Grifols H1 Growth

In the first half of 2026, Grifols recorded a 2.6 % revenue rise at constant currency, driven by a 5.4 % growth in the Biopharma segment. Free‑cash‑flow climbed by roughly €100 million, and the launch of Evanzys immunohematology marked a milestone for Diagnostics. Liquidity exceeds €2 billion, while net leverage stays below 4.2× and net secured leverage at 2.7×, signalling manageable debt levels. A potential IPO of the U.S. Biopharma business is under consideration, offering a route to unlock additional value. Headwinds included a temporary albumin downturn in China after mid‑2025 pricing adjustments, one‑off costs from closing 29 U.S. donation centers, and Diagnostics challenges following the dissolution of the Quidel Ortho joint venture. Despite these, management remains confident in its strategy.