Grifols Profits Soared 32.9% in First Quarter of 2014

The multinational Catalan Grifols group declared a net profit of €121 million  in the first quarter of 2014 which is 32.9% more than the same period last year. Sales increased 16.7 % to 798 million euros, including the business of transfusion diagnostic Novartis acquired in January 2014. In this regard, the acquisition and integration of Business transfusion diagnostic Novartis has changed the weights divisions: Bioscience, 75.3 %; Diagnostic, Hospital 18.4% and 3%. Overall, 93 % of sales come from outside Spain.

Regardless of the sales generated by the purchase of the business of Novartis transfusion diagnosis, and that is still working on the exact allocation of new business by geographical area, income in the U.S. and Canada grew by 6.4 %.

In the European Union, the decline has moderated to 2.8% in the first quarter and noted that the activity is started in new areas such as the Middle East.

Adjusted net income, excluding non-recurring costs and associated with recent acquisitions, amortization of deferred financing costs related to the refinancing and amortization of intangibles associated with acquisitions, totaled 147 million, 27.1 % more.
The results show until March planned changes to the relative weights of each of the divisions of the group’s total revenue for the effects of the integration of transfusion diagnostic unit purchased. Sales of the Bioscience Division totaled 601 million and his weight dropped to 75.3 % of total sales of Grifols. Division of Hospital billed 24.3 million and accounts for 3 % of sales, but fell by 7.3%, because the concentration of sales in Spain is important and the effects of hospital spending restrictions have impacted on these income.

However, during the quarter we continued promoting the internationalization of the division and there have been projects in the area of hospital logistics in Chile and Argentina, as well as intravenous therapy in the U.S..

The Diagnostics division has increased its stake to 18.4 % of sales and revenues stood at 146.5 million, while the Raw Materials & Others division increased its revenues to 26.2 million and accounts for 3 3% of sales.

The total debt was €5,500 million. Grifols plans to invest €600 million in capital investments between 2014 and 2016.

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Posted by Kashif Mirza on May 8 2014. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.