Grifols, S.A. (GRFS): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na intrincada cenário da saúde global, Grifols, S.A. (GRFS) surge como uma força pioneira, transformando terapias derivadas de plasma em soluções médicas que mudam a vida. Esta empresa inovadora criou meticulosamente um modelo de negócios que transcende os limites farmacêuticos tradicionais, alavancando parcerias estratégicas, pesquisa de ponta e uma abordagem abrangente para a prestação de cuidados de saúde. Ao integrar perfeitamente biotecnologia avançada, diagnóstico médico sofisticado e uma rede global robusta, Grifols se posicionou como um jogador crítico no desenvolvimento de tratamentos inovadores para pacientes com doenças raras e crônicas, enquanto conduzem simultaneamente a inovação médica e melhoram os resultados dos pacientes em todo o mundo.

Grifols, S.A. (GRFS) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com centros de doação de plasma em todo o mundo

A Grifols opera uma rede de 270 centros de doação de plasma nos Estados Unidos a partir de 2023. A Companhia coletou 16,8 milhões de litros de plasma em 2022, gerando US $ 6,2 bilhões em receita relacionada a plasma.

Região	Número de centros plasmáticos	Coleção anual de plasma (litros)
Estados Unidos	270	16,8 milhões

Parcerias de pesquisa colaborativa com empresas farmacêuticas

Grifols estabeleceu colaborações de pesquisa com várias entidades farmacêuticas, incluindo:

• Kedrion Biopharma (Itália)
• CSL Behring
• Takeda Pharmaceutical

O investimento em pesquisa e desenvolvimento em 2022 totalizou € 442,6 milhões, representando 6,3% da receita total.

Acordos com instituições de saúde e hospitais

Tipo de parceria	Número de acordos institucionais
Contratos de fornecimento hospitalar	587
Colaborações de pesquisa clínica	42

Relacionamentos de fornecedores com fabricantes de equipamentos médicos

Os principais fornecedores de equipamentos médicos e tecnologia incluem:

• Thermo Fisher Scientific
• Sartorius AG
• GE Healthcare

Os gastos totais de compras de fornecedores em 2022 atingiram 2,1 bilhões de euros.

Joint ventures em biotecnologia e terapias derivadas de plasma

Parceiro de joint venture	Área de foco	Valor do investimento
Kiro Grifols	Desenvolvimento de biossimilares	€ 78 milhões
Xangai Raas	Terapias plasmáticas na China	€ 210 milhões

Grifols, S.A. (GRFS) - Modelo de negócios: Atividades -chave

Coleção e fracionamento de plasma

A Grifols opera 300 centros de coleta de plasma nos Estados Unidos a partir de 2023. Em 2022, a empresa coletou 15,7 milhões de litros de plasma. A rede de coleta de plasma da empresa gera aproximadamente 2,4 bilhões de euros em receita anual.

Métrica de coleção de plasma	2022 dados
Total de Centros de Coleta de Plasma	300
Plasma total coletado (litros)	15,7 milhões
Receita de coleta de plasma	2,4 bilhões de euros

Desenvolvimento de terapias derivadas de plasma

Grifols produz mais de 50 medicamentos medicinais derivados de plasma. A empresa investiu € 495 milhões em pesquisa e desenvolvimento em 2022.

• Imunoglobulinas
• Albumina
• Fatores de coagulação
• Terapias de antitripsina alfa-1

Fabricação de equipamentos de diagnóstico médico

Grifols gera € 1,8 bilhão em receita de segmento de diagnóstico. A empresa fabrica mais de 120 instrumentos e reagentes de diagnóstico diferentes.

Segmento de equipamentos de diagnóstico	2022 Métricas
Receita de diagnóstico	€ 1,8 bilhão
Total de produtos de diagnóstico	120+

Pesquisa e desenvolvimento de soluções inovadoras de saúde

Em 2022, Grifols dedicado 7,2% da receita total para atividades de P&D, o que equivale a aproximadamente € 495 milhões.

• Tratamentos de transtorno neurológico
• Pesquisa de doenças imunológicas
• Terapias de proteínas plasmáticas avançadas

Distribuição global de produtos farmacêuticos e de diagnóstico

Grifols opera em mais de 100 países com uma rede de distribuição que abrange vários continentes. A distribuição farmacêutica global da empresa gera € 3,4 bilhões anualmente.

Métricas de distribuição global	2022 dados
Países de operação	100+
Receita de distribuição farmacêutica	€ 3,4 bilhões

Grifols, S.A. (GRFS) - Modelo de negócios: Recursos -chave

Extensa rede de doações de plasma

Grifols opera mais de 300 centros de doação de plasma nos Estados Unidos a partir de 2023. A Companhia compensa doadores entre US $ 30 e US $ 50 por doação de plasma. O volume anual de coleta de plasma atingiu 14,8 milhões de litros em 2022.

Métrica	Valor
Total de centros de doação de plasma	300+
Volume anual de coleta de plasma	14,8 milhões de litros
Faixa de compensação de doação	$ 30- $ 50 por doação

Instalações avançadas de pesquisa de biotecnologia

Grifols investiu € 240,3 milhões em pesquisa e desenvolvimento em 2022. A Companhia mantém centros de pesquisa em Barcelona, ​​Espanha e Triângulo de Pesquisa Park, Carolina do Norte.

• Investimento de P&D: € 240,3 milhões (2022)
• Locais de pesquisa primária: Barcelona, ​​Espanha e Triângulo de Pesquisa Park, NC

Capacidades especializadas de produção de equipamentos médicos

A Grifols opera 23 instalações de produção globalmente em 15 países. A capacidade total de fabricação para terapias derivadas de plasma atingiu 70 milhões de litros em 2022.

Métrica de fabricação	Valor
Instalações totais de produção	23
Países com presença de fabricação	15
Capacidade de fabricação de terapia plasmática	70 milhões de litros

Propriedade intelectual e patentes

A Grifols possui 2.774 patentes ativas em todo o mundo em 2022. O portfólio de patentes cobre o fracionamento plasmático, terapias de imunoglobulina e tecnologias de diagnóstico.

Força de trabalho qualificada

Grifols emprega 24.000 profissionais globalmente. A composição da força de trabalho inclui mais de 1.500 pesquisadores e cientistas especializados em biotecnologia e ciências médicas.

Métrica da força de trabalho	Valor
Total de funcionários globais	24,000
Pesquisadores e cientistas	1,500+

Grifols, S.A. (GRFS) - Modelo de negócios: proposições de valor

Soluções terapêuticas derivadas de plasma abrangentes

Os Grifols geraram € 5,243 bilhões em receita total em 2022, com terapias derivadas de plasma representando uma parcela significativa de seu portfólio de produtos.

Categoria de produto	Receita (milhões de euros)
Imunoglobulinas	2,698
Antitripsina alfa-1	542
Albumina	795

Equipamento de diagnóstico médico de alta qualidade

O segmento de diagnóstico contribuiu com 1,126 bilhão de euros em receita para 2022.

• Soluções de teste NAT
• Tecnologias de triagem no sangue
• Equipamento de diagnóstico hospitalar

Tratamentos inovadores para doenças raras e crônicas

Grifols investiu 426 milhões de euros em P&D durante 2022.

Área da doença	Foco terapêutico -chave
Imunodeficiência primária	Terapias de imunoglobulina
Distúrbios neurológicos	Pesquisa de proteínas plasmáticas

Produtos médicos baseados em plasma de plasma confiáveis ​​e seguros

A Grifols opera 300 centros de coleta de plasma nos Estados Unidos, coletando aproximadamente 12 milhões de litros de plasma anualmente.

Tecnologias avançadas de saúde melhorando os resultados dos pacientes

O investimento em tecnologia atingiu € 254 milhões em soluções de saúde digital para 2022.

• Inteligência artificial no diagnóstico
• Plataformas de medicina de precisão
• Análise de dados avançada

Grifols, S.A. (GRFS) - Modelo de negócios: Relacionamentos do cliente

Engajamento profissional médico direto

Grifols mantém o envolvimento direto com os profissionais médicos por meio de:

• Aproximadamente 250 representantes de vendas dedicados globalmente
• Participação anual da conferência médica: 37 eventos internacionais em 2022
• Canais de comunicação direta com mais de 45.000 instituições de saúde em todo o mundo

Métrica de engajamento	2022 dados
Pontos de contato profissional médico	78.345 interações diretas
Sessões de treinamento realizadas	213 programas especializados de treinamento médico

Suporte técnico para instituições médicas

A infraestrutura de suporte técnico inclui:

• 24/7 de suporte técnico Linha direta
• Tempo de resposta: média de 2,3 horas para problemas críticos de equipamentos médicos
• Equipe de suporte dedicado: 156 profissionais técnicos especializados

Serviços personalizados de consulta de saúde

Métricas do Serviço de Consulta:

Categoria de serviço	Volume anual
Consultas individuais	42.567 Consultas de saúde personalizadas
Plataformas de consulta digital	17 canais especializados de consulta on -line

Parcerias de longo prazo com profissionais de saúde

Estatísticas de parceria:

• Parcerias ativas: 672 instituições de saúde
• Duração média da parceria: 7,4 anos
• Taxa de renovação do contrato: 93,2%

Plataformas digitais para informações e suporte ao produto

Métrica da plataforma digital	2022 dados
Portais de informações sobre produtos on -line	24 plataformas digitais especializadas
Interações anuais do usuário digital	1.245.678 sessões de usuário exclusivas

Desempenho de canal de suporte digital:

• Downloads de aplicativos móveis: 87.543
• Tempo médio de engajamento do usuário: 12,6 minutos por sessão
• Classificação de satisfação do cliente: 4.7/5

Grifols, S.A. (GRFS) - Modelo de negócios: canais

Força de vendas diretas para hospitais e centros médicos

A Grifols emprega 19.500 funcionários globalmente a partir de 2023, com aproximadamente 5.700 representantes de vendas dedicados direcionando diretamente hospitais e centros médicos.

Tipo de canal	Número de representantes de vendas diretas	Cobertura geográfica
Equipe de vendas hospitalar	5,700	38 países
Centros médicos especializados	2,300	América do Norte e Europa

Plataformas de produtos médicos online

A Grifols opera plataformas digitais com US $ 5,4 bilhões em receita de vendas digitais para 2022.

• B2B Sistema de Compras Online
• Catálogo digital com 3.200 produtos médicos
• Plataforma de comércio eletrônico para terapias derivadas de plasma

Conferências médicas e exposições da indústria

Grifols participa de 127 conferências médicas internacionais anualmente, com um investimento estimado em marketing de US $ 42 milhões em 2022.

Redes de distribuidores farmacêuticos

Canal de distribuição	Número de parceiros	Volume anual de distribuição
Distribuidores farmacêuticos globais	246	18,5 milhões de unidades
Fornecedores médicos regionais	512	7,3 milhões de unidades

Canais de marketing digital e telemedicina

Orçamento de marketing digital de US $ 28,6 milhões em 2022, com 1,2 milhão de pontos de contato profissionais de engajamento digital profissional.

• Plataforma de consulta de telemedicina
• Webinars de educação médica virtual
• Programas de suporte de pacientes digitais

Grifols, S.A. (GRFS) - Modelo de negócios: segmentos de clientes

Hospitais e instituições médicas

Grifols atende a 3.850 hospitais globalmente a partir de 2023. A compra anual de plasma hospitalar atingiu 2,1 bilhões de euros em receita.

Tipo de hospital	Número de instituições	Valor anual de compras
Grandes hospitais	1,250	€ 1,4 bilhão
Hospitais médios	2,100	€ 520 milhões
Centros especializados	500	€ 180 milhões

Profissionais de saúde

Grifols se envolve com 125.000 profissionais de saúde em 30 países.

• Hematologistas: 42.000
• Imunologistas: 23.000
• Oncologistas: 35.000
• Especialistas em doenças raras: 25.000

Pacientes com doenças raras e crônicas

Grifols atende a aproximadamente 500.000 pacientes anualmente com terapias de doenças raras. Valor de mercado total de tratamento de doenças raras: 1,8 bilhão de euros.

Categoria de doença	População de pacientes	Receita de tratamento
Imunodeficiência primária	85.000 pacientes	€ 620 milhões
Hemofilia	180.000 pacientes	€ 750 milhões
Deficiência de antitripsina alfa-1	50.000 pacientes	€ 220 milhões

Organizações de pesquisa farmacêutica

Grifols colabora com 215 organizações de pesquisa em todo o mundo. Valor da parceria de pesquisa: € 340 milhões em 2023.

Sistemas de saúde do governo

Grifols opera em 30 países com contratos de saúde do governo. Compras do governo anual: 1,5 bilhão de euros.

Região	Contratos governamentais	Valor de compras
Europa	15 países	€ 680 milhões
América do Norte	2 países	€ 520 milhões
Ásia-Pacífico	8 países	€ 210 milhões
América latina	5 países	€ 90 milhões

Grifols, S.A. (GRFS) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Em 2022, Grifols investiu € 450,1 milhões em pesquisa e desenvolvimento, representando 6,3% da receita total. As despesas de P&D da empresa têm sido consistentemente significativas, concentrando-se em terapias derivadas de plasma e tecnologias médicas inovadoras.

Ano	Investimento em P&D (milhões de euros)	Porcentagem de receita
2022	450.1	6.3%
2021	435.2	6.1%

Despesas de coleta e processamento de plasma

Os custos de coleta de plasma representam uma parcela significativa das despesas operacionais dos Grifols. A partir de 2022, a empresa operou:

• Mais de 300 centros de coleta de plasma nos Estados Unidos
• Costura média de coleta de plasma por litro: aproximadamente US $ 150 a US $ 200
• Capacidade anual de processamento de plasma: 15 milhões de litros

Custos de fabricação e produção

As despesas de fabricação de Grifols em 2022 totalizaram aproximadamente 2,1 bilhões de euros, divididos da seguinte forma:

Categoria de produção	Custo (milhões de euros)
Terapias derivadas de plasma	1,250
Equipamento de diagnóstico	450
Logística do hospital	400

Distribuição global e logística

Os custos de distribuição dos Grifols em 2022 totalizaram € 380 milhões, com as principais redes de logística que abrangem:

• América do Norte: 65% das despesas de distribuição
• Europa: 25% das despesas de distribuição
• Resto do mundo: 10% das despesas de distribuição

Conformidade regulatória e controle de qualidade

As despesas de conformidade e controle de qualidade para Grifols em 2022 atingiram € 210 milhões, incluindo:

Área de conformidade	Custo (milhões de euros)
Documentação regulatória	85
Sistemas de garantia de qualidade	75
Processos de certificação	50

Grifols, S.A. (GRFS) - Modelo de negócios: fluxos de receita

Vendas de terapias derivadas de plasma

Em 2022, Grifols registrou receita total de terapias derivadas de plasma de 4,99 bilhões de euros. As principais categorias de produtos incluem:

Categoria de produto	2022 Receita (milhões de euros)
Imunoglobulinas	2,380
Antitripsina alfa-1	456
Albumina	740
Fator VIII	412

Receita de equipamento de diagnóstico médico

A receita do segmento de diagnóstico em 2022 atingiu 1,43 bilhão de euros, com o seguinte quebra:

• Vendas de instrumentos de diagnóstico: € 532 milhões
• Vendas de reagentes de diagnóstico: € 898 milhões

Licenciamento de produtos farmacêuticos

As receitas de licenciamento para 2022 foram de aproximadamente € 87 milhões, principalmente de parcerias estratégicas com empresas farmacêuticas.

Acordos de colaboração de pesquisa

As receitas de colaboração de pesquisa em 2022 totalizaram 42 milhões de euros, incluindo parcerias com instituições acadêmicas e de pesquisa.

Distribuição global de produtos de saúde

As receitas de distribuição para 2022 foram de € 612 milhões, cobrindo vários produtos e serviços de saúde em vários mercados internacionais.

Região geográfica	Receita de distribuição (milhões de euros)
América do Norte	378
Europa	156
Resto do mundo	78

Receita total para 2022: € 7,16 bilhões

Grifols, S.A. (GRFS) - Canvas Business Model: Value Propositions

Reliable supply of essential, life-sustaining plasma-derived medicines (e.g., Immunoglobulin, Albumin)

Grifols, S.A. operates the world\'s largest network of plasma donation centers, with close to 400 centers across North America, Europe, Africa and the Middle East, and China. This scale supports the development, production, and provision of innovative healthcare solutions in more than 110 countries. The Biopharma segment, driven by these plasma-derived medicines, saw revenues grow by 8.2% at constant currency (cc) in the first half of 2025. For the first nine months of 2025, year-to-date revenues reached EUR 5,542 million, supported by a 9.1% cc growth in the third quarter. The company's revenue for the twelve months ending September 30, 2025, was $8.180B, a 15.38% increase year-over-year.

The Immunoglobulin (IG) franchise remains a cornerstone of this supply, with revenues rising by 12.5% cc in the first half of 2025. The subcutaneous form (SCIG) showed particularly strong momentum, delivering 66% cc growth in the first part of 2025, and a 98.9% cc LFL increase for XEMBIFY® in Q1 2025. Albumin, another key protein, posted a first-half performance of minus 3.7% cc, impacted by a routine license renewal in China.

Metric	Period Ending H1 2025	Period Ending 9M 2025
Total Revenues	EUR 3,677 million	EUR 5,542 million
Biopharma Revenue Growth (cc)	8.2%	N/A
Immunoglobulin (IG) Revenue Growth (cc)	12.5%	N/A
Albumin Revenue Growth (cc)	minus 3.7%	N/A

High-quality diagnostic solutions for blood and plasma screening and typing

The Diagnostic business unit provides a comprehensive portfolio of solutions designed to enhance safety from donation to transfusion, alongside clinical diagnostic technologies. In the first quarter of 2025, Diagnostic revenue rose by 5.2% cc, reaching EUR 170 million. For the first nine months of 2025, Diagnostic revenues reached EUR 479 million, an increase of 1.4% cc. A key operational value-add is the FDA approval received to begin manufacturing Gel Cards and reagent Red Blood Cells at the San Diego facility.

The value proposition in diagnostics is supported by growth across core segments:

• Molecular Donor Screening (MDS) growth (Q1 2025 cc): 7%
• Immunocyte Donor Screening growth (Q1 2025 cc): 12%
• Blood Typing Solutions (BTS) growth (Q1 2025 cc): 4%

Treatment for rare, chronic, and life-threatening diseases like primary immunodeficiencies

Grifols, S.A. focuses on treating conditions across four main therapeutic areas: immunology, infectious diseases, pulmonology and critical care. Immunoglobulin therapies are essential for patients with compromised immune systems, such as those with Primary Immunodeficiency Diseases (PIDDs), which affect approximately 250,000 Americans who require lifelong IG therapy. The company also consolidates its leadership in indications like CIDP (Chronic Inflammatory Demyelinating Polyneuropathy).

Innovation pipeline, including the planned European launch of Fibrinogen in Q4 2025

The innovation pipeline is set to deliver new therapies, with Fibrinogen concentrate (BT524) being a key near-term event. Grifols maintains its plan to launch this therapy in Europe in the fourth quarter of 2025, with a U.S. rollout planned for the first half of 2026, following FDA submission. The Phase III AdFIrst trial demonstrated non-inferiority to standard-of-care treatments, showing mean intraoperative blood loss of 1,381 mL for BT524 compared to 1,660 mL for the standard-of-care group.

The company has an ambitious long-term goal, projecting revenue of EUR 10 billion by 2029, halfway through its ten-year plan to double revenue to EUR 14 billion. For the immediate future, 2025 guidance (excluding the IRA impact) projects revenue around EUR 7.6 billion.

Enhanced safety and efficacy through industry-leading quality standards

Grifols emphasizes ethical leadership and industry-leading quality and safety standards in its plasma mastery. This commitment is recognized externally, as TIME magazine recognized Grifols as one of the world's top companies for the third consecutive year, and Forbes named it one of the World's Best Employers for the second year in a row. The company's Adjusted EBITDA margin for the first nine months of 2025 stood at 24.5%.

Key financial metrics reflecting operational execution through 9M 2025:

• Adjusted EBITDA (9M 2025): EUR 1,358 million
• Group Net Profit (9M 2025): EUR 304 million (up 245% YoY)
• Leverage Ratio (as of Q3 2025): 4.2x
• Liquidity (as of Q3 2025): EUR 1,475 million

Grifols, S.A. (GRFS) - Canvas Business Model: Customer Relationships

You're looking at how Grifols, S.A. manages its connections with the diverse groups that fuel its business-from the individuals providing the raw material to the major institutions buying the final therapies. This is about the ongoing commitment required at every touchpoint.

The relationship with plasma donors is fundamentally transactional, centered on compensation for their time and contribution. Grifols, S.A. uses a tiered rewards structure to encourage frequent donations, which is critical for their vertically integrated model.

• A qualified donor can donate plasma up to twice in every 7-day period.
• Base compensation starts at $30 for the first donation of a calendar week.
• The second successful donation in the same week earns between $50 to $65 depending on volume.
• New donors can earn up to an additional $150 in their first month through specific milestones, like a $50 bonus on the third donation within 14 days.
• Reaching the Gold Level, which requires donating twice a week for at least 5 consecutive weeks, allows a donor to earn up to $95 per week.
• If a donation is deemed unusable, the donor still receives $10.

For the B2B side, which involves hospitals, clinics, and governments, the relationship shifts to long-term partnerships supported by specialized teams. Grifols, S.A. holds approximately 20% of the global immunoglobulin market, indicating deep institutional penetration.

The strength of these relationships is reflected in the performance of key product lines. For instance, the subcutaneous immunoglobulin (SCIG) franchise saw a surge of 91% in Q1 2025. The company's overall revenue for the first half of 2025 reached EUR 3,677 million, up 7.0% cc, showing continued demand from these institutional customers.

The support structure for administering complex therapies is scaled to the company's global footprint. Grifols, S.A. has over 23,800 employees operating in more than 30 countries and regions, which underpins the delivery of specialized support to healthcare professionals.

Long-term contracts and institutional partnerships are secured by Grifols, S.A.'s focus on reliability and strategic alignment. A concrete example of a high-level partnership is the agreement with BARDA, valued at up to $135 million, starting with the Botulinum Neurotoxin program.

The financial stability of Grifols, S.A. helps underpin these long-term commitments. The company improved its leverage ratio to 4.2x as of Q3 2025, and for the full year 2025, it forecasts Adjusted EBITDA to exceed EUR 2 billion.

Here is a snapshot of the relationship metrics and supporting financial context:

Relationship Component	Metric/Data Point	Value/Amount (Latest Available Data)
Plasma Donor Transactional Rate (Max Weekly)	Maximum Honorarium Potential	Up to $100 per donation
Plasma Donor Loyalty (Gold Level)	Max Weekly Earnings at Gold Level	Up to $95 per week
B2B Market Share (Immunoglobulin)	Global Market Share	Approximately 20%
B2B Product Momentum (Q1 2025)	SCIG Franchise Growth (cc)	98.9%
Institutional Partnership Value	BARDA Alliance Value	Up to $135 million
Customer Base Support Scale	Global Employee Count	More than 23,800 employees
Financial Support for Relationships (H1 2025)	H1 2025 Revenue	EUR 3,677 million
Financial Support for Relationships (2025 Guidance)	Projected Adjusted EBITDA	Exceed EUR 2 billion

The high-touch support for healthcare professionals is backed by operational execution, evidenced by the improvement in Free Cash Flow pre-M&A, which reached EUR 209 million in Q1 2025, showing the capacity to invest in service infrastructure.

The transactional relationship with plasma donors is highly structured:

• Donations must be spaced by at least one day within the 7-day period.
• If a donor misses a calendar week, their tier status reverts to Orange Level.
• New donors can earn a $100 bonus on their 8th donation if completed within 8 weeks.

Long-term contracts are crucial for the Biopharma business, which drove 8.2% cc growth in H1 2025. The planned launch of Fibrinogen in Europe in Q4 2025 and the U.S. in H1 2026 is designed to deepen these relationships by expanding therapeutic offerings.

Grifols, S.A. (GRFS) - Canvas Business Model: Channels

You're looking at how Grifols, S.A. gets its products-from plasma collection to final medicine delivery-out to the world, and the numbers show a massive, integrated operation.

The scale of Grifols, S.A.'s operations, as reflected in its 2025 performance, underscores the reach of its various channels.

Metric Category	Channel Component	2025 Data Point
Financial Scale (9M 2025)	Total Group Revenues	EUR 5,542 million
Financial Scale (Q3 2025)	Quarterly Revenue	EUR 1,865 million
Diagnostic Channel Revenue (9M 2025)	Diagnostic Business Unit Revenue	EUR 479 million
Raw Material Sourcing	Global Plasma Donation Centers (Approximate)	More than 400
Raw Material Sourcing	US Plasma Donation Centers (Approximate)	298 DCs (with 8 IK centers integrated by Jan 1st '25)
Plasma Yield	Plasma per Donation (Approximate Range)	625 to 800 milliliters
Financial Health	Free Cash Flow pre-M&A (9M 2025)	EUR 188 million

Direct distribution network to hospitals, clinics, and specialized pharmacies globally.

• The Biopharma business, which relies on this distribution, saw revenues grow by 8.2% cc in the first half of 2025.
• Immunoglobulin (IG) revenues specifically rose by 12.5% cc in the first part of 2025.
• The company's vertically integrated model spans from donation to the production of the final medicine.

Global network of plasma donation centers for raw material sourcing.

• Grifols manages nearly 30% of the world's plasma.
• The company operates a network of more than 400 donation centers globally.
• In Egypt, Grifols currently has 16 donation centers, with four additional centers planned for 2026.
• The treatment of one patient with Hemophilia requires 1,200 plasma donations.
• The treatment of one Alpha-1 patient requires 900 plasma donations.

Diagnostic division sales teams targeting blood banks and transfusion centers.

• The Diagnostic business unit generated EUR 479 million in revenue during the first nine months of 2025.
• Diagnostic revenues for the first half of 2025 reached EUR 332 million.
• Growth in the first nine months of 2025 was primarily driven by Blood Typing Solutions in the U.S. and Europe, and Molecular Donor Screening.
• Grifols USA, which covers the U.S. market, has more than 13,000 employees.
• Grifols USA has a presence in 40 states.

Digital platforms for investor relations and donor engagement.

• The Q3 2025 Earnings Call Transcript is available on the Investor Relations section of the Grifols website at grifols.com.
• Investor contact is available via email at investors@grifols.com.

Finance: draft 13-week cash view by Friday.

Grifols, S.A. (GRFS) - Canvas Business Model: Customer Segments

You're looking at the core groups Grifols, S.A. serves to deliver its plasma-derived medicines and diagnostic solutions. The scale of their operation, particularly in plasma sourcing, directly impacts these segments.

The global plasma supply chain Grifols taps into is heavily concentrated in the United States, where approximately 70 percent of the global supply originates from about 3 million people who are compensated for their plasma donations. Grifols, S.A. is one of four major multinationals operating 85 percent of the over 1,200 plasma collection centers in the U.S. as of 2024. Globally, Grifols manages nearly 30 percent of the world's plasma through a network exceeding 400 donation centers. In specific markets, like Egypt, Grifols operates 16 donation centers, with plans to add four more in 2026.

The primary revenue driver for Grifols, S.A. is the Biopharma segment, which serves patients with chronic and rare diseases through its plasma-derived therapies. For the first half of 2025, Biopharma revenue grew by 8.2 percent at constant currency (cc), contributing to the Group's total H1 2025 revenue of EUR 3,677 million. The immunoglobulin (IG) franchise, a key offering for these patients, saw revenue rise by 12.5 percent cc in H1 2025, and Grifols holds an estimated 20 percent market share in this high-margin area. The subcutaneous form of IG (SCIG) delivered particularly strong growth at 66 percent cc in the first part of 2025.

Grifols, S.A. also serves the diagnostic market, which includes blood banks and transfusion centers. While the Biopharma segment leads growth, the Diagnostic unit also contributes to the top line. For the full year 2024, Diagnostic revenue grew by 2.3 percent cc, primarily driven by blood typing solutions which saw sales increase by 8.9 percent cc.

The scale of Grifols, S.A.'s customer segments can be mapped out with the following operational and financial metrics:

Customer Segment	Key Metric	Latest Reported Value	Context/Timeframe
Plasma Donors (Source for Therapies)	Number of compensated donors in the US supplying 70% of global plasma	3 million people	As of 2024
Plasma Collection Network (B2B/Internal Resource)	Number of donation centers operated globally by Grifols, S.A.	More than 400 centers	As of late 2025
Hospitals, Clinics, Infusion Centers (Biopharma Customers)	Immunoglobulin (IG) Franchise Revenue Growth	12.5 percent cc	H1 2025
Patients with Chronic/Rare Diseases	SCIG (Subcutaneous Immunoglobulin) Revenue Growth	66 percent cc	H1 2025
Blood Banks/Transfusion Centers (Diagnostic Customers)	Diagnostic Revenue Growth	2.3 percent cc	FY 2024
Pharmaceutical/Research Companies (Bio Supplies)	Bio Supplies Revenue Growth	11.3 percent cc	FY 2024

The company's operational footprint in the U.S. alone involves more than 13,000 employees supporting the plasma donor-center networks across 40 states. The company's overall financial performance reflects the demand from these segments; full-year 2024 revenue reached EUR 7,212 million.

Key product franchises serving these segments showed continued momentum into 2025:

• Immunoglobulin (IG) franchise growth: 15.3 percent cc (FY 2024).
• Albumin sequential improvement: Q2 2025.
• Coagulation factors for bleeding disorders: Achieved clinical self-sufficiency in Egypt.

Grifols, S.A. (GRFS) - Canvas Business Model: Cost Structure

You're analyzing the cost base for Grifols, S.A. (GRFS) as of late 2025, and the structure is heavily weighted toward input sourcing and operational scale. The cost components are dominated by the raw material required for its core business.

High variable cost of raw material: donor compensation for plasma collection remains the single largest cost driver, directly tied to the volume of product manufactured. While a specific 2025 donor compensation expense is not itemized in the latest reports, the focus on optimizing the plasma sourcing mix is a direct response to managing this variable cost. The company is focused on improving donor center performance to secure cost-effective plasma.

Significant manufacturing and fractionation operating expenses are embedded within the overall cost of goods sold. For the first half of 2025 (H1 2025), the Adjusted EBITDA reached EUR 876 million on revenues of EUR 3,677 million, representing a margin of 23.8%. This margin reflects the combined impact of raw material, manufacturing, and other operating costs, showing progress from operational leverage and continuous improvement initiatives.

Debt servicing costs are a material component of the expense structure, reflecting the capital-intensive nature of the business and past acquisitions. Grifols strengthened its financial position in H1 2025, reducing its leverage ratio to 4.2x as per the Credit Agreement, down from 5.5x in the first half of 2024. The improvement in Free Cash Flow pre-M&A for H1 2025, which was negative EUR 14 million (an improvement of EUR 182 million year-over-year), was explicitly driven by EBITDA growth, working capital management, and reduced interest costs.

Substantial R&D investment for pipeline development and clinical trials is ongoing to secure future revenue streams, such as the fibrinogen therapy launch slated for late 2025 in Europe. Research and Development Expenses for the twelve months ending September 30, 2025, totaled $0.420B. This investment supports the pipeline, including trimodulin and fibrinogen.

Capital expenditure (CapEx) for expanding and maintaining the plasma center network is essential for securing the primary raw material. While a specific 2025 CapEx figure is not explicitly stated, the company has recently funded significant network investments, such as the EUR 108 million total cost to complete the delisting of Biotest and increase the equity stake to 80.32%. The network base includes hundreds of centers globally, with 403 centers managed globally as of the end of 2021, underpinning the ongoing maintenance and expansion spend.

Here is a summary of the key financial metrics impacting the cost structure as of the latest reporting periods in 2025:

Cost/Financial Metric	Value/Period	Source Context
Leverage Ratio (as per Credit Agreement)	4.2x	H1 2025
R&D Expenses (TTM ending Sep 30, 2025)	$0.420B	Twelve Months Ending September 30, 2025
Adjusted EBITDA Margin	23.8%	H1 2025
H1 2025 Revenues	EUR 3,677 million	First Half of 2025
H1 2025 Adjusted EBITDA	EUR 876 million	First Half of 2025
Biotest Stake Acquisition Cost	EUR 108 million	Recent cash outlay
Plasma Centers (Global Network Base)	403	As of December 31, 2021

The 2025 guidance projected an Adjusted EBITDA between EUR 1.88-€1.93 billion for the full year, excluding IRA impacts.

The company is actively managing costs through:

• Optimizing the plasma sourcing mix.
• Driving yield and manufacturing efficiencies.
• Reducing interest expenses through deleveraging.

Finance: draft 13-week cash view by Friday.

Grifols, S.A. (GRFS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Grifols, S.A. brings in money, which is heavily concentrated in plasma-derived therapies. Honestly, the structure is clear: Biopharma drives the bulk, supported by Diagnostics and Bio Supplies.

The largest contributor is definitely the Sales of plasma-derived medicines (Biopharma). For the first half of 2025, this segment was the engine, growing revenue by 8.2% at constant currency (cc) to reach EUR 3,677 million in total group revenue for H1 2025. The momentum here is significant, especially within the Immunoglobulin (IG) franchise.

The growth in Immunoglobulin (IG) has been a standout feature. For the first half of 2025, IG revenues specifically rose by 12.5% cc. Looking at the nine-month period ending Q3 2025, the IG franchise revenue was up even more, showing 14.4% cc growth year-to-date. The subcutaneous formulation (SCIG) is showing explosive growth, rising more than 60% cc year-to-date. To be fair, Albumin performance was a drag, declining by 3.9% cc year-to-date due to pricing adjustments in China.

Here's a quick look at how the main revenue drivers performed through the first nine months of 2025:

Revenue Stream Segment	Period Ending Q3 2025 (9M) Revenue	Year-to-Date Growth (cc)
Total Group Revenues	EUR 5,542 million	7.7%
Biopharma	Not explicitly stated for 9M, but led growth	9.1%
Diagnostics	EUR 479 million	1.4%

The Sales of diagnostic products and services to blood banks and clinical labs provide a steady, albeit smaller, stream. For the first quarter of 2025, Diagnostics revenue was EUR 170 million, up 5.2%. Year-to-date through Q3 2025, this segment brought in EUR 479 million, representing a 1.4% increase.

The third revenue component is the Sales of biological products and services for life science research (Bio Supplies). While this segment is part of the model, specific 2025 revenue figures weren't detailed in the latest reports, which focused more on Biopharma and Diagnostics performance.

Management is confident in the full-year trajectory. Grifols, S.A. has guided for full-year 2025 revenue to be over EUR 7,600 million. This guidance was reaffirmed as of the Q3 2025 results.

Finally, reflecting the improving financial footing, Grifols, S.A. reinstated a dividend payment of EUR 0.15 per share in 2025. This interim payment was scheduled for distribution on August 13, 2025.

You should track the Q4 2025 numbers to see if they hit that EUR 7,600 million target, especially given the noted FX headwinds. Finance: draft the Q4 2025 revenue reconciliation against the guidance by February 15, 2026.