Grifols stock weighs US Biopharma IPO as leverage falls
Published on 11/13/2026 at 11:53 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSGrifols balances growth and deleveraging
- Third-quarter revenue rose on stronger Biopharma demand, while albumin sales remained under pressure in China.
- Free cash flow before M&A increased year over year and net leverage fell below four times.
- The potential US Biopharma IPO remains subject to approvals, market conditions and further board assessment.
Grifols is advancing its review of a potential IPO for its US Biopharma business while using stronger operating cash flow to reduce leverage. The company presented the plan alongside its third-quarter results on November 2, and the filing published through Equibles said the IPO assessment was continuing. Any transaction remains dependent on internal approvals, legal and regulatory requirements and market conditions.
IPO option meets balance-sheet progress
The possible listing would give Grifols another capital-allocation route while keeping attention on its debt burden. The company has not disclosed transaction proceeds, the stake to be sold or a timetable for completion, so the plan is not yet equivalent to debt reduction. Management has described the broader objective as improving financial flexibility and continuing deleveraging.
Grifols reported third-quarter revenue of 2.04 billion euros, up 8.4 percent at constant currency from the prior-year quarter. Adjusted EBITDA rose 9.8 percent at constant currency to 538 million euros, with the margin reaching 26.4 percent. Group profit increased 27.9 percent to 162 million euros.
Biopharma offsets China weakness
Biopharma remained the main growth engine. Revenue in the division increased 10.3 percent at constant currency in the third quarter, supported by immunoglobulin demand and contributions from Alpha-1 and specialty proteins. Immunoglobulin revenue rose 11.3 percent at constant currency, while subcutaneous immunoglobulin revenue climbed 40.3 percent.
Albumin continued to weigh on the mix. Revenue declined 13.2 percent at constant currency in the quarter as regulatory conditions and elevated channel inventories affected the Chinese market. Grifols said it was broadening commercial channels in China and developing opportunities outside the country.
Cash flow supports debt reduction
Free cash flow before M&A reached 208 million euros in the quarter and 298 million euros in the first nine months, an increase of 110 million euros from the same period a year earlier. Net leverage under the credit-agreement definition fell to 3.98 times at the end of September from 4.2 times a year earlier and 5.1 times in September 2024. Liquidity stood at 2.14 billion euros, according to the company filing.
Grifols confirmed its full-year 2026 guidance. The company also said it had no significant debt maturities until the fourth quarter of 2028 after refinancing its 2027 obligations. That schedule gives management more room to consider repayments or refinancing, although interest costs and execution of the operating plan remain important for equity investors.
Stock trades without Xetra comparison
Grifols stock traded at 11.61 euros on Lang & Schwarz at 11:47 CET on Friday, November 13.
Grifols company profile
- Company: Grifols, S.A.
- ISIN: ES0171996087
- Spanish ticker: GRF
- Latest Lang & Schwarz quote: 11.61 euros, Friday, November 13, 2026, 11:47 CET
- Sector: Healthcare
- Index: IBEX 35
For the wider Spanish market context, follow current IBEX 35 market developments.
Investors will focus next on progress toward the potential IPO, the year-end SPARTA study update and further evidence that cash generation can reduce leverage. More news and analyses on Grifols stock.
