The Catalan pharmaceutical company Grifols achieved a net profit of €227 million in the first half of 2026, a 28.7% increase compared to the previous year, driven by the growth of immunoglobulins.
Grifols, the pharmaceutical company based in Sant Cugat del Vallès, has presented semi-annual results that reflect sustained growth. The company recorded a net profit of €227 million between January and June 2026, representing an increase of 28.7% compared to the same period of the previous year.
According to the document submitted to the National Securities Market Commission (CNMV), total revenues reached €3.574 billion, a 2.7% increase. The main driver of the business was the Biopharma division, which reported a 5.4% increase thanks to the boost from immunoglobulins, whose sales grew by 12.9%.
Specifically, intravenous immunoglobulin (IGIV) increased by 12.5%, driven by strong demand for Gamunex® in the United States and Europe. Meanwhile, subcutaneous immunoglobulin (IGSC) grew by 17.7%, supported by the strong commercial performance of Xembify during the second quarter.
Adjusted EBITDA stood at €854 million, a 2.4% increase, with a margin of 23.9%, ten basis points above that recorded in the first half of 2025. The improvement in profitability was also supported by the operational recovery of Biotest and disciplined management of operating expenses.
Free cash flow before mergers and acquisitions improved to €91 million, compared to negative €12 million the previous year, representing a year-on-year improvement of €103 million. By the end of June, the net leverage ratio stood at 4.2 times EBITDA, while the liquidity position rose to €2.03 billion.
Grifols' CEO, Nacho Abia, highlighted that the results reflect "the continued strength of our business and the disciplined execution of our strategy." He added that the company remains focused on "driving sustainable growth, improving operational efficiency, and strengthening our financial position, while continuing to invest in long-term opportunities."
On the financial front, Grifols has successfully refinanced all debt maturities scheduled for 2027. The operation included the extension of the Term Loan B to approximately €3 billion and the increase of the revolving credit line from $938 million to over $2 billion, with better conditions and longer terms.
Additionally, the early repayment of €500 million of the bond maturing in 2030, which has the highest financial cost, will allow cash interest in 2026 to be in line with or even below that of 2025. The company does not face significant maturities until the fourth quarter of 2028 and maintains solid liquidity.
In the last 18 months, credit rating agencies S&P, Fitch, and Moody's have upgraded Grifols' rating several times. S&P Global Ratings raised the issuer rating by two notches to BB-, with a stable outlook. Moody's and Fitch also upgraded the rating or outlook, highlighting the strengthening of the financial profile and progress in deleveraging.
In the area of innovation, Grifols continues to strengthen its portfolio. The phase 3 SPARTA study, the largest randomized double-blind clinical trial to evaluate doses of alpha-1 antitrypsin in patients with emphysema, will reach the last patient visit in August 2026. The main results are expected by the end of the fourth quarter of 2026.
The company is also developing differentiated operational structures for Biopharma in the United States and the rest of the world. The aim is to strengthen the commercial and operational focus, accelerate the execution of the strategy, and optimize resource allocation. Plasma obtained in the U.S. will primarily supply the U.S. market, while that from the rest of the world will cover demand in Europe and other markets, reducing dependence on a single geography in the face of geopolitical and regulatory risks.
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