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Grifols B : Q4 2023 earnings below expectations. Breakeven FCF guidance for FY 2024 implies further disposals to meet the 4x ND/EBITDA goal
>Top line back to its usual cruising speed - Sales grew by +3% or +9% cc (vs +9% cc in Q3) reaching € 1.8bn, somewhat below our numbers yet more aligned with the consensus. Biopharma posted a +5% y-o-y growth or +10% cc (vs +14% cc in Q3) to € 1.5bn driven by: i/ solid plasma collection growth (+10% in FY 2023 vs +10% in 9M), ii/ IGg demand (higher Xembify demand in the US and robust IGg demand in Europe) and price upticks, iii/ AAT uptick in Q4 (+2% cc) but still im...
Underlying
Grifols S.A. Pref Class B
Provider
Oddo BHF
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.
Juan Ros-Padilla
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