By Maitane Sardon
Shares in Grifols jumped in early trading Friday after the company reported better-than-expected third-quarter sales driven by a strong performance of its biopharma division.
Shares traded 4.7% higher on Friday at 11.17 euros, but they are down 28% over the year to date.
The Spanish pharmaceuticals company said total revenue reached 1.79 billion euros ($1.93 billion)in the third quarter, a 12.2% increase on a reported basis. The figure was 2.2% ahead of Visible Alpha consensus.
Adjusted earnings before interest, taxes, depreciation, and amortization rose 26.7% at constant currency to 462 million euros, driven by product mix, lower cost per liter and operational leverage, Grifols said.
The company said it is on track to reach full year revenue of more than 7 billion euros.
"This was a relatively clean set of results, with no negative surprises and perhaps a few positive ones," Berenberg analysts said in a note. "The ongoing bid situation creates a short-term risk for the shares, as should the Brookfield/Grifols family consortium fail to make an offer for the shares then it would be churlish not to expect some short-term share price weakness," they added.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
November 08, 2024 05:40 ET (10:40 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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