MS cuts Grifols to 'equal-weight' amid revenue growth uncertainties

Sanofi SA

10/03/2026 07:15

** Morgan Stanley downgrades Spanish drugmaker Grifols GRLS.MC to "equal-weight" from "overweight", citing a lack of visibility on mid-term revenue growth

** The broker points to a decline in albumin sales in China following government reimbursement restrictions, expecting the trend to persist into the first half of the year

** "In this context, we see the revenue growth trajectory beyond 2026 as uncertain," Morgan Stanley says, lowering its revenue forecasts for Grifols by 4-7% for the 2026-2029 period

** A slowdown in the company's alpha-1 protein business and the risk of competition from a potential new therapy from Sanofi SASY.PA also contribute to the uncertain revenue outlook

** The brokerage cuts its target price to 11 euros ($12.80), which is about 11% higher than Monday's closing price

** According to LSEG data, out of 17 analysts that cover Grifols, 11 rate the stock "strong buy" or "buy", ​four rate it "hold" and two​ rate it "strong sell" or "sell"

($1 = 0.8596 euros)

 (Reporting by Javi West Larrañaga)

 ((javier.west@thomsonreuters.com; +34 918 35 61 12))