Grifols SA (GRFS) 2023 Q1 法說會逐字稿

Hello, everyone, and welcome to the Grifols' First Quarter 2023 Conference Call. Thank you very much for taking the time to join us today. This is Nuria Pascual, Investor Relations and Sustainability Officer. And I'm joined by Thomas Glanzmann, our Executive Chairman and CEO; Victor Grifols Deu, our Chief Operating Officer; and Alfredo Arroyo, Chief Financial Officer.

大家好，歡迎來到 Grifols 2023 年第一季度電話會議。非常感謝您今天抽出時間加入我們。我是 Nuria Pascual，投資者關係和可持續發展官。我們的執行主席兼首席執行官 Thomas Glanzmann 也加入了我的行列； Victor Grifols Deu，我們的首席運營官；和首席財務官阿爾弗雷多·阿羅約 (Alfredo Arroyo)。

This call will last for about 60 minutes. There will be a presentation of approximately 30 minutes, followed by a Q&A session. (Operator Instructions) As a reminder, this call is being recorded. The materials for the call are on the Investor Relations section at grifols.com, and the transcript and webcast replay of the call will also be available on the Investor Relations website within 24 hours after the end of the live conference call.

此通話將持續約 60 分鐘。將有大約 30 分鐘的演示，然後是問答環節。 （操作員說明）提醒一下，此通話正在錄音中。電話會議的材料位於 grifols.com 的投資者關係部分，電話會議的文字記錄和網絡直播重播也將在現場電話會議結束後 24 小時內在投資者關係網站上提供。

Let me turn now to the legal disclaimer on Slide 2. And before we start, I draw your attention to the forward-looking statements disclaimer on this slide of the release. And forward-looking statements on the call are subject to substantial risks and uncertainties, speak only as of the call's original date, and we undertake no obligation to update or revise any of these statements.

現在讓我轉到幻燈片 2 上的法律免責聲明。在我們開始之前，我提請您注意本新聞稿這張幻燈片上的前瞻性聲明免責聲明。電話會議的前瞻性陳述受重大風險和不確定性的影響，僅在電話會議的原始日期發表，我們不承擔更新或修改任何這些陳述的義務。

Now, I would like to turn the call over to Thomas Glanzmann.

現在，我想把電話轉給 Thomas Glanzmann。

Thank you, Nuria, and thank you, everyone, for joining the call today.

謝謝 Nuria，也謝謝大家今天加入電話會議。

Before we turn to the specifics of our business performance, financials and full year '23 guidance, I would like to make some introductory comments. Over the past few months, we had the opportunity after many years to meet in person with more than 80 investors and 60 investment houses in London and New York, addressing questions and concerns about performance, debt, governance and whether any fundamental changes will be made directionally at the company of the plans that had been laid out.

在我們討論我們的業務表現、財務和 23 年全年指導的具體細節之前，我想做一些介紹性的評論。在過去的幾個月裡，我們在多年後有機會在倫敦和紐約與 80 多位投資者和 60 家投資機構進行了面對面的會面，解決了有關業績、債務、治理以及是否會做出任何根本性改變的問題和擔憂定向在已經制定的計劃的公司。

For me and the management team, these meetings were of great value, and I would like to take this opportunity to thank all participants for their honest and often very direct feedback, which was much appreciated. We have indeed taken note of what we heard and were told.

對我和管理團隊來說，這些會議非常有價值，我想藉此機會感謝所有與會者提供的誠實且通常非常直接的反饋，我們對此深表感謝。我們確實注意到了我們所聽到和被告知的內容。

In light of that, I would also like to take this opportunity to reiterate my key messages from these meetings. First, and very importantly, Grifols is committed to creating value for all our shareholders and in restoring our credibility and trust of the financial community. As I noted in our meetings, we understand that to do so, we will need to consistently deliver on our commitments, which we are already doing and will continue to do.

有鑑於此，我也想藉此機會重申我在這些會議上傳達的關鍵信息。首先，也是非常重要的一點，Grifols 致力於為所有股東創造價值，並恢復我們在金融界的信譽和信任。正如我在會議中指出的那樣，我們明白要做到這一點，我們需要始終如一地履行我們已經在做並將繼續做的承諾。

Second, the priorities set with our Board remain the same. We will improve our financial profile, reduce debt, execute and deliver our operating improvement plan, capture commercial opportunities and unlock Biotest's substantial value. Today's Q1 results should give you confidence that we are very focused on doing just that.

其次，我們董事會設定的優先事項保持不變。我們將改善我們的財務狀況，減少債務，執行和交付我們的運營改進計劃，抓住商業機會並釋放 Biotest 的巨大價值。今天的第一季度結果應該讓您相信我們非常專注於做到這一點。

Third, we outlined that we would clarify governance, streamline the organization and implement a performance culture that is aligned with our shareholders. In fact, over the last year, the senior leadership team has already made significant strides to reinforce our operational excellence, which the most important first step was establishing a new organizational model.

第三，我們概述了我們將澄清治理、精簡組織並實施與股東一致的績效文化。事實上，在過去的一年裡，高級領導團隊已經在加強我們的卓越運營方面取得了重大進展，其中最重要的第一步是建立新的組織模式。

This involved the creation of 4 strategic business units and the appointment of new management under whom we have refocused our strategic efforts to accelerate growth.

這涉及創建 4 個戰略業務部門和任命新的管理層，在他們的領導下，我們重新調整了戰略重點以加速增長。

Up in my appointment as Executive Chairman in February of this year, I quickly thought to streamline Grifols' leadership structure, establishing a core senior leadership team with clear responsibility. And now, as yesterday was announced, my appointment to CEO further clarifies our decision-making process to accelerate Grifols' growth and strategic progress.

今年2月我就任執行董事長時，很快想到要精簡Grifols的領導架構，建立一個責任明確的核心高層領導團隊。現在，正如昨天宣布的那樣，我對 CEO 的任命進一步明確了我們加速 Grifols 增長和戰略進展的決策過程。

Victor has been appointed as the Chief Operating Officer, and Raimon Grifols has been appointed as the Chief Corporate Officer. We have now clearly defined the responsibilities of our Senior Executive Leadership Team, enabling us to continue to deliver on our successful transformation with the greatest accuracy and speed. I will return to this key topic in more detail later in the presentation.

Victor 被任命為首席運營官，Raimon Grifols 被任命為首席公司官。我們現在已經明確定義了高級執行領導團隊的職責，使我們能夠繼續以最大的準確性和速度實現成功的轉型。我將在稍後的演示中更詳細地回到這個關鍵主題。

And returning to our commitments. Our fourth commitment was to improve our communication with stakeholders, and we are and will certainly do so. We have our quarterly calls, and we will follow up on a regular communication with our global investor base. With the input from some of our investors, we have also decided to expand our IR footprint into the United States to better serve investors in North America. Going forward, we are also determined to expand our reach and continue to engage with equity and fixed income market participants. I hope and trust that you will walk away from this presentation with a sense that Grifols is stepping up and aggressively aligning all the needed pieces to position the company for a successful future.

並回到我們的承諾。我們的第四項承諾是改善我們與利益相關者的溝通，我們已經並且一定會這樣做。我們有季度電話會議，我們將跟進與全球投資者基礎的定期溝通。根據我們的一些投資者的意見，我們還決定將我們的 IR 足跡擴展到美國，以更好地服務北美的投資者。展望未來，我們還決心擴大我們的業務範圍，並繼續與股票和固定收益市場參與者接觸。我希望並相信您在離開本次演示時會感覺到 Grifols 正在加緊努力並積極調整所有需要的部分以使公司為成功的未來做好準備。

With that, let me turn to Slide 4 to kick off our presentation. In '22, we set clear priorities to reposition the company and made a number of key commitments in our February '23 call. I am pleased to report that in the first quarter of '23, we are effectively meeting and exceeding our commitments while we continue to execute on key priorities. Grifols is on the rebound, and our operational delivery in this first quarter reflects this, while it also demonstrate the company's strong fundamentals in a growing market.

有了這個，讓我轉向幻燈片 4 開始我們的演示。在 22 年，我們為重新定位公司設定了明確的優先事項，並在 23 年 2 月的電話會議上做出了一些重要承諾。我很高興地報告，在 2023 年第一季度，我們有效地實現並超越了我們的承諾，同時我們繼續執行關鍵優先事項。 Grifols 正在反彈，我們在第一季度的運營交付反映了這一點，同時也證明了公司在不斷增長的市場中的強勁基本面。

So let me review a few highlights of the first quarter. As I mentioned earlier, we implemented significant changes to our executive governance, clarifying the leadership structure. In Q1, we also strengthened our performance culture by rolling out new short and long-term incentive plans aligned with shareholders' interest. The new plans award participants for overachievement and for Grifols share price appreciation in the long term.

那麼讓我回顧一下第一季度的一些亮點。正如我之前提到的，我們對行政管理進行了重大變革，明確了領導結構。在第一季度，我們還通過推出符合股東利益的新的短期和長期激勵計劃來加強我們的績效文化。新計劃獎勵超額成就和 Grifols 股價長期上漲的參與者。

Now, turning to the numbers. We delivered a solid start to the year, meeting and exceeding on our commitments in some key metrics. Revenues grew by 23% and by 14% on a like-for-like basis, excluding Biotest, driven by a strong performance of Biopharma which delivered an increase of 26% and by 15% like-for-like.

現在，轉向數字。我們今年開局良好，在一些關鍵指標上實現並超越了我們的承諾。收入同比增長 23% 和 14%（不包括 Biotest），這得益於 Biopharma 的強勁表現，其同比增長 26% 和 15%。

Excluding Biotest, adjusted EBITDA margin for Q1 was 21%, exceeding the 19% to 20% guidance set for the first half of '23. Consequently, we are raising our guidance to above 21% for the first half and for the whole year to 22% to 24%. Therefore, we now expect to exceed the EUR 1.4 billion EBITDA guidance for EUR 2.23 billion.

不包括 Biotest，第一季度調整後的 EBITDA 利潤率為 21%，超過了 23 年上半年設定的 19% 至 20% 的指導值。因此，我們將上半年的指引提高至 21% 以上，將全年的指引提高至 22% 至 24%。因此，我們現在預計將超過 14 億歐元的 EBITDA 指引，達到 22.3 億歐元。

The execution of our operational improvement plan is also exceeding our expectations with more than 80% of the EUR 400 million already deployed as of today. We have identified additional savings and are raising also here our target to more than EUR 450 million. This achievement has not been easy, and I would like to take this opportunity to express my gratitude to all those working tirelessly on the front lines to make this happen.

我們的運營改進計劃的執行也超出了我們的預期，截至今天，已經部署了 4 億歐元的 80% 以上。我們已經確定了額外的節省，並將我們的目標提高到超過 4.5 億歐元。這一成就來之不易，我想藉此機會向所有為實現這一目標而不懈努力的前線人員表示感謝。

The plan, as it stands today, has resulted in a reduction of our cost per liter of more than 15%, driven primarily by a 25% decline in donor compensation, both figures compared to the peak in July of '22. We are laser-focused on further reducing cost per liter, and we expect this to contribute to EBITDA expansion in the range of 200 bps to 400 bps starting in the second half of '23. Additionally, we continue to make good progress on several work streams to meet our debt reduction commitment in order to get to a leverage ratio of 4x by 2024.

就目前而言，該計劃已使我們的每升成本降低了 15% 以上，這主要是由於捐助者補償下降了 25%，這兩個數字均與 22 年 7 月的峰值相比。我們專注於進一步降低每升成本，我們預計這將有助於從 23 年下半年開始將 EBITDA 擴大 200 個基點至 400 個基點。此外，我們繼續在幾個工作流程上取得良好進展，以履行我們的債務削減承諾，以便到 2024 年達到 4 倍的槓桿率。

Returning to our commercial and innovation priorities, we continue to see significant opportunities for our high-margin Alpha-1, Prolastin and our subcutaneous IG product, Xembify. Additionally, we are making significant efforts to accelerate the approval and successful launch of the new Biotest proteins. Once launched, these proteins are expected to have a substantial positive impact on Grifols' financial performance, and bringing them to market quickly is a critical aspect of our current integration with Biotest.

回到我們的商業和創新優先事項，我們繼續看到我們的高利潤率 Alpha-1、Prolastin 和我們的皮下 IG 產品 Xembify 的重大機會。此外，我們正在做出重大努力，以加快批准和成功推出新的 Biotest 蛋白質。一旦推出，這些蛋白質預計將對 Grifols 的財務業績產生實質性的積極影響，將它們快速推向市場是我們目前與 Biotest 整合的一個關鍵方面。

Turning now to Slide 5. Over the past years, Grifols has made significant strides to reinforce its Board of Directors with diverse competencies, backgrounds and experiences. The Board now consists of 11 members, 6 independents that are led by a Lead Independent Director. The Board operates today very well and decisions are made by consensus, with effective checks and balances while promoting great transparency and accountability.

現在轉到幻燈片 5。在過去的幾年中，Grifols 在加強具有不同能力、背景和經驗的董事會方面取得了重大進展。董事會現在由 11 名成員組成，其中 6 名獨立人士由首席獨立董事領導。董事會今天運作良好，決策是通過協商一致做出的，在有效制衡的同時促進了高度的透明度和問責制。

To further enhance its governance, Grifols is currently in the process of hiring a 12th Board member who will be independent and possess strong credentials. In addition, with the latest appointments, all committees of the Board are now led by independent Board members. As I mentioned before, the Co-CEO office has transitioned to the senior leadership executive team, which I'm honored to chair. We have now defined the responsibility of this committee.

為進一步加強其治理，Grifols 目前正在聘請第 12 名董事會成員，該成員將是獨立的且擁有強大的資歷。此外，根據最近的任命，董事會的所有委員會現在都由獨立的董事會成員領導。正如我之前提到的，聯席首席執行官辦公室已經過渡到高級領導執行團隊，我很榮幸能夠擔任該團隊的主席。我們現在已經確定了該委員會的職責。

Victor, as Chief Operating Officer, is responsible for the day-to-day operations and has all the operating units reporting to him. He will also continue to serve on the Board of Directors. Raimon, current Vice Chairman of Grifols, in addition to his Board duties, assumes the role of Chief Corporate Officer, focused on optimizing the value of our corporate alliances and partnerships as well as leading other key ad hoc initiatives.

作為首席運營官，Victor 負責日常運營，所有運營部門都向他匯報。他還將繼續在董事會任職。 Raimon 是 Grifols 現任副董事長，除了董事會職責外，還擔任首席公司官一職，專注於優化我們公司聯盟和合作夥伴關係的價值，並領導其他關鍵的臨時計劃。

The Senior Executive Leadership Team has a hands-on operating approach and meets weekly to ensure that we deliver. Its responsibilities include capital allocation, the strategy, communication, human resources policies, overall business performance and very importantly, oversight of critical projects and priorities. A key priority right now is obviously our operational improvement plan and delivering on our commitment to further improve our operating performance, and very importantly, reduce our debt level.

高級執行領導團隊採用親力親為的操作方法，每週開會以確保我們交付。它的職責包括資本分配、戰略、溝通、人力資源政策、整體業務績效以及非常重要的關鍵項目和優先事項的監督。現在的一個關鍵優先事項顯然是我們的運營改進計劃，並兌現我們進一步提高運營績效的承諾，非常重要的是，降低我們的債務水平。

Now turn to Slide 6. It is important to note that we have also made changes across the organization beyond the senior executive team. In 2022, a new organization model was established to increase focus and build a performance culture that is more efficient, effective, agile, decisive and accountable. These changes included the appointments of new management to lead the Biopharma and Plasma Procurement business units and a new President for Diagnostic. These new leaders have extensive experience in diverse industries including health care, particularly Biopharmaceuticals, as well as retail distribution channels. Their knowledge will be key to ensure effective product launches, especially considering the key Biotest proteins, while creating the most efficient, advanced, and very importantly, donor-friendly global plasma network.

現在轉到幻燈片 6。重要的是要注意，我們還對高級管理團隊以外的整個組織進行了更改。 2022年，建立了新的組織模式，提高專注度，打造更高效、更有效、更敏捷、更果斷、更負責任的績效文化。這些變化包括任命新的管理層領導生物製藥和血漿採購業務部門，以及任命新的診斷總裁。這些新領導人在包括醫療保健（尤其是生物製藥）以及零售分銷渠道在內的多個行業擁有豐富的經驗。他們的知識將是確保有效產品發布的關鍵，尤其是考慮到關鍵的 Biotest 蛋白質，同時創建最高效、最先進且非常重要的是對捐助者友好的全球血漿網絡。

Finally, as I mentioned before, we have reinforced our performance culture by rolling out short and long-term incentive plans. The new short-term variable remuneration is an important step forward as it further aligns with our current key priorities. The equity-based long-term incentive plan aims to support and accelerate the achievement of the company's long-term strategy while increasing alignment with shareholders as the stock price is a key metric. As you can see, much is happening at Grifols to reposition us across the board for the future.

最後，正如我之前提到的，我們通過推出短期和長期激勵計劃強化了我們的績效文化。新的短期可變薪酬是向前邁出的重要一步，因為它進一步符合我們當前的主要優先事項。基於股權的長期激勵計劃旨在支持和加速公司長期戰略的實現，同時加強與股東的一致性，因為股價是一個關鍵指標。如您所見，Grifols 發生了很多事情，以重新定位我們的未來。

Let us now turn to Victor and then Alfredo, and then I will be back for the final remarks and then we will be happy to take your questions.

現在讓我們輪到 Victor，然後是 Alfredo，然後我會回來發表最後的評論，然後我們很樂意回答您的問題。

Thank you, Thomas. Good morning or good afternoon to everyone, and thank you for joining us today.

謝謝你，托馬斯。大家早上好或下午好，感謝您今天加入我們。

Let's turn now to Slide 8 for business performance comments. In Q1 '23, Grifols' total revenue grew by 18% at constant currency and 23% on a reported basis, reaching a record level of EUR 1,561 million. If we exclude Biotest, total revenue reached EUR 1,444 million, an increase of 9% at constant currency and 14% on a reported basis. This growth was mainly driven by the performance of our Biopharma business unit, which grew by 21% at constant currency and 10% at constant currency like-for-like, excluding Biotest, backed by robust and underlying demand, favorable pricing and product mix.

現在讓我們轉到幻燈片 8 以獲取業務績效評論。在 23 年第一季度，Grifols 的總收入按固定匯率計算增長了 18%，按報告計算增長了 23%，達到創紀錄的 15.61 億歐元。如果我們排除 Biotest，總收入達到 14.44 億歐元，按固定匯率計算增長 9%，按報告基礎增長 14%。這一增長主要是由我們的生物製藥業務部門的業績推動的，該部門按固定匯率計算增長了 21%，按固定匯率計算增長了 10%，不包括 Biotest，這得益於強勁的潛在需求、有利的定價和產品組合。

Now turning to Slide #9. We delivered a robust first quarter, driven by the strong performance of our flagship product, IG in both the U.S. and international markets. It experienced a significant 14.5% growth in Q1 at constant currency. We expect this, our momentum to persist, backed by robust underlying demand. Our efforts to grow the market share and revenue of our subcutaneous immunoglobulin, Xembify, are yielding positive results, with an increase of 34% in Q1 2023.

現在轉到幻燈片#9。在我們的旗艦產品 IG 在美國和國際市場的強勁表現的推動下，我們第一季度表現強勁。按固定匯率計算，它在第一季度經歷了 14.5% 的顯著增長。我們預計，在強勁的潛在需求的支持下，我們的勢頭將持續下去。我們為增加皮下免疫球蛋白 Xembify 的市場份額和收入所做的努力正在取得積極成果，2023 年第一季度增長了 34%。

Albumin growth was supported by higher demand and price increases in China, offsetting current marketing dynamics in the U.S. Looking ahead, we expect volume demand to rebound to high single-digit growth mainly driven by China. Also, improved product mix was supported by the Albumin in bags container.

白蛋白的增長受到中國需求增加和價格上漲的支撐，抵消了美國當前的營銷動態。展望未來，我們預計銷量需求將反彈至高個位數增長，這主要由中國推動。此外，袋裝白蛋白容器支持改進的產品組合。

Finally, Alpha-1 & Specialty Proteins delivered a mid-single-digit growth. Thanks to the higher demand of Alpha-1 and a strong demand of -- and favorable customer mix in our Hypers portfolio.

最後，Alpha-1 & Specialty Proteins 實現了中個位數的增長。由於對 Alpha-1 的更高需求以及對我們 Hypers 產品組合中有利的客戶組合的強烈需求。

Now turning to Slide 10. We continue to maintain a strong position in the IG market with a diversified product portfolio that includes Grifols and Biotest intravenous immunoglobulins, our subcutaneous immunoglobulin commercialized in the U.S. and having received approval in several European countries and Australia for PID and secondary immunodeficiency in 2022, as well as our hyper immunes.

現在轉到幻燈片 10。我們繼續通過多元化的產品組合在 IG 市場保持強勢地位，其中包括 Grifols 和 Biotest 靜脈注射免疫球蛋白，我們的皮下免疫球蛋白在美國商業化，並已在多個歐洲國家和澳大利亞獲得 PID 和2022 年的繼發性免疫缺陷，以及我們的超免疫力。

The global IG market is valued at more than EUR 14 billion, and is expected to grow by high single digits in the upcoming years, mainly driven by primary and secondary immunodeficiencies, which represent approximately 40% to 55% of the total IG market.

全球 IG 市場價值超過 140 億歐元，預計未來幾年將以高個位數增長，主要受原發性和繼發性免疫缺陷的推動，約佔整個 IG 市場的 40% 至 55%。

Secondary immunodeficiencies have notably increased due to an aging population and the use of immunosuppressive therapies such as immuno-oncology treatments, for which IG is often the preferred and only option. Additionally, the increasing awareness around the benefits of IG therapy and improved diagnosis of primary immunodeficiency have led to more patients receiving treatment with IG therapies. With a broader and top market that is increasing at a pace above the rest of the IG usages, we believe this represents a substantial growth opportunity for our franchises.

由於人口老齡化和免疫腫瘤治療等免疫抑制療法的使用，繼發性免疫缺陷顯著增加，IG 通常是首选和唯一的選擇。此外，人們對 IG 療法的益處的認識不斷提高，原發性免疫缺陷的診斷得到改進，這導致更多患者接受 IG 療法。隨著更廣闊的頂級市場的增長速度超過其他 IG 用途，我們相信這對我們的特許經營權來說是一個巨大的增長機會。

Grifols' immunoglobulin strategy is based on key 3 pillars. We are focused on growth in the U.S. and on prioritizing selected countries, in line with our aim to leverage our geo mix. We are focused on the immunodeficiency market, with PID and secondary immunodeficiency growing ahead of the rest of the uses, while continuing to accelerate our subcutaneous Xembify adoption, building up on the important traction gain over the last quarters.

Grifols 的免疫球蛋白戰略基於三大關鍵支柱。我們專注於美國的增長並優先考慮選定的國家，這符合我們利用我們的地理組合的目標。我們專注於免疫缺陷市場，PID 和繼發性免疫缺陷的增長領先於其他用途，同時繼續加速我們皮下 Xembify 的採用，建立在過去幾個季度的重要牽引收益之上。

To leverage on this expected growth, among others, we are dedicating efforts to life cycle management, which includes seeking new indications. One of these lines, we are pursuing the approval of Xembify to treat patients with CLL, which is the fastest-growing indication within the secondary immunodeficiencies. CLL is expected to grow 9.5% from the period '18 to 2025, with a market potential of over USD 1 billion.

為了利用這一預期增長，我們正在致力於生命週期管理，其中包括尋找新的適應症。其中之一，我們正在尋求批准 Xembify 治療 CLL 患者，這是繼發性免疫缺陷中增長最快的適應症。從 18 年到 2025 年，CLL 預計將增長 9.5%，市場潛力超過 10 億美元。

We also aim to maintain leadership in neurology and acute care within autoimmune diseases, where IVIG remains a standard of care. Our flagship, Gamunex, remains the most prescribed IG for CIDP as of today. We plan to build on this track record for further strengthening our leadership, especially through continued uptake of our subcutaneous Xembify, which offer an improved patient experience and a vast commercial opportunity for us.

我們還致力於在自身免疫性疾病的神經病學和急性護理領域保持領先地位，其中 IVIG 仍然是護理標準。截至今天，我們的旗艦產品 Gamunex 仍然是 CIDP 最常使用的 IG。我們計劃在這一記錄的基礎上進一步加強我們的領導地位，特別是通過繼續採用我們的皮下 Xembify，這為我們提供了更好的患者體驗和巨大的商業機會。

Having said all this, we are well positioned to capitalize on this IG market growth, which is expected to outpace any potential impact from new technologies within the CIDP space. On top of this, the company has a robust pipeline of IG products in different phases of development, with several key milestones anticipated for 2023.

綜上所述，我們已準備好利用 IG 市場的增長，預計這將超過 CIDP 領域新技術的任何潛在影響。最重要的是，該公司擁有處於不同開發階段的強大 IG 產品線，預計 2023 年將實現幾個關鍵里程碑。

Now turning to Slide 11. As Thomas has already commented, the cost per liter trend is encouraging and reflects the significant progress we are making in the execution of our operational improvement plan. Taking the figures we reported in fiscal year 2022 results, cost per liter and donor compensation declines have notably expanded from 10% and 20% to more than 15% and 25%, respectively.

現在轉到幻燈片 11。正如 Thomas 已經評論的那樣，每升成本趨勢令人鼓舞，反映了我們在執行運營改進計劃方面取得的重大進展。根據我們在 2022 財年結果中報告的數據，每升成本和捐贈者補償的下降幅度分別從 10% 和 20% 顯著擴大到 15% 和 25% 以上。

This positive trend will be reflected at a larger extent in our P&L starting in second half of 2023 due to the inventory accounting practices of the plasma industry, which entailed a 9-month period lag. Initiatives triggering these positive cost per liter trend are donor compensation reduction, optimization and reduction of staffing and overheads, and the rationalization of our plasma center network.

由於等離子行業的庫存會計實踐，這種積極趨勢將在更大程度上反映在我們從 2023 年下半年開始的損益表中，這需要 9 個月的滯後時間。引發這些積極的每升成本趨勢的舉措是減少捐助者補償、優化和減少人員配備和管理費用，以及我們血漿中心網絡的合理化。

In the first 3 months of 2023, 7 underperforming plasma centers were consolidated. As of today, adding up to 18 centers shutdown in Q4 2022, we have consolidated more than 75% of the total 25 centers to minimize the impact on plasma collection volumes.

2023年前3個月，整合了7家表現不佳的血漿中心。截至今天，加上 2022 年第四季度關閉的 18 個中心，我們已經整合了 25 個中心中的 75% 以上，以盡量減少對血漿採集量的影響。

Going forward, we expect this cost per liter to drop. We expect this cost per liter to drop to amplify following curing in-development and under evaluation of savings initiatives, focused on implementing lean processes and digitalization.

展望未來，我們預計每升成本會下降。我們預計，隨著正在開發中的固化和對節約舉措的評估，專注於實施精益流程和數字化，每升成本將下降並擴大。

Now turning to Slide 12. We continue to advance on our innovation pipeline as we are delivering on our commitments on this first quarter. Our subcutaneous Alpha-1 15% Phase I, Phase II study advanced from single dose to repeat dose phase. And in terms of life cycle management, we provided final results of the Xembify bi-weekly dosing study and is being prepared the complete clinical study report.

現在轉到幻燈片 12。我們將繼續推進我們的創新渠道，因為我們正在兌現第一季度的承諾。我們的皮下 Alpha-1 15% I 期、II 期研究從單劑量階段推進到重複劑量階段。在生命週期管理方面，我們提供了 Xembify 雙週劑量研究的最終結果，並正在準備完整的臨床研究報告。

As well as for the IVIG-PEG study, which has also been concluded and at the same time, we are finalizing our CSR data. Additionally, we expect this patient to be enrolled and treated in the Xembify CLL study very shortly.

與 IVIG-PEG 研究一樣，該研究也已經結束，同時，我們正在完成我們的 CSR 數據。此外，我們預計該患者將很快被納入 Xembify CLL 研究並接受治療。

In Q2 '23, we also expect to finalize the enrollment of the PRECIOSA trial, while the enrollment of the SPARTA trial will be completed during the second half of this year. Biotest milestones for its novel proteins trials in 2023 continue on track.

2023年第二季度，我們還預計完成寶仕奧莎試驗的註冊，而斯巴達試驗的註冊將在今年下半年完成。 2023 年其新型蛋白質試驗的生物測試里程碑繼續按計劃進行。

For Trimodulin, we expect study initiation in the first half and Fibrinogen trial to be completed, as well as top line study results in the second half of this year 2023.

對於 Trimodulin，我們預計上半年將啟動研究並完成纖維蛋白原試驗，以及今年下半年 2023 年的頂級研究結果。

The development expected for '23 are very solid, at a very solid combination of life cycle management and new proteins such as Trimodulin, Fibrinogen, ATIII in sepsis, which we expect to continue significantly to the company plasma economics in the midterm.

23 年的預期發展非常穩固，生命週期管理和敗血症中的 Trimodulin、纖維蛋白原、ATIII 等新蛋白質非常穩固地結合在一起，我們預計這將在中期繼續對公司的血漿經濟學產生重大影響。

Now turning to Slide 13 for the agnostic and bio supplies performance. Blood Typing Solutions were the main driver of the agnostic business unit with a robust high single-digit growth rate recorded in key geographies, such as the U.S. and China.

現在轉到幻燈片 13 了解不可知論者和生物用品的表現。血型解決方案是不可知論業務部門的主要驅動力，在美國和中國等主要地區實現了強勁的高個位數增長率。

Performance of the NAT technology has been impacted by the pricing concessions in exchange for extending a large contract with a key customer for 15 years. Recombinant proteins increased by 28%, including a diagnostic company commercial true-up of EUR 19 million, which was partially offset by lower joint business profits. Excluding this true-up, revenues decreased by 32%.

NAT 技術的性能受到定價優惠的影響，以換取與主要客戶延長 15 年的大型合同。重組蛋白增長了 28%，其中包括 1900 萬歐元的診斷公司商業調整，這部分被較低的聯合業務利潤所抵消。排除這個調整，收入下降了 32%。

Bio Supplies increased by 70% at constant currency and by 78% on a reported basis, following the acquisition of the remaining 51% capital of Access Biologicals in 2022. This acquisition of Access Biologicals was driven by the goal of achieving higher margins through vertical integration and gaining commercial footprint to expand in the cell culture market as well as in vitro diagnostics and the agnostic R&D solutions. It also strengthened the company's offering of biological products.

在 2022 年收購 Access Biologicals 剩餘 51% 的資本後，Bio Supplies 按固定匯率計算增長了 70%，在報告的基礎上增長了 78%。此次收購 Access Biologicals 的目的是通過垂直整合實現更高的利潤率並獲得商業足跡以擴大細胞培養市場以及體外診斷和不可知論研發解決方案。它還加強了公司的生物產品供應。

And now turning to Alfredo.

現在轉向阿爾弗雷多。

Thanks, Victor. Hello to everybody. As Thomas mentioned, Grifols delivered solid results for the first quarter of 2023 across all key metrics, beating our EBITDA guidance provided during our last earnings call.

謝謝，維克多。大家好。正如 Thomas 所提到的，Grifols 在 2023 年第一季度的所有關鍵指標上都取得了可觀的業績，超過了我們在上次財報電話會議上提供的 EBITDA 指導。

We're very confident to meet our updated full year 2023 guidance, as we will see later. Reported total revenues increased by 23% and by 14% on a like-for-like basis, meaning excluding Biotest -- while reported Biopharma revenues were up by 26% and 15% like-for-like, excluding Biotest. FX impact with no significant, I would say, impact on this Q1 of 2023. While our gross margin is still impacted by a high cost per liter from the plasma collected in the first half of 2022 due to the 9 months like inventory accounting. Now we are in the recovery path.

我們非常有信心滿足我們更新後的 2023 年全年指導方針，我們稍後會看到。報告的總收入同比增長 23% 和 14%，這意味著不包括 Biotest——而報告的生物製藥收入同比增長 26%和 15%，不包括 Biotest。我想說，外匯影響對 2023 年第一季度沒有重大影響。雖然我們的毛利率仍然受到 2022 年上半年收集的血漿每升高成本的影響，因為 9 個月的庫存會計。現在我們正處於恢復路徑中。

Operational leverage together with savings from the operational plan drove our Q1 adjusted EBITDA margin to 21%, excluding BioTest, which is above the guidance. Our leverage ratio stands at 7x with a solid liquidity position of EUR 1.3 billion and also with positive operating cash flow, excluding the one-off restructuring charge.

運營槓桿和運營計劃的節省使我們第一季度調整後的 EBITDA 利潤率達到 21%，不包括高於指導的 BioTest。我們的槓桿率為 7 倍，擁有 13 億歐元的穩健流動性頭寸和正的運營現金流，不包括一次性重組費用。

Plama collection increased by 11% in Q1, while cost per liter significantly declined to more than 15% in by end March through its peak of last July. Good news on the execution of our operational improvement plan, which is progressing ahead of initial expectations. We have already deployed more than 80% of the initial EUR 400 million cash cost savings, and now we have updated this target to more than EUR 450 million.

第一季度血漿收集量增加了 11%，而從去年 7 月的峰值到 3 月底，每升成本大幅下降至 15% 以上。關於執行我們的運營改進計劃的好消息，該計劃的進展超出了最初的預期。我們已經部署了最初 4 億歐元現金成本節省的 80% 以上，現在我們已將該目標更新為超過 4.5 億歐元。

Next slide, Grifols is experiencing a turnaround supported by our strong financial performance. Revenue continues to show sustainable growth with a high single-digit increase in the first quarter driven by solid plasma supply by price increases and by product mix backed by our subcu IG.

下一張幻燈片，Grifols 正在經歷我們強勁財務業績支持的轉機。收入繼續顯示出可持續增長，第一季度的高個位數增長受到價格上漲和我們的 subcu IG 支持的產品組合的固體血漿供應的推動。

Regarding operating performance, as we see in the second chart, adjusted EBITDA on a last 12 months basis reached EUR 1.2 billion on the back of operational leverage and savings from the operational plan, showing a sequential improvement both in absolute terms and in margin. This sequential quarterly EBITDA improvement is going to continue throughout 2023.

關於經營業績，正如我們在第二張圖表中看到的那樣，在過去 12 個月的基礎上調整後的 EBITDA 達到 12 億歐元，這得益於經營槓桿和經營計劃的節省，顯示出絕對值和利潤率的連續改善。這種連續的季度 EBITDA 改善將在整個 2023 年持續。

Leverage ratio stood at 7x as of March, and we reiterate here our commitment to debt reduction, targeting at 4x by end of 2024. We reconfirm our commitment to deleverage and on the back of heavy improvements and deleveraged transactions.

截至 3 月，槓桿率為 7 倍，我們在此重申我們對削減債務的承諾，目標是到 2024 年底達到 4 倍。我們再次確認我們在大幅改善和去槓桿交易的背景下去槓桿化的承諾。

The adjusted EBITDA bridge shows the improvement in Q1, reaching EUR 299 million at 21% margin, excluding Biotest supported by positive performance of Biopharma and Bio Supplies as well as OpEx reduction. As we explained in the last earnings call, the EUR 125 million one-off charge includes EUR 140 million restructuring charge that has been fully booked in this quarter. We have also adjusted EUR 19 million coming from one-off commercial true-up in the diagnostic revenues. We do not expect any further restructuring costs in the upcoming quarters. We are successfully executing our operational improvement plan.

調整後的 EBITDA 橋顯示第一季度有所改善，達到 2.99 億歐元，利潤率為 21%，不包括生物製藥和生物供應的積極表現以及 OpEx 減少支持的生物測試。正如我們在上次財報電話會議中解釋的那樣，1.25 億歐元的一次性費用包括本季度已全部入帳的 1.4 億歐元重組費用。我們還調整了診斷收入中來自一次性商業調整的 1900 萬歐元。我們預計未來幾個季度不會有任何進一步的重組成本。我們正在成功執行我們的運營改進計劃。

As we speak, more than 80% of the initial EUR 400 million cash cost savings have been already deployed. Furthermore, we have increased this target to more than EUR 450 million on the back of further improvements, especially in the plasma operations. All-in-all, annualized total plasma-related savings now are more than EUR 340 million from the initial expected EUR 300 million.

就在我們說話的時候，最初 4 億歐元現金成本節約中的 80% 以上已經部署。此外，在進一步改進的支持下，我們將這一目標提高到超過 4.5 億歐元，尤其是在等離子業務方面。總而言之，與血漿相關的年化總節省現在超過 3.4 億歐元，而最初預計為 3 億歐元。

On the left-hand side of this slide, we can see the previously announced plan, and on the right-hand side, the updated plan. In 2023, cash savings will now amount to EUR 275 million and cost savings flowing through the P&L will be EUR 150 million. In 2024, we are now expecting additional EUR 175 million cash savings and EUR 320 million cost savings that will be recognized in the P&L. As a reminder, the plasma cost accounting rule of this industry, which implies a 9 months inventory lag.

在這張幻燈片的左側，我們可以看到之前公佈的計劃，在右側，我們可以看到更新後的計劃。到 2023 年，現金節省將達到 2.75 億歐元，通過損益表節省的成本將達到 1.5 億歐元。到 2024 年，我們現在預計將在損益表中確認額外的 1.75 億歐元現金節省和 3.2 億歐元成本節省。提醒一下，這個行業的血漿成本核算規則，這意味著 9 個月的庫存滯後。

Our position in deleveraging and achieving the 4 leverage ratio target by end of 2024 has not changed. As we can see in this reach, considering that 50% of the 1.8x reduction relates to EBITDA improvement, overall, the leverage ratio declining from 7x to 4x is coming from 70% of EBITDA improvement and 30% from deleverage transaction. A significant piece of this EBITDA improvement is driven by the EUR 450 million operational improvement plan. We are making a good progress on the several work streams of deleveraging transactions and we plan, as already mentioned, to complete one transaction during this year.

我們在去槓桿化和到 2024 年底實現 4 個槓桿率目標方面的立場沒有改變。正如我們在這一範圍內看到的那樣，考慮到 1.8 倍減少中的 50% 與 EBITDA 改善有關，總體而言，槓桿率從 7 倍下降到 4 倍來自 70% 的 EBITDA 改善和 30% 來自去槓桿交易。這一 EBITDA 改善的很大一部分是由 4.5 億歐元的運營改善計劃推動的。我們在去槓桿交易的幾個工作流程上取得了良好進展，並且如前所述，我們計劃在今年完成一項交易。

The cash proceeds will be prioritized for debt reduction. We currently have a total liquidity of EUR 1.3 billion and cash on hand amounting to EUR 400 million.

現金收益將優先用於減債。我們目前擁有 13 億歐元的總流動資金和 4 億歐元的手頭現金。

Based on our solid performance in Q1, we reiterate our full year guidance for top line and we upgrade our adjustment EBITDA margin guidance for the first half to more than 21% margin. And for the full year, it will be in the new margin range between 22% and 24%, excluding Biotest. As a result of this, we are very confident that we can beat the full year EBITDA EUR 1.4 billion as well as the EUR 1.7 billion, considering the annualized cash cost savings. These numbers confirm that our strong recovery path is ongoing.

基於我們在第一季度的穩健表現，我們重申了我們對收入的全年指導，並將上半年調整後的 EBITDA 利潤率指導上調至 21% 以上。對於全年，它將處於 22% 至 24% 的新利潤率範圍內，不包括 Biotest。因此，考慮到年化現金成本節省，我們非常有信心能夠超過全年 14 億歐元和 17 億歐元的 EBITDA。這些數字證實了我們強勁的複甦之路正在進行中。

And with that, I hand over to Thomas.

然後，我交給托馬斯。

Thank you, Alfredo. I would like to conclude by reiterating a few points we've already made, but that are worth repeating.

謝謝你，阿爾弗雷多。最後，我想重申我們已經提出但值得重複的幾點。

My management style is to keep returning to the most critical priorities, those that make us strong and those that need changing, to ensure that these are absolutely clear and that we continue to effectively execute against them. The company has clarified its governance and leadership structure and made significant progress in defining the responsibilities of the senior leadership team, ensuring focus and accountability. The company has introduced a new operating organizational model, which has resulted in a stronger and more efficient structure. This is supported by a strong focus on a performance-driven culture which will continue to make the company more efficient, effective, agile, decisive and accountable. The new short and long-term incentive plans will play a key role here.

我的管理風格是不斷回到最關鍵的優先事項，那些讓我們強大的和那些需要改變的，以確保這些是絕對明確的，並且我們繼續有效地執行它們。公司已明確其治理和領導結構，並在明確高級領導團隊的職責、確保重點和問責制方面取得重大進展。該公司引入了一種新的運營組織模式，從而形成了更強大、更高效的結構。這得到了對績效驅動文化的強烈關注的支持，這種文化將繼續使公司更加高效、有效、敏捷、果斷和負責任。新的短期和長期激勵計劃將在這方面發揮關鍵作用。

To strengthen a new leadership will be instrumental in driving change and ensuring that the organization is more responsive to the changing market dynamics. Grifols delivered a solid financial start to the year, and we are on track to meet an improved guidance.

加強新的領導層將有助於推動變革並確保組織對不斷變化的市場動態做出更快的反應。 Grifols 在今年取得了穩健的財務開端，我們有望實現更好的指導。

The company has successfully deployed, as Alfredo mentioned, more than 80% of the initial EUR 400 million cash cost saving of its operational improvement plan and updated its target to more than EUR 450 million, mainly driven by plasma initiatives. Testament of the execution of the plan is the cost per liter reduction of more than 15%.

正如 Alfredo 提到的那樣，該公司已成功部署其運營改進計劃最初節省的 4 億歐元現金成本中的 80% 以上，並將其目標更新為超過 4.5 億歐元，這主要是由等離子計劃推動的。該計劃執行的證明是每升成本降低 15% 以上。

As also been mentioned multiple times, deleveraging remains our top priority and our commitment to reduce leverage ratio to 4x by 2024 remains unchanged. We are advancing on several work streams to execute deleveraging transaction.

正如多次提到的那樣，去槓桿化仍然是我們的首要任務，我們到 2024 年將槓桿率降至 4 倍的承諾保持不變。我們正在推進幾個工作流來執行去槓桿化交易。

Adjusted EBITDA margin for the full year, excluding Biotest, is again, as Alfredo mentioned, expected to reach the 22% to 24% range, and we are confident on exceeding EUR 1.4 billion. Pro forming the additional EUR 320 million, the adjusted EBITDA margin would stand at over EUR 1.7 billion, setting the base for a further expansion of EBITDA in '24. As promised, we are delivering a step change in performance as we advance in 2023. We are increasingly better positioned and confident that we will keep building on this positive momentum. As mentioned, and I'll repeat, Grifols is on the rebound.

正如 Alfredo 提到的那樣，全年調整後的 EBITDA 利潤率（不包括 Biotest）預計將達到 22% 至 24% 的範圍，我們有信心超過 14 億歐元。通過形成額外的 3.2 億歐元，調整後的 EBITDA 利潤率將超過 17 億歐元，為 24 年進一步擴大 EBITDA 奠定基礎。正如承諾的那樣，隨著我們在 2023 年的推進，我們將實現業績的階梯式變化。我們的定位越來越好，並且有信心繼續保持這種積極勢頭。如前所述，我要重複一遍，Grifols 正在反彈。

Finally, I want to thank our entire Grifols team for making it all happen. Without everyone's effort, focus and dedication, the progress made in the first quarter of '23 would not have been possible.

最後，我要感謝我們整個 Grifols 團隊讓這一切成為現實。沒有每個人的努力、專注和奉獻，23 年第一季度取得的進展是不可能的。

I appreciate your attention, and then I'll now turn it back to Nuria, who will open it up for your questions. Thank you very much.

感謝您的關注，然後我將把它轉回給 Nuria，她會打開它來回答您的問題。非常感謝。

Thank you, Thomas, and thank you all. Let's start the Q&A session. (Operator Instructions)

謝謝你，托馬斯，謝謝大家。讓我們開始問答環節。 （操作員說明）

So let's start with Jo Walton from Credit Suisse.

那麼讓我們從瑞士信貸的 Jo Walton 開始吧。

Perfect. I wonder, in order to put some context on it, whether you can tell us what the cost per liter is now not in relation to July '22, but a pre-COVID world?

完美的。我想知道，為了說明一些背景，您是否可以告訴我們現在每升的成本是多少，而不是與 22 日 7 月的情況有關，而是與 COVID 之前的世界有關？

And a couple of clarifications, please. In terms of your sales growth for this year, the 8% to 10%, is that including the 2.5% or so benefit that we get from the first-time consolidation of Biotest or on a clean underlying basis?

還有一些澄清，請。就你們今年的銷售增長而言，8% 到 10%，是包括我們從 Biotest 的首次整合中獲得的 2.5% 左右的收益，還是在乾淨的基礎上？

Jo, I take the question on the cost per liter. We are comparing to this, like, kind of benchmark if this is a word from the peak that we had. We -- if we compare this to 2019, it's still above that level mainly because of 2 factors. The one is -- well, it's kind of inflation related, both of them. One is the donor commitment compensation or donor fee, it has increased as we all know, and the same for the labor cost associated in our plasma structure. Excluding those 2 kind of items, we are still higher than the '19 but narrowing the gap every month as we progress.

喬，我來回答每升成本的問題。如果這是我們擁有的高峰期的話，我們正在與這種基准進行比較。我們 - 如果我們將此與 2019 年進行比較，它仍然高於該水平主要是因為兩個因素。一個是 - 好吧，這兩者都與通貨膨脹有關。一個是捐助者承諾補償或捐助者費用，眾所周知，它已經增加，並且與我們的血漿結構相關的勞動力成本也是如此。排除這兩種項目，我們仍然高於 19 年，但隨著我們的進步，每個月的差距都在縮小。

Sales? Sales growth, 8% to 10%.

銷售量？銷售額增長 8% 至 10%。

To your question regarding the 8% to 10% revenue growth. As disclosed in the slide, this is including -- this including Biotest. Same relates to Biopharma. That 10% to 12% include Biotest, so that means that revenue all-in is basically including Biotest. Like-for-like in Biopharma, we're a high single digit, so that's our best estimate for the year-end.

關於 8% 到 10% 的收入增長的問題。正如幻燈片中所披露的，這包括——這包括 Biotest。同樣涉及生物製藥。這 10% 到 12% 包括 Biotest，這意味著總收入基本上包括 Biotest。在 Biopharma 中，我們是一個高個位數，所以這是我們對年底的最佳估計。

My second question, if I could, is a bit more of a perspective on your relationship with Shanghai RAAS? You've talked about China a couple of times as being important, but I think it would be interesting to see how that relationship is going.

我的第二個問題，如果可以的話，是關於您與上海萊士的關係的更多觀點嗎？你曾多次談到中國很重要，但我認為看看這種關係如何發展會很有趣。

First of all, just to remind everybody that the plasma business in China is booming and some high results that are publicly available since they -- that is a listed company. I mean, they are very impressive, point number one.

首先，只是提醒大家，中國的血漿業務正在蓬勃發展，一些公開的高業績是因為他們是一家上市公司。我的意思是，他們非常令人印象深刻，第一點。

Point number two, we have a great and amazing relationship with Shanghai RAAS, with full collaboration in all areas. And also to remind everybody that they are our distributors for Albumin and in Biopharma as well as NAT in Diagnostic, and both business lines in China are booming also.

第二點，我們與上海萊士的關係非常好，在各個領域都有全面合作。還要提醒大家，他們是我們的白蛋白和生物製藥以及診斷中的 NAT 的經銷商，這兩個業務線在中國也都在蓬勃發展。

Now we have a question from James Gordon from JPMorgan.

現在我們有來自摩根大通的詹姆斯戈登的問題。

James Gordon from JPMorgan.

摩根大通的詹姆斯戈登。

The first question was about EBITDA margin. So you took up the H1 margin from 19% to 20% to 21% plus, but I don't think you took up the H2 margin. So is that because this was more about cost savings being pulled forward? Or have things actually got a bit better on an underlying basis? And could that be a bit conservative for H2? And then while that has got better, is it something else that's got better? Or is it just phasing? So that's the first question, please.

第一個問題是關於 EBITDA 利潤率。所以你把 H1 的利潤率從 19% 提高到 20% 再到 21% 以上，但我認為你沒有提高 H2 的利潤率。那是不是因為這更多是為了節省成本？或者事情實際上在根本上有所好轉？這對 H2 來說會不會有點保守？然後，雖然它變得更好了，但還有其他東西變得更好了嗎？還是只是階段性的？這是第一個問題，請。

And the second question, also related to cost savings. So I think you're saving more on plasma operations. I read though that there may be smaller cuts in Spain than originally planned. So is that going to be offset or more than offset by bigger cuts in the U.S.? And are we going to see further U.S. plasma centers being shut? Or are you done on the closures there? Where are the further savings coming from, please?

第二個問題，也與成本節約有關。所以我認為你在等離子操作上節省了更多。不過我讀到西班牙的削減幅度可能比原計劃的要小。那麼，這是否會被美國更大幅度的削減所抵消或超過抵消？我們是否會看到更多的美國血漿中心被關閉？或者你已經完成了那裡的關閉？請問，進一步的節省來自哪裡？

Okay. So to the first question on the EBITDA margin, the improvement is based on, basically the underlying business, is better than expected. I already mentioned about pricing, country mix, product mix as well as we see a better operational performance on the -- also on the -- on plasma cost, manufacturing cost. And then the -- it's true that in the case of OpEx, we're ahead of the budget. It's not because the phasing, it's because we are upgrading our target. So that's why I said that this EBITDA sequential improvement that we've seen in Q1 versus Q4 last year, this is going to continue in the upcoming quarters.

好的。所以關於 EBITDA 利潤率的第一個問題，改善是基於，基本上是基礎業務，好於預期。我已經提到了定價、國家組合、產品組合以及我們在等離子成本、製造成本方面看到了更好的運營績效。然後——就 OpEx 而言，我們確實超出了預算。這不是因為分階段，而是因為我們正在升級我們的目標。所以這就是為什麼我說我們在第一季度看到的 EBITDA 連續改善與去年第四季度相比，這將在接下來的幾個季度繼續。

To the cost savings that you mentioned, well, as I said, there are 80% already fully deployed and we have upgraded the target on that sense. And so that's why we are very confident that we can beat the EUR 1.4 billion by the end of the year.

對於你提到的成本節約，正如我所說，80% 已經完全部署，我們已經在這個意義上升級了目標。因此，我們非常有信心在年底前突破 14 億歐元。

Okay. And I think -- was kind of a comment regarding a plasma centers and further cost savings or further -- sorry, centers closing.

好的。我認為 - 是關於血漿中心和進一步節省成本或進一步 - 抱歉，中心關閉的評論。

Now this is not the case. We think we have done all the -- already all the efforts in the front of closing or consolidating plasma centers. Now, the improvements that we are pursuing in the plasma network, it's, let's say, at center level because again, overhead staff above center level, the restructuring has already taken place as well. And now, we are focusing on improving efficiencies at center level, aligning opening hours with donors flowing in, improving the donor flow time at the center level and these type of activities.

現在情況並非如此。我們認為我們已經完成了所有——已經在關閉或整合血漿中心方面所做的所有努力。現在，我們在 Plasma 網絡中追求的改進，比方說，是在中心級別，因為同樣，在中心級別以上的管理人員中，重組也已經發生。現在，我們專注於提高中心層面的效率，使開放時間與捐助者流入保持一致，改善中心層面的捐助者流動時間以及這些類型的活動。

I don't know if you can still hear me, but just as a follow-up which would be, I think Alfredo was saying that things were actually better on an underlying basis in the first half so things were going better than you originally planned in the first half, or you expect them to. But why would that not also mean profitability is better than you originally thought in the second half?

我不知道你是否還能聽到我的聲音，但作為後續行動，我認為阿爾弗雷多是在說上半年的基本情況實際上更好，所以事情比你原先計劃的要好在上半年，或者你期望他們。但這為什麼不也意味著下半年的盈利能力比你原先想像的要好？

Well, we are -- as a matter of fact, if we look at the slide, we are also upgrading the -- we think that the second half is going to be within that range, 23%, 25%. And on the -- once we close the second quarter, we'll be in a position to provide you with additional color about the second half. But clearly, we are very confident, as I said, that the EUR 1.4 billion by the end of the year will be, I would say, will be better.

好吧，事實上，如果我們看一下幻燈片，我們也在升級——我們認為下半年將在這個範圍內，23%、25%。在 - 一旦我們結束第二季度，我們將能夠為您提供有關下半年的更多信息。但顯然，正如我所說，我們非常有信心，到今年年底，我會說，14 億歐元會更好。

We have Guilherme Sampaio from CaixaBank BPI.

我們有來自 CaixaBank BPI 的 Guilherme Sampaio。

So the first one is on the fees. If you could provide some color on your expectations for additional reduction in dollar fees? And secondly, if you could go through the dynamics of Albumin markets in China and the U.S. right now?

所以第一個是關於費用。您是否可以說明您對進一步降低美元費用的期望？其次，您是否可以了解一下中國和美國白蛋白市場的動態？

Maybe I take those 2 questions on the donor fees.

也許我會回答關於捐助者費用的這兩個問題。

As you have seen, there is a kind of progressive trend of lowering those donor fees versus the peak in July. We are expecting this to continue in a way throughout the year and to reach a lower level than today's level, let's say, by December 2023. And in the environment in the market regarding donor fees, we are seeing -- in certain specific types of donor fees, we are seeing kind of a positive trend in the sense of lowering the donor fee.

正如您所看到的，與 7 月份的峰值相比，捐助者費用有一種漸進趨勢。我們預計這種情況將在全年以某種方式持續下去，並達到比今天更低的水平，比方說，到 2023 年 12 月。在市場環境中關於捐贈者費用，我們看到 - 在某些特定類型的捐助費，我們看到了降低捐助費的積極趨勢。

For the second question regarding Albumin. As Alfredo, in a way, try to instilled in his comments -- previous comments on China, the market is kind of booming for Albumin. There is plenty of need and demand from the market and from Shanghai RAAS, which is our distributor. So it's overall very positive there. And in the U.S., we are seeing more -- not challenging, but there is more product in the market, and we are all now repositioning ourselves in the U.S. in a way.

關於白蛋白的第二個問題。正如阿爾弗雷多，在某種程度上，試圖在他的評論中灌輸——之前對中國的評論，白蛋白市場正在蓬勃發展。來自市場和上海萊士（我們的經銷商）的大量需求。所以總體上是非常積極的。在美國，我們看到了更多 - 不是挑戰，但市場上有更多產品，我們現在都在某種程度上重新定位自己在美國。

Now, it's the turn for Berenberg, Tom Jones. We have lost him.

現在，輪到 Berenberg 和 Tom Jones 了。我們失去了他。

I'm sorry. I'm here. So you cut off just after you said the next caller comes from, and then it stops. I couldn't hear. Sorry, I do have 2 questions.

對不起。我在這。所以你剛說完下一個來電者就掛斷了，然後它就停止了。我聽不見。抱歉，我有 2 個問題。

The first is just on the balance of revenue growth between the 3 key proteins or 3 key franchise areas in Q1. IG was trending well ahead of the other 2. Is that a dynamic you expect to continue broadly for the rest of the year? And what's driving the sort of excessive growth in IG? Is it kind of just price and mix? Or is there a volume component to it too? I guess it pertains to kind of revenue per liter.

首先是第一季度 3 種主要蛋白質或 3 種主要特許經營領域之間的收入增長平衡。 IG 的趨勢遠遠領先於其他 2 個。您是否希望在今年餘下的時間裡繼續保持這種動態？是什麼推動了 IG 的過度增長？它只是價格和組合嗎？或者它也有體積成分？我想這與每升的收入有關。

And then my follow-up question, which is more of a longer-term one on margins. I think we're all well aware of the margin uplift potential from Trimodulin and the Fibrinogen products. But the one that doesn't get a lot of discussion is Biotest's IVIG product, Yimmugo. Given it's a relatively new product, one would assume that it's probably got a higher manufacturing yield than the incumbent products out there.

然後是我的後續問題，這是一個關於利潤率的長期問題。我認為我們都非常清楚 Trimodulin 和纖維蛋白原產品的利潤提升潛力。但沒有引起太多討論的是 Biotest 的 IVIG 產品 Yimmugo。鑑於它是一種相對較新的產品，人們會認為它可能比現有產品具有更高的製造產量。

So I just wondered given how significant even a tiny improvement in yield can be on IVIG manufacturing, whether there's any longer-term margin upside potential, I guess, coming from the Yimmugo technology? I know you're going to distribute it for them in the U.S., but I just wondered if there's any kind of technology transfers you might be considering into your Grifols' IVIG Franchise where you could potentially push the yields on your IVIG manufacturer up a bit?

所以我只是想知道，考慮到 IVIG 製造的產量即使是微小的提高也有多大意義，我猜，是否有任何長期的利潤上升潛力來自 Yimmugo 技術？我知道您將在美國為他們分發它，但我只是想知道您是否正在考慮將任何類型的技術轉移到您的 Grifols 的 IVIG 特許經營權中，這樣您可能會提高 IVIG 製造商的產量？

Okay. Tom. On the first question about the balanced growth among our proteins, clearly IG, it's driving the race here for us. This trend will continue for the year, we expect. But the goal of the company, after all the turmoil of the plasma availability and so on, is to kind of converge the growth -- the pace of growth of the 3 main proteins for us, IG, Albumin and Alpha-1. The idea is that to go and rebalance our growth for those 3 proteins in the coming months and during '24 as well.

好的。湯姆。關於我們蛋白質之間平衡增長的第一個問題，顯然是 IG，它正在為我們推動這場比賽。我們預計這一趨勢將在今年持續。但公司的目標，在經歷了血漿可用性等的所有動蕩之後，是要收斂增長——我們的 3 種主要蛋白質、IG、白蛋白和 Alpha-1 的增長速度。我們的想法是在未來幾個月和 24 年期間重新平衡這 3 種蛋白質的增長。

And the second question about Yimmugo and the yields, yes, we have launched the product in Europe. It's very well accepted in the markets that they are starting. Manufacturing wise, they are ramping up. But on the yield side, yes, we are seeing and learning from them about their yield and the performance they have and trying to get all the knowledge and possibly incorporating into some other product lines. But all in all, it's a great product, and it gives us a lot of flexibility now with Gamunex, Flebogamma and Yimmugo product to, let's say, play with all those brands and use them as needed in a wise manner, let's say, from the geographical standpoint.

關於 Yimmugo 和收益率的第二個問題，是的，我們已經在歐洲推出了該產品。他們開始的市場非常接受。在製造業方面，他們正在加速發展。但在產量方面，是的，我們正在觀察並向他們學習他們的產量和性能，並試圖獲得所有知識，並可能將其納入其他一些產品線。但總而言之，它是一個很棒的產品，它現在通過 Gamunex、Flebogamma 和 Yimmugo 產品為我們提供了很大的靈活性，可以說，可以與所有這些品牌一起玩，並根據需要以明智的方式使用它們，比方說，從地理學的觀點。

Perfect. And then -- that's very helpful.

完美的。然後——這非常有幫助。

And then one follow-up question on margins for Alfredo. Just help me understand the dynamics of this. When you gave the guidance for EUR 1.4 billion, that was back in February. Since then, the dollar has weakened somewhat against the euro, which is normally bad for your reported EBITDA and even worse for margins. So have I got that correct? Does that not imply that the underlying increase in guidance is probably slightly higher than that revealed by the figures you've given this morning? And then so you might also partially explain your caution regarding margins in the second half of the year because, obviously, the dollar impact will be more significant in H2 than it will be in H1 at current rates?

然後是關於 Alfredo 利潤率的後續問題。只是幫助我了解這件事的動態。當您給出 14 億歐元的指導時，那是在 2 月份。從那時起，美元兌歐元有所走軟，這通常對您報告的 EBITDA 不利，對利潤率更不利。那我說對了嗎？這是否不意味著指導的潛在增長可能略高於您今天早上提供的數字所揭示的增長？然後，您可能還部分解釋了您對下半年利潤率的謹慎態度，因為很明顯，按照當前匯率，下半年的美元影響將比上半年更顯著？

Currently, in the first quarter, the FX impact of EBITDA is slightly positive. And if I -- if we somehow project the, let's say, the [110] for the rest of the year, the impact versus the current trend of EBITDA will not be material. So the fact that we want to be prudent is, does it have anything to do with FX?

目前，在第一季度，EBITDA 的外匯影響略微為正。如果我 - 如果我們以某種方式預測今年剩餘時間的 [110]，那麼對 EBITDA 當前趨勢的影響將不會很重要。所以我們要謹慎的事實是，它與外匯有什麼關係嗎？

But on the contrary, as I said, we expect that the EBITDA margin will continue to increase and expand every other quarter, okay? And as I said, once we closed in Q2, we'll have more visibility and we'll provide you with an update guidance.

但恰恰相反，正如我所說，我們預計 EBITDA 利潤率將每隔一個季度繼續增加和擴大，好嗎？正如我所說，一旦我們在第二季度結束，我們就會有更多的知名度，我們將為您提供更新指南。

And our next call is coming from Jaime Escribano at Banco Santander.

我們的下一個電話來自桑坦德銀行的 Jaime Escribano。

So a couple of questions from my side. One regarding immunoglobulin volumes. The question would be if you are selling higher volumes already than 2019? Or there is still room to catch up, for example, in Europe or rest of the world or some countries that were less than the unattended or you are already selling pre-COVID volume levels?

我有幾個問題。一個關於免疫球蛋白量。問題是您的銷量是否已經超過 2019 年？或者仍有追趕的空間，例如，在歐洲或世界其他地區或一些無人看管的國家，或者您已經在銷售 COVID 之前的銷量水平？

And the second question would be regarding free cash flow, which obviously has been negative this Q1 because of all the cost saving plan. But my question would be, if you can give us some visibility on how should we think about Q2? So probably operating -- positive operating free cash flow. And the question is also positive free cash flow after CapEx or this will come later on in the year?

第二個問題是關於自由現金流，由於所有的成本節約計劃，這個第一季度顯然是負的。但我的問題是，你能否讓我們了解一下我們應該如何考慮第二季度？所以可能是運營 - 積極的運營自由現金流。問題是資本支出後的正自由現金流還是會在今年晚些時候出現？

I'll take the first one. We are, let's say, grams-wise being sold for us compared to 2019. We are not yet there but we are very closed after our plasma recovery.

我要第一個。比方說，與 2019 年相比，我們以克為單位出售。我們還沒有到那一步，但在血漿恢復後我們已經非常封閉了。

So regarding the operating cash flow, in the Q1, as I said, we ended up with a positive operating cash flow, excluding the one-off restructuring charge. So that gave us, I would say, a positive sentiment that in the Q2 and coming quarters to show a positive operating cash flow. That means including working capital and CapEx.

因此，關於運營現金流，正如我所說，在第一季度，我們最終獲得了正運營現金流，不包括一次性重組費用。因此，我想說，這給了我們一種積極的情緒，即在第二季度和未來幾個季度顯示出正的運營現金流。這意味著包括營運資金和資本支出。

Okay. A final question, if I may. Regarding the donor fee, and it relates a little bit with some of the questions that were raised around the guidance for the second half of the year. If the donor fee has declined by minus 25% from peak, as of February, you said it was minus 20%. This means that the donor fee has been -- has kept going down in Q1. And what I think -- I wonder on the rest of analysis because of this in the second half of the year or at least in Q4, should we not see a positive impact of this further decline in the donor fee?

好的。最後一個問題，如果可以的話。關於捐助者費用，它與圍繞下半年指導意見提出的一些問題有一點關係。如果截至 2 月，捐助者費用從峰值下降了負 25%，您說的是負 20%。這意味著捐助者費用在第一季度一直在下降。我的想法是——我想知道今年下半年或至少在第四季度的其他分析，我們是否應該看到捐助者費用進一步下降的積極影響？

No. The -- first of all, from the cash savings perspective, we expected and we see those days is after a significant decline of the donor fee. Now we are focusing on the rest of the cost, I mean, labor cost and other fixed costs. And so that's point number one.

不，首先，從現金儲蓄的角度來看，我們預計並且我們看到那些日子是在捐助者費用大幅下降之後。現在我們關注的是其餘成本，我的意思是，勞動力成本和其他固定成本。這就是第一點。

The good thing is that the marketing -- I mean, the market now is somehow wind tailing our donor fee because we see that there is a collective -- kind of a collective decrease across the markets in donor compensation. But also, to your point of when this is going to go through the P&L, you need to wait until early Q1 of 2024. However, as all the savings that we have already in the back from this -- from the end of 2022 and Q1 2023, those will flow through the P&L this year. So that's why in the second half of the year, we expected higher margin than the first half of the year.

好消息是營銷——我的意思是，市場現在以某種方式拖尾我們的捐助者費用，因為我們看到有一個集體——某種程度上整個市場捐助者補償的集體減少。而且，就您所說的何時通過損益表而言，您需要等到 2024 年第一季度初。但是，由於我們已經從中獲得的所有節省——從 2022 年底到2023 年第一季度，這些將流經今年的損益表。所以這就是為什麼在今年下半年，我們預計利潤率會高於上半年。

We have from Barclays now, Charles Pitman.

我們現在有來自巴克萊銀行的 Charles Pitman。

I've got 2, please. Maybe just on the deleveraging. I understand you can't give us any specific. I was wondering if you could give us any kind of directional like expected target internally for what level of funds you expect to raise? I know you said 30% of the target was going to be achieved through deleveraging. I mean, what portion of that is going to be organic free cash flow versus what you intend to raise from some form of transaction?

我有2個，謝謝。也許只是去槓桿化。我知道你不能給我們任何具體的。我想知道您是否可以在內部為我們提供任何方向性的預期目標，以了解您希望籌集的資金水平？我知道你說30%的目標將通過去槓桿化來實現。我的意思是，其中哪一部分將是有機自由現金流，而不是你打算從某種形式的交易中籌集的資金？

And maybe just a second one on the refinancing. So in 2025, you're going to have to obviously pay down your debt. I understand you're going to use your deleveraging transaction to help pay that down. But just thinking in terms -- some of the questions we've been getting from credit investors is how rating agencies are viewing the ongoing performance? And I was just wondering if you could update us on your conversations with them? And what you think you need to show this year as we see margins improve and more fundamental improvements to continue, just to allude their concerns. As I know, for example, Moody's has a negative outlook right now.

也許只是關於再融資的第二個。因此，到 2025 年，您顯然將不得不償還債務。我知道您將使用您的去槓桿化交易來幫助支付首付。但只是用術語來思考——我們從信貸投資者那裡得到的一些問題是評級機構如何看待持續的表現？我只是想知道您是否可以向我們更新您與他們的對話？你認為你今年需要展示什麼，因為我們看到利潤率有所提高，並且將繼續進行更根本的改進，只是為了暗示他們的擔憂。例如，據我所知，穆迪目前的展望為負面。

Your first question on deleverage. As I said, when we compare the current 7x versus the 4x, there is 1.8x that appears -- that appears in the bridge, which is a combination of organic and non-organic. So 50% of this, which is 0.9x, relates to EBITDA improvement and the rest is coming from deleverage transaction. So all-in-all, this represents that 70% of the total deleverage is coming from EBITDA improvement that includes both organic EBITDA improvement plus the operational plan, and 30% of these deleverage is coming from sale of assets.

你關於去槓桿化的第一個問題。正如我所說，當我們將當前的 7 倍與 4 倍進行比較時，會出現 1.8 倍——出現在橋中，它是有機和非有機的組合。因此，其中 50%，即 0.9 倍，與 EBITDA 的改善有關，其餘部分來自去槓桿交易。因此，總而言之，這表示總去槓桿化的 70% 來自 EBITDA 改善，包括有機 EBITDA 改善和運營計劃，而這些去槓桿化中的 30% 來自資產出售。

To the question of the refinancing of 2025, yes, we hold on a quarterly basis or yearly basis a conversation with the rating agencies. And there, we update those agencies with the current development. And clearly, the reason why we want to be at 4x by the end of 2024 is precisely to get an upgrade in our rating and then ahead of a potential refinancing. But there might be other options like paying off the debt ahead of the due date with the cash proceeds from the transaction, which will be our top priority.

對於 2025 年的再融資問題，是的，我們每季度或每年與評級機構進行一次對話。在那裡，我們用當前的發展更新這些機構。顯然，我們希望到 2024 年底達到 4 倍的原因正是為了提升我們的評級，然後在潛在的再融資之前。但可能還有其他選擇，比如用交易的現金收益提前償還債務，這將是我們的首要任務。

And now we are -- we have a final question from Vineet Agrawal from Citi.

現在我們 - 我們有來自花旗的 Vineet Agrawal 的最後一個問題。

Yes. Hopefully you can hear me. This is Vineet Agrawal on behalf of Peter Verdult. Just have 2 questions.

是的。希望你能聽到我的聲音。我是 Vineet Agrawal，代表 Peter Verdult。只要有2個問題。

So the first one is, we have 2 important Phase III readouts coming over the summer, the first Biotest Fibrinogen data and the FcRn data from Argenx and CIDP. Maybe can you remind us how you're thinking about the commercial potential of Fibrinogen? The revenue exposure in CIDP? And why do you think your IG business in CIDP is not impacted by FcRn?

所以第一個是，我們有兩個重要的 III 期讀數將在今年夏天公佈，第一個 Biotest 纖維蛋白原數據和來自 Argenx 和 CIDP 的 FcRn 數據。也許你能提醒我們你是如何看待纖維蛋白原的商業潛力的？ CIDP 的收入風險？為什麼您認為您在 CIDP 的 IG 業務不受 FcRn 的影響？

And then I just wanted to better understand how much of a gross margin driver Xembify can be? And wondering if you could remind us what percentage of your IG franchisee revenues come from subcu? And where would you like this to go over time?

然後我只是想更好地了解 Xembify 的毛利率驅動因素有多大？想知道您是否可以提醒我們您的 IG 加盟商收入中有多少百分比來自 subcu？隨著時間的推移，你希望它去哪裡？

Okay. Regarding Fibrinogen, yes, the project is on track, and we expect to finalize the trial by the end of 2023, get the readout and clinical study report and ready to launch for next year 2024 in Europe. This is on track and we expect this to be a great success for us.

好的。關於纖維蛋白原，是的，該項目正在進行中，我們預計將在 2023 年底完成試驗，獲得讀數和臨床研究報告，並準備於明年 2024 年在歐洲啟動。這是按計劃進行的，我們希望這對我們來說是一個巨大的成功。

Regarding CIDP and one company delaying the results until July, we'll -- it's kind of wait and see what they bring as news to the market. But taking this into -- not into account or putting this aside, it's -- as we have said in one of our slides for today, it's a huge market, the IG market. Currently, it's this level of EUR 14 billion, fast-growing historically and the prospects signaling this kind of 8%, 9% ranges of growth for the market. So we think even any competitor are being successful, there is plenty of room for all of us to capture value from this market. So we are very confident that with the life cycle management that we have in place that will come in the short and mid-term, we will be able to capture significant value of this market growth.

關於 CIDP 和一家公司將結果推遲到 7 月，我們將 - 有點等待，看看他們給市場帶來了什麼消息。但是考慮到這一點——而不是考慮或擱置這一點——正如我們在今天的一張幻燈片中所說的那樣，這是一個巨大的市場，IG 市場。目前，這是 140 億歐元的水平，歷史上增長迅速，前景表明市場將有 8%、9% 的增長范圍。因此，我們認為即使任何競爭對手都取得了成功，我們所有人都有足夠的空間從這個市場中獲取價值。因此，我們非常有信心，憑藉我們將在短期和中期實施的生命週期管理，我們將能夠從這一市場增長中獲得巨大價值。

Today, Xembify in our current IG portfolio accounts for around 5%.

今天，Xembify 在我們目前的 IG 投資組合中約佔 5%。

Okay. Thank you. Thank you, everybody.

好的。謝謝。謝謝大家。

And with that, we are coming to an hour, 2 minutes above it, so quite on time. Thank you, everybody, for taking part, and let's continue talking. Any questions, you have the full IR team to your disposal, and let's speak very soon. Thank you and bye.

這樣一來，我們就快到了 1 小時 2 分鐘，非常準時。謝謝大家的參與，讓我們繼續討論。如有任何問題，您可以使用完整的 IR 團隊，我們很快就會談。謝謝你，再見。

Thank you very much.

非常感謝。

Thank you.

謝謝。