Key Highlights

  • GRFS reported third quarter 2026 net revenues of EUR 2.04 billion, up 8.4% at constant currency.
  • Adjusted EBITDA rose 9.8% to EUR 538 million, with the Margin widening 60 basis points to 26.4%.
  • Biopharma Revenue grew 10.3% at constant currency, and immunoglobulin sales rose 11.3%.
  • Free Cash Flow before M&A reached EUR 298 million for the first nine months, up 59%.
  • Total net Leverage fell to 3.98x, and the board approved an Interim Dividend of EUR 0.15 per share.

Biopharma Growth of 10.3% Drives an 8.4% Revenue Gain

Grifols (NASDAQ:GRFS) discussed its third quarter 2026 results on Nov 2, 2026, for the quarter ended Sep 30, 2026. The company reports in euros. Net revenues were EUR 2.04 billion, up 8.4% at constant currency, and nine-month revenues reached EUR 5.614 billion, up 4.6%.

Grifols is a global producer of plasma-derived medicines and diagnostics, and its Biopharma division was the growth engine. Immunoglobulin revenue rose 11.3%, with subcutaneous products up 40.3% in the quarter. Alpha-1 and specialty proteins climbed 18.2%, helped by strong rabies demand.

Albumin fell 13.2% in the quarter and 13.9% year to date, mainly on regulatory limits and elevated inventories in China. Management said the market is taking longer to normalize than expected in July, despite early signs of better sell-out trends.

Adjusted EBITDA Margin Widens to 26.4% as Gross Margin Recovers

Adjusted EBITDA increased 9.8% to EUR 538 million, and the margin expanded 60 basis points to 26.4%. For nine months, adjusted EBITDA was EUR 1.392 billion, up 5%, at a 24.8% margin. The company maintained its full-year adjusted EBITDA margin target of 25%.

Reported gross margin reached 39.6% in the quarter and 38% for nine months. The third quarter ran 30 basis points above the prior year, after trailing 2025 levels by 200 basis points in the first half. Management cited volume, product mix, lower plasma costs and early contributions from Egypt, despite a Canadian plasma center accrual.

Group profit for the first nine months rose 28.4% to EUR 390 million. Diagnostics revenue declined 7% over the period because of the end of a joint business, though underlying growth was 2.3%.

Egypt Plasma Ramp, Canada Pause and a Possible U.S. Biopharma IPO

Monthly plasma collection in Egypt has nearly doubled since the start of the year, putting the company on track for about 1 million liters in 2026. It operates 18 centers there, expanding to 20 by the first quarter of 2027, with a long-term goal of 3 million liters annually. Management said the lower collection cost and higher protein yields support margin expansion as volumes scale.

In mid-August the company voluntarily paused plasma collection at its 17 Canadian centers and has begun a phased resumption in coordination with the regulator. Commercial operations continued using U.S. plasma. The board is also assessing a potential IPO of the U.S. Biopharma business, with no update beyond that.

Management warned of more modest Biopharma growth in the fourth quarter, citing phasing gains in the third quarter and a strong comparison base.

Leverage Under 4x, EUR 2.14 Billion Liquidity and the Alpha-1 SPARTA Readout

Free cash flow before M&A totaled EUR 298 million for nine months, up EUR 110 million, and total net leverage stood at 3.98x, down from 5.5x in June 2024. Liquidity was EUR 2.14 billion, with no significant Debt maturities until the fourth quarter of 2028. The interim dividend of EUR 0.15 per share is payable in early December 2026.

Next up are top-line results from the SPARTA Alpha-1 study, expected in late fourth quarter 2026, and a fourth quarter review of carrying values on noncore R&D projects.