The core IG franchise remains strong, but currency and China albumin headwinds persist. Refinancing eliminates near-term maturity risk and supports credit profile. Monitor Q2 for continued IG momentum and any FX stabilization. The upcoming AGM dividend approval and potential U.S. Biopharma IPO are catalysts.
Price Chart
Executive Summary
Grifols reported Q1 2026 revenue of €1.7 billion (+3.3% cc, -4.8% reported), net profit up 21.9% to €73 million, and adjusted EBITDA of €381 million (+0.8% cc, margin stable 22.4%). The Biopharma segment grew 6.8% cc led by immunoglobulin. The company successfully refinanced all 2027 debt maturities, reducing leverage to 4.3x. Full-year 2026 guidance was reaffirmed.
Key Facts
- Total revenue of €1.7B in Q1 2026, up 3.3% constant currency but down 4.8% reported due to FX
- Net profit of €73M, up 21.9% YoY
- Adjusted EBITDA of €381M, up 0.8% cc, margin unchanged at 22.4%
- Free cash flow pre-M&A improved to -€8M from -€38M
- Leverage ratio stood at 4.3x vs 4.5x a year ago
- All 2027 debt maturities successfully refinanced; next maturity Q4 2028
- Biopharma revenue +6.8% cc; IG franchise +15.3% cc
- Albumin declined 6.1% cc due to China pricing pressure
- Diagnostic revenue fell 16.2% reported due to Quidel Ortho joint business dissolution
- Full-year 2026 guidance reaffirmed
Financial Impact
Revenue and profit grew on constant currency basis, but reported revenue declined due to FX headwinds of €144M. Net profit increased €13M YoY. Leverage improved by 0.2x.
Risk Factors
- Foreign exchange volatility, particularly EUR/USD, impacting reported results
- Ongoing pricing pressure in China albumin market
- Diagnostic segment revenue decline and transition after joint venture dissolution
- High leverage at 4.3x despite improvement
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-056966 |
| Document: 0001104659-26-056966-index-headers.html | 0001104659-26-056966 |
| Document: 0001104659-26-056966-index.html | 0001104659-26-056966 |
| Document: 0001104659-26-056966.txt | 0001104659-26-056966 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 15, 2026 23w ago | 6-K | $5.30 $5.69 | ▲ +7.36% | ▲ +5.24% | $5.55 (+4.72%) |
May 7, 2026 24w ago | 6-K | $5.30 $5.69 | ▲ +7.36% | ▲ +4.22% | $5.55 (+4.72%) |
Apr 17, 2026 27w ago | 20-F | $5.74 $5.30 | ▼ −7.67% | ▼ −11.87% | $5.55 (−3.31%) |
US Market Status
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