Grifols reported strong top-line growth (+9.2ppt at CER), boosted by a favourable FX (+6.2ppt) – group sales grew by 15.4% – mainly driven by continued demand for plasma-derived medicines. On the profitability side, although high financial costs put pressure on savings, the operational efficiencies were assuring. We expect the sales momentum to remain robust in H2 19, on the back of recent FDA approval of 20% SCIg.