Grifols prepares IPO of its US Biopharma business

Barcelona, Spain, March 24, 2026 – Grifols' Strategy Committee has proposed, and the Board of Directors has approved, the IPO on the U.S. stock market of a portion of the shares of Grifols’ U.S. Biopharma business. The proposed transaction follows the self-sufficiency programs launched across its Biopharma business units and will be subject to market conditions, as well as applicable legal and regulatory requirements.

If the transaction is successfully completed, Grifols would float a minority stake in Grifols' Biopharma U.S.  The parent company, Grifols S.A., would maintain its listing in Spain and would retain control of the U.S. business. The proposed IPO is intended to raise capital to support the company’s strategic priorities, including debt reduction and investment in growth across key markets where it is advancing its self-sufficiency projects.

Following the proposed IPO, the Grifols’ U.S. Biopharma business will have its own Board of Directors, dedicated leadership team and corporate governance structure. This structure will allow the company to operate with a clear strategic focus, tailored governance and the agility needed to compete and grow as a U.S. listed company. This positioning aligns with investor interest in a pure-play U.S. plasma company and a simplified capital structure post-IPO.

The Group will continue to grow its plasma and diagnostics businesses in other key strategic markets, with improved profit margins from our self-sufficiency programs in Egypt and Canada and growing revenues from new products.

The First Fully Self-Sufficient Plasma-Derived Medicines Company in the United States

The transaction reinforces Grifols’ vision of self-sufficiency by creating the first and only player that will not rely on plasma, manufacturing or supply from outside the United States. The company has developed a fully integrated and self-sufficient model in the country, covering the entire value chain, from plasma collection to manufacturing, logistics, testing and distribution. This structure enables it to produce all the therapies it markets, ensures supply continuity and strengthens its resilience in a highly complex sector with long cycles and strict regulatory requirements.

The U.S. Biopharma business operates in the world’s leading plasma market, which supplies more than 60% of global plasma worldwide and continues to show strong structural demand, with the industry expected to grow at a high single-digit rate over the coming years. The plasma industry features high entry barriers where scale, infrastructure and regulatory expertise are critical, and where a limited number of players account for the vast majority of global capacity.

The U.S. Biopharma business combines scale, operational maturity and recurring revenue generation with continued opportunities to drive growth through execution, efficiency and expansion of its product portfolio. The business operates in a mature market, key to the Grifols group’s growth, supported by strong and predictable demand for plasma-derived therapies, a highly developed healthcare system and a favorable regulatory environment.

Grifols is the largest player in the U.S. plasma market, where it operates nearly 300 donation centers across 40 states and has major industrial facilities in California and North Carolina, employing more than 14,000 people across the United States. This infrastructure is essential to sustaining the global production of plasma-derived medicines and meeting growing international demand. The company has built a uniquely positioned platform in the U.S., combining full vertical integration, fully domestic footprint and significant industrial scale.

The scale of the market, the company’s industrial capacity, its solid and widespread donor network in the country and its innovation ecosystem make the United States a highly developed and resilient platform, enabling consistent performance and continued value creation.

Transforming the Plasma Market with Strategic Self-Sufficiency Projects

Grifols continues to advance its self-sufficiency initiatives in other key markets that represent the foundations of its future growth and its long-term strategy to expand access to plasma-derived therapies globally. The company is focused on reshaping the global plasma market through a new model built on vertically integrated, regulatorily robust self-sufficiency programs designed to strengthen security of supply. As global demand continues to rise and healthcare systems face growing pressure to secure stable and resilient supply chains, Grifols is advancing public-private partnerships that enable countries to reduce external dependence while ensuring high-quality, cost-efficient access to essential therapies. With flagship projects in Egypt and Canada, the company is reinforcing its scale, expertise and proven capability to enhance plasma self-sufficiency at national levels while expanding plasma sources globally.

In Egypt, Grifols has helped the country achieve self-sufficiency in plasma-derived medicines, making it the sixth country in the world to reach this milestone. The project combines a modern collection and production network, optimized costs and high manufacturing yields, creating a competitive platform that can serve both domestic and regional demand. Following EMA certification of the full value chain in 2025, Egypt has become the first country in Africa and the Middle East with a fully integrated plasma system meeting the strictest international standards, paving the way for exports to Europe and positioning the country as a strategic regional hub for Africa, the Middle East and beyond. Following EMA certification of the full value chain in 2025, Egypt has become a strategic regional hub for EMEA region.

In Canada, Grifols is advancing a long-term partnership with Canadian Blood Services (CBS) to increase immunoglobulin self-sufficiency from 15 per cent to 50 per cent and strengthening supply security for one of the world’s highest per-capita consumers of these therapies. Supported by a network of 17 donation centers, existing purification capacity and a new Montreal fractionation facility expected to begin operations in 2028, Grifols is creating the country’s only large-scale, fully integrated commercial platform for plasma-derived medicines. In less than three years, the Grifols and CBS partnership has delivered successful results, doubling Canada's self-sufficiency rate from 15 per cent to 33 per cent.

Together, the Egypt and Canada projects are major strategic drivers for the company, expected to generate increasing contributions to growth, efficiency and profitability over the next years while transforming the global plasma landscape. This approach builds on the strength of Grifols’ established U.S. platform, combining a highly developed and efficient operating base with the progressive expansion of its model to other geographies. Together, these complementary dynamics support the Group’s long-term growth, balancing consistent performance with new roads for development.

This approach reflects Grifols’ strategy of building on a highly developed and efficient U.S. base while progressively extending its integrated and self-sufficiency model to other regions. These market dynamics support the Group’s long-term growth, combining consistent performance with new growth drivers.