Grifols stock: Q3 revenue rises as leverage falls below four times

Grifols reported stronger third-quarter earnings on Monday, November 2, 2026, as Biopharma growth, improved product mix and cost discipline supported profitability. The company's Q3 2026 results filing showed revenue of EUR 2.04 billion, up 8.4 percent year over year at constant currency.

Grifols stock traded at 11.22 euros on Lang & Schwarz at 11:40 CET on Tuesday, November 3, 2026.

Biopharma drives the quarter

Biopharma revenue increased 10.3 percent at constant currency in the quarter. Immunoglobulin revenue rose 11.3 percent, while subcutaneous immunoglobulin sales advanced 40.3 percent. The Alpha-1 and specialty proteins franchise grew 18.2 percent, helped by strong demand for rabies-related products.

That momentum lifted adjusted EBITDA to EUR 538 million, a 9.8 percent increase at constant currency. The adjusted EBITDA margin reached 26.4 percent, 60 basis points above the prior-year quarter. Group profit rose 27.9 percent to EUR 162 million.

Cash generation supports deleveraging

Free cash flow before mergers and acquisitions reached EUR 208 million in the quarter. Through the first nine months, the figure totaled EUR 298 million, EUR 110 million higher than a year earlier. Nine-month revenue reached EUR 5.614 billion, while adjusted EBITDA came to EUR 1.392 billion with a margin of 24.8 percent.

Net leverage declined to 3.98 times at the end of September from 4.2 times a year earlier. Liquidity stood at EUR 2.14 billion. Grifols also said the refinancing of its 2027 obligations was complete, leaving no significant maturities until the fourth quarter of 2028.

Management reaffirmed its full-year 2026 guidance, including a target adjusted EBITDA margin of 25 percent. Chief Executive Nacho Abia said the quarter reflected continued execution of the company's plan, while Chief Financial Officer Rahul Srinivasan highlighted profit growth, cost control, margin improvement and free cash flow generation.

China weighs on albumin sales

Albumin revenue declined 13.2 percent at constant currency in the quarter. Grifols attributed the pressure to regulatory conditions and elevated channel inventories in China. The company is expanding its reach through tier-two hospitals and retail pharmacies while seeking additional opportunities outside China.

The contrasting trends leave investors balancing recurring immunoglobulin demand against the pace of recovery in albumin. Grifols' reported figures also show that currency movements matter: reported revenue increased 9.4 percent, compared with 8.4 percent at constant currency.

Egypt and SPARTA set future markers

Grifols operates 18 plasma centers in Egypt and expects to reach 20 by the first quarter of 2027. The company is on track to collect approximately one million liters of plasma in Egypt in 2026 and targets up to three million liters annually by 2029. It expects Egyptian plasma to represent about half of its collection outside the United States by 2029.

Top-line results from the Phase 3 SPARTA study of alpha-1 antitrypsin in emphysema patients are expected by the end of the fourth quarter of 2026. The program and the Egyptian supply platform could influence the company's growth profile beyond the current reporting year.

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