Slightly Raising Our Grifols FVE Following Strong 1Q Plasma Protein Demand
Grifols’ first-quarter results were ahead of our expectations, and we’re slightly increasing our fair value estimate to EUR 19.10/$21 per ADR after raising our immunoglobulin growth rate assumption for the year to 10%, and also lowering our long-term tax rate assumption to factor in potential U.S. corporate tax reform in 2018.  Top-line growth of almost 8% at constant currencies was driven by plasma products in the bioscience segment (11.9% growth), aided by a stabilizing diagnostics segment (3%...
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