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Grifols' profit slides 70% on blood plasma supply disruption

Spain's Grifols net profit drops 70% dented by COVID-19 disruption
Spain's Grifols net profit drops 70% dented by COVID-19 disruption   -   Copyright  Thomson Reuters 2022
By Reuters

By Joan Faus

BARCELONA -Spanish pharmaceuticals company Grifols’ full-year net profit fell 70% to 183 million euros ($204.70 million) as the COVID-19 pandemic continued to disrupt supplies of the blood plasma it uses to make medicines.

The profit was significantly below Refinitiv’s estimate of 436 million euros while revenues was also below expectations with a 7.6% decline to 4.933 billion euros.

Shares in the company opened 1.9% down while the blue-chip IBEX 35 index was 1% down.

Grifols said the pandemic had a negative impact of 503 million euros on core earnings, mainly because of lower collection of blood plasma, which was down 4% year on year, though there was an improvement in the fourth quarter.

The Barcelona-based company expects plasma collection to continue rising in 2022, which would reduce the blood’s cost and increase Grifols’ profitability, it said in a statement.

Grifols announced a 1.6 billion euro takeover of German rival Biotest last September in a move to consolidate the plasma-based drug industry.

($1 = 0.8940 euros)