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Grifols believes new attack by Gotham aimed solely at destabilising stock and creating doubts among investors

Link Securities | The company sent a Significant Event to the National Securities Market Commission (CNMV) in which it stated that it once again categorically refutes Gotham’s malicious, false and misleading insinuations which have the sole aim of destabilising Grifols and provoking doubts among institutional investors. Grifols stated that it has already answered each of their malicious and misleading questions. Grifols’ Board of Directors continues to reiterate its strong commitment…


grifols edificio

Grifols addresses some governance recommendations and announces appointment of Nacho Abia as new CEO

Renta 4| Grifols (GRF) has announced the appointment of Nacho Abia as the new CEO, replacing Thomas Glanzmann who will continue in the role of executive chairman. Nacho Abia, who will take up the position as of April 1, has more than 25 years of experience in the management of multinationals in the sector, having previously been responsible for global strategy at the listed Japanese company Olympus Corporation, a leader…


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New threat to Grifols: Sanofi buys INBRX-101, biotech company Inhibrx’s best asset

Morgan Stanley | Sanofi has announced the purchase of INBRX-101, the best asset of the biotech company Inhibrx, which is a recombinant alpha-1 augmentation therapy for treating alpha-1 antitrypsin deficiency (AATD), a protein produced in the liver that protects the lungs. This drug could pose a real threat to Grifols’ alpha 1 franchise (GRF), which currently accounts for 12% of sales and 20-30% of gross profits. In addition, the acquisition…


Grifols

ECB reportedly asks some European banks to detail credit exposure to Grifols: Santander, BBVA and Caixabank in Spain

Alphavalue /Divacons| According to Reuters, citing sources familiar with the matter, the ECB has reportedly asked some European banks to detail their credit exposure to the Catalan blood products company. Grifols had a net financial debt of €9.5 billion, according to data published in September, with a maturity of €1.8 billion in 2024. According to LSEG data, banks with credit exposure to Grifols in our coverage include BNP Paribas, Santander,…


Grifols

Gotham City Research make over 20 million after sinking Grifols’ share price but don’t seem to be discovering anything really new

Following the accusations made by Gotham City Research about alleged accounting irregularities at GRIFOLS (GRF), where on Monday it declared 0.5% of its capital in short positions, the plasma derivatives multinational sent a new statement to the CNMV (National Securities Market Commission) yesterday afternoon in which it denied the main arguments of the bearish investment firm. GRF stresses that all the information is contained in public documents submitted to the…


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Gotham City Research accuses Grifols of hiding Ebitda of over 10x behind artificial 6x figure

Gotham City Research, the investment fund that denounced the Gowex fraud and caused the company’s stock market collapse, has issued a negative report on Grifols on Tuesday. It considers that the Spanish pharmaceutical company has manipulated its accounts “to artificially reduce its leverage”. As a result, it considers that “the shares are not investable” because “they are probably worth zero”. Gotham accuses Grifols of having manipulated debt and Ebitda to…


Grifols

Grifols: European Parliament postpones debate on plasma regulation

Bankinter : The legal proposal was to be discussed at the end of June, but has been left off the official agenda due to a legislative bottleneck. The next dates could be 18 July, 29 August or September. Assessment: Positive news but with limited impact. In Europe it is estimated that 62% of the plasma consumed comes from donations and more than 30% is imported, mainly from the United States…


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Grifols to improve its rating for a better refinancing, as it has a debt maturity of €2,000m in 2025

Singular Bank: The manufacturer of plasma-derived medicines has informed the CNMV that it plans to sell a package of shares in its Chinese subsidiary Shanghai Raas, in which it is its main shareholder, where it will obtain some $1,500 million. As Grifols had already indicated, an asset sale was necessary to achieve its goal of reducing net financial debt to four times EBITDA by the end of 2024, from the…


Grifols

With 65% of debt at a fixed rate and maturities in 2025, Grifols’ gearing could drop to 4.9x in 2023, 3.8x in 2024

Morgan Stanley | After a series of acquisitions Grifols’ debt has increased to 10 billion euros (7xND/Ebitda). That said, with 65% of debt at a fixed rate and maturities in 2025, we expect gearing to drop to 4.9x in 2023 and 3.8x in 2024 (thanks to a recovery in profits). However, in the short term, with limited ways to reduce gearing, this is going to put pressure on the stock….


Grifols

Víctor Grifols retires as non-executive chairman; Steven F. Mayer named successor

Renta 4 | On Monday afternoon, after the Spanish market closed, Grifols announced that Víctor Grifols had retired as non-executive chairman, after 50 years in the company, including more than 30 as CEO. In his place, the Spanish manufacturer of blood plasma-based products has appointed Steven F. Mayer as new executive chairman. Mayer has been a member of Grifols’ board for over 10 years. He also has extensive experience in…