Grifols announced the approval of a U.S. initial public offering for its U.S. biopharma business, a move that will allow the company to raise capital in U.S. markets and support its strategy of building a self‑sufficient plasma‑derived medicines operation.
The IPO will list a minority stake in the U.S. unit while Grifols retains majority ownership, giving the company a new source of funding to reduce its net debt of roughly €8 billion and improve its leverage ratio, which fell from 4.6× in 2024 to 4.2× in 2025.
The decision follows a year of strong financial performance, with 2025 revenue reaching €7.524 billion and net profit doubling to €402 million. Adjusted EBITDA hit €1.825 billion, a 24.3% margin, and free cash flow pre‑M&A rose to €468 million, giving management confidence to pursue the IPO.
Grifols’ CEO, Nacho Abia, said the transaction “reinforces the company’s vision of self‑sufficiency by creating the first and only U.S. biopharma business that does not depend on external plasma, manufacturing, or supply.” The company also highlighted that the U.S. unit will operate with its own board and governance structure, enabling focused growth.
Analysts noted that the IPO is viewed as a concrete deleveraging signal, with investors expecting the proceeds to be used to pay down debt and fund future expansion. While some analysts expressed caution about the company’s remaining leverage, the overall consensus is that the IPO will improve Grifols’ financial flexibility and support its long‑term growth plans.
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