• Sales rose by 16.7% to 798.0 million euros. The company maintains its leadership in plasma derived medicines and consolidates its position as a leader in transfusion medicine .
• Adjusted EBITDA1 grows 21.6% and reaches 279.9 million euros. Margin2 rises by 140 basis points (bps) to 35.1% of revenues .
• The acquisition and integration of Novartis transfusion diagnostic business changes the relative weight of the divisions: Bioscience 75.3%, Diagnostic 18.4% and Hospital 3.0% .
• Promoting the Diagnostic division has a clear objective: to make the company more global, more diversified and with a wider growth potential .
• Completion of refinancing process brings average cost of debt to below 3.5%, a reduction of over 200 bps.
• Financial debt increases due to the acquisition of the new business unit, debt ratio stands at 2.83 .
Barcelona, 6 May 2014.-
Grifols’ (MCE:GRF, MCE:GRF.P and NASDAQ:GRFS) revenues rose by 16.7% during the first quarter of the year to 798.0 million euros, including Novartis’ transfusion diagnostic business, acquired in January 2014. At constant exchange rate (cc), income rose by 20.2%, with the geographical diversification of sales helping to mitigate exchange rate effects.
The results to March reflect the anticipated changes to the relative weight of each division as a share of total group income, as a result of the integration of the transfusion diagnostic unit acquired. The sales of the Bioscience division totaled 601.0 million euros, 75.3% of Grifols’ revenue. Sales volumes of IVIG and alpha-1 antitrypsin, two of the company’s main plasma proteins, performed strongly in a context of price stability.
The Hospital division recorded sales of 24.3 million euros, a figure that represents 3.0% of revenues. During the quarter, the division continued to internationalize, with Hospital Logistics projects in Chile and Argentina, and Intravenous Therapy projects in the United States. However, sales continued to be heavily concentrated in Spain, and the restrictions on hospital expenditure had a significant impact on sales, which fell by 7.3% (cc).
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