Company: GIFLF
Filing Date: 2025-02-26
Form Type: 6-K
Source: 0001104659-25-017501
Chunk: 2

Company: Grifols SA
Filing Date: 2025-02-26
Form: 6-K
Chunk 2
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 2(d) of the Consolidated Interim Financial Statements for H1'24

1Operating or constant currency (cc) excludes changes rate variations reported in the period

2Free Cash Flow includes cash from operating activities + cash flow from investing activities, both as per International Financial Reporting Standards (IFRS), and excludes lease payments and SRAAS transaction

3Defined as per the Credit Agreement

4Cash and cash equivalents of €980m + unused credit facilities €1,279m - unused RCF facilities maturing in Nov 2025 c€399m

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Business Segment Performance

In the fourth quarter, total revenue grew 13.6%
at cc, reaching EUR 1,976 million resulting in a full year 2024 revenue growth of 10.3% at cc. Both quarterly and full year revenue totals
represent all-time-high records. Biopharma continues to be the leading growth driver for Grifols growing 15.1% at cc in Q4 and
full year growth of 11.3% at cc. This underscores the strong global underlying demand.

The immunoglobulin franchise continues to be
the engine for expansion experiencing strong growth in the fourth quarter at 17.9%, bringing the full year growth to 15.3%. These outstanding
results are not only driven by volume but also benefiting from favourable product mix. Growing demand is reflected in both IVIG and SCIG
(XEMBIFY), with SCIG reporting an increase of 55.5% at cc for the year.

Both Albumin and Alpha-1 and Specialty Proteins
continue with solid results. Albumin records a year-to-date growth of 8.0% at cc, while Alpha-1 and Specialty Proteins closes 2024 with
a year-to-date growth of 4.9%, following the Alpha-1 specialty pharmacy transition in the US earlier in the year.

In 2024, plasma supply effectively met growing
demand while cost per liter (CPL) further declined. Grifols has a well-diversified donor-center network and continues to execute on its
strategic initiatives to improve its plasma supply while both diversifying its footprint and implementing efficiencies and yield improvements.

Diagnosticunderlying business increased
0.7% at cc in 2024 excluding the one off commercial true-up in Q1’23. Main drivers were the Blood Typing Solutions’ performance,
reporting double-digit-growth in key counties, led by North America,