Company: GIFLF
Filing Date: 2025-07-30
Form Type: 6-K
Source: 0001104659-25-071915
Chunk: 3

Company: Grifols SA
Filing Date: 2025-07-30
Form: 6-K
Chunk 3
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 the U.S. market and also strengthens its flexible and resilient structure in the face of regulatory
changes or new tariffs.

Biopharma drives strong growth in the first half of 2025

Biopharma revenue grew by 8.2% cc, led by continued
momentum in the immunoglobulin (IG) franchise, while Alpha-1 continued to gain traction. Specifically, IG revenues rose by 12.5%
cc, with strong growth in both its intravenous form (IVIG), which outpaced market growth, and subcutaneous form (SCIG), which delivered
66% cc in the first part of 2025. Grifols continues to consolidate its leadership in key indications such as primary and secondary immunodeficiencies
and CIDP.

Albumin posted sequential improvement in Q2 2025,
following license renewal in China. The 1.3% cc growth in this quarter resulted in a first half performance of minus 3.7% cc.

Revenues from Alpha-1 and Specialty proteins
continued to perform positively, growing 4.8% cc in the first half of the year. Alpha-1 continues to benefit from the company’s
leading 70% global market share. As part of this protein’s commercial growth strategy, the SPARTA study and the subcutaneous formulation
trial for Alpha-1 are progressing as planned.

Grifols maintains its plan to launch fibrinogen
in Europe in the fourth quarter of 2025 and in the United States in the first half of 2026, following FDA approval.

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Diagnostic business maintains positive momentum

Diagnostic revenues reached EUR 332 million,
an increase of 2.8% cc, driven by Molecular Donor Screening (MDS) across EMEA and Asia-Pacific, as well as solid performance in Blood
Typing Solutions (BTS) in key countries. Noteworthy is the FDA approval to begin manufacturing Gel Cards and reagent Red Blood Cells
at Grifols’ San Diego facility.

Grifols reaffirms 2025 guidance and improves the Free Cash Flow pre-M&A guidance

As Grifols enters the second half of 2025 with
strong underlying momentum across its core businesses, the company reaffirms its 2025 guidance shared during its Capital Markets Day
on February 27, 2025, and improves the guidance for Free Cash Flow pre-M&A guidance to EUR 375-425 million.

While the recent depreciation of the U.S.