Company: GIFLF
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001104659-25-034245
Chunk: 16

Company: Grifols SA
Filing Date: 2025-04-11
Form: 20-F
Item: Item 3
Chunk 16
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 throughout the country and agreeing to donate plasma. 
A significant portion of the plasma we collect in the United States comes from donors who cross the U.S.-Mexico border to donate at plasma collection centers located in border states, such as California, Texas and Arizona. Any restrictions or policy changes or any other issues that limit or prevent Mexican nationals holders of valid United States visas from entering the United States for this purpose could materially impact our ability to collect sufficient plasma to meet production needs. Over the years, U.S. authorities have imposed or proposed various measures that could restrict cross-border travel, including changes to visa policies, travel bans, or increased enforcement actions at border checkpoints. If any new or existing restrictions were to be implemented or tightened, they could significantly reduce the available donor pool and disrupt our plasma collection operations. A decrease in plasma supply could lead to higher costs of collection, increased reliance on alternative sources, or potential supply shortages, all of which could adversely impact our revenues and profitability. For example, during the COVID-19 pandemic the United States closed the U.S.-Mexico border, which prevented individuals from crossing into the United States and donating plasma in our plasma collection centers, significantly reducing the number of plasma donations. Border closures and travel bans or restrictions could limit the ability of donors to reach our plasma collection centers and reduce our plasma supply.
If we are unable to obtain sufficient quantities of source plasma, we may be unable to find an alternative cost-effective source of plasma and we would be limited in our ability to maintain current manufacturing levels of plasma derivative products. Furthermore, any reduction in supply could affect our ability to meet patient demand and contractual obligations, potentially leading to reputational harm or regulatory scrutiny. As a result, we could experience a substantial decrease in net revenue or profit margins, a loss of customers, a negative effect on our reputation as a reliable supplier of plasma derivative products or a substantial delay in our production growth plans. Any significant disruption to our plasma supply chain could have a material adverse effect on our business, financial condition, and results of operations.
Changes in immigration laws in the countries in which we operate, including Canada and the United States, could affect our ability to send employees with specified expertise in manufacturing and IT into foreign regions for purposes of building or upgrading certain infrastructure.
We are highly dependent upon skilled personnel in key parts of our organization, and we invest heavily in recruiting, training and retaining qualified individuals. The success of our business is dependent on our ability to attract and retain talented and experienced professionals, and the ability to mobilize them around the world to