Grifols A : H2 2021 results below our estimates on higher R&D with better plasma supply trends for 2022e (in line)
>H2 2021 sales in line - Grifols has published FY 2021 results: group sales decreased -10% to € 2.4bn (vs -5% posted in H1 2021) with organic growth excluding forex of -10% vs +2.3% in H1 2021. Group revenues were in line with our estimates but missed consensus expectations by 11%. The sales decline was mainly due to the bioscience business posting a 12% contraction in sales or -12% excl. forex (vs -8% posted in H1 2021 or -0.1% excl. forex), in line with our estimate...Grifols is engaged in developing, manufacturing and distributing a range of plasma derivative products. Plasma derivatives are proteins found in human plasma, which once isolated and purified, have therapeutic value. These protein-based therapies extend the lives of individuals who suffer from chronic and acute conditions. Co. also specializes in providing infusion solutions, nutrition products, medical devices, diagnostic instrumentation and reagents for use in hospitals and clinics. Co.'s products and services are used by healthcare providers in approximately 100 countries. Co.'s business is organized into three divisions: Bioscience, Diagnostic, Hospital and Raw Materials.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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