Sunday, February 5, 2023

2022, the year in which Grifols rides a wave of volatility

Grifols, Surfing A Wave Of Plasma Giant Volatility

Grifols has been one of the great heroes of 2022 because of his financial instability. At the end of 2021, the Grifols was overjoyed when he agreed with Singapore’s sovereign wealth fund (GIC) to sell shares of his subsidiary in the United States.Biomat USA, in return for a billion dollars, an operation that did not pass the auditor’s cut months later, treating that solution as a debt.

During 2022, Inflation is rising and stock markets are falling to such an extent that Grifols have lost more than 50% of their value. on parquet in the last twelve months. Covid-19 still takes its toll on a company that has seen how it has had difficulties obtaining plasma, its raw material for manufacturing blood-derived drugs.

According to the latest available data, Grifols closed the third quarter of 2022 with net debt of 9,380 million euros and its leverage ratio decreased by nine times to gross operating results (Ebitda) in the first half to 8.6 times. except, Pharma saw a 30% drop in its net profit till 30 September Up to 188 million euros compared to the accumulated until the ninth month of 2021. The decrease is due to an increase in financial expenses related to the acquisition of Biotest, a German rival that the Spanish multinational acquired last year.

In the same presentation of last quarter’s results, they announced that their priority is to reduce liabilities as well as activate levers to “optimize the global asset base”, which could impact sales of some of their regions. Is. deal. Although, The company appears to be clear that its current listing level is “not conducive to potential capital increase”.As Grifols noted last November.

change of captain

The change of captain has also added to all this ruckus. Also in 2022, the Spanish pharmaceutical company appointed a professional from outside the Grifols family as chairman. The company has decided to hand over the keys of the business to Stephenie MeyerExecutive with experience and positions of responsibility at Cerberus Capital Management and Cerberus California, private investment firms, his final position Senior Managing Directorco-director of global private equity and Chairman of the Cerberus Investment Committee. In addition, Mayer has been on the board of directors of Grifols for more than ten years and actively participated in the Talecris buyout campaign in 2011.

Under Mayer’s new leadership as chairman, the company wants to assure the markets that key indicators show remarkable improvement. In fact, Company on track for record revenue in 2022 and making progress in reducing indebtedness, It’ll be time to see whether Grifols delivers on its promise and whether the company is able to surf a wave of volatility in 2023.

Grifols relevant operations during 2022

In the second half of the year, the Spanish pharmaceutical company commissioned a new albumin refining and filling plant at its production and supply facility in Dublin (Ireland). new plant spreads more than 17,000 m² Grifols facilities at Grange CastleLocated on the outskirts of the capital of Ireland.

The project is part of the company’s expansion and investment globally in key plasma-related infrastructure that allows it to provide more medicines to more patients in more parts of the world. The plant triples the annual filling capacity of Grifols’ albumin flexbag flexible packaging, This container, which can be of different sizes and hold different concentrations of albumin, is a new option for the storage and transportation of albumin as well as its administration in the treatment of patients.

Since establishing a presence in the country in 2012, Grifols has invested approximately €300 million in its operations in Ireland. Ireland’s diversity and talent, its strategic location between North America and continental Europe, and its favorable business environment have fueled Grifols’ growth. country. now-a-days, The company employs over 300 people at its Dublin headquarters.A figure which is expected to grow to around 500 people in the next two years.

Dublin is the fifth Grifols industrial complex dedicated to the production of essential plasma drugs, alongside Barcelona, ​​Clayton (North Carolina) and Los Angeles (California), as well as the Biotest Center in Dreich (Germany). Other production facilities currently under construction are in Montreal (Canada) and Cairo (Egypt), which will go into operation in 2024 and 2025, respectively.

Canadian presence

Also in 2022, the Spanish pharmaceutical company has reached a cooperation agreement, for at least fifteen years, with Canadian Blood Services, the Canadian national authority in the health system responsible for blood, to accelerate the self-sufficiency of immunoglobulins (IG). Country for.

this Agreement, The first of these features will ensure the use of Canadian plasma for the production of immunoglobulin in Canada. Specifically designed to meet the needs of the thousands of patients in the North American country who rely on these treatments. Ig are plasma proteins essential for the treatment of a wide range of immunodeficiencies and other diseases.

Under this agreement, Grifols will work with Canadian Blood Services to gradually increase collection of Canadian plasma A supply of 2.4 million grams of IG per year is needed in 2026. During the fifteen years of validity of this renewable contract, the price of Immunoglobulin will be adjusted to the western market prices and will be subject to revision from time to time.

The new production facilities in Montreal are scheduled to begin operation in 2024 and the factory will be fully operational in 2026. Grifols will become the only large scale commercial manufacturer of plasma products in Canada. Until then, production will take place at Grifols facilities in Clayton (North Carolina, United States). In 2020, the Spanish pharmaceutical company acquired these production facilities in Montreal for over $400 million.

Nation World News Desk
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