Grifols Q2 2026 Earnings Report

Grifols EPS Results

• Actual EPS: N/A
• Consensus EPS: $0.27
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Grifols Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $2.17 billion
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Grifols Announcement Details

• Quarter: Q2 2026
• Date: 7/27/2026
• Time: Before Market Opens
• Conference Call Date: Tuesday, July 28, 2026
• Conference Call Time: 12:30PM ET

Grifols (NASDAQ:GRFS), Inc. (NASDAQ: GRFS) is a global healthcare company specializing in the development, manufacture and marketing of plasma-derived medicines, diagnostic systems and hospital supplies. With a core focus on immunotherapy and transfusion medicine, the company harnesses human plasma proteins to create therapies that treat a wide range of bleeding disorders, immunodeficiencies and neurological conditions. Grifols also supplies reagents and diagnostic instruments for transfusion centers and clinical laboratories, alongside intravenous solutions and medical devices for hospital use.

The company operates three main business units. The Bioscience division processes plasma to produce therapies such as immunoglobulins, albumin and coagulation factors. Its Diagnostic unit offers blood typing reagents, molecular diagnostic systems and pathogen detection technologies designed to enhance blood safety and screening. The Hospital group provides parenteral nutrition, intravenous solutions and medical devices used in surgical and critical care settings. Together, these segments support hospitals, blood banks and healthcare providers around the world.

Founded in Barcelona in 1940 by Dr. José Antonio Grífols Roig, Grifols began as a small laboratory before evolving into one of the largest plasma collection and fractionation companies worldwide. It expanded its global footprint through strategic acquisitions, including plasma collection networks in North America and Europe, and the acquisition of Talecris Biotherapeutics in 2011. The company has been publicly traded on the NASDAQ since 2006, underscoring its commitment to transparency and growth in international markets.

Headquartered in Barcelona, Spain, Grifols maintains a presence in more than 100 countries through an extensive network of donation centers, manufacturing plants and research facilities. Under the leadership of Chief Executive Officer Raimon Grifols Roura, the company continues to invest in research and development, with ongoing clinical programs aimed at advancing novel therapies and diagnostic solutions. Grifols remains dedicated to improving patient outcomes and addressing global healthcare challenges through innovation in plasma-based medicine.

Grifols Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: First-half results remained on track: Revenue rose 2.6% at constant currency to €3.574 billion, while adjusted EBITDA increased 2.4% to €854 million with a 23.9% margin. Management reaffirmed its full-year 2026 guidance, including an adjusted EBITDA margin of at least 25%.
• Positive Sentiment: Immunoglobulin demand continued to drive growth. Biopharma revenue increased 5.4% and immunoglobulin revenue grew 12.8% in the first half, with XEMBIFY up nearly 34% in the second quarter; management expects mid- to high-single-digit growth in core markets during the second half.
• Positive Sentiment: Cash generation and financial flexibility improved. Free cash flow before M&A rose €103 million year over year to €91 million in the first half, and the company remains on track for its €500 million–€575 million full-year target, with more than €2 billion of liquidity and net leverage below 4.2 times.
• Positive Sentiment: Egypt is expected to improve plasma economics and supply resilience. Management said Egypt’s collection ramp is proceeding as planned, with the full benefit of approximately 1 million collections expected in 2027 and ex-U.S. collections projected to rise roughly 2.5 times by 2029.
• Neutral Sentiment: Several strategic and pipeline milestones remain ahead. Albumin in China is showing signs of stabilization, Biotest’s turnaround is progressing, and the SPARTA Alpha-1 trial is expected to report top-line results in late fourth quarter 2026; however, the potential U.S. Biopharma IPO and clinical outcomes remain subject to regulatory, market, and execution risks.

Presentation

[Daniel Segarra, Head of Investor Relations and Sustainability at Grifols]

Hello everyone, and thank you for joining us today for Grifols' Second Quarter 2026 Earnings Call. My name is Daniel Segarra, and I serve as the Head of Investor Relations and Sustainability. Today, I'm joined by Grifols' Chief Executive Officer, Nacho Abia, President of Biopharma, Roland Wandeler, and Chief Financial Officer, Rahul Srinivasan. As is our usual practice, today's call will last about an hour, including the Q&A session. Please note that this call is being recorded. You can find additional materials, including today's presentation, in the investor relations section of the grifols.com website. A transcript and replay of the webcast will also be available on the investor relations website within 24 hours. Turning to slide two, I would like to remind everyone that forward-looking statements may be made during this call.

[Daniel Segarra, Head of Investor Relations and Sustainability at Grifols]

These may include, among other things, comments regarding the company's future operating and financial performance, statements about our future expectations, clinical developments, regulatory timelines, and the potential success of our product candidates. These statements are based on current expectations and available information as of the date of this call and are subject to certain risks and uncertainties that may cause actual results to differ materially from those discussed today. Grifols financial statements are prepared in accordance with EU-IFRS and other applicable reporting provisions, including Alternative Performance Measures, or APMs, as defined by the European Securities and Markets Authority. Grifols management uses APMs to evaluate financial performance as the basis for operational and strategic decision-making. These APMs are prepared for all the time periods presented in this document.

[Daniel Segarra, Head of Investor Relations and Sustainability at Grifols]

As announced, the board of directors has decided to initiate a process to evaluate a potential IPO of the Grifols U.S. Biopharma business. Any such transaction remains subject to legal and regulatory requirements, internal approvals, and market conditions, among other considerations. While we are currently limited by applicable laws and regulations in what we can say, we will provide updates when appropriate. Moving to today's agenda, I will turn the call to Nacho to kick it off. Nacho?

[Nacho Abia, CEO at Grifols]

Thank you, Danny. Thank you all for joining us today. The second quarter played out in line with our expectations, allowing us to deliver a solid first half of the year and keeping us firmly on track to deliver our full year 2026 guidance. The progress we've made over the first six months reinforces our strong confidence as we look to the second half of the year, not because all the work is done, but because the business continues to perform according to plan, and the key levers we have put in place are delivering the results we expected. For Grifols, that confidence starts with the strength and resilience of our business model. Our integrated value chain has long been one of the defining characteristics of Grifols. It is a model built over decades with capabilities that are difficult to replicate and that continue to differentiate Grifols.

[Nacho Abia, CEO at Grifols]

Today, I would like to leave you with three key messages. First, how to think about our first half performance. Second, how the work we have done across our Biopharma and Diagnostics business continues to strengthen the long-term position of the company. Finally, why the levers that are already in place position us well to deliver on our commitment for the second half. Let me start with our performance during the first six months of 2026. Revenue for the first half reached EUR 3,574 million, up 2.6% at constant currency, with Biopharma being the primary growth engine, delivering 5.4% growth, reflecting the disciplined commercial approach we have been taking across the portfolio.

[Nacho Abia, CEO at Grifols]

As we have said over the past few quarters, our goal is not to maximize volume at any price, but to drive sustainable, profitable, and free cash flow growth by focusing on the products, customers, and markets where we believe we can create the greatest value. That same discipline is visible in our profitability. Adjusted EBITDA reached EUR 472 million in the second quarter, representing a margin of 25.2%, and for the first half, adjusted EBITDA reached EUR 854 million, up 2.4% year-over-year at constant currency, with a margin close to 24%. Free cash flow improved by approximately EUR 100 million during the first half, reflecting our continued focus on operational discipline, working capital management, and capital allocation. While the second half is seasonally stronger for our business, we are encouraged by the progress already achieved and by the foundations we continue to build.

[Nacho Abia, CEO at Grifols]

Beyond the financial results, we also continue to strengthen the company operationally. The recent organizational changes are designed to bring decision-making close to our customers and markets, sharpen our commercial focus, and improve operational efficiencies in the U.S. and in the rest of the world. This quarter in Diagnostics, we launched Evanzys Immunohematology, which is how we name the Barcelona platform. An important step for our Diagnostics business and the first of many solutions to come under the Evanzys brand name. This demonstrates how we continue to translate decades of innovation into new solutions for our customers. That commitment to building capabilities rather than pursuing short-term opportunities is also reflected in our plasma strategy. Our U.S. collection network remains the foundation of our plasma platform. At the same time, the continued development of our projects in Egypt and Canada is creating a more diversified and resilient sourcing network.

[Nacho Abia, CEO at Grifols]

Egypt is much more than a new plasma collection project. It is a strategic investment in the future of our business, strengthening our ex-U.S. plasma platform, increasing operational flexibility, and supporting sustainable growth for many years to come. The same disciplined approach has also shaped the way we manage our balance sheet, and the refinancing completed during the first half has further strengthened our financial flexibility. Rahul will discuss this in more detail later in the presentation. Finally, on this slide, we continue to progress our evaluation and associated preparations for a potential IPO for our U.S. Biopharma business. We will provide any relevant update as appropriate in full compliance with applicable laws and regulations. Let me now turn to Biopharma, where the work we have been doing over the recent years is becoming increasingly visible.

[Nacho Abia, CEO at Grifols]

Grifols holds a leading position in a large and growing Biopharma market, and we continue to build on that leadership by advancing our pipeline to address patients' evolving needs. Our IG franchise continued to deliver strong momentum, supported by strong underlying market fundamentals. As we continue to expand the approved indication of our IG portfolio, I would like to highlight our ongoing phase III clinical trials in secondary immunodeficiencies and CIDP. First, our phase III SIGMA study evaluates the efficacy and safety of GAMUNEX-C in combination with the standard of care treatment to prevent infections in patients with secondary antibody deficiency. Together with our excellent study for XEMBIFY, focused on patients with blood cancer who are at increased risk of infections, it reflects our continued investment in expanding the indication of our Immunoglobulin portfolio.

[Nacho Abia, CEO at Grifols]

Another important phase III study in IG is XPERT, designed to support the potential expansion of XEMBIFY into the treatment of CIDP, offering the potential to expand treatment options for patients. Beyond our IG, our broader protein portfolio is progressing well. Fibrinogen for congenital indication was launched in the U.S. as planned in the second quarter. We are in the final stage discussions with the FDA to agree on the phase III trial design for the acquired indication. It will complement our European launches across both congenital and acquired indications. Our Alpha-1 pipeline remains fully on track, led by SPARTA and our 15% subcutaneous program. Roland Wandeler will provide more details later about it. Our Albumin clinical programs in cirrhosis continue to advance as well. The opinion of this is our expanding self-sufficiency platform.

[Nacho Abia, CEO at Grifols]

With our unique presence in the U.S., both Egypt and Canada continue to strengthen our ex-U.S. plasma sourcing through strategic partnerships, allowing us to keep optimizing our collection footprint while maintaining consistently high quality and safety standards across the entire plasma network. Together, our leadership in IG, our broadening protein portfolio, and an increasingly self-sufficiency sourcing base provide a strong foundation for continued sustainable growth. Having said that, Grifols has always been more than Biopharma alone. Another important source of differentiation, and one that continues to create value for the group, is Diagnostics. Turning to slide seven, I would like to comment on the progress within Diagnostics. It remains a leading, profitable, and cash-generative business, built on longstanding customer relations, high barriers to entry, and mission-critical solutions embedded in our customers' daily workflows.

[Nacho Abia, CEO at Grifols]

This business continued to be a complementary pillar to our Biopharma franchise, providing meaningful contributions to our overall margin profile and cash conversion. We continue to make progress across our innovation roadmap. The clearest milestone this quarter was the successful launch of Evanzys IH, an important step in advancing our next-generation blood typing portfolio. These platforms deliver a meaningfully improved performance in a smaller, modular design with a simplified workflow and reduced footprint for customers. We expect it to be a key driver in sustaining our leadership in this market segment. Alongside this, Grifols is advancing the development of its automated solutions to help laboratories simplify workflows and enhance operational efficiency. This includes our ISAR immunoassay platform and our MONDAQA molecular platform, both of which continue to progress as planned.

[Nacho Abia, CEO at Grifols]

ISAR, in particular, positions us to directly target the approximately EUR 1 billion serology market end, and over time, to expand into a much larger clinical immunoassay space. Our next-generation NAAT platform, MONDAQA, reinforces our leadership in blood screening while strengthening our molecular diagnostics offering. This innovation roadmap further diversifies our diagnostic revenue base, extends our reach into higher growth adjacent segments, and reinforces our strategy to build a presence across the clinical diagnostics market. Together with our ability to operate independently across these platforms, it enables us to capture more value across the diagnostic value chain while further strengthening our leadership position. Moving to slide eight, let me highlight the key levers that support our confidence and continue to deliver improvement through the second half. First, continued growth in Biopharma, driven by sustained IG momentum, continued product mix improvement, and expected stabilization of Albumin in China.

[Nacho Abia, CEO at Grifols]

Second, the continued ramp-up of plasma from Egypt, while enabling optimization of our U.S. collection. Third, continued progress at Biotest, with improving manufacturing performance and stronger operational execution. Fourth, further operating leverage, supported by our ongoing disciplined cost management across the group. Finally, continued improvement in free cash flow generation reflected by effective working capital management, capital allocation, and continued financial discipline. The priorities we set at the beginning of the year remain unchanged. The levers supporting our guidance are already in motion and progressing as expected, and we remain laser-focused on delivering our commitments for 2026 while continuing to strengthen Grifols for the long term. Before I hand over to Roland, I would like to take a moment to recognize his contribution to Grifols. As you are aware, Roland has decided to return home to Basel in Switzerland to lead a biotechnology company.

[Nacho Abia, CEO at Grifols]

We appreciate his leadership, his strong contribution, and his partnership. We wish him every success in his new role. We have a strong transition plan in place, supported by a highly experienced leadership team, ensuring continuity, disciplined execution, and sustained progress against our strategic objectives. Thank you, Roland, and all the best.

[Roland Wandeler, President of Biopharma at Grifols]

Thank you, Nacho, for your kind words. It has been a privilege to contribute to Grifols' success over the last several years and to work alongside so many talented colleagues. I am incredibly proud of the dedication, passion, and commitment our teams show every day to serve patients that are counting on our medicines and advance the strategic priorities we have set for the business. Moving to Slide 10, the Biopharma business performed in line with our expectations in the first half, delivering 5.4% revenue growth at constant currency and reflecting a more balanced growth profile we anticipated entering the year. Growth was driven by our IG franchise, more than offsetting temporary headwinds in Albumin. Importantly, Alpha-1 and specialty proteins returned to growth in the second quarter, resulting in a broader base performance across the portfolio and reinforcing our confidence in the full-year outlook.

[Roland Wandeler, President of Biopharma at Grifols]

Let me now comment on each franchise in more detail, starting with IG. Immunoglobulins remained our clear growth engine, delivering 12.8% growth at constant currency in the first half. Performance continued to be driven by robust demand across the U.S. and Europe, sustained GAMUNEX-C momentum in our core markets, and the successful launch of Yimmugo in the U.S. XEMBIFY, our subcutaneous IG, also showed strong performance, growing close to 34% at constant currency in the second quarter. As we highlighted in our last call, the underlying in-market demand for XEMBIFY remains firmly in the double digits, and we continue to see that reflected in our performance. Looking ahead, we expect underlying demand growth for IG to continue across our three main indications. In primary immunodeficiency, increased awareness and better diagnosis are expanding access to therapy.

[Roland Wandeler, President of Biopharma at Grifols]

In secondary immunodeficiency, demand continues to rise in an aging population and with an increase in immune-compromised patients. In CIDP, we also continue to see growth. Immunoglobulins, with their broad mechanism of action, remain the established first-line standard of care in this complex multifactorial disease. This is supported by extensive clinical experience, their broad immunomodulatory activity, and a compelling value proposition. Recent market developments continue to reinforce the importance of maintaining effective therapy options for CIDP patients and support our confidence in the growth outlook for CIDP. Following our strong first half, we expect IG in the second half to continue to grow mid- to high single digit in the U.S. and our European core countries, in line with the market, partly offset by deliberate lower growth in other markets. For XEMBIFY, our SCIg, we see strong momentum and expect continued strong double-digit growth.

[Roland Wandeler, President of Biopharma at Grifols]

Turning to Albumin, the underlying market dynamics in China remain broadly unchanged from what we have been discussing in prior calls. As anticipated, first half 2026 reflects the year-on-year pricing impact in China following our mid-2025 price adjustment, with Q2 facing a particularly challenging comparison due to the post-license renewal catch-up we saw in the Q2 the prior year. Our focus here remains on executing the actions we outlined, leveraging our strategic partnership with Shanghai RAAS to expand our commercial reach in China while continuing to grow the business in the U.S. and other international markets. Looking forward, we remain cautiously optimistic that market conditions continue to stabilize, supported by an easier comparison in our second half of the year as we lap the pricing adjustment implemented in the middle of last year.

[Roland Wandeler, President of Biopharma at Grifols]

Together, with the increasing weight of Egyptian plasma in our collection, which comes with high local Albumin use and excess IG, we believe that Grifols is well-positioned to balance Albumin with IG growth over time. On Alpha-1 and specialty proteins, sales returned to growth in the second quarter, up 2% at constant currency. For Alpha-1, we saw higher treatment numbers in Q2 as patient access continued to improve following a challenging U.S. reauthorization period early in the year. We continue to appropriately support healthcare professionals throughout that process for their patients, and we're encouraged by the sequential improvement we saw during the quarter. Demand for HyperRAB also remained strong as we entered the seasonally important summer period in rabies. In June, our U.S. team launched FESILTY, our new Fibrinogen concentrate for patients with congenital fibrinogen deficiency in the U.S., adding to our specialty proteins.

[Roland Wandeler, President of Biopharma at Grifols]

Together, the momentum we see in Alpha-1 and specialty proteins reinforces our confidence that this franchise will deliver growth for the full year, as we outlined at the beginning of 2026. Turning to Slide 11, I would like to spend a moment on Alpha-1. In this indication, where 85% of patients remain undiagnosed and without treatment, clinical innovation remains central to our strategy, all with the objective to continue to expand the market while further strengthening our leadership in a franchise where we are the global leader. Our SPARTA study has the potential to significantly strengthen the evidence base for augmentation therapy and thus support broader testing and diagnosis, as well as improve patient access globally. SPARTA is the most comprehensive outcome study ever conducted in Alpha-1, and the first phase III trial designed to assess preservation of lung density by CT over a three-year period.

[Roland Wandeler, President of Biopharma at Grifols]

Importantly, the study evaluates both the current standard dose and the higher dose regimen against placebo. Positive results not only have the potential to significantly strengthen the clinical evidence supporting augmentation therapy and thus unlock market growth and improve access, but also may provide valuable insights into future dosing strategies. SPARTA's last patient last visit milestone is scheduled for August, with top-line results expected in late Q4 this year. Our second key program is Alpha-1 sub-Q 15%, which entered phase III with our first patient dosed in June 2026, following our successful phase 1/2 study. The program has the potential to transform the patient experience by expanding treatment options through a more flexible and convenient subcutaneous formulation. Taken together, these two programs reinforce our confidence in the long-term outlook and opportunity for the Alpha-1 franchise. With approximately 85% of eligible patients still undiagnosed, significant unmet need remains.

[Roland Wandeler, President of Biopharma at Grifols]

By advancing the clinical evidence base and expanding treatment options, we believe we can help drive awareness, improve diagnosis, broaden patient access, and continue to grow the category, further strengthening Grifols' leadership position in Alpha-1. Slide 12. As we continue to expand the long-term opportunity for our business through innovation, we are also evolving our operating model to capture that opportunity more effectively and translate it into sustainable growth and value creation. To accelerate the execution of our strategic roadmap, we are reorganizing Biopharma into two dedicated units, Biopharma U.S. and Biopharma Rest of World, each built around its own self-sufficient operating model with dedicated leadership and clear accountability for its respective market. Biopharma U.S. remains our scaled, fully vertically integrated, end-to-end platform with two manufacturing sites and around 280 donor centers.

[Roland Wandeler, President of Biopharma at Grifols]

It is set up to serve the largest and most established plasma-derived therapies market in the world, where demand is expected to grow at a continued mid-to-high single-digit rate annually. Supported by our existing platform, we are well invested to support that growth and can continue to sharpen our focus on operational efficiency and portfolio expansion. Biopharma Rest of World is a distinct, increasingly self-sufficient growth platform with more than 130 donor centers and five manufacturing sites. Its priority is optimizing plasma location, increasingly supplying Europe and the rest of the markets from ex-U.S. sources, reducing reliance on U.S. plasma, and better aligning sourcing cost with pricing structures to optimize growth and profitability. Egypt and Canada are central to building that self-sufficiency, strengthening supply resilience and operational efficiency while increasing patient access to our therapies.

[Roland Wandeler, President of Biopharma at Grifols]

Organizing around these two platforms gives each business the focus, accountability, and operating flexibility to execute within its respective market dynamics. At the same time, bringing decision-making closer to each business allows us to accelerate execution while continuing to build what we believe is the industry's most resilient and highest-value plasma platform. Let me close by illustrating on slide 13 how Egypt enables the next phase of our global plasma sourcing strategy and the creation of a truly self-sufficient Rest of World platform. As we explained during our Q1 call, the long-term vision behind our global plasma sourcing strategy is to increasingly supply Europe with plasma from Europe and Egypt, allowing more of our U.S. collections to remain in the U.S. Beyond the economics, this diversification reduces our exposure to any single geography at a time when the geopolitical environment increasingly rewards local self-sufficiency.

[Roland Wandeler, President of Biopharma at Grifols]

By 2029, we expect total ex-U.S. plasma collections to increase by around two and a half times, providing sufficient supply to fully support our European and Rest of World demand. That compares with today, where roughly 25% of U.S. plasma collections are still needed to support sales outside the U.S. As that dependency unwinds, we progressively shift to a U.S. plasma collections for U.S. model, unlocking significant plasma supply and optimization opportunities for our U.S. platform to support the expected strong and growing demand in the U.S. Egypt is the primary driver of this shift. This year, Egypt already represents around 25% of our ex-U.S. plasma collections, and by 2029, we expect a contribution to grow to around 50%, making Egypt our single largest ex-U.S. source of plasma and a globally recognized plasma hub under what we call the Grifols seal of quality and excellence.

[Roland Wandeler, President of Biopharma at Grifols]

The benefit goes well beyond supply security. As Egypt becomes an increasingly meaningful part of our plasma network, it strengthens supply resilience while significantly improving the economics of our sourcing model. Together with the operational optimization undertaken across our U.S. plasma network, these initiatives create a more resilient, more efficient, and higher-value plasma network, one that strengthens supply security, supports sustainable growth, and enhances long-term profitability. With that, I will hand it over to Rahul to walk you through the financials.

[Rahul Srinivasan, CFO at Grifols]

Thank you, Roland. Turning to slide 15, our financial highlights for Q2 and H1 2026. We are pleased with our Q2 and first half performance, results that reflect the resilience and strength of this business and the tireless efforts of our teammates across the entire group, for which we are very thankful. Group net revenues reached EUR 1.874 billion in the second quarter, bringing first half revenues to EUR 3.574 billion, a growth of 2.6% at constant currency. As in Q1, Biopharma again grew faster than the group as a whole, up 5.4% at constant currency. This also reflects the strategic repositioning that is underway in diagnostics. I will elaborate on it further in the following slide. Reported gross margin was 37.6% for the quarter and 37.1% for the first half. This was impacted by one-off costs, primarily related to the closure of 29 U.S. donation centers.

[Rahul Srinivasan, CFO at Grifols]

To help investors and analysts track our underlying progress, we are also disclosing gross margin excluding these one-off costs, which came in at 39.4% for the quarter and 38.6% for the first half. We expect reported gross margin to continue improving in the coming quarters. Adjusted EBITDA reached EUR 472 million in the quarter and EUR 854 million for the first half, representing a 2.4% growth at constant currency, with margin for the quarter expanding to 25.2% and for the first half to 23.9%, slightly ahead of H1 last year. Group profit in H1 increased to EUR 227 million, up 28.7% year-on-year. If we eliminated the impact of both positive and negative one-offs, the year-on-year comparison is still a strong double-digit improvement. We achieved EUR 91 million in free cash flow before M&A for the first half of 2026, EUR 103 million year-on-year improvement.

[Rahul Srinivasan, CFO at Grifols]

I will elaborate on this free cash flow performance on a subsequent slide. Total net leverage stood at slightly below 4.2x and net secured leverage at 2.7x. The mismatch between a higher average euro/dollar for the period versus lower end of period FX rate used for the balance sheet translation creates notional releveraging, but over a longer period of time, that should dissipate, consistent with our prior guidance that structural movements in euro/dollar have a broadly neutral impact on leverage over time. Leverage remains stable, notwithstanding the FX related to releveraging in Q2, and we have EUR 2 billion of liquidity. Our balance sheet overall is in a relatively strong position. On slide 16, we summarize the net revenue performance of the business in the first half.

[Rahul Srinivasan, CFO at Grifols]

Biopharma remains both the bedrock as well as the growth engine of the group and continues to benefit from strong momentum across our core markets. Immunoglobulins once again delivered a double-digit growth, with sub-Q IG returning to strong double-digit growth during the quarter and for H1, confirming that the softer first quarter performance reflected timing rather than any change in underlying demand. Alpha-1 and our specialty protein portfolio also performed well and continues to support our growth expectations for the full year. Due to the timing of the price concession for Albumin in China in H2 last year, relative Albumin H1 performance has been impacted. We expect the H2 Albumin performance to be in line with H2 last year. At Biotest, we are encouraged by the operational turnaround progress, and we are beginning to see that also come through in the Biotest growth rate with Yimmugo sales ramping up.

[Rahul Srinivasan, CFO at Grifols]

Turning to diagnostics. The year-on-year comparison reflects the dissolution of the QuidelOrtho joint business. However, the rest of the diagnostics business continues to post year-on-year growth, and the team is executing on the diagnostics repositioning plan, hitting all relevant milestones. For Bio Supplies, we expect a better H2 than H1, and more broadly, we remain comfortable with the outlook for this niche business in the medium term. Within others, we have phased out a legacy contract manufacturing agreement at the end of 2025, impacting the comparison in 2026. In short, the Grifols group portfolio continues to perform in line with our expectations for the year, with the momentum of the Biopharma business more than offsetting the planned strategic transition we're executing in diagnostics and softness in Bio Supplies and others. Slide 17.

[Rahul Srinivasan, CFO at Grifols]

The headline numbers, the 2.4% constant currency growth in group-adjusted EBITDA, the 10 basis points improvement in adjusted EBITDA margin, and Biopharma adjusted EBITDA growing by over 5% on a constant currency basis, all mask the underlying drivers of that outcome. I will spend some time unpicking this for you, as I think the underlying drivers matter more than the headline outcome in H1. All of which support our adjusted EBITDA margin target of 25% or higher for the full year 2026. Starting with Biopharma, EBITDA growth and margin progression is supported by four structural factors. First, immunoglobulins remain the largest contributor to both revenue and profitability, benefiting from continued momentum and an increasingly favorable product and geo mix. Executing our plans in Albumin and Alpha-1 and other proteins, as Roland alluded to, will support profitability.

[Rahul Srinivasan, CFO at Grifols]

Second, the efforts to support Biotest is yielding improvements operationally and making a growing contribution to group sales. We expect to continue to support the Yimmugo ramp-up in the coming quarters. Third, we are in the early stages of seeing the benefits from the confluence of our self-sufficiency and plasma sourcing strategies. The continued ramp-up of EMA-approved collections in Egypt, together with the optimization of our U.S. donor center network, is improving both unit economics and plasma economics. With the continued Biopharma momentum that we expect, these benefits should be further amplified over time by operating leverage across the business. The EUR 40 million of one-off costs, of which EUR 25 million are non-cash, resulting from the closure of 29 U.S. donor centers affect this year's reported EBITDA, they support a structurally more efficient operating model going forward.

[Rahul Srinivasan, CFO at Grifols]

Fourth, disciplined cost management, as evidenced by our OpEx evolution, remains an important contributor. Also, to round out the picture, the full-year effect of the Albumin pricing concession in China, introduced in mid last year, has been a headwind in H1 2026 and is now fully reflected in our comparable base, aiding future year-on-year comparisons of quarterly performance. Taken together, these drivers give us confidence that the Biopharma business is well-positioned to continue delivering compelling EBITDA growth and margin progression over time. In addition, in the rest of the group, we are executing our plans and hitting all the milestones with regards to the strategic repositioning of the diagnostics business, be it the launch of our new blood typing platform that Nacho touched on, hitting development milestones in other platforms, be it MONDAQA or ISAR, as well as the strategic freedom that the QuidelOrtho offer dissolution gives us.

[Rahul Srinivasan, CFO at Grifols]

We remain on course to deliver EBITDA growth and margin improvement from this repositioning of our diagnostics business over the coming years. As Nacho referenced earlier, we have the levers in place to deliver our adjusted EBITDA constant currency growth and margin guidance for 2026. On slide 18, the punchline is that we continue to progress our free cash flow generation efforts in a disciplined manner, and we remain on track to deliver our full-year free cash flow guidance. In the first half, free cash flow pre-M&A was positive EUR 91 million, EUR 103 million better than H1 2025, having benefited from some phasing. As we have guided to in the past, while adjusted EBITDA is negatively impacted by a depreciating U.S. dollar, the impact on free cash flow pre-M&A remains broadly neutral.

[Rahul Srinivasan, CFO at Grifols]

To support the continued momentum in Biopharma and our robust outlook for H2, there has been essential investment in inventory similar to Q1. We continue to manage our working capital diligently and responsibly. CapEx levels are normalizing from the 2024-2025 peak, as disclosed in Q1, we were required to classify the final ImmunoTek payment made to JPMorgan within financing activities following guidance from our auditors. Capitalized IT R&D is slightly higher as we successfully achieve various development milestones, for example, within our diagnostics business. Finally, we balanced the refinancing of some of our cheapest debt in our capital structure earlier this year by proactively redeeming EUR 500 million of our most expensive debt, the 7.5% 2030 bonds, thereby we expect to keep our cash interest cost levels in line with 2025.

[Rahul Srinivasan, CFO at Grifols]

In conclusion, our free cash flow trajectory is progressing as planned, aligned with the typical seasonal patterns of the business, we remain on track to deliver our full-year guidance. Finally, turning to slide 19. I will repeat myself when I say that our balance sheet is in a really good place. No meaningful maturities for a while. Almost all the debt in the capital structure is either callable or can be repaid at par, allowing the company to optimize its cash interest cost at any point if it so chooses. Strong support from institutional credit investors and banks, rating agencies fully acknowledging the resilience of the business, the progress that has been made, the proactive actions we have taken to considerably improve our balance sheet. With very strong liquidity levels of over EUR 2 billion, it offers significant downside protection and financial flexibility.

[Rahul Srinivasan, CFO at Grifols]

Despite refinancing the very cheap debt earlier this year, we remain on course to maintain our 2025 cash interest costs. In the status quo scenario, we remain committed to continuing to delever organically, given the momentum of our Biopharma business and the strong progress we are making in the strategic repositioning of our diagnostics business. With that, let me hand it back to Nacho to conclude the presentation.

[Nacho Abia, CEO at Grifols]

Thank you, Rahul. I would like to conclude today's presentation with a few final remarks. Our first half performance reinforces our confidence that we are on track to deliver our 2026 objectives. The sustained strength of our Immunoglobulin franchise continues to underpin our growth, while we expect Albumin performance in China to stabilize in the second half, supporting a more balanced contribution across our protein portfolio. At the same time, our expanding Alpha-1 clinical pipeline continues to strengthen that franchise and reinforces our long-term growth opportunities. Biotest also continues to make progress in its turnaround, contributing to a stronger performance at Biopharma. We also currently continue to make meaningful progress on our key strategic priorities. Egypt and our broader self-sufficiency platform remain a key differentiator and value drivers, structurally improving our cost structure and progressively reducing our reliance on U.S. plasma.

[Nacho Abia, CEO at Grifols]

Together, these initiatives support the top-line growth and margin expansion that remains a key priority for 2026 and onwards. Across our business, we continue to strengthen the foundations for long-term growth through innovation, discipline, and consistent execution, with multiple key milestones across biopharma and diagnostics. These efforts continue to enhance the resilience of our business and position Grifols to capture attractive growth opportunity in the years ahead. As Rahul outlined, we have also continued to strengthen our financial profile, delivering further EBITDA growth, meaningful free cash flow improvement, and the successful completion of our refinancing, positioning us well to continue reducing leverage over time. Collectively, these actions are building a stronger, more efficient, more disciplined, and increasingly cash-generative company, reinforcing our confidence in delivering our full-year guidance while creating long-term value.

[Nacho Abia, CEO at Grifols]

As we move forward, our focus remains clear: deliver on our commitments, further strengthening our financial profile, and unlocking the full value of Grifols for all our stakeholders. As always, I like to finish by thanking our employees, donors, customers, partners, and shareholders for their continued trust and support. We look forward to updating you on our progress next quarter. With that, I'll return it over back to you, Danny.

[Daniel Segarra, Head of Investor Relations and Sustainability at Grifols]

Thank you. Now let's turn to the Q&A session. Please remember to press star five to ask a question. We need to place a limit of two questions per analyst. If you have follow-ups, please dial star five again to get back on the list. Our first question today is coming from Charles Pitman from Barclays. Charles, please go ahead.

[Charles Pitman, Analyst at Barclays]

Hi, guys. Charles Pitman here from Barclays. Thanks so much for taking my questions, and congrats, Roland, on the next role. Thanks for all your help over the past few years. Maybe two questions from me, please, starting with Roland. With CIDP, you mentioned recent market developments reinforce the importance for maintaining effective therapy options for CIDP patients. I was wondering, could you elaborate on this? When you say IG remains the preferred first-line treatment, can you just provide any detail around whether that preferred market share you're seeing is declining at all in the face of competition, or whether new entrants are just growing the market, and therefore that's why you remain confident in the continued growth you referenced? Secondly, for Rahul, with respect to Egypt, thinking about the margin development and lead times of plasma that are usually on a lag, can you just remind us when we are expecting to see the benefit of Egypt's plasma coming through on margins? When we expect to see the benefit of the U.S. center closure announced over the quarter. Thank you.

[Roland Wandeler, President of Biopharma at Grifols]

Yeah, Charles. Well, thank you for your wishes, happy to comment on CIDP. With about two years into the launch of FcRns, we see that there's more and more real-life experience out there looking at patients that switched and switched back. You may have seen that some of the label language on the FcRn side was updated to reflect some of this data. What we hear back from our thought leaders and from the physicians that we speak with is that, in their mind, FcRns are a fantastic therapy for myasthenia gravis and have a very important role there, changing lives, obviously a great addition for every neurologist. If they look at CIDP, a multifactorial disease, they just say it's a disease that is predestined for a broad mechanism action like the one that is seen from IGs.

[Roland Wandeler, President of Biopharma at Grifols]

Given with what they have in terms of payer access, what we hear back from physicians, is that this is where they want to start their patients, they want to be very thoughtful which patients they transition over. Having said that, at the same time, they're of course happy that there's other treatment options for any patients that do not do so well. If we look at the numbers, what we see is that, in looking at the demand in the beginning of this year, IGs continue to grow in CIDP. Our brand continues to grow in CIDP, we expect that overall what we're seeing in this class is that more patients get the benefit in later lines, which is, at the end of the day, good for patients, it also supports fully the confidence that we have in the continued growth outlook for IG in this class.

[Rahul Srinivasan, CFO at Grifols]

On your second question, Charles, Egypt, we're beginning to see some of the impact of Egypt come through in our numbers. Obviously, that ramps up as the year progresses, and you will see the full impact of the one million certainly as you go into 2027. You will see that come through in our numbers then. Similarly, for the U.S. center closures, you will see the impact or the benefit of that coming through towards the back end of this year, early next year as well, and through our numbers.

[Daniel Segarra, Head of Investor Relations and Sustainability at Grifols]

All right. Thank you, Rahul. Thank you, Charles. Now is the time for Joaquín from JB Capital. Joaquín, please.

[Joaquín García-Quirós, Analyst at JB Capital]

Yes. Thank you for taking my questions. Just the first one is regarding the Albumin in China. You mentioned that prices have stabilized, but I remember that in the first quarter, you said that the number of patients was increasing. Has that remained the same during the second quarter? Earlier in the year, you pointed towards a strategy of slowing down IG in order to balance Albumin and IG, but IG has continued to grow at a very decent rate. I know you mentioned it will slow down a bit in the second half of the year, but still it will be ahead of what I was expecting, and I think a lot of people. Has the strategy changed, or did you find another way to balance Albumin IG? If you can talk a little bit about that. Thank you.

[Roland Wandeler, President of Biopharma at Grifols]

Well, Joaquín, thank you. On Albumin in China, what we focus on in this market, of course, is end user prescription and demand. This is where we commented that we see signals of stabilization, both in terms of price with our customers as well as prescriptions and pull-through. In this market, we saw that in Q1, we continue to see this at the moment. Having said that, it's a market that had an impact of the government measures, as you know. We had this reflected in our price adjustment mid last year, but since then have experienced ourselves a stabilization and are cautiously optimistic that we can build from there. On IG, I can just perhaps clearly clarify that for IG, we have a twofold strategy, which is that we want to continue to grow with the market in the U.S. and our core European markets, and selectively dial back on purpose in lower margin markets. That's what you see panning out. Basically what you see reflected is strong continued demand in our core markets and in the U.S. You will indeed see that over time that the phase out in these lower margin markets will come through in later this year. Rahul, if you want to add to that.

[Rahul Srinivasan, CFO at Grifols]

Nothing further to add. I think it captures it well as well on page 10, Joaquín, in terms of our outlook for H2 2026, where we're guiding to mid-to-high single-digit growth in core markets. Could we grow IG more? Sure. I think it's a deliberate strategy to optimize the mix between growth and margin improvement, and that remains our focus.

[Nacho Abia, CEO at Grifols]

Just to add here that, at the end, what we try to do is a smart growth strategy and really focusing the customers, the regions, and the products that will provide the better margin position. That's what XEMBIFY, you see that it will continue growing and continue grow very strong because we are building our position in the market where in IVIG we have already well established. I think that our strategy will continue growing. Certainly we believe in IG and we believe in the strong demand of IG in the markets, we will do it in a smart way, and certainly betting on those places, customers, and regions which can offer better profitability.

[Joaquín García-Quirós, Analyst at JB Capital]

Thank you.

[Daniel Segarra, Head of Investor Relations and Sustainability at Grifols]

Thank you, Joaquín. Now it's turn of Guilherme Sampaio from CaixaBank. Guilherme, please.

[Guilherme Sampaio, Analyst at CaixaBank]

Yes. Good morning. Thank you for taking my questions, and thank you, Roland, for this year. First question on free cash flow. You've reached the year-over-year improvement in free cash flow implied in the top end of your guidance already in H1. Is there any factor that we should take into consideration that's preventing you from raising the free cash flow guidance at this stage? The EUR 25 million Quidel compensation due to the JV termination, I think it was scheduled to be paid this quarter. Just if you can confirm that it was paid or not, and if it was included in a certain way in the P&L or not. You mentioned some phasing, if you can quantify the phasing around the free cash flow this quarter. The second question is regarding the execution risk. There's been in the market some rumors that you might have certain execution risks in the ramp-up of your donor centers in Egypt. What kind of comfort or color could you provide regarding this? Thank you.

[Rahul Srinivasan, CFO at Grifols]

Why don't I take the first one, and I'll start with the second one as well, and if either Roland or Nacho want to add, they can do so. On the first one, Guilherme, around free cash flow, I did reference phasing deliberately so that you don't just take EUR 103 million and add it to the EUR 467 million we delivered last year and say, "Hey, we're at EUR 570 million." There are phasing aspects of it. You've mentioned some of it. Quidel is also an aspect that is reflected in there. We remain very much in the guidance of the EUR 500 million-EUR 575 million free cash flow pre-M&A for the full year. As you think about execution risks, look, we remain confident about the ramp-up in Egypt. If ever you're in Egypt, and you walk past our centers, you will see that they are packed nonstop. This is only the first wave of donor center opening. Things are going very well, and we don't anticipate any execution risks with that ramp-up. We'll have to obviously optimize it, which is why we say one million in 2026, ramping up to three million by 2029. I'll leave it at that.

[Nacho Abia, CEO at Grifols]

Just to add, I don't know what rumors you refer. We haven't heard any rumors. I actually think the execution in Egypt is working very well. We are very much on plan and on track to build the 20 donor centers that we wanted to build. As Rahul say, those donor centers are packed, and we have tons of donors waiting to donate, and we're already working into planning for the next centers that will be built over the next year. I think it's working very well as planned, and we have no notion of execution risk other than obviously we'll keep continuously in our attention, we'll keep focusing on that.

[Daniel Segarra, Head of Investor Relations and Sustainability at Grifols]

Thank you, Rahul, and thank you, Nacho. Now let's move to Morgan Stanley. Thibault, please.

[Thibault Boutherin, Executive Director of Equity Research at Morgan Stanley]

Yes, thank you. Rahul, maybe just a clarification. I think I heard you say that the Albumin outlook for H2 would be in line with H2 last year. Just if you could confirm this and if you meant in absolute terms or in terms of decline rate basically versus H2 last year. That's the first question. Also on Albumin, if you could give us any idea of the growth ex China of the Albumin franchise, if you're seeing some growth in H1, just so we better forecast when we get out of the China base effect. Second question on Biotest. Turnaround of Biotest has been definitely a driver of margin for the business. How far are you on the story of turning around this business? Can it continue to be a driver for margin in the next few years? Are you mostly through the improvement here? Thank you.

[Rahul Srinivasan, CFO at Grifols]

Yeah. Let me start with what I said on Albumin, where what I was referencing was the absolute level for H2 rather than the growth rate. Please don't reflect any draconian scenarios, the absolute level, because remember, the price concession was provided in mid last year, so that's why the absolute level is the right benchmark. Just in terms of growth ex China, I'll let Roland pick that up in a second. Let me answer your question on Biotest in the meantime. On Biotest, the operational turnaround is commencing now. We have a lot of runway on this topic, and we expect to make considerable progress in the coming quarters, and certainly it's a key part of the value driver going out through to 2029. On the Albumin ex China, Roland, do you want to pick that up?

[Roland Wandeler, President of Biopharma at Grifols]

On the Albumin ex China, I would differentiate there the U.S., where we see high interest in our Albumin in bags, where we're one of only two providers that offers that, and where we're actively working to increase our supply for this differentiated presentation. In the other markets, ex China, ex U.S., yes, in the first half we've seen good growth. We're not disclosing the detailed growth number, but we've seen good growth in the first half of this year. Just to perhaps provide context there, as you may recall, in the past we have been prioritizing China, and we discussed that we have opportunities in these other markets. The team has been executing against that, and think that's behind the growth that we see.

[Daniel Segarra, Head of Investor Relations and Sustainability at Grifols]

Thank you so much, Roland. Let's move to the next question. Jaime Escribano from Santander. Jaime, please go ahead.

[Jaime Escribano, Head of Iberian Small and Mid Caps Equity Research at Santander]

Hi. Good afternoon. Thank you. First of all, thank you and good luck to Roland. My first question would be on diagnostics. On diagnostics, after breaking the JV with Ortho, just thinking out loud, can you elaborate a little bit on what new opportunities come in terms of selling the reagents to other customers and so on? From 2027 onwards, I mean. The second question would be regarding net finances, which in Q2 look quite low. I don't know if you have answered that, Rahul, but just if you can elaborate a little bit further. Thank you.

[Nacho Abia, CEO at Grifols]

Thank you, Jaime, and let me explain about the diagnostic question. Essentially, the collaboration with QuidelOrtho has been a very good collaboration for Grifols and QuidelOrtho over many years. This was coming to an end for a number of reasons. Specifically to your question about what this will provide, I think probably the most important benefit of this termination is actually the fact that it will open the possibilities for us that once the ISAR platform of immunoassays will be ready, we will be able to access that market without restrictions. This is a EUR 1 billion market opportunity. Is a very significant opportunity. Of course, there is some opportunities in the factory that was serving those reagents. We will continue looking for customers and even providing QuidelOrtho with some supply. We have some supply agreements with them, the largest opportunity that it will unveil is certainly the access to the immunoassays market once the ISAR platform will be ready around 2030, 2031. For the second one, Rahul?

[Rahul Srinivasan, CFO at Grifols]

Net financials, Jaime, that's the impact of IFRS 9 as a result of the refinancing we did earlier this year, that's one of the reasons why I've spent a lot more time focusing on cash interest costs. Cash is cash, you're not exposed to the vagaries of accounting treatment. IFRS 9 requires us to do a present value calculation as a result of the refinancing, that resulted in this one-time gain. I alluded to that when I talked about the one-time gains as well as the one-time costs impacting our net income. That's what it refers to. The cash interest cost number that's going through our free cash flow, that's real cash. That remains our area of focus.

[Daniel Segarra, Head of Investor Relations and Sustainability at Grifols]

Thank you so much, Rahul. Thank you so much, Jaime. Let's move to the next question. Juan Ros from ODDO. Juan, please go ahead.

[Juan Ros, Analyst at ODDO]

Hello. Good afternoon. Thank you for taking my questions too, please. First of all, earlier this year, CSL reduced its 2026 guidance for IG in the U.S. by around $300 million. They were saying they were citing excess channel inventory. Could you please reconcile this with your current IG growth in the U.S. market? Maybe you're experiencing different dynamics or you're gaining market share. Is it a matter of price? Maybe you can illustrate us in that sense, please. Second, regarding the gross margin, your adjusted gross margin fell 90 basis points this quarter. Maybe could you provide us some more color on the moving parts, what's China Albumin, what's IG mix, what's pricing, what's CPL, FX? Maybe you can help us a little bit with that. Thank you.

[Nacho Abia, CEO at Grifols]

Yeah, thank you, Juan. First of all, we don't comment on our competitors' messages in the market. Obviously, they explain their story as they wish. We can comment only about what we see. What we see in the U.S. market, and not only in the U.S., but in the rest of the world, is a continued strong demand of immunoglobulins. I think that the high single-digit demand is there for IV. In our case, obviously, the subcutaneous formulation is growing very fast because we started late and we are very quickly gaining market share. Our positive view is based on what we see, and that is what is driving our results as well. I don't know, Roland, you want to complement this?

[Roland Wandeler, President of Biopharma at Grifols]

No, just to emphasize that the results that you see that we presented today for the U.S. are all fully demand-driven. These are patients receiving medicines and looking at wholesaler inventory levels that were roughly stable around this period in the first half of the year. All demand-driven, as Nacho says.

[Rahul Srinivasan, CFO at Grifols]

Juan, I think your question relates to gross. I think you're making reference to, on page 15, the 38.6% adjusted, and I think you're comparing it to the 39.1% in H1 2025. Have I got your question right?

[Juan Ros, Analyst at ODDO]

Correct.

[Rahul Srinivasan, CFO at Grifols]

Okay. Yeah. Look, I think as you said, there are a number of constituent parts. I'm not going to break out the various constituent parts, but let me walk you through some of those constituent parts. I talked about price and geo mix being supportive. I talked about plasma costs being supportive from a CPL standpoint. We have the beginning of Egypt ramp-up coming through. Those are all supportive from an adjusted gross margin standpoint. The negatives, we talked about the restructuring as you identified as well, the restructuring of the plasma centers. That's a significant number, right? That's EUR 40 million, of which EUR 25 million is non-cash. Then we also talked about Bio Supplies and others lagging compared to 2025.

[Rahul Srinivasan, CFO at Grifols]

Those are the key drivers of the difference between the 38.6% on an adjusted basis as well as the Actually, the 37.1% and the 39.1%, and that's why we've included the 38.6% to help make the comparison better. Also remember, H1 last year, we didn't have the impact of the Albumin price. The Albumin price concession only came through in mid last year. That's one of the key drivers impacting comparability between H1 2026 and H1 2025. Hopefully that is comprehensive in our response.

[Daniel Segarra, Head of Investor Relations and Sustainability at Grifols]

Thank you so much, Rahul. As we are close to the hour, let's take the very last question from Charlie, Bank of America. Charlie, please.

[Charlie Haywood, Analyst at Bank of America]

Hi. Charlie here with Bank of America. Thanks for taking the question. It's on the SPARTA trial with data end of the year. Could you frame your confidence in the outcome trial given the data you've seen to date and any expectations for the 120 mig or the 60 mig dose? If you do see a dose response, do you expect to see any patient shift to the higher dose, and how much upside could that offer? Then second question on that is, if you do see a dose response, do you see a risk that you effectively validate the competitor's thesis for its regulatory pathway that higher trough AAT levels correlates to better clinical outcomes, and how do you assess that? Thank you.

[Roland Wandeler, President of Biopharma at Grifols]

Charlie, happy to speak about SPARTA. As mentioned, we have the last patient last visit in August. Obviously right now all the data is blinded, so we haven't seen the data. After last patient last visit, we'll have the database lock, the cleaning of data, and as soon as we have the data available and the analysis done, of course, that's where we publish our top-line data. We all look forward to it. What we do know is that the SPARTA study was designed with all the insights of prior studies, and specifically, the treatment window was extended from two years in prior studies to three years to give enough time for the preservation of lung tissue to actually come through.

[Roland Wandeler, President of Biopharma at Grifols]

We're obviously very confident in the thesis that made SPARTA possible and in the way that the team executed, and we know that opinion leaders are very much looking forward to seeing this study. In that sense, opinion leaders are also very much looking forward to seeing the results between the 60 mg and the 120 mg dose. Now, having said that, the study is initially not powered for that. It's powered to look at the outcomes, which is a key part for us to show preservation of lung function in these patients. As it comes to upside, I think what it would mean is that the results will guide physicians in their daily practice. As, again, physicians are very much looking forward to looking at this data, and once we have the data, we'll be able to comment more in response to that.

[Rahul Srinivasan, CFO at Grifols]

I think the second question was just around competitor validation. I think outcomes data versus augmentation levels, I think is a key differentiator that SPARTA brings us, particularly as you think about some of the payer pressures and so on and so forth. It sets us up in a much better position. I think as we've said all along, we're ready to compete. SPARTA is certainly a part of that, and we look forward to sharing the data as soon as it's available.

[Daniel Segarra, Head of Investor Relations and Sustainability at Grifols]

Okay. Thank you so much. I say that was the last question for today. Thank you for joining us today, and especially for your time during this busy reporting week. We look forward to speaking with you again next quarter. Thank you so much

Participants

Executives

• Daniel Segarra, Head of Investor Relations and Sustainability
• Nacho Abia, CEO
• Roland Wandeler, President of Biopharma
• Rahul Srinivasan, CFO

Analysts

• Charles Pitman, Analyst at Barclays
• Joaquín García-Quirós, Analyst at JB Capital
• Guilherme Sampaio, Analyst at CaixaBank
• Thibault Boutherin, Executive Director of Equity Research at Morgan Stanley
• Jaime Escribano, Head of Iberian Small and Mid Caps Equity Research at Santander
• Juan Ros, Analyst at ODDO
• Charlie Haywood, Analyst at Bank of America