FX headwinds, pipeline delays weigh on Grifols' shares

Grifols SA

05/11/2025 08:52

** Shares of Spanish healthcare company Grifols GRLS.MC drop about 5%, with analysts pointing to FX headwinds and pipeline delays

** Banco Sabadell and Capital Markets note Grifols' stronger quarterly results but say that FX pressures and pipeline issues are behind the stock's underperformance on Wednesday

** Grifols said in its report it estimates a 70 million euro FX headwind on FY25 adjusted EBITDA

** It also updated its application to the FDA for permission to sell its fibrinogen treatment, with a decision expected by December's end

** J.P.Morgan notes a 3% adjusted EBITDA beat, driven by Biopharma growth, and a steady leverage ratio at 4.2x, but expects a 2% cut to consensus on revenues and earnings due to FX impact and pipeline delays

** Although Grifols has not guided on the FX headwind on revenues, we estimate this could be about 200 mln euros, JPM adds

** The stock, trading at its lowest price since July, is heading for its biggest single-day drop since April

 (Reporting by Mireia Merino)

 ((Mireia.Merino@thomsonreuters.com))