Grifols, S.A. Q3 2026 Earnings Recap

Grifols rose 2.3% after earnings, a roughly flat reaction. Q3 revenue and Biopharma grew, while the company reiterated it was on track for full-year margin guidance; the transcript also flags ongoing pressure on headline Diagnostics growth.

Key Takeaways

• Q3 revenue increased 8.4% at constant currency; Biopharma grew 10.3%.
• IG revenue rose 11.3% in the quarter and 12.3% year to date. Subcutaneous IG grew 40.3% in Q3.
• Adjusted EBITDA was €538 million, with a 26.4% Q3 margin. Nine-month margin was 24.8%, and management said it remained on track for its 25% full-year target.
• Free cash flow before M&A was nearly €300 million for the first nine months, and total net leverage fell to just below 4x.
• Diagnostics headline growth is expected to remain negative this year following the end of the QuidelOrtho joint business, although management said underlying growth was positive.