Grifols SA: Initiation of Coverage- Strategic Deleveraging & R&D Surge Can Power a Bullish Rebound! 

Grifols has delivered a robust performance for the first quarter of 2025, with impressive financial metrics across the board that highlight the company’s strategic resilience and operational strength despite market uncertainties. The revenue for the quarter reached EUR 1.786 billion, marking a 7.4% increase on a constant currency basis, and 10% when adjusted for one-off items like the IRA impact and fee-for-service reclassification. The key drivers of this revenue growth included progress in the immunoglobulin franchise, which grew 17.5%, along with improvements in the diagnostics business, which increased by 5.2%.