Grifols has taken a new turn in its strategy by launching preparations for to float a minority stake in its Biopharma business in the United StatesThe project, which is still dependent on market conditions and relevant regulatory approvals, will be launched through an initial public offering (IPO) in the world's largest plasma market.
The Catalan multinational, specializing in plasma-derived medicines, emphasizes that will retain majority ownership and operational control of the divisionWhile the parent company will continue to be listed on the Spanish stock exchange. The underlying intention is clear: to strengthen the balance sheet, reduce the high level of debt, and secure resources to finance growth plans in its key markets.
Details of the operation and the board's decision
The movement has been approved by the Grifols Board of DirectorsThe IPO, proposed by the Strategy Committee chaired by Anne-Catherine Berne, represents a significant step within the company's long-term plan. The IPO is based exclusively on a minority stake in Biopharma's business in the United StatesTherefore, the group will retain control of this activity.
The pharmaceutical company has informed the Spanish regulator that The execution of the transaction will be subject to the market environment and legal and regulatory requirements.and that it cannot be 100% guaranteed that the IPO will materialize as planned. In any scenario, Grifols has insisted that its The parent company will remain listed in Spain, thus preserving the stock market anchor in the continuous market.
According to the most recent figures available, Biopharma is the true revenue engine of the group.In 2025, it generated around €6.487 billion, slightly more than 86% of total revenue, which reached €7.524 billion. Of this figure, the United States and Canada region contributed €4.253 billion, with year-on-year growth of nearly 7,5%.
At the time the operation was announced, Grifols had a market capitalization of around 5.200 billion eurosfar from the peak of over 15.000 billion it reached in 2020. The IPO of part of Biopharma is interpreted internally as a lever to increase the value of this asset in the US market and improve the company's perception among investors.
Objective: to reduce debt and strengthen the balance sheet
The message the company has conveyed to the markets is that The funds raised through the IPO will be primarily used to reduce debt. It already finances expansion projects in areas considered strategic. The group carries a high level of debt, which exceeded €7.700 billion at the end of 2025, and which some analyses place close to €8.800 billion, with leverage ratios greater than four times EBITDA.
This financial pressure has been at the heart of investors' concerns, especially after the crisis of confidence generated by the report from the bearish firm Gotham City Research, which in early 2024 accused Grifols of manipulating its accounts. As a result of that episode, the shares suffered a sharp decline, there was speculation about a possible takeover bid by the Canadian fund Brookfield along with the founding family, and management intensified the strategy to accelerate cash generation, refinance debt and reduce liabilities.
During 2025, under the leadership of CEO Nacho Abia, the company achieved to resume the path of growth and restart dividend paymentsAt the Capital Markets Day held at the end of February, the group presented a new strategic plan that sets the objective of achieving revenues of 10.000 billion euros in 2029 and 14.000 billion in 2034, driven, to a large extent, by Biopharma.
The announcement of the potential IPO is part of this plan and aims to contribute oxygen to Grifols' financial structureThis also strengthens the visibility of its main business in its largest market. Explicit objectives also include reducing the average cost of debt and extending maturities, with a particular focus on liabilities expiring from 2027 onwards.
In parallel, the company hopes that the operation will serve as a boost to its stock priceThe company has been hampered in recent years by volatility, short selling pressure — with funds like Kintbury Capital exceeding 1,6% of short capital — and a loss of confidence that the group is trying to reverse with greater transparency and deleveraging commitments.
Independent structure for Biopharma's subsidiary in the US
Beyond the financial objective, the operation involves a significant change in the internal organization of the American businessFollowing the eventual IPO, Biopharma's US division will have its own Board of Directors, an independent management team, and a specific corporate governance structure adapted to the North American market.
Grifols argues that this model will provide the subsidiary with greater operational agility and a clearer strategic focusThis will facilitate decision-making and the raising of capital geared towards a purely biopharmaceutical business focused on plasma. The company emphasizes that this configuration also responds to investor interest in more specialized vehicles, with simplified capital structures and less exposed to the complexity of a global conglomerate.
As the group has reiterated, the new US-listed company It will remain controlled by Grifolswhich will retain the majority of the capital and voting rights. This aims to combine the flexibility and attractiveness of a company listed in the United States with maintaining the group's strategic cohesion globally.
Analysts suggest that a differentiated vehicle could serve to to enhance the value of the Biopharma businesswhose weight in the income statement is much greater than that currently reflected by the company's overall market capitalization. In this respect, the partial placement would allow the US market to assign a specific multiple to the plasma unit, potentially higher than that applied to the consolidated group.
Integrated and self-sufficient model in the main plasma market
The United States has been, for years, the heart of the global plasma businessGrifols operates there as the leading operator in the sector, with nearly 300 donation centers spread across 40 states, major industrial plants in California and North Carolina, and a workforce of over 14.000 employees.
The company maintains that Biopharma's US subsidiary will become the first and only completely self-sufficient company in the sector. within the country, meaning it is capable of sourcing and producing without depending on plasma, manufacturing, or supplies from other markets. Its model covers the entire value chain: plasma collection, fractionation, industrial processes, quality analysis, logistics, and distribution of therapies.
This vertical integration scheme allows, according to Grifols, ensure continuity of supply in a sector characterized by long production cycles, strict regulation, and high barriers to entry. In fact, the US plasma market provides more than 60% of the global supply, and the company expects it to continue growing at rates of a high digit in the coming yearssupported by a structurally strong demand for plasma-derived therapies.
Biopharma's US business combines, in the group's view, industrial scale, operational maturity, and recurring revenue generationwith room for continued growth through improved efficiency, optimization of its network of centers, and expansion of its product portfolio. All of this within an environment of an advanced healthcare system and a regulatory framework that, while demanding, offers long-term visibility.
The sector's own competitive positioning helps to reinforce this thesis: A small number of companies control most of the world's plasma capacityAnd the combination of regulatory requirements, infrastructure investment, and technical expertise translates into a very high bar for entry for new players.
Market reaction and investor interest
The announcement of the possible initial public offering has been closely followed by the market. Grifols' ADRs in the United States rose by nearly 13% in after-hours trading., after the statement was made public, although during the regular session on the Nasdaq the shares had closed with a moderate decline.
On the Spanish Stock Exchange, Grifols shares They closed the session prior to the announcement with a slight increase of around 0,4%....falling below €9 per share. Despite this slight rebound, the shares have accumulated losses of nearly 20% in the last month and are still trading far from the highs recorded after the return of the dividend, when they approached €13,70 in 2025.
Among the major shareholders, some minority groups have expressed their support for the movement. Grifols Minority Shareholders Association (AMG) He highlighted that Biopharma's IPO could provide a significant boost to value creation, and reiterated his confidence in the management and the long-term strength of the business.
On the other hand, bearish funds have maintained pressure on the company's capital, although the prospect of a partial divestment in a strategic asset and the expected improvement of the balance sheet could make it difficult, in the medium term, to continue such aggressive bets against the stock.
The operation, in any case, is perceived as a relevant test of the confidence that the US market places in Biopharma and in Grifols' ability to execute its roadmap. The price at which the minority stake is ultimately sold will serve as a benchmark for valuing the entire plasma business in market terms.
Egypt and Canada, laboratories of the self-sufficiency model
While finalizing the details of its US IPO, Grifols continues to develop self-sufficiency projects in other strategic marketswhich the company considers key to sustaining growth and improving margins in the coming years.
En EgyptThe multinational has collaborated with health authorities to deploy a fully integrated plasma system. Following certification by the European Medicines Agency (EMA) in 2025, the country It has become the first in Africa and the Middle East to have a plasma network that meets the most demanding international standards.This opens the door to the export of blood products to Europe and other regions.
Meanwhile, in to CanadaGrifols maintains an alliance with Canadian Blood Services (CBS) with the aim of Increase immunoglobulin self-sufficiency from 15% to 50%To this end, the project includes the development of a network of donation centers and the commissioning of a new fractionation plant in Montreal, which is scheduled to become operational in 2028.
The company notes that these programs are in Egypt and Canada. These should translate into better profit marginsThis is achieved by increasing efficiency in plasma collection and processing and reducing dependence on imports. At the same time, it strengthens the security of supply in countries with particularly high demand for plasma therapies.
These agreements are part of a broader strategy in which Grifols is committed to public-private collaboration models and national self-sufficiency schemes, which the firm presents as a response to the growing pressure on healthcare systems and the need for more resilient supply chains.
Growth prospects and next steps
Looking ahead, Grifols is confident that the combination of a solid platform in the United States, the expansion of its self-sufficiency projects, and the launch of new products This will allow for sustained revenue growth above the industry average. The focus will remain on Biopharma, without neglecting the diagnostics business and other complementary areas.
The potential IPO of the US subsidiary is still in a preliminary phaseNo definitive timeline or price range has been set, and the company reiterates that execution will depend on how market conditions evolve. In the current environment, marked by volatility and investor sensitivity to debt levels, the window for transactions of this type can open and close quickly.
In parallel, the management will continue to move forward in the refinancing of liabilities maturing from 2027 onwards and in optimizing the cost structure, with the intention of strengthening both the operating margin and free cash flow generation. All these elements will be closely watched by analysts and bondholders, who will assess the extent to which the plan translates into a lower risk profile.
With its sights set on Spain and Europe, the company is also looking rebuilding the trust damaged after the events of recent yearsThe communication efforts with the market, the public commitments to deleveraging, and the decision to subject a portion of its most valuable asset to stock market scrutiny are all part of that strategy to reconnect with institutional and retail investors.
In this context, Biopharma's potential IPO in the United States is shaping up as one of Grifols' most significant corporate decisions in the last decade: a move that combines financial objectives, internal reorganization and a message of a firm commitment to the plasma business and to a self-sufficiency model that the company is already replicating in other markets such as Egypt and Canada.