6-K
Grifols SA (GRFS)
6-K
2023-05-09
For: 2023-05-09
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April 05, 2026
UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUERPURSUANT TO RULE 13a-16 OR 15d-16 OF THESECURITIES EXCHANGE ACT OF 1934
For the month May 2023
(Commission File No. 001-35193)
Grifols, S.A.
(Translation of registrant’s name into English)
Avinguda de la Generalitat, 152-158
Parc de Negocis Can Sant Joan
Sant Cugat del Valles 08174
Barcelona, Spain
(Address of registrant’s principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):
Yes ¨ No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):
Yes ¨ No x
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- . .
Grifols, S.A.
TABLE OF CONTENTS
| Item | Sequential Page Number | |
|---|---|---|
| 1. | Press Release, dated May 9, 2023 | 3 |
| 2. | Presentation, dated May 9, 2023 | 8 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
| Grifols, S.A. | ||
|---|---|---|
| By: | /s/ David I. Bell | |
| Name: | David I. Bell | |
| Title: | Authorized Signatory |
Date: May 9, 2023
Exhibit 1
| Page 1 of 5<br>First Quarter 2023 Results<br>Grifols delivers strong first quarter financials<br>with 23% revenue growth and an Adjusted EBITDA<br>margin above guidance of 21%<br>Barcelona, Spain, May 9, 2023 - Grifols (MCE:GRF, MCE:GRF.P, NASDAQ:GRFS), a global<br>healthcare company and leading manufacturer of plasma-derived medicines that has been<br>enhancing people’s health and well-being for more than 110 years, delivered a robust start to 2023<br>that met and exceeded guidance. The business is outperforming guidance for the first half of the<br>year’s Adjusted EBITDA margin and is on track to meet its other commitments.<br>Grifols’ fundamentals remain solid. The company is successfully executing on its key priorities and<br>turnaround plan, maintaining a laser-focus on achieving strong financial results, operational<br>excellence, deleveraging and value creation for all stakeholders. This focus is backed by a new<br>performance culture and the operational cash cost savings plan (Operational Improvement Plan),<br>which is progressing ahead of initial expectations.<br>1<br>1 Operating or constant currency (cc) excludes changes rate variations reported in the period<br> • Executive governance structure enhanced through realignment of roles and<br>responsibilities and creation of the Senior Executive Leadership Team (SELT), headed<br>by Thomas Glanzmann as Executive Chairman and CEO<br> • Total revenue grows 23.2% (+18.4% cc1<br>) to EUR 1,561 million driven by strong<br>Biopharma’s performance (EUR 1,291 million; +26.2%; +21.1% cc)<br> • Adjusted EBITDA margin improves to 21.0% (excl. Biotest) and Adjusted EBITDA<br>increases 19% to EUR 299 million, driven by operational leverage and cost discipline<br> • Adjusted EBITDA guidance raised to 21%+ and 22-24% for H1’23 and FY23,<br>respectively, while Adjusted EBITDA to EUR 1.4bn+ for FY’23<br> • Deployed over 80% of the initial EUR 400 million operational cash cost savings plan.<br>Target increased to EUR 450 million+<br> • Plasma collections continue its positive trend increasing by 11%, with cost per liter<br>declining by more than 15% driven by donor compensation (lower >25%)<br> • Adjusted net profit of EUR 26 million. Reported net profit of EUR (108) million includes<br>EUR 140 million in one-time restructuring costs, as guided (both incl. Biotest).<br> • Leverage ratio declines to 7.0x; positive Adjusted Operating Cash Flow, while Liquidity<br>stands at EUR 1.3 billion. On track to drive leverage ratio down to 4.0x by 2024<br> • Continue to successfully meet innovation milestones and capitalise on commercial<br>opportunities |
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| Page 2 of 5<br>Thomas Glanzmann, Grifols’ Executive Chairman and CEO, commented: "The Grifols’ team<br>delivered a strong first quarter despite a challenging macroeconomic backdrop. The company’s<br>performance highlights the strength of our business. I am particularly encouraged to note the<br>significant progress we are making in driving operational efficiency and resetting our plasma cost<br>base as we advance through 2023. Our streamlined governance model and new leadership<br>structure will continue to drive this transformation and ensure that the organization is responsive to<br>the market dynamics.<br>Our Adjusted EBITDA margin of 21% exceeded our first half guidance. In addition, we made<br>significant progress in executing our Operational Improvement Plan. We are confident that we will<br>now deliver more than EUR 450 million in cash cost savings. These milestones confirm that Grifols<br>is on the rebound. We plan to continue building on this positive momentum to create long-term<br>value for all our stakeholders.”<br>Executive Governance<br>Grifols implemented significant changes to its executive governance. Thomas Glanzmann has<br>been appointed as Chief Executive Officer in addition to his role as Executive Chairman.<br>Additionally, the company has created a Senior Executive Leadership Team (SELT) with clearly<br>defined roles and responsibilities, which includes Thomas Glanzmann as the chairperson, Raimon<br>Grifols (Chief Corporate Officer) responsible for corporate activities, legal matters, and other<br>initiatives, Victor Grifols Deu Operating (Chief Operating Officer) responsible for the day-to-day<br>company operations and business execution and Alfredo Arroyo (Chief Financial Officer), all<br>reporting directly to the Executive Chairman and CEO.<br>In addition, Grifols is committed to fostering a culture of performance with a clear focus on<br>execution, efficiency, efficacy and accountability. To this end, the company has introduced new<br>short- and long-term incentive plans that further align with the interests of its shareholders.<br>Business Performance<br>Total revenue grew by 18.4% cc (+23.2% on a reported basis) compared to the first quarter of<br>2022, reaching EUR 1,561.5 million. Excluding Biotest, revenues totaled EUR 1,444.2 million;<br>+9.1% cc; +14.0%.<br>Biopharma revenue grew by 21.1% cc (+26.2% on a reported basis) to EUR 1,290.7 million driven<br>by solid plasma supply, robust underlying demand for key proteins, and a favourable pricing and<br>product mix. Subcutaneous immunoglobulin (SCIG) Xembify® significantly contributed to<br>Biopharma revenue performance with a growth of 33.6% cc. Grifols Biopharma’s revenue,<br>excluding Biotest, grew by 9.6% cc (+14.8% reported) reaching EUR 1,173.5 million.<br>Immunoglobulin sales grew by 14.5% cc, driven by strong performance in the United States. In<br>addition, Alpha-1 revenues continued to grow by mid-single-digit due to higher demand and pricing.<br>Grifols continues to strengthen its immunoglobulin franchise, with a strategy focused on capitalizing<br>on the expected significant growth of the immunodeficiency market, driven by primary (PI) and<br>secondary immunodeficiencies (SID). This strategy also focuses on accelerating the adoption of |
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| Page 3 of 5<br>Xembify® and maintaining leadership in neurology and acute care, while focusing on growth in the<br>U.S. and selected countries.<br>Diagnostic recorded revenues of EUR 176.5 million, a year-over-year increase of +0.9% cc (+4.0%<br>on a reported basis), driven by blood typing solutions across most geographies, especially in the<br>U.S. and China. Excluding a commercial true-up of EUR 19 million in recombinant proteins,<br>adjusted revenues declined by 9.5% cc (-7.1% reported).<br>Bio Supplies grew by 69.4% cc (+78.0% on a reported basis) to EUR 42.3 million, positively<br>impacted by the integration of Access Biologicals.<br>Plasma Collections and Cost Per Liter<br>Grifols is effectively balancing plasma volumes and costs to pursue further margin expansion.<br>Plasma collection increased by 11%2 and cost per liter (CPL) declined by >15%3 primarily driven<br>by a >25%3<br>lower donor commitment compensation (DCC).<br>This reduction in plasma costs was a direct result of the Operational Improvement Plan, which is<br>progressing ahead of original expectations. Grifols has successfully deployed over 80% of the initial<br>EUR 400 million cash cost savings target, while it is increasing the overall target to more than EUR<br>450 million on the back of further improvements, especially in plasma operations.<br>The majority of the initiatives deployed are plasma-related and subject to the industry’s inventory<br>accounting, which on average results in a 9 months’ lag. These initiatives are therefore expected<br>to be recognized in the P&L starting in the second half of 2023 and to contribute to EBITDA<br>expansion in the order of 200-400bps.<br>Innovation<br>Innovation pipeline successfully met multiple key milestones, including the final results from the<br>Xembify® bi-weekly dosing study and the final results of the IVIG-PEG study, both accomplished in<br>the first quarter of 2023.<br>In addition, the Biotest pipeline continues to make significant progress with the Trimodulin phase<br>III ESsCAPE trial study initiation on track for the first half of 2023 and the completion of the<br>Fibrinogen trial and top-line study results expected in the second half of 2023.<br>Financial Performance and Leverage<br>Gross margin totaled 36.7% in the first quarter of 2023 (35.5% including Biotest) impacted by a<br>high cost per liter resulting from the plasma collected in the first half of 2022, due to inventory<br>accounting.<br>Adjusted EBITDA, which mainly excludes EUR 140 million one-time restructuring costs, reached<br>EUR 298.8 million and Adjusted EBITDA margin was 21.0% (EUR 298.3 million; 19.3% including<br>Biotest). The improvements to Adjusted EBITDA were supported by operating leverage and SG&A<br>cost savings. Adjusted EBITDA for the last twelve months (LTM) was EUR 1,220.2 million,<br>2 March’23 YTD vs. March’22 YTD (excl. Biotest)<br>3 March’23 vs. July’22 (U.S. data) |
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| Page 4 of 5<br>reflecting a robust sequential improvement. Adjusted net profit totaled EUR 25.7 million, including<br>Biotest.<br>Reported EBITDA was EUR 173.6 million (EUR 173.1 million including Biotest) and reported net<br>profit totaled EUR (81.1) million (EUR (108.3) million including Biotest).<br>Grifols is on track to reach a leverage ratio of 4.0x by 2024, with the ratio declining to 7.0x at the<br>end of the first quarter of 2023. The company remains committed to completing one deleveraging<br>transaction by the end of 2023. Excluding the impact of IFRS 164<br>, net financial debt totaled EUR<br>9,350.8 million.<br>As of March 31, 2023, Grifols had a liquidity position of EUR 1,277 million and a cash position<br>of EUR 425.7 million.<br>Guidance for 2023<br>Period Old New<br>REVENUE (incl. Biotest)<br>Total FY23 8-10% cc 8-10% cc<br>Biopharma FY23 10-12% cc 10-12% cc<br>EBITDA<br>Adjusted Margin (excl. Biotest) H1’23 19-20% 21%+<br>H2’23 23-25% 23-25%<br>FY23 21-23% 22-24%<br>Adjusted (incl. Biotest) FY23 EUR 1.4bn EUR 1.4bn+<br>Annualizing savings (excl. Biotest) FY23 EUR 1.7bn<br>27-28%<br>EUR 1.7bn+<br>27-28%<br>CONFERENCE CALL<br>Grifols will host a conference call at 2.30pm CET / 8.30am EST on Tuesday, May 9, 2023 to discuss<br>its first quarter 2023 financial results, as reflected in the Company's Q1 2023 Results Presentation.<br>To listen to the webcast and view the Q1 2023 Results Presentation, please click on Q1 2023<br>Results Conference Call. Participants are advised to register in advance of the conference call.<br>The transcript and webcast replay of the call will be available on our web site at<br>www.grifols.com/en/investors within 24 hours after the end of the live conference call.<br>4 As of March 31, 2023, the impact of IFRS 16 on total debt is EUR 983.4 million |
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| Page 5 of 5<br>INVESTORS:<br>Grifols Investors Relations & Sustainability<br>inversores@grifols.com - investors@grifols.com<br>sostenibilidad@grifols.com - sustainability@grifols.com<br>Tel. +34 93 571 02 21<br>MEDIA CONTACTS:<br>Grifols Press Office<br>media@grifols.com / Tel. +34 93 571 00 02<br>Spain<br>Duomo Comunicación<br>Tel.: +34 91 311 92 89 – +34 91 311 92 90<br>Raquel Lumbreras (M. +34 659 572 185)<br>Raquel_lumbreras@duomocomunicacion.com<br>Borja Gómez (M. +34 650 402 225)<br>Borja_gomez@duomocomunicacion.com<br>International<br>FGS Global<br>Email: Grifols@fgsglobal.com<br>Tel.: +44 20 7251 3801<br>About Grifols<br>Grifols is a global healthcare company founded in Barcelona in 1909 committed to improving the health and well-being<br>of people around the world. A leader in essential plasma-derived medicines and transfusion medicine, the company<br>develops, produces, and provides innovative healthcare services and solutions in more than 110 countries.<br>Patient needs and Grifols’ ever-growing knowledge of many chronic, rare and prevalent conditions, at times life-threatening, drive the company’s innovation in both plasma and other biopharmaceuticals to enhance quality of life.<br>Grifols is focused on treating conditions across a broad range of therapeutic areas: immunology, hepatology and intensive<br>care, pulmonology, hematology, neurology, and infectious diseases.<br>A pioneer in the plasma industry, Grifols continues to grow its network of donation centers, the world’s largest with over<br>390 across North America, Europe, Africa and the Middle East, and China.<br>As a recognized leader in transfusion medicine, Grifols offers a comprehensive portfolio of solutions designed to enhance<br>safety from donation to transfusion, in addition to clinical diagnostic technologies. It provides high-quality biological<br>supplies for life-science research, clinical trials, and for manufacturing pharmaceutical and diagnostic products. The<br>company also supplies tools, information and services that enable hospitals, pharmacies and healthcare professionals<br>to efficiently deliver expert medical care.<br>Grifols, with more than 24,000 employees in more than 30 countries and regions, is committed to a sustainable business<br>model that sets the standard for continuous innovation, quality, safety, and ethical leadership.<br>In 2022, Grifols’ economic impact in its core countries of operation was EUR 9.6 billion. The company also generated<br>193,000 jobs, including indirect and induced.<br>The company’s class A shares are listed on the Spanish Stock Exchange, where they are part of the Ibex-35 (MCE:GRF).<br>Grifols non-voting class B shares are listed on the Mercado Continuo (MCE:GRF.P) and on the U.S. NASDAQ through<br>ADRs (NASDAQ:GRFS). For more information about Grifols, please visit www.grifols.com |
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Exhibit 2
| Q1 2023 Results<br>May 9, 2023<br>On the Rebound:<br>Delivering on Our<br>Commitments | ||
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| Q1 2023 Results - 2 -<br>Important Information<br>This presentation does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law<br>(Royal Legislative Decree 4/2015, of 23 October, as amended and restated from time to time), Royal Decree 1310/2005, of November 4, and its implementing<br>regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities,<br>nor a request for any vote or approval in any other jurisdiction.<br>Forward-Looking Statements<br>This presentation contains forward-looking information and statements about GRIFOLS based on current assumptions and forecast made by GRIFOLS management,<br>including pro forma figures, estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to capital expenditures,<br>synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are<br>generally identified by the words “expected”, “potential”, “estimates” and similar expressions.<br>Although Grifols believes that the expectations reflected in such forward-looking statements are reasonable, various known and unknown risks, uncertainties and other<br>factors could lead to material differences between the actual future results, financial situation, development or performance of the Company and the estimates given<br>here. These factors include those discussed in our public reports filed with the Comisión Nacional del Mercado de Valores and the Securities and Exchange<br>Commission, which are accessible to the public. The Company assumes no liability whatsoever to update these forward-looking statements or conform them to future<br>events or developments. Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Grifols.<br>NON-GAAP Financial Measures<br>This presentation refers to certain non-GAAP financial measures. The presentation of these financial measures is not intended to be considered in isolation, or as a<br>substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations<br>associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used<br>by other companies, limiting their usefulness for comparative purposes. We compensate for these limitations by providing specific information regarding GAAP<br>amounts excluded from these non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial<br>measures can be found in our Grifols Financial Statements.<br>Legal Disclaimer | ||
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| Q1 2023 Results - 3 -<br>1. Key Priorities<br>2. Performance by Business Unit<br>3. Group Financial Performance<br>4. Final Remarks<br>5. Annex<br>Table of Contents | ||
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| Q1 2023 Results - 4 -<br>Grifols on the Rebound: Meeting and Exceeding Commitments<br>Key Priorities<br>Operational<br>financial<br>performance<br>Commercial<br>portfolio/innovation<br>Biotest<br>Key priorities<br>Performance<br>culture<br>Governance<br> • Positioning for sustainable growth<br> • Capitalizing on commercial opportunities driven by SCIG and Alpha-1<br> • Accelerating innovation pipeline and Biotest integration<br> • Formalized roles and responsibilities within the Senior Executive Leadership Team (SELT)<br> • Implemented new organization model and strengthened leadership<br> • New short-term and long-term incentive plans; aligned with shareholders<br>Actions implemented<br> • Meeting and exceeding on our commitments; solid start to the year<br> • Total revenue growth of 18.4%cc (23.2% reported)<br> • Adj. EBITDA margin of 21.0% above guidance for 1H’23 (19-20%)<br> • Deployed 80%+1 of EUR 400m+ cash cost savings plan. Updated target to EUR 450m+<br> • Cost per liter down by >15% since July’22<br> • On track to deliver leverage ratio down to 4x by end of 2024<br>Enhancing<br>Transparency and<br>Communications<br>Remaining<br>consistent to Core<br>Values and<br>Sustainability<br>1 As of April’23 | ||
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| Q1 2023 Results - 5 -<br>Board of<br>Directors<br>Roles and<br>responsibilities<br>New<br>organization<br>Performance<br>culture<br>Streamlined C-Suite Level to Maximize Delivery<br>Key Priorities<br> • 11 board members<br> • Majority of independent directors<br> • All committees led and appointed by<br>independent board members<br> • Diverse competencies and experience<br>Lead Independent Director Board of Directors<br>Formalized roles<br> • Thomas Glanzmann appointed as CEO<br> • Raimon Grifols Roura appointed as CCO<br> • Victor Grifols Deu appointed as COO<br>Senior Executive Leadership Team (SELT)<br> • Chairperson: Executive Chairman<br> • Responsible for capital allocation, strategy,<br>communication, Human Resources<br>policies, overall performance and oversight<br>of critical projects and priorities<br> • Ensure opportunities and challenges are<br>addressed effectively<br>Operating Team<br>Chief Operating Officer (COO)<br>Victor Grifols Deu<br>Executive Chairman and CEO<br>Thomas Glanzmann<br>Corporate Finance Team<br>Chief Financial Officer (CFO)<br>Alfredo Arroyo<br>Chief Corporate Officer (CCO)<br>Raimon Grifols Roura | ||
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| Q1 2023 Results - 6 -<br>Board of<br>Directors<br>Roles and<br>responsibilities<br>New<br>organization<br>Performance<br>culture<br>Enhanced Organizational Model Set for Sustainable Growth<br>Key Priorities<br>Executive Chairman and CEO<br>Thomas Glanzmann<br>Chief Operating Officer (COO)<br>Victor Grifols Deu<br>Chief Financial Officer (CFO)<br>Alfredo Arroyo<br>Chief Corporate Officer (CCO)<br>Raimon Grifols Roura<br> • First equity-based long-term incentive plan and new short-term incentive plan to increase<br>accountability, attract and develop talent, while boosting performance<br> • Enhanced alignment with shareholders’ interests<br>Full-fledged Business Units<br> • Enhanced effectiveness and improved<br>operational efficiencies<br> • Increased accountability<br> • Less operational complexity<br> • Greater speed and agility through<br>organization-wide services<br>New and experienced leadership<br>Plasma<br>Procurement<br>Bio<br>Supplies &<br>Others<br>Biopharma Diagnostic | ||
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| Q1 2023 Results - 7 -<br>1. Key Priorities<br>2. Performance by Business Unit<br>3. Group Financial Performance<br>4. Final Remarks<br>5. Annex<br>Table of Contents | ||
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| Q1 2023 Results - 8 -<br>Performance by Business Unit<br>Biopharma and Biotest Drive Double-Digit Revenue Growth<br>98<br>117<br>1,267<br>Q1 2022 Biopharma<br>2<br>Diagnostic<br>16<br>Bio Supplies<br>0<br>Others &<br>Intersegments<br>1,383<br>Q1 2023<br>excl.<br>Biotest (cc)<br>61<br>FX<br>1,444<br>Q1 2023<br>excl. Biotest<br>1,561<br>Q1 2023<br>incl. Biotest<br>+23.2%<br>(+18.4%<br>at cc) +14.0%<br>+9.1% cc<br>Grifols<br>excl. Biotest<br>Biotest Grifols<br>incl. Biotest<br>Revenues 1,444 117 1,561<br>% growth +14.0% - +23.2%<br>% growth at cc +9.1% - +18.4%<br>Biopharma 1,174 117 1,291<br>% growth +14.8% - +26.2%<br>% growth at cc +9.6% - +21.1%<br>Diagnostic 176 - 176<br>% growth +4.0% - +4.0%<br>% growth at cc +0.9% - +0.9%<br>Bio Supplies 42 - 42<br>% growth +78.0% - +78.0%<br>% growth at cc +69.4% - +69.4%<br>Others &<br>Intersegments 52 - 52<br>% growth -23.5% - -23.5%<br>% growth at cc -25.2% - -25.2%<br>Q1 2023<br>-25.2%<br>(EUR in millions)<br>+9.6% +0.9% +69.4% | ||
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| Q1 2023 Results - 9 -<br>Alpha-1 &<br>Specialty<br>proteins<br>Performance by Business Unit | Biopharma (excl. Biotest)<br>IG Leads Growth Backed by Strong Underlying Demand and Supply<br>IG<br>55-60%<br>of revenues<br>Albumin<br>10-15%<br>of revenues<br>25-30%<br>of revenues<br>+14.8%<br>+9.6% cc<br>Q1’23<br> • Solid IG performance, both in the U.S. and international markets, backed by<br>higher plasma supply and strong demand, coupled with favorable pricing<br> • SCIG gaining traction (+34%)<br>+14.5%<br>+3.1%<br> • Higher demand and price increases in China offsetting current market<br>dynamics in the U.S.<br> • Improved product mix supported by ALBUTEIN FlexBag™ launch<br>+3.5%<br> • Sales increased driven by robust<br>underlying demand, mid-single-digit price increases and<br>favorable product mix as<br>Xembify® gains weight<br> • Margins impacted by high cost<br>per liter in H1’22<br> • >15% cash cost per liter decline<br>in March’23 since July’22 peak,<br>driven by donor compensation<br> • Plasma collections grew 11%<br>underpinning sustainable growth<br> • Striking the right balance<br>between volumes and costs<br> • Alpha-1 growth driven by higher demand and price increases<br> • Strong demand and favorable customer mix for Hypers leading to +28% growth<br> • VISTASEAL™, TAVLESSE® performing well | |
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| Q1 2023 Results - 10 -<br>Performance by Business Unit | Biopharma | IG Franchise<br>Capitalizing on the €14bn+ IG Market High Single Digit Long-Term Growth<br>PI1 and SID2<br>(40-55%)<br>ITP5<br>IG uses (%); 2018-2025 forecasted market growths in the U.S.<br>MG6<br>Source: MRB Report Analysis of the 2018 IVIG/SCIG Market in the United States and 2025 Forecast<br>1 Primary immunodeficiency (PI);<br>2 Secondary immunodeficiency (SID);<br>3 Chronic lymphocytic leukemia;<br>4 Chronic Inflammatory<br>Demyelinating Polyneuropathy (CIDP);<br>5 Chronic Immune Thrombocytopenia (ITP);<br>6 Myasthenia Gravis (MG)<br>PI +9.3%<br>CLL3 +9.5%<br>CIDP +7.7%<br>(SID)<br>Our growth strategies<br> • Lifecycle management, including pursuing new indications<br>SID CLL phase III trial), to ensure product competitiveness<br> • Grow the market by expanding PID disease awareness<br> • Increase diagnostic rate and reduce time to diagnosis and<br>appropriate treatment<br> • Gain Xembify® market share<br>Focus on immunodeficiency market and accelerate<br>Xembify®‘s adoption 2<br>3 Maintain leadership in neurology and acute care<br>1 Focus on continued growth in U.S.; prioritize selected countries<br> • Standard of care role of IVIG (Gamunex®)<br> • IVIG as optimal treatment in acute care setting<br>Others<br>(25-30%)<br>CIDP4<br>(20-25%) |
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| Q1 2023 Results - 11 -<br>80<br>95<br>110<br>Note: Base 100: Q2’21; 3M avg. moving trend. 15% and 25% declines comparing March’23<br>vs. July’22 and 10% and 20% declines comparing Q4’22 average vs. July’22 (U.S. data)<br>85<br>90<br>95<br>100<br>105<br>Q1’23<br>100<br>95<br>90<br>110<br>95<br>80<br>Donor commitment compensation (DCC)<br>Cost per liter (CPL)<br>-25%<br>-15%<br>Amplified going forward by Plan’s in-deployment and<br>under evaluation initiatives<br>Cost per Liter Decline to Drive EBITDA Expansion Starting H2’23<br>Performance by Business Unit | Biopharma | Operational Improvement Plan<br>Implementation of lean processes and digitalization<br> • Improve of donor flow time and staff capacity utilization<br> • Optimization of donor center opening hours and operation days<br> • Alignment of labor and donor demand<br> • Reduction of donor commitment compensation<br> • Plasma-center network optimization: 18 centers in Q4’22 and 7 centers<br>in Q1’23. In total, >75% were consolidated to minimize impact on<br>plasma collections and to improve efficiencies and collection per center<br> • Process optimization and streamline of staffing and overheads<br>-10%<br>-20%<br>Sequential Cost Per Liter improvement underpinned by<br>continued execution of the Operational Improvement Plan<br>Driven by Plan’s deployed initiatives |
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| Q1 2023 Results - 12 -<br>Milestone 2023 timing Status1<br>New Product &<br>Indication<br>First patient enrolled and treated in Xembify® SID-CLL study H1<br>Finalize enrollment of the PRECIOSA trial H1<br>Alpha-1 AT 15% SC study advancement from single dose to repeat dose phase H1<br>GIGA564 IND submission H2<br>GIGA2339 pre-IND submission H2<br>Lifecycle<br>Management<br>Final results of Xembify® bi-weekly dosing study H1<br>Final results of IVIG-PEG study H1<br>Finalize enrolment of the SPARTA study H2<br>Biotest<br>Trimodulin ESsCAPE trial study initiation H1<br>Yimmugo® BLA FDA submission H1<br>Fibrinogen ADFIRST trial completed and top line study results H2<br>Cytotect PreCyssion trial last patient expected H2<br>Performance by Business Unit | Biopharma | Innovation<br>Innovation Milestones on Track<br>Completed<br>On track<br>1 As of May 9, 2023 |
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| Q1 2023 Results - 13 -<br>Performance by Business Unit | Diagnostic Bio Supplies<br>Blood Typing Solutions<br>Driving Performance<br>+4.0%<br>+0.9% cc<br>Q1’23 Reported Adjusted<br>Recombinant<br>proteins<br>NAT Donor<br>Screening<br>45-50%<br>of revenues<br>Blood Typing<br>Solutions<br>(BTS)<br>25-30%<br>of revenues<br>20-25%<br>of revenues<br> • Loss of volume in France<br> • Extended agreement (15-years) with<br>CTS; impact on pricing<br> • Partially offset by shipments timing in<br>China due to switch to distributor<br>model with SRAAS<br>-8.3%<br>+9.0% • Strong growth across most<br>geographies, primarily U.S. and China<br> • Diagnostic company commercial true-up<br>partially offset by lower joint business profits<br>+28.2%<br>-32.2%<br>adjusted<br>Plasma<br>hyperimmune<br>sales to<br>third parties<br>Bio Supplies<br>Biopharma<br>45-50%<br>of revenues<br>Bio Supplies<br>Diagnostic<br>30-35%<br>of revenues<br>20-25%<br>of revenues<br> • Higher cell culture media revenue following<br>Access Biologicals acquisition<br> • Increasing sales of Fr.V<br> • Partially offset by lower NTU sales<br>+37.9%<br>+150.0%<br> • Higher sales of Diagnostic products due to<br>Access Biologicals acquisition<br> • Higher sales of Blood cells and Serum OTC<br>+79.7% • Higher sales of Anti-HBs<br>+78.0%<br>+69.4% cc<br>Q1’23<br>Integration of Access Biologicals<br>Continues to Bear its Fruits<br>-7.1%<br>-9.5% cc<br>Note: Access Biologicals was fully integrated in H2’22 | |
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| Q1 2023 Results - 14 -<br>Table of Contents<br>1. Key Priorities<br>3. Group Financial Performance<br>4. Final Remarks<br>5. Annex<br>2. Performance by Business Unit | ||
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| Q1 2023 Results - 15 -<br>Group Financial Performance<br>Meeting and Exceeding Commitments<br> €1,444m excl. Biotest<br>+9.1% cc; +14.0%<br>(Biopharma +9.6% cc; +14.8%)<br>Revenues<br>Adjusted<br>EBITDA 19.3% incl. Biotest 21.0% excl. Biotest<br>Cash Flow<br>Balance<br>sheet<br>7.0x Leverage ratio1<br>Positive Adj. Oper. Cash Flow2<br> €1.3bn Liquidity<br>Operational<br>Improvement<br>Plan<br>+11% Plasma collections Plasma 3<br>80%+ of the EUR 400m+<br>initial plan target deployed as of April’23<br> >15% Cost per liter reduction4<br> >25% Donor compensation reduction4<br>Cash cost savings target updated<br>EUR 450m+<br> €1,561m incl. Biotest<br>+18.4% cc; +23.2%<br>(Biopharma +21.1% cc; +26.2%)<br>1 Consistently calculated based on the credit facilities agreement and including Biotest<br>2 Excluding EUR 75m restructuring cash out<br>3 March’23 YTD vs. March’22 YTD (excl. Biotest);<br>4 March’23 vs. July’22 (U.S. data);<br>5Q4’22 average vs. July’22 (U.S. data)<br>19-20%<br>(H1’23 guidance provided in Feb’23)<br>7.1x leverage ratio<br>(FY22)<br>10% CPL reduction5<br>20% DCC reduction5<br>(FY22)<br>Previous target<br>EUR 400m+<br>8-10%cc Total<br>10-12%cc Biopharma<br>(FY23 guidance provided in Feb’23) | ||
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| Q1 2023 Results - 16 -<br>Group Financial Performance<br>First Quarter Underpinned by Strong Financial Performance<br>7.1%<br>0.1%<br>21.3%<br>14.2%<br>9.6%<br>Biopharma revenue growth cc (excl. Biotest)<br> • Sustainable growth driven by Biopharma’s key<br>proteins, following solid plasma supply recovery<br>path and industry momentum<br> • Backed by strong underlying demand, pricing<br>and product mix<br>6.2x<br>6.9x<br>9.0x<br>8.6x<br>7.1x 7.0x<br>LR (incl. Biotest)<br>investment<br>Revenue growth Leverage ratio1<br>Q1’22 Q2’22 Q3’22 Q4’22 Q1’23<br>969 939<br>1,040<br>1,174<br>1,220<br>750,00<br>800,00<br>850,00<br>900,00<br>950,00<br>1000,00<br>1050,00<br>1100,00<br>1150,00<br>1200,00<br>1250,00<br>Adjusted EBITDA LTM (excl. Biotest)<br>Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23<br> • Sequential Adj. EBITDA expansion supported by<br>operational leverage together with savings from<br>the operational improvement plan<br> • Partially offsetting a high plasma cost per liter<br>incurred in H1’22 (9-months inventory accounting)<br> • Reiterating commitment to debt reduction,<br>targeting 4x leverage ratio by end of 2024<br>Operating performance<br>Note: H2’22 shows abnormal increase in revenues due to H2’21 low<br>1 Consistently calculated based on credit facilities agreement and incl. Biotest<br>revenue performance<br>(EUR in millions) | ||
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| Q1 2023 Results - 17 -<br>Adjusted EBITDA Continues to Expand Driven by Biopharma<br>Group Financial Performance | Adjusted EBITDA excl. Biotest Q1’22 vs. Q1’23<br>(EUR in millions)<br>Note: the variations of Biopharma, Diagnostic and Bio Supplies refer only to Gross margin<br>252<br>299<br>174<br>34<br>15 24<br>125<br>Adjusted<br>EBITDA Q1’22<br>Biopharma Diagnostic Bio Supplies<br>and others<br>5<br>3<br>Opex<br>6<br>FX Adjusted<br>EBITDA Q1’23<br>One offs Reported<br>EBITDA Q1’23<br>-2<br>19.9%<br>Includes the EUR 140m restructuring charge, EUR<br>(19)m one-off in Diagnostic revenues commercial<br>true-up and EUR 4m transaction costs<br>21.0%<br>R&D<br>SG&A<br>+19% | |
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| Q1 2023 Results - 18 -<br>Group Financial Performance | Operational Improvement Plan<br>Successfully Deployed 80%+ of the Initial Annualized Cash Cost Savings<br>Initiatives; Target Updated to EUR 450m+<br> • Plasma operations (+ c.EUR 40m)<br> • Direct and indirect procurement (+ c.EUR 10m)<br>Previously announced Operational Improvement Plan<br>Deployment<br>as of April’231<br>Majority of initiatives already deployed are plasma-related, triggering cash<br>savings first and subsequently booked in the P&L, considering the 9<br>months inventory accounting of the plasma industry<br>80%+ of EUR 400m+✓<br>Updated Operational Improvement Plan<br>Cash Flow<br>(Cash cost savings)<br>P&L<br>(Cost savings)<br>end-2023 end-2024<br>EUR 250m<br>EUR 100m EUR 300m<br>EUR 150m<br>end-2023 end-2024<br>EUR 250m<br>EUR 100m<br>EUR<br>25m<br>EUR<br>30m EUR 300m EUR<br>20m+<br>EUR 150m EUR<br>25m+<br>Initial target<br>Updated target<br>EUR 300m+ total plasma-related savings EUR 340m+ total plasma-related savings<br>EUR<br>400m+<br>Total<br>EUR<br>450m+<br>Total<br>EUR 275m<br>EUR 130m<br>EUR 175m+<br>EUR 320m+ | |
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| Q1 2023 Results - 19 -<br>Deleveraging Path Driven by Organic and Inorganic Efforts<br>Group Financial Performance | Leverage<br>7.1x<br>FY22<br>1.3x<br>EUR 450m+<br>Operational Plan<br>5.8x<br>Pro-forma including<br>EUR 450m+<br>Operational Plan<br>1.8x<br>Organic improvement<br>and deleveraging<br>transaction/s<br>4.0x<br>FY24E<br>Roadmap to deleveraging1<br>Liquidity<br> €1.3bn<br>Cash and cash<br>equivalents<br> €0.4bn<br>Limited exposure to interest rate hikes<br>65%<br>Fixed<br>35%<br>Floating<br>0.1 0.1<br>2.0<br>0.1<br>4.1<br>2.1<br>0.6<br>2023 2024 2025 2026 2027 2028 2029-2036<br>No significant maturities until 2025<br>(EUR in billions)<br>1 Leverage ratio calculated based on the credit facilities agreement and including Biotest and assuming a debt of ~EUR 9.5bn<br> • EBITDA and cash flow improvement mainly driven by EUR 450m+ cash cost savings<br> • Making progress on several workstreams to execute deleveraging transaction/s; plan<br>to complete one in 2023<br> • Cash proceeds from deleveraging transaction/s prioritized for debt reduction | |
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| Q1 2023 Results - 20 -<br>Guidance for 2023. Paving the Way to EBITDA Expansion in 2024<br>Guidance<br>FY22<br>0.1<br>0.1<br>EBITDA<br>improvement<br>FY23E<br>0.3<br>Annualized cash<br>cost savings<br>Proforma FY23E<br>incl. Annualized<br>cash cost savings<br>EUR<br>1.2bn<br>EUR<br>1.4bn+<br>EUR<br>1.7bn+<br>Revenue (at cc)<br>EBITDA<br>Total revenue<br>(incl. Biotest)<br>EBITDA<br>Adjusted Margin<br>(excl. Biotest)<br>EBITDA Adjusted<br>(incl. Biotest)<br>19-20%<br>Biopharma<br>(incl. Biotest)<br>23-25%<br>21-23%<br>EUR 1.4bn<br>+8-10%<br>21%+<br>+10-12%<br>23-25%<br>22-24%<br>EUR 1.4bn+<br>8-10%<br>10-12%<br>FY23 guidance…<br>Organic growth<br>Operational Plan<br>Revenue growth<br>(volume, pricing, product<br>and country mix)<br>Operational<br>leverage<br>EUR 450m+<br>annualized cash cost savings<br>(130m in 2023 and 320m+ in 2024)<br> … supported by main drivers<br>Old Updated<br>H1’23<br>H2’23<br>FY23<br>FY23<br>FY23<br>FY23<br>Proforma EBITDA<br>annualizing savings<br>(excl. Biotest)<br>FY23 EUR 1.7bn EUR 1.7bn+<br>27-28% 27-28% | ||
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| Q1 2023 Results - 21 -<br>Table of Contents<br>1. Key Priorities<br>4. Final Remarks<br>5. Annex<br>2. Group Financial Performance<br>3. Performance by Business Unit | ||
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| Final Remarks<br>On the Rebound: Delivering on Our Commitments<br>Solid start to the year, while advancing on the turnaround plan backed by a new performance culture<br> • On track with 2023<br>guidance<br> • Adj. EBITDA guidance<br>updated for H1’23<br>Guidance<br>H2 2023<br>Adj. EBITDA margin<br>23-25%<br>H1 2023<br>Adj. EBITDA margin<br>21%+<br>Q1 2023<br>Adj. EBITDA margin<br>21%<br>Operational Improvement Plan<br> • Deployed 80%+ of the EUR 400m+<br>initial cash cost savings initiatives<br> • Target increase to EUR 450m+<br> • CPL >15% drop since July’22<br>Accelerating deleverage<br> • Several workstreams in process<br>with the commitment to execute<br>one transaction in 2023<br> • Committed to reach 4x leverage<br>ratio by end of 2024<br>Governance<br> • Formalized roles and<br>responsibilities within SELT<br> • New organizational model<br>led by new leadership<br> • Embracing performance<br>culture and accountability<br>(EBITDA guidance excl. Biotest) | ||
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| Q1 2023 Results - 23 -<br>Table of Contents<br>1. Key Priorities<br>2. Group Financial Performance<br>3. Performance by Business Unit<br>4. Final Remarks<br>5. Annex | ||
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| Q1 2023 Results - 24 -<br>Q1’23 Revenue with Reported and Constant Currency % Change<br>Annex<br>Revenue by Business Unit Q1 2022<br>In thousands of euros Reported At cc Reported At cc<br>Revenue 1,444,250 117,237 1,561,487 1,267,193 14.0% 9.1% 23.2% 18.4%<br>Biopharma 1,173,454 117,237 1,290,691 1,022,508 14.8% 9.6% 26.2% 21.1%<br>Diagnostic 176,475 - 176,475 169,749 4.0% 0.9% 4.0% 0.9%<br>Bio Supplies 42,265 - 42,265 23,747 78.0% 69.4% 78.0% 69.4%<br>Others & intersegments 52,056 - 52,056 51,189 1.7% (0.6%) 1.7% (0.6%)<br>Revenue by Region Q1 2022<br>In thousands of euros Reported At cc Reported At cc<br>Revenue 1,444,250 117,237 1,561,487 1,267,193 14.0% 9.1% 23.2% 18.4%<br>US + CANADA 942,647 904 943,551 848,261 11.1% 5.0% 11.2% 5.1%<br>E U 240,594 65,067 305,661 208,769 15.2% 14.9% 46.4% 46.2%<br>ROW 261,009 51,266 312,275 210,163 24.2% 20.1% 48.6% 44.7%<br>Q1 2023<br>Grifols incl.<br>Biotest<br>Grifols excl. Biotest Grifols incl. Biotest<br>Grifols excl. Biotest Grifols incl. Biotest<br>% vs PY<br>Grifols incl.<br>Biotest Grifols Biotest Grifols<br>Q1 2023 % vs PY<br>Grifols Biotest Grifols | ||
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| Q1 2023 Results - 25 -<br>Q1’23 P&L and Excluding One-Offs with Reported % Change<br>Annex<br>Q1 2022<br>In thousands of euros Reported One-offs Reported excl.<br>One-offs Reported One-offs Reported excl.<br>One-offs Reported Reported excl.<br>One-offs Reported Reported excl.<br>One-offs<br>Net Revenue 1,444,250 (18,830) 1,425,420 117,237 1,561,487 (18,830) 1,542,657 1,267,193 14.0% 12.5% 23.2% 21.7%<br>Cost of Sales (914,561) 25,402 (889,159) (92,487) (1,007,048) 25,402 (981,646) (772,592) 18.4% 15.1% 30.3% 27.1%<br>Gross Margin 529,689 6,572 536,261 24,750 554,439 6,572 561,011 494,601 7.1% 8.4% 12.1% 13.4%<br>% Net revenue 36.7% 37.6% 21.1% 35.5% 36.4% 39.0%<br>R&D (78,899) 3,770 (75,129) (25,758) (104,657) 3,770 (100,887) (76,155) 3.6% (1.3%) 37.4% 32.5%<br>SG&A (389,948) 114,770 (275,178) (23,711) (413,659) 114,770 (298,889) (259,417) 50.3% 6.1% 59.5% 15.2%<br>Operating Expenses (468,847) 118,540 (350,307) (49,469) (518,316) 118,540 (399,776) (335,572) 39.7% 4.4% 54.5% 19.1%<br>Other Income - - - - - - - 3,583 - - - -<br> 14,506 - 14,506 - 14,506 - 14,506 (637) (2377.2%) (2377.2%) (2377.2%) (2377.2%)<br>OPERATING RESULT (EBIT) 75,348 125,112 200,460 (24,719) 50,629 125,112 175,741 161,975 (53.5%) 23.8% (68.7%) 8.5%<br>% Net revenue 5.2% 14.1% (21.1%) 3.2% 11.4% 12.8%<br>Financial Result (123,725) - (123,725) (11,017) (134,742) - (134,742) (79,374) 55.9% 55.9% 69.8% 69.8%<br> (61) - (61) - (61) - (61) (436) (86.0%) (86.0%) (86.0%) (86.0%)<br>PROFIT BEFORE TAX (48,438) 125,112 76,674 (35,736) (84,174) 125,112 40,938 82,165 (159.0%) (6.7%) (202.4%) (50.2%)<br>% Net revenue (3.4%) 5.4% (30.5%) (5.4%) 2.7% 6.5%<br>Income Tax Expense 778 (31,345) (30,567) 2,451 3,229 (31,345) (28,116) (20,471) (103.8%) 49.3% (115.8%) 37.3%<br>% of pre-tax income 1.6% 25.1% 39.9% 6.9% 3.8% 25.1% 68.7% 24.9%<br>CONSOLIDATED PROFIT (47,660) 93,767 46,107 (33,285) (80,945) 93,767 12,822 61,694 (177.3%) (25.3%) (231.2%) (79.2%)<br>Results Attributable to Non-Controlling Interests (33,409) 3,902 (29,507) 6,088 (27,321) 3,902 (23,419) (8,384) 298.5% 251.9% 225.9% 179.3%<br>GROUP PROFIT (81,069) 97,669 16,600 (27,197) (108,266) 97,669 (10,597) 53,310 (252.1%) (68.9%) (303.1%) (119.9%)<br>% Net revenue (5.6%) 1.2% (23.2%) (6.9%) 0.0% (0.7%) 4.2%<br>Share of Results of Equity Accounted Investees<br>Share of Results of Equity Accounted Investees - Core Activities<br>Grifols excl. Biotest Grifols excl. Biotest Grifols incl. Biotest<br>% vs PY<br>Grifols incl. Biotest<br>Q1 2023<br>Biotest Grifols | ||
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| Q1 2023 Results - 26 -<br>Q1’23 Cash Flow<br>Annex Q1 2022<br>In thousands of euros Reported Restructuring costs Transaction costs Diagnostic<br>settlement Total one-offs Reported excl.<br>One-offs Reported Total one-offs Reported excl.<br>One-offs<br>Reported Group Profit (81,069) 103,715 3,386 (9,432) 97,669 16,600 (27,197) (108,266) 97,669 (10,597) 53,310<br>Depreciation and Amortization 95,598 - - - - 95,598 24,215 119,813 - 119,813 88,366<br>Net Provisions 66,481 (38,979) - - (38,979) 27,502 3,934 70,415 (38,979) 31,436 8,192<br>Other Adjustments and Other Changes in Working Capital 16,818 35,712 1,129 (9,398) 27,443 44,261 5,356 22,174 27,443 49,617 (4,883)<br>Changes in Inventories (109,456) - - - - (109,456) (33,793) (143,249) - (143,249) (119,099)<br>Change in Trade Receivables (59,264) - - 18,830 18,830 (40,434) (2,752) (62,016) 18,830 (43,186) 35,635<br>Change in Trade Payables 46,689 (25,909) - - (25,909) 20,780 (7,022) 39,667 (25,909) 13,758 (26,566)<br>Change in Operating Working Capital (122,031) (25,909) - 18,830 (7,079) (129,110) (43,567) (165,598) (7,079) (172,677) (110,030)<br>Net Cash Flow From Operating Activities (24,203) 74,539 4,515 - 79,054 54,851 (37,259) (61,462) 79,054 17,592 34,955<br>Business Combinations and Investments in Group Companies - - - - - - - - - - (44,221)<br>CAPEX (37,459) - - - - (37,459) (5,280) (42,739) - (42,739) (52,266)<br>R&D/Other Intangible Assets (16,393) - - - - (16,393) (4,399) (20,792) - (20,792) (9,306)<br>Other Cash Inflow / (Outflow) (18,993) - - - - (18,993) (513) (19,506) - (19,506) (75,450)<br>Net Cash Flow From Investing Activities (72,845) - - - - (72,845) (10,192) (83,037) - (83,037) (181,243)<br>Free Cash Flow (97,048) 74,539 4,515 - 79,054 (17,994) (47,451) (144,499) 79,054 (65,445) (146,288)<br>Issue / /Repayment) of Debt 23,060 - - - - 23,060 (1,176) 21,884 - 21,884 5,867<br>Capital Grants 1,325 - - - - 1,325 - 1,325 - 1,325 -<br>Dividends (Paid) / Received - - - - - - - - - - 2,163<br>Other Cash Flows From / (Used in) Financing Activities 5,931 - - - - 5,931 (132) 5,799 - 5,799 200<br>Net Cash Flow From Financing Activities 30,316 - - - - 30,316 (1,308) 29,008 - 29,008 8,230<br>Total Cash Flow (66,732) 74,539 4,515 - 79,054 12,322 (48,759) (115,491) 79,054 (36,437) (138,058)<br>Cash and Cash Equivalents at the Beginning of the Year 431,337 - - - - 431,337 116,642 547,979 - 547,979 2,675,611<br>Effect of Exchange Rate Changes in Cash and Cash Equivalents (6,907) - - - - (6,907) 74 (6,833) - (6,833) 14,804<br>Cash and Cash Equivalents at the End of the Period 357,698 74,539 4,515 - 79,054 436,752 67,957 425,655 79,054 504,709 2,552,357<br>Q1 2023<br>Grifols excl. Biotest<br>Biotest<br>Grifols incl. Biotest<br>Grifols | ||
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| Q1 2023 Results - 27 -<br>Q1’23 Balance Sheet<br>Annex<br>In thousands of euros March 2023 December 2022<br> 16,641,942 16,880,390<br> 10,646,785 10,858,608<br> 3,220,428 3,270,937<br> 1,946,436 1,955,177<br> 630,456 620,745<br> 197,837 174,923<br> 4,708,888 4,653,587<br> 4,874 4,969<br> 3,277,053 3,201,357<br> 41,525 35,154<br> 842,709 738,651<br> 38,330 43,663<br> 78,742 81,814<br> 425,655 547,979<br> 21,350,830 21,533,977<br> Investments in Equity Accounted Investees<br> Non-Current Financila Assets<br> Other Non-Current Assets<br> Other Current Assets<br> Cash and Cash Equivalents<br>Total Assets<br>Current Assets<br> Inventories<br> Current Contract Assets<br> Other Current Financial Assets<br> Non-Current Contract Assets Held for Sale<br> Trade and Other Receivables<br> Goodwill and Other Intangible Assets<br> Property Plant & Equipment<br>ASSETS<br>Non-Current Assets<br>In thousands of euros March 2023 December 2022<br> 8,175,205 8,457,544<br> 119,604 119,604<br> 910,728 910,728<br> 4,534,652 4,326,436<br> Treasury Stock (162,220) (162,220)<br> (108,266) 208,279<br> 558,334 727,111<br> 2,322,373 2,327,606<br> 11,134,341 11,120,586<br> 9,998,562 9,960,562<br> 1,135,779 1,160,024<br> 2,041,284 1,955,847<br> 761,319 795,686<br> 1,279,965 1,160,161<br> 21,350,830 21,533,977<br> Other Current Liabilities<br>Total Equity and Liabilities<br> Other Comprehensive Income<br> Non-Controllling Interests<br>No-Current Liabilities<br> Non-Current Financial Liabilities<br> Other Non-Current Liabilities<br> Share Premium<br> Reserves<br> Current Year Earnings<br>Current Liabilities<br> Current Financial Liabilities<br> Capital<br>LIABILITIES<br>Equity | ||
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| Q1 2023 Results - 28 -<br>Q1’23 EBIT to Adjusted EBITDA LTM – Excl. Biotest<br>Annex<br>Q1 2023<br>In thousand of euros LTM<br> 75,348 173,747 211,271 266,054 726,420 161,975<br> (98,296) (102,226) (98,047) (93,950) (392,519) (90,578)<br>Reported EBITDA 173,644 275,973 309,318 360,004 1,118,939 252,553<br>% Net revenue 12.0% 17.7% 21.6% 24.9% 19.0% 19.9%<br>Restructuring costs 139,427 26,231 5,655 2,268 173,581 1,920<br>Transaction costs 4,515 696 505 15,310 21,026 1,321<br>Diagnostic commercial true-up (18,830) - - - (18,830) -<br>Access Biologicals gain - - - (72,984) (72,984) (3,583)<br>Divestment gain - - (14,678) - (14,678) -<br>Impairments - 2,700 - - 2,700 -<br>Other non-recurring items - 10,487 - - 10,487 -<br>Total adjustments 125,112 40,114 (8,518) (55,406) 101,302 (342)<br>Adjusted EBITDA 298,756 316,087 300,800 304,598 1,220,241 252,211<br>% Net revenue 21.0% 20.3% 21.0% 21.1% 20.8% 19.9%<br>Depreciation & Amortization<br>Q1 2023 Q1 2022<br>OPERATING RESULT (EBIT)<br>Q4 2022 Q3 2022 Q2 2022 | ||
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| Q1 2023 Results - 29 -<br>Q1’23 EBIT to Adjusted EBITDA LTM – Incl. Biotest<br>Annex<br>Q1 2023<br>In thousand of euros LTM<br> 50,629 176,947 201,387 265,372 694,335 161,975<br> (122,511) (117,406) (106,973) (100,380) (447,270) (90,578)<br>Reported EBITDA 173,140 294,353 308,360 365,752 1,141,605 252,553<br>% Net revenue 11.1% 17.2% 20.0% 23.7% 18.0% 19.9%<br>Restructuring costs 139,427 26,231 5,655 2,268 173,581 1,920<br>Transaction costs 4,515 696 505 15,310 21,026 1,321<br>Diagnostic commercial true-up (18,830) - - - (18,830) -<br>Access Biologicals gain - - - (72,984) (72,984) (3,583)<br>Divestment gain - - (14,678) - (14,678) -<br>Impairments - 2,700 - - 2,700 -<br>Biotest Next Level project - 13,482 22,341 14,194 50,017 -<br>Other non-recurring items - 10,487 - - 10,487 -<br>Total adjustments 125,112 53,596 13,823 (41,212) 151,319 (342)<br>Adjusted EBITDA 298,252 347,949 322,183 324,540 1,292,924 252,211<br>% Net revenue 19.3% 20.3% 20.9% 21.0% 20.4% 19.9%<br>Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022<br>Depreciation & Amortization<br>OPERATING RESULT (EBIT) | ||
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| Q1 2023 Results - 30 -<br>Q1’23 Reconciliation from Group Profit Reported to Adjusted<br>Annex<br>In thousand of euros Excl. Biotest Incl. Biotest Restructuring costs Transaction costs Diagnostic<br>commercial true-up<br>Amortization of<br>deferred<br> financial expenses<br>Amortization of<br>intangible assets<br>acquired in business<br>combinations<br>IFRS 16 Excl. Biotest Incl. Biotest<br> 1,444,250 1,561,487 - - (18,830) - - - 1,425,420 1,542,657<br> (914,561) (1,007,048) 25,402 - - - - (3,664) (892,823) (985,310)<br> 529,689 554,439 25,402 - (18,830) - - (3,664) 532,597 557,347<br> (78,899) (104,657) 3,770 - - - 15,532 (290) (59,887) (85,645)<br> (389,948) (413,659) 110,255 4,515 - - 14,426 (1,372) (262,124) (285,835)<br> (468,847) (518,316) 114,025 4,515 - - 29,958 (1,662) (322,011) (371,480)<br> - - - - - - - - - -<br> 14,506 14,506 - - - - - - 14,506 14,506<br> 75,348 50,629 139,427 4,515 (18,830) - 29,958 (5,326) 225,092 200,373<br> (123,725) (134,742) 13,900 - 10,697 (99,128) (110,145)<br> (61) (61) - - - (61) (61)<br> (48,438) (84,174) 139,427 4,515 (18,830) 13,900 29,958 5,371 125,903 90,167<br> 778 3,229 (34,924) (1,129) 4,708 (3,052) (7,760) (1,343) (42,722) (40,271)<br> (47,660) (80,945) 104,503 3,386 (14,122) 10,848 22,198 4,028 83,181 49,896<br> (33,409) (27,321) (788) 4,690 - (790) - (30,297) (24,209)<br>GROUP PROFIT (81,069) (108,266) 103,715 3,386 (9,432) 10,848 21,408 4,028 52,884 25,687<br>CONSOLIDATED PROFIT<br>Results Attributable to Non-Controlling Interests<br>Share of Results of Equity Accounted Investees -<br>Core Activities<br>Net Revenue<br>Cost of Sales<br>Gross Margin<br>R&D<br>SG&A<br>Operating Expenses<br>Other Income<br>OPERATING RESULT (EBIT)<br>Financial Result<br>Share of Results of Equity Accounted Investees<br>PROFIT BEFORE TAX<br>Income Tax Expense<br>Reported Grifols' Adjustments Adjusted | ||
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| Q1 2023 Results - 31 -<br>Q1’22 Reconciliation from Group Profit Reported to Adjusted<br>Annex<br>In thousand of euros Excl. Biotest Incl. Biotest Restructuring costs Transaction costs Divestment gain<br>Amortization of<br>deferred<br> financial expenses<br>Amortization of<br>intangible assets<br>acquired in business<br>combinations<br>IFRS 16 Excl. Biotest Incl. Biotest<br> 1,267,193 1,267,193 - - - - - - 1,267,193 1,267,193<br> (772,592) (772,592) 10 - - - 822 (3,272) (775,032) (775,032)<br> 494,601 494,601 1 0 - - - 822 (3,272) 492,161 492,161<br> (76,155) (76,155) 1,181 - - - 808 (286) (74,452) (74,452)<br> (259,417) (259,417) 729 1,321 - - 10,750 (326) (246,943) (246,943)<br> (335,572) (335,572) 1,910 1,321 - - 11,558 (612) (321,395) (321,395)<br> 3,583 3,583 - - (3,583) - - - - -<br> (637) (637) - - - - - - (637) (637)<br> 161,975 161,975 1,920 1,321 (3,583) - 12,380 (3,884) 170,129 170,129<br> (79,374) (79,374) - - 12,792 - 10,555 (56,027) (56,027)<br> (436) (436) - - - - - (436) (436)<br> 82,165 82,165 1,920 1,321 (3,583) 12,792 12,380 6,671 113,666 113,666<br> (20,471) (20,471) (480) (330) 896 (3,223) (2,916) (1,668) (28,192) (28,192)<br> 61,694 61,694 1,440 991 (2,687) 9,569 9,464 5,003 85,474 85,474<br> (8,384) (8,384) - - - (747) - (9,131) (9,131)<br>GROUP PROFIT 53,310 53,310 1,440 991 (2,687) 9,569 8,717 5,003 76,343 76,343<br>Income Tax Expense<br>CONSOLIDATED PROFIT<br>Results Attributable to Non-Controlling Interests<br>Share of Results of Equity Accounted Investees<br>Reported Grifols' Adjustments Adjusted<br>Net Revenue<br>Cost of Sales<br>Gross Margin<br>R&D<br>SG&A<br>Operating Expenses<br>Other Income<br>Share of Results of Equity Accounted Investees -<br>Core Activities<br>OPERATING RESULT (EBIT)<br>Financial Result<br>PROFIT BEFORE TAX | ||
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| Q1 2023 Results - 32 -<br>Q1’23 Leverage Ratio and Adjusted EBITDA LTM as per Credit Agreement<br>Annex<br>In millions of euros except ratio<br>Q1 2023 FY 2022 % Var<br>Net Financial Debt* 9,351 9,191 1.7%<br>Adjusted EBITDA LTM as per Credit Agreement 1,336 1,287 3.8%<br>Leverage Ratio as per Credit Agreeement 7.00x 7.14x<br>In million of euros<br>Q1 2023<br>LTM FY 2022 % Var<br>OPERATING RESULT (EBIT) 694 806 (13.9%)<br>Depreciation & Amortization (447) (415) 7.8%<br>Reported EBITDA 1,142 1,221 (6.5%)<br>IFRS 16 (103) (100) 3.0%<br>Transaction costs 28 26 7.7%<br>Restructuring costs 174 36 383.3%<br>Cost savings, operating improvements and synergies on a "run rate" 91 100 (9.0%)<br>Other one-offs 4 4 -<br>Total adjustments 194 66 193.9%<br>Adjusted EBITDA LTM as per Credit Agreement 1,336 1,287 3.8%<br>* Excludes the impact of IFRS 16 | ||
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| Q1 2023 Results - 33 -<br>Q1’23 Net Revenue Reconciliation Constant Currency – Excl. Biotest<br>Annex<br>In thousands of euros Q1 2023 Q1 2022 % Var<br>Reported Net Revenues 1,444,250 1,267,193 14.0%<br>Variation due to Exchange Rate Effects (61,375)<br>Net Revenues at Constant Currency 1,382,875 1,267,193 9.1%<br>In thousands of euros Q1 2023 Q1 2022 % Var<br>Reported Biopharma Revenues 1,173,454 1,022,508 14.8%<br>Variation due to Exchange Rate Effects (53,015)<br>Reported Biopharma Net Revenues at Constant Currency 1,120,439 1,022,508 9.6%<br>In thousands of euros Q1 2023 Q1 2022 % Var<br>Reported U.S. + Canada Net Revenues 942,647 848,261 11.1%<br>Variation due to Exchange Rate Effects (52,138)<br>U.S. + Canada Net Revenues at Constant Currency 890,509 848,261 5.0%<br>In thousands of euros Q1 2023 Q1 2022 % Var<br>Reported EU Net Revenues 240,594 208,769 15.2%<br>Variation due to Exchange Rate Effects (643)<br>EU Net Revenues at Constant Currency 239,951 208,769 14.9%<br>In thousands of euros Q1 2023 Q1 2022 % Var<br>Reported ROW Net Revenues 261,009 210,163 24.2%<br>Variation due to Exchange Rate Effects (8,594)<br>ROW Net Revenues at Constant Currency 252,415 210,163 20.1% | ||
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| Q1 2023 Results - 34 -<br>Q1’23 Net Revenue Reconciliation Constant Currency – Incl. Biotest<br>Annex<br>In thousands of euros Q1 2023 Q1 2022 % Var<br>Reported Net Revenues 1,561,487 1,267,193 23.2%<br>Variation due to Exchange Rate Effects (60,779)<br>Net Revenues at Constant Currency 1,500,708 1,267,193 18.4%<br>In thousands of euros Q1 2023 Q1 2022 % Var<br>Reported Biopharma Net Revenues 1,290,691 1,022,508 26.2%<br>Variation due to Exchange Rate Effects (52,420)<br>Reported Biopharma Net Revenues at Constant Currency 1,238,271 1,022,508 21.1%<br>In thousands of euros Q1 2023 Q1 2022 % Var<br>Reported Diagnostic Net Revenues 176,475 169,749 4.0%<br>Variation due to Exchange Rate Effects (5,130)<br>Reported Diagnostic Net Revenues at Constant Currency 171,345 169,749 0.9%<br>In thousands of euros Q1 2023 Q1 2022 % Var<br>Reported Bio Supplies Net Revenues 42,265 23,747 78.0%<br>Variation due to Exchange Rate Effects (2,041)<br>Reported Bio Supplies Net Revenues at Constant Currency 40,224 23,747 69.4%<br>In thousands of euros Q1 2023 Q1 2022 % Var<br>Reported Others & Intersegments Net Revenues 52,056 51,189 1.7%<br>Variation due to Exchange Rate Effects (1,189)<br>Reported Other & Intersegments Net Revenues at Constant Currency 50,867 51,189 (0.6%) | ||
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| Q1 2023 Results - 35 -<br>Q1’23 Net Revenue Reconciliation Constant Currency – Incl. Biotest<br>Annex<br>In thousands of euros Q1 2023 Q1 2022 % Var<br>Reported U.S. + Canada Net Revenues 943,551 848,261 11.2%<br>Variation due to Exchange Rate Effects (52,138)<br>U.S. + Canada Net Revenues at Constant Currency 891,413 848,261 5.1%<br>In thousands of euros Q1 2023 Q1 2022 % Var<br>Reported EU Net Revenues 305,661 208,769 46.4%<br>Variation due to Exchange Rate Effects (375)<br>EU Net Revenues at Constant Currency 305,286 208,769 46.2%<br>In thousands of euros Q1 2023 Q1 2022 % Var<br>Reported ROW Net Revenues 312,275 210,163 48.6%<br>Variation due to Exchange Rate Effects (8,267)<br>ROW Net Revenues at Constant Currency 304,008 210,163 44.7% | ||
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| Q1 2023 Results - 36 -<br>Definition of Non-GAAP Measures and Constant Currency<br>Annex<br> • EBITDA is defined as operating result (EBIT), excluding depreciation of property, plant and equipment, depreciation of right-of-use assets,<br>amortization of intangible assets, and impairments of property, plant and equipment, right-of-use assets and of intangible assets. It is used to<br>evaluate the company's results over time, allowing it to be compared with other companies in the sector.<br> • Adjusted EBITDA is defined as EBITDA, excluding one-offs and items not indicative of our ongoing operating performance, including<br>restructuring and transaction costs. It provides a useful measure for period-to-period comparisons of our business, as it removes the effect of<br>non-recurring items.<br> • EBITDA LTM is defined as EBITDA related to the last 12 months.<br> • Adjusted EBITDA LTM is defined as Adjusted EBITDA related to the last 12 months.<br> • Adjusted EBITDA LTM as per Credit Agreement is defined as net income on a consolidated basis for the Group, plus (i) all financial results, (ii)<br>any losses on ordinary course hedging obligations, (iii) any foreign currency translation, transaction or exchange losses, (iv) any loss of any<br>equity-accounted investee, (v) tax expense, (vi) depreciation, (vii) amortization, write-offs, write-downs, and other non-cash charges, losses and<br>expenses, (viii) impairment of intangibles, (ix) non-recurring losses, (x) transactions costs, (xi) extraordinary, unusual, or non-recurring charges<br>and expenses including transition, restructuring and “carveout” expenses, (xii) any costs and expenses relating to the Issuer’s potential or actual<br>issuance of Equity Interests and (xiii) the amount of cost savings, adjustments, operating expense reductions, operating improvements and<br>synergies, in each case on a “run rate” basis and in connection with acquisitions, investments, restructurings, business optimization projects<br>and other operational changes and initiatives; less (i) interest income, (ii) non-recurring gains, (iii) any income or gains on ordinary course<br>hedging obligations (iv) foreign currency translation, transaction or exchange gains and (v) any income of any equity-accounted investee, in<br>each case, for the last 12 months.<br> • Adjusted Group Profit is defined as group profit, excluding the effect of non-cash expenses and non-recurring items not indicative of our<br>ongoing operating performance, including restructuring and transaction costs.<br> • Constant currency (cc) excludes exchange rate fluctuations over the period. | ||
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| Investor Relations<br> & Sustainability<br>+34 93 571 02 21<br>investors@grifols.com<br>sustainability@grifols.com<br>inversores@grifols.com<br>sostenibilidad@grifols.com | ||
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