Grifols Reports Strong 2017 Results; Subcutaneous IG Data Coming in 2018
We’re slightly changing our Grifols fair value estimate to EUR 20 per share/$24.50 per ADR after making minor modifications for foreign-exchange rate fluctuations. The company reported solid 2017 financial performance, and bioscience (79% of total sales) growth of 7.9% in 2017 at constant currencies was ahead of Grifols’ average annual growth for the plasma protein business, due to volume and price tailwinds. While bioscience fourth-quarter growth stood at only 1.5%, this is mostly due to tough ...
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