Grifols reported a total revenue of €3,574 million in the first half of 2026, driven by the strong performance of the Biopharma business, which grew 5.4% cc, led by a 12.8% rise in immunoglobulins.
Adjusted EBITDA reached €854 million, up 2.4% cc, with margin improving to 23.9%. Group profit rose to €227 million, representing a 28.7% increase compared to the first half of 2025.
“Our first-half performance reflects the continued strength of our business and the disciplined execution of our strategy. We continue to be focused on delivering sustainable growth, improving operational efficiency and strengthening our financial position, while continuing to invest in the long-term opportunities.”
Egypt is a key pillar of Grifols' strategy to strengthen plasma self-sufficiency and diversify its global supply network. Through its joint venture with the Egyptian government, the company is developing a fully integrated plasma ecosystem and plans to increase annual plasma collection capacity to up to three million liters by 2029. Once fully developed, Egypt is expected to become Grifols' largest source of plasma outside the United States, supporting regional self-sufficiency, supply-chain resilience and long-term growth.
Grifols is developing separate Biopharma organizations for the United States and Rest of World markets. The model is designed to increase regional plasma self-sufficiency, with U.S.-sourced plasma primarily serving the U.S. market and plasma collected outside the United States increasingly supplying Europe and other international markets. Grifols believes this approach will better align sourcing costs with regional pricing structures, strengthen supply resilience and reduce dependence on a single geography.
During the first half of 2026, free cash flow pre-M&A improved to a positive €91 million, compared with negative €12 million in the same period of 2025. Liquidity increased to €2.03 billion and the net leverage ratio stood at 4.2x. Grifols also refinanced all 2027 debt maturities and redeemed €500 million of its 2030 bond, resulting in no significant debt maturities until the fourth quarter of 2028.
Grifols expects performance in the second half of 2026 to be supported by continued strength in immunoglobulins, the ramp-up of Egypt plasma, further progress in Biotest, operating leverage supported by disciplined cost management and continued improvement in free cash flow generation. The company is also advancing multiple Phase 3 clinical programs and launched fibrinogen in the United States during the second quarter.
Revenue growth was mainly driven by the Biopharma business, which increased 5.4% at constant currency. Immunoglobulins were the main contributor, with intravenous immunoglobulin (IVIG) growing 12.5% and subcutaneous immunoglobulin (SCIG) growing 17.7%. Profitability was supported by the operational improvement of Biotest, disciplined operating expense management, and ongoing plasma sourcing and footprint optimization efforts.
Financial results published by the company.
Downloadable resources for media professionals.