Maintaining Our Grifols FVE Following a Solid Quarter Driven by Immunoglobulin
We're maintaining our EUR 22.50/$25.50 fair value estimate following Grifols' solid first-quarter results. Grifols' bioscience segment (about 80% of sales) grew 13.4% (8% at constant currencies) in the first quarter to EUR 916 million, driven by immunoglobulin demand as well as some price increases in certain markets (likely including the U.S.). Grifols expects to launch its 20% subcutaneous immunoglobulin in the second half of 2019, and is ramping its marketing spend in preparation. Alpha-1 ant...
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