Grifols Q3 16 results came in broadly in line with consensus as well as our expectations. Sales were up 3% yoy to €1bn (+4% at cc), driven by growth across all three divisions. Geographically (all at cc), while the US/Canada (+8%; Q2: +6%) and Rest of the World (+5%; Q2: +7%) continued to do well, Europe showed an improvement (-1%; Q2: -4%). EBIT remained subdued, declining 3% to €239m (the margin decreased c.150bp), plagued by the known issues (transition of operations between its
29 Nov 2016
Bioscience strong while Diagnostic recovers, but margins remain subdued
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Bioscience strong while Diagnostic recovers, but margins remain subdued
Grifols, S.A. Class A (GRF:WBO) | 0 0 1.0% | Mkt Cap: 14,874m
- Published:
29 Nov 2016 -
Author:
Jyoti Prakash -
Pages:
3
Grifols Q3 16 results came in broadly in line with consensus as well as our expectations. Sales were up 3% yoy to €1bn (+4% at cc), driven by growth across all three divisions. Geographically (all at cc), while the US/Canada (+8%; Q2: +6%) and Rest of the World (+5%; Q2: +7%) continued to do well, Europe showed an improvement (-1%; Q2: -4%). EBIT remained subdued, declining 3% to €239m (the margin decreased c.150bp), plagued by the known issues (transition of operations between its