Grifols (GRF.MC) analysis

Grifols fractionates human plasma and sells the proteins that come out, chiefly immunoglobulins and albumin. The trade has two halves: the centres where people donate, and the plant that separates the plasma. Without donation the factory is idle, and without a fractionation licence the donation does not become a medicine.

It is one of a small group of producers with their own centre networks, not the inventor of a single patent. CSL and Takeda are in the same trade. This report does not count how many remain and does not state a share. The price and volume of immunoglobulin drive the margin. A thin donation year shows up with a lag, because plasma takes time to become product.

Debt and an accounting controversy have marked the equity. This report does not judge them. It leaves them in the CNMV filings and in the accounts. The radar does not replace that reading. Compare Grifols with a patent drug company only so the product is not confused: here the asset is the plasma network and the licence, and the debt weighs.