Fulfilling our commitments and advancing into the future.

For Grifols, 2023 has been a year of transformation, marked by the execution of an ambitious strategy to reshape the organization and to implement a turnaround plan that led to a solid financial and operating profile. This foundation now prepares us for sustained growth and value creation in 2024 and beyond.

In this 2023 annual report, we detail how we have met all the commitments made for the year, a testament to our team’s hard work, passion, and unwavering dedication.

Committed to Best-in-Class Governance and Leadership Team

Ethical leadership is firmly embedded in our corporate culture, and we want to operate with the highest standards of governance. To further strengthen our corporate governance, the company announced important changes at the beginning of 2024 as part of our strategic roadmap to separate Grifols’ ownership and management.

Raimon Grifols and Victor Grifols have thoughtfully decided to step down from their executive roles after years of leadership service in the company, and they will continue as proprietary directors on the Board. Over the past few months, we have also been assembling a team of leaders through new appointments to key positions, with the aim of enhancing certain functions and complementing the existing team of experienced Grifols leaders. This team will be under the leadership of a new CEO, Nacho Abia, who will join the company on April 1, 2024, while I will continue to serve as Executive Chairperson during a transition period. Nacho and I will work hand in hand to ensure that Grifols realizes its full potential during this important time for the company.

Strategic partnership: joining forces with Haier Group

We closed the 2023 fiscal year with an important announcement: our strategic alliance with Haier Group and their acquisition of 20% of our Shanghai RAAS capital for USD 1,800 million. This partnership enables us to reduce our debt levels while securing a strategic foothold in China, with our sights set on further developing the Chinese plasma industry and exploring new opportunities and synergies in the diagnostic sector.

Solid performance, with plasma and Biopharma as growth drivers

Grifols’ business units reported solid performance in 2023, with an all-time high of EUR 6,592 million in total revenues.

Positive market dynamics, including strong demand for our key proteins in conjunction with the recovery of plasma volumes were critical to these positive results. Among our commercial milestones were the launch of the subcutaneous immunoglobulin Xembify in several European countries and Australia, the first exports of Biotest albumin to China, and the commercial expansion of Tavlesse and Vistaseal.

The Diagnostic Unit also made important inroads, including the U.S. launch of AlphaID At Home, an innovative solution to detect alpha-1 deficiency, a genetic disease whose symptomology is similar to COPD. In parallel, Bio Supplies unit continued to maximize its full potential.

Innovation continues to serve as a powerful growth engine

We continued to drive innovation by making solid progress in all of our priority projects, including clinical trials with Xembify to prevent infections in patients with chronic lymphocytic leukemia, alpha-1 in pulmonary emphysema, and albumin in decompensated cirrhosis.

In February 2024, we announced that the phase 3 clinical trial of Biotest’s fibrinogen concentrate met all the primary endpoints, yielding positive results. The next steps include initiating regulatory processes in Europe and the U.S., where it will become the first fibrinogen concentrate approved for acquired fibrinogen deficiency, with a potential market valued at up to 800 million dollars.

Creating value guided by the principle of Sustainability

Grifols’ Sustainability Plan, which is aligned with the UN Sustainable Development Goals (SDGs), is part of our strategic plan. We aim to create shared value, positioning ourselves for growth by combining strong financial performance with contributions to sustainable development and social progress.

The following pages provide an overview of our organization’s performance, covering our impact on the environment, society, and economy, along with our commitments to donors, patients and employees, our most valuable asset.

We expect the strong momentum from 2023 to carry into the future, positioning Grifols for long-term sustainable value delivery with our enhanced governance and leadership. I also want to express my immense pride in the Grifols team, whose dedication and talent have been crucial to our success during this transformative year.

To everyone who has trusted us and continues to believe in us, my sincere thanks.

Thomas Glanzmann
Executive Chairman and CEO