Grifols, the Catalan multinational dedicated to homoderivatives, won 596.6 million euros in 2018, 1.5% more than in 2017, driven by the growth of your sales. But the result of the pharmaceutical has not convinced the stock market, as Grifols has opened with a fall of 3%. The results of the multinational have not met the expectations that analysts had about the benefits, which have registered a fall of 10% per share. Revenues, as reported by the company to the National Securities Market Commission (CNMV), reached 4,886.7 million euros in 2018, 3.9% more than in the previous year.
The company has reported that the division of Bioscience, related to the manufacture and marketing of plasma drugs, repeated last year as the main growth engine of the group. This division contributed 3,516.7 million euros, 2.5% more than last year. For its part, the Diagnostic division, which manufactures and develops devices, instrumentation and reagents for transfusion medicine, contributed 702.2 million euros, 4.1% less. The hospital division of Grifols generated 119.45 million, 13.1% more, while Bio Supplies, dedicated to sales of biological products for non-therapeutic use, contributed 167 million, 150% more than the previous year.
In this sense, Grifols explains the positive result by the behavior of the sales. The company, the third world manufacturer of homoderivatives, explained that revenues grew thanks to the "solid demand" of its main plasma proteins (immunoglobin, albumin and alpha-1 antitrypsin). The company ensures that cash generation levels are sufficient to undertake the planned investments, which exceed 540 million euros.
The gross operating profit (Ebitda) reached 1,222.7 million euros, 0.3% more, a modest growth that is explained by the important investments that the company makes to increase its access to plasma. Grifols has 256 plasma centers, and in 2018 it allocated 252.2 million euros in productive investments and 291.4 million euros in Research. It also strengthened the projects related to albumin after the results obtained in a study on the slowing down of Alzhaimer progression, a program that shot the company in the stock market for its good results.
Grifols has clarified that, without taking into account non-recurrent impacts and related to recent acquisitions, the benefit would have grown by 3.1%, to 680 million euros. The net financial debt is 5,343.1 million euros, which means that the proportion with respect to the Ebitda is 4.32 times.