Q3'23 and Q4’23 have been re-expressed according to the Inside Information released on July 30, 2024, and further disclosed in accordance with Note 2(d) of the Consolidated Interim Financial Statements for H1'24

¹Operating or constant currency (cc) excludes changes rate variations reported in the period

²Free Cash Flow includes cash from operating activities + cash flow from investing activities, both as per International Financial Reporting Standards (IFRS), and excludes lease payments and SRAAS transaction

³Defined as per the Credit Agreement

⁴Cash and cash equivalents of €980m + unused credit facilities €1,279m - unused RCF facilities maturing in Nov 2025 c€399m