Company: GIFLF
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001104659-25-034245
Chunk: 164

Company: Grifols SA
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 164
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 (37.8)   %
Profit before income tax                                                                         207,021                 338,013            (130,992)             (38.8)   %
Income tax expense                                                                              (43,349)                (90,111)               46,762             (51.9)   %
Consolidated net profit                                                                          163,672                 247,902             (84,230)             (34.0)   %

(1)   The financial information as of and for the years ended December 31, 2023 and 2022 has been restated to apply changes in criteria and correct errors. See “Factors Affecting Our Financial Condition and Results of Operations—Changes in accounting criteria and correction of errors” above and see Notes 2(d) and 10 to our consolidated financial statements as of and for the year ended December 31, 2024, included in this annual report on Form 20-F.
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106

Net Revenue
Net revenue is calculated by subtracting certain chargebacks, cash discounts, volume rebates, Medicare and Medicaid discounts and other discounts from our gross revenue, which is mainly generated by the sale of goods. See Note 24 to our audited consolidated financial statements included in this annual report on Form 20-F.
Our business units reported a record performance in 2023 in terms of total consolidated net revenue. Our net revenue increased by 8.7% (10.9% at constant currency), or €528.0 million, in 2023, reaching €6.6 billion compared to €6.1 billion in 2022. Positive market dynamics, including strong demand for our key proteins, in conjunction with the recovery of our plasma collection volumes were critical to these results, with the increase in total net revenue being largely due to the performance of our Biopharma business unit, as explained below.
The following table reflects a summary of net revenue by each of our business units for 2023, as compared to 2022:

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​                                               Year ended          ​                      Year ended                    ​                ​                    ​    
​                                         ​   December 31,   ​      % of total    ​      December 31,   ​       % of total      ​         ​   ​                ​    
Summary of Net Revenue by business unit   ​