Grifols SA (GRFS) 2023 Q2 法說會逐字稿

Hello, everyone, and welcome to the Grifols Second 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; Grifols CFO, Alfredo Arroyo; and Victor Grifols Deu, our Chief Operating Officer.

大家好，歡迎參加 Grifols 2023 年第二季度電話會議。非常感謝您今天抽出時間加入我們。我是投資者關係和可持續發展官努里亞·帕斯誇爾 (Nuria Pascual)，與我一起的是我們的執行董事長兼首席執行官托馬斯·格蘭茨曼 (Thomas Glanzmann)； Grifols 首席財務官 Alfredo Arroyo；以及我們的首席運營官 Victor Grifols Deu。

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, and the materials for the call are on the Investor Relations website at grifols.com. 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 conference call.

此次通話將持續約 60 分鐘。將進行大約 30 分鐘的演示，然後是問答環節。 （操作員說明）謹此提醒，本次電話會議正在錄音，電話會議的材料位於投資者關係網站 grifols.com 上。電話會議的文字記錄和網絡直播重播也將在電話會議結束後 24 小時內在投資者關係網站上提供。

Before we start, I draw your attention to the forward-looking statement disclaimer on Slide 2 in the slide deck of our 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 the statements.

在我們開始之前，我請您注意我們發布的幻燈片中幻燈片 2 上的前瞻性聲明免責聲明。電話會議中的前瞻性陳述存在重大風險和不確定性，僅在電話會議原始日期發表，我們不承擔更新或修改任何陳述的義務。

And now I would like to turn the call over to Thomas Glanzmann.

現在我想把電話轉給托馬斯·格蘭茲曼。

Thank you, Nuria. Good afternoon and morning to all on the call. Thank you for joining us. Today, I'm very pleased to announce the second consecutive quarter of strong results for Grifols. We are not only delivering on our commitments, but accelerating these as a result of our turnaround strategy. Although the first half of the year -- all through the first half of the year, we have excelled in execution, proved financial discipline and enhanced our performance culture. We advanced on all key priorities during this first half of 2023.

謝謝你，努里亞。各位來電的人下午好，上午好。感謝您加入我們。今天，我非常高興地宣布 Grifols 連續第二個季度取得強勁業績。我們不僅兌現了我們的承諾，而且通過我們的扭虧為盈戰略加速了這些承諾。儘管今年上半年——整個上半年，我們在執行方面表現出色，證明了財務紀律並增強了我們的績效文化。 2023 年上半年，我們在所有關鍵優先事項上取得了進展。

Our operational performance continues to improve on a sequential basis. We are reporting sustainable revenue growth, driven by Biopharma, which is supported by solid underlying demand, favorable pricing and product mix, led by Xembify, which grew 26% in the first half of 2023.

我們的運營業績持續環比改善。我們報告稱，在生物製藥的推動下，收入實現了可持續增長，這得益於堅實的潛在需求、有利的定價和以 Xembify 為首的產品組合的支持，該公司在 2023 年上半年增長了 26%。

We have accelerated margin expansion, reaching an adjusted EBITDA margin of 22%-plus for the first half, mainly driven by our strong business performance and well-executed operational improvement plan. During the first 6 months of 2023, we successfully deployed 100% of the EUR 450 million cash cost savings improvement plan. Evidence of this is the cost per liter reduction, which declined sharply since August of last year.

我們加快了利潤率擴張，上半年調整後 EBITDA 利潤率達到 22% 以上，這主要得益於我們強勁的業務表現和執行良好的運營改進計劃。 2023 年前 6 個月，我們成功部署了 4.5 億歐元現金成本節約改進計劃的 100%。每升成本的下降就是證明，自去年八月以來，每升成本大幅下降。

By the end of 2024, we expect to have booked the full amount of EUR 450 million in savings on our P&L, considering the 9-month lag coming from our long inventory cycle which, as you know, is characteristic of our industry. At the same time, plasma supply continues to grow at double-digit growth rates. As a result of this performance, we have exceeded our revenues and adjusted EBITDA guidance for the first half and raised second half and full year '23 guidance. We reiterate that leverage is a priority to us, and this includes reaching net debt-to-EBITDA of 4x by the end of 2024.

考慮到我們的長庫存週期（如您所知，這是我們行業的特點）帶來的 9 個月的滯後，到 2024 年底，我們預計將在損益表中全額節省 4.5 億歐元。與此同時，血漿供應繼續以兩位數的增長率增長。由於這一業績，我們已經超出了我們的收入，並調整了上半年的 EBITDA 指導，並提高了下半年和 23 年全年的指導。我們重申，槓桿是我們的首要任務，這包括到 2024 年底實現淨債務與 EBITDA 的 4 倍。

As mentioned in previous calls, we have several work streams in place to deleverage the company, and we are working with the intent to close one deleveraging transaction by year-end. We will share more information on this matter when we are able to, including on the previously announced China opportunity. In addition to all these important milestones, we continue to focus on our innovation pipeline, where we are making solid advancements. Victor will take you through them shortly.

正如之前的電話會議中提到的，我們已經制定了多個工作流程來幫助公司去槓桿化，並且我們正在努力在年底前完成一項去槓桿化交易。我們將在可能的情況下分享有關此事的更多信息，包括之前宣布的中國機會。除了所有這些重要的里程碑之外，我們還繼續關注我們的創新渠道，我們正在其中取得紮實的進展。維克多很快就會帶您了解這些內容。

Grifols is committed to creating value for all our shareholders and restoring goodwill with the financial community. We firmly believe that to do so, we must consistently deliver on our goals and commitments. One of these commitments was to enhance our communication with stakeholders, and we will continue to do so. In the first half of 2023, we had the opportunity to engage with more than 100 investors through honest and constructive discussions, which were much appreciated. Going forward, we will continue to expand our outreach and aim to engage with more equity and debt market participants.

Grifols 致力於為所有股東創造價值並恢復與金融界的商譽。我們堅信，要做到這一點，我們必須始終如一地兌現我們的目標和承諾。其中一項承諾是加強我們與利益相關者的溝通，我們將繼續這樣做。 2023年上半年，我們有機會與100多位投資者進行了坦誠、建設性的討論，非常感謝。展望未來，我們將繼續擴大業務範圍，旨在與更多股票和債務市場參與者互動。

As indicated in the first quarter '23 earnings call, we made the decision to reinforce and expand our IR footprint in the U.S. to better serve investors in North America and globally. Now we can announce that this position has been filled and the onboarding process has started. I'm sure many of you will have the opportunity to interact with our new Senior Director of U.S. Investor Relations and Sustainability, who reinforces the global team led by Nuria Pascual and Daniel Segarra.

正如 23 年第一季度財報電話會議所示，我們決定加強和擴大我們在美國的投資者關係業務，以更好地服務北美和全球投資者。現在我們可以宣布該職位已被填補，入職流程已開始。我相信你們中的許多人將有機會與我們新任的美國投資者關係和可持續發展高級總監互動，他加強了由 Nuria Pascual 和 Daniel Segarra 領導的全球團隊。

Before Victor takes us through a business update, I would ask you, at the end of our presentation, to take a moment and review the comprehensive efforts Grifols has also undertaken in terms of sustainability through our six pillars during the first half of 2023. These pillars represent our collective commitment to drive positive change and make a lasting impact. By reviewing the details of our sustainability initiatives, we trust that you will gain an appreciation of our efforts and progress spanning from environmental stewardship and social responsibility to ethical governance, supply chain excellence and employee well-being.

在 Victor 向我們介紹業務最新情況之前，我想請您在演示結束時花點時間回顧一下 Grifols 在 2023 年上半年通過我們的六大支柱在可持續發展方面所做的全面努力。支柱代表了我們推動積極變革並產生持久影響的集體承諾。通過審查我們可持續發展計劃的細節，我們相信您會欣賞我們在環境管理和社會責任到道德治理、卓越供應鍊和員工福祉方面所做的努力和進展。

I would like to conclude by reiterating how encouraged I am by all our progress in the first half of the year, and I want to thank the entire Grifols team for their hard work, dedication and perseverance. With that, I will now hand the call over to Victor.

最後，我想重申，我們上半年取得的所有進展讓我深受鼓舞，我要感謝整個 Grifols 團隊的辛勤工作、奉獻精神和堅持不懈。現在，我將把電話轉交給維克多。

Thank you, Thomas. Good afternoon, everyone, and thanks for joining us today.

謝謝你，托馬斯。大家下午好，感謝您今天加入我們。

Turning to Slide 6. We achieved revenues of more than EUR 3.2 billion for the first half of the year, growing 13.1% at constant currency and 14.8% on a reported basis. If we exclude Biotest, total revenues reached almost EUR 3 billion, an increase of 7.7% at constant currency and 9.4% reported basis.

轉向幻燈片 6。今年上半年，我們實現了超過 32 億歐元的收入，按固定匯率計算增長 13.1%，按報告增長 14.8%。如果我們排除 Biotest，總收入達到近 30 億歐元，按固定匯率計算增長 7.7%，按報告基礎增長 9.4%。

Biopharma revenues grew 14.9% at constant currency and 16.7% on a reported basis to reach EUR 2.7 billion, and by 8.4% at constant currency and 10.2% on a reported basis to EUR 2.4 billion, excluding Biotest, backed by a robust underlying demand, favorable pricing and product mix.

生物製藥收入按固定匯率計算增長 14.9%，按報告計算增長 16.7%，達到 27 億歐元；按固定匯率計算，生物製藥收入增長 8.4%，按報告計算增長 10.2%，達到 24 億歐元（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 Biopharma, Slide #7. The significant growth in our IG flagship product seen in Q1 has continued into Q2, resulting in a half year growth of 13.6% at constant currency. As before, we have seen sustained upward momentum, supported by higher plasma supply and robust underlying demand, coupled with favorable pricing and some product mix. Subcutaneous IG revenues grew 26% in half 1 2023. We continue to expand our offering of subcutaneous immunoglobulin Xembify globally. And to that end, you would have seen that we initiated a launch in Spain and plan to launch Xembify in Australia in the second half of the year just as two examples.

現在轉向生物製藥，幻燈片#7。我們的 IG 旗艦產品在第一季度的顯著增長一直延續到第二季​​度，按固定匯率計算，半年增長 13.6%。與以前一樣，我們看到了持續的上升勢頭，這得益於更高的血漿供應和強勁的潛在需求，再加上有利的定價和一些產品組合。 2023 年上半年，皮下 IG 收入增長了 26%。我們繼續在全球範圍內擴大皮下免疫球蛋白 Xembify 的產品範圍。為此，您會看到我們在西班牙啟動了 Xembify，併計劃於下半年在澳大利亞推出 Xembify，這只是兩個例子。

In Albumin, a strong demand and favorable pricing in China and Rest of the World are the main drivers of growth, offsetting some weaker volumes in the U.S. Going forward, overall, we expect volume demand to remain very robust throughout the year.

在白蛋白方面，中國和世界其他地區的強勁需求和優惠的價格是增長的主要動力，抵消了美國銷量的疲軟。展望未來，總體而言，我們預計全年銷量需求將保持非常強勁。

Finally, our Alpha-1 and Specialty Proteins segment grew 0.3% on constant currency, driven by a mixed geographic volume performance in alpha-1 with higher volumes in the U.S., partially offset by lower volumes in certain European countries. We are increasing testing volumes in the alpha-1, which will trigger further sales growth during the rest of the year. On the other side, we noted a favorable performance in our hyper portfolio and continued positive trend in our partnerships in bleed management products. Partially offsetting that, we have lower demand of our plasma-derived Factor VIII product.

最後，我們的 Alpha-1 和特種蛋白質部門按固定匯率計算增長了 0.3%，這是由於 alpha-1 的地理銷量表現參差不齊，其中美國銷量增加，部分被某些歐洲國家銷量下降所抵消。我們正在增加 alpha-1 的測試量，這將在今年剩餘時間內引發進一步的銷售增長。另一方面，我們注意到我們的超級產品組合表現良好，並且我們在出血管理產品方面的合作夥伴關係持續呈現積極趨勢。我們對血漿衍生因子 VIII 產品的需求較低，部分抵消了這一影響。

Now turning to Slide 8. Grifols is strengthening its IG franchise as we continue to see a solid growth opportunity in the EUR 40 billion IG market, which is growing high single digits and is expected to continue to do so. We have three strong brands and a unique strategy to drive further growth. We are accelerating our commercial and innovation efforts to capture opportunities with our subcutaneous IG product, Xembify, which commands a higher price than IVIG and currently represents only a single-digit percentage of our IG sales, and we expect this to continue increasing over time.

現在轉向幻燈片 8。Grifols 正在加強其 IG 特許經營權，因為我們繼續在 400 億歐元的 IG 市場中看到堅實的增長機會，該市場正在以高個位數增長，並且預計將繼續如此。我們擁有三個強大的品牌和推動進一步增長的獨特戰略。我們正在加快商業和創新努力，以利用我們的皮下 IG 產品 Xembify 抓住機遇，該產品的價格比 IVIG 更高，目前僅占我們 IG 銷售額的個位數百分比，我們預計這一比例將隨著時間的推移繼續增長。

In parallel, we are building on our IVIG Gamunex track record, consolidating our industry-leading position in neurology and acute care, while continuing our work to keep IG therapy as a standard of care -- as the standard of care. In addition, we believe Biotest Yimmugo will be instrumental in supporting this long-term growth and reinforcing our position in Europe. We continue to remain focused on the immunodeficiency market, which comprises the largest share of IVIG usage with primary and secondary immune deficiencies growing ahead of the rest of the users.

與此同時，我們正在鞏固 IVIG Gamunex 的業績記錄，鞏固我們在神經病學和急症護理領域的行業領先地位，同時繼續努力將 IG 治療作為護理標準。此外，我們相信 Biotest Yimmugo 將有助於支持這一長期增長並鞏固我們在歐洲的地位。我們繼續關注免疫缺陷市場，該市場佔 IVIG 使用的最大份額，原發性和繼發性免疫缺陷的增長領先於其他用戶。

As global plasma supply increases, we are anticipating a strong growth with opportunities on core indications, especially PID and secondary immunodeficiency, but also in CIDP. Demand has remained robust and is expected to continue to be so. Many patients, even in top markets, remain underdiagnosed. Demand for treatment of secondary immunodeficiency, for which currently there is no competitive threat, continues to show growth.

隨著全球血漿供應量的增加，我們預計核心適應症將出現強勁增長，尤其是 PID 和繼發性免疫缺陷，但 CIDP 也將迎來機遇。需求依然強勁，預計將繼續如此。許多患者，即使是在頂級市場，仍然未被充分診斷​​。目前不存在競爭威脅的繼發性免疫缺陷治療需求繼續增長。

Even though incidences of diseases are similar across geographies, consumption rates can vary very significantly among them. Actually, IG in the U.S. is still consumed at almost 3x the rate per capita of population when compared to Europe. Therefore, IG market growth is expected to outpace potential erosion from disruptive technologies.

儘管不同地區的疾病發病率相似，但不同地區的消費率卻存在很大差異。事實上，與歐洲相比，美國的人均IG消費量仍然幾乎是歐洲的三倍。因此，IG 市場的增長預計將超過顛覆性技術的潛在侵蝕。

Turning now to Slide 9. Our ambition going forward is to increasingly focus on innovation as a key driver of our medium to long-term growth. To support this objective, we are expanding our existing commercial offering as well as seeking new commercial opportunities, especially in the use of IG. We are pleased to announce that we achieved a number of key milestones since our last quarterly update. During Q2 '23, we finalized the enrollment of the PRECIOSA trial and also for the SPARTA trial study, with the later progressing ahead of schedule.

現在轉向幻燈片 9。我們未來的目標是越來越注重創新，將其作為我們中長期增長的關鍵驅動力。為了支持這一目標，我們正在擴大現有的商業產品並尋求新的商業機會，特別是在 IG 的使用方面。我們很高興地宣布，自上一次季度更新以來，我們實現了許多關鍵里程碑。 23 年第二季度，我們完成了寶仕奧莎 (PRECIOSA) 試驗以及 SPARTA 試驗研究的入組，後續進展提前。

We have also made significant advancements on our Biotest innovation commitments with both Fibrinogen and Trimodulin Phase III trials on track. With regard to Fibrinogen, we completed the ADFIRST trial and presented top line study results in line with our expectations. The data will be used for clinical submission, both in Europe and U.S., where we expect to receive market approval by the end of 2024 and late 2025, respectively. For Trimodulin, we initiated the ESsCAPE trial study and the first sites have been already activated. And finally, we have completed Yimmugo's BLA submission to the FDA.

我們還在 Biotest 創新承諾方面取得了重大進展，纖維蛋白原和 Trimodulin III 期試驗均已步入正軌。關於纖維蛋白原，我們完成了 ADFIRST 試驗並提供了符合我們預期的一線研究結果。這些數據將用於歐洲和美國的臨床提交，我們預計將分別在 2024 年底和 2025 年底獲得市場批准。對於 Trimodulin，我們啟動了 ESsCAPE 試驗研究，第一個位點已經激活。最後，我們已經完成了 Yimmugo 向 FDA 提交的 BLA。

Now moving into the diagnostic, Slide #10. Diagnostic revenues continues to be driven by blood typing solutions, where we are seeing a strong growth across the U.S., Argentina, Brazil and Spain. It is noteworthy mentioning the Grifols blood typing solution is outperforming the market growth and continues to gain market share. As you saw in Q1, our revenues in NAT technology are somehow affected by the pricing concessions in exchange for extending a large contract with the key customers to up to 20 years. However, a number of factors in Europe and Asia are helping to partially offset this, including a strong demand in Japan and instrument sales in Philippines, as an example.

現在進入診斷階段，幻燈片#10。診斷收入繼續受到血型解決方案的推動，我們看到美國、阿根廷、巴西和西班牙的強勁增長。值得注意的是，Grifols 血型解決方案的表現優於市場增長，並繼續獲得市場份額。正如您在第一季度所看到的，我們在 NAT 技術方面的收入在某種程度上受到價格優惠的影響，以換取將與主要客戶的大合同延長至長達 20 年。然而，歐洲和亞洲的許多因素正在部分抵消這一影響，例如日本的強勁需求和菲律賓的儀器銷售。

Now turning to Slide 11, the Bio Supplies division. Revenues grew 57% at constant currency, benefiting from the integration of Access Biologicals. All three subdivisions have reported a strong revenue growth with Bio Supplies' diagnostics revenues more than doubling.

現在轉向幻燈片 11，生物供應部門。得益於 Access Biologicals 的整合，按固定匯率計算，收入增長了 57%。所有三個細分部門均報告了強勁的收入增長，Bio Supplies 的診斷收入增長了一倍多。

And now I hand it over to Alfredo.

現在我把它交給阿爾弗雷多。

Thanks, Victor, and thank you for joining us today. Moving to Slide 13. We're very pleased to report a continuation of the strong momentum seen in the first quarter. Revenue growth across key divisions and margin came in above expectations, driven by strong business performance and the execution of our operational improvement plan already 100% deployed. Total revenues increased by 14.8%, reaching EUR 3.2 billion, plus 9.5% like-for-like, excluding Biotest. Biopharma revenues grew 16.7%, or 10.2% like-for-like. Therefore, the revenue growth is tracking above our previous full year guidance of 8% to 10% for the group and 10% to 12% for Biopharma.

謝謝維克多，也感謝您今天加入我們。轉向幻燈片 13。我們非常高興地報告第一季度的強勁勢頭得以延續。得益於強勁的業務業績和已 100% 部署的運營改進計劃的執行，各主要部門的收入增長和利潤率均超出預期。總收入增長 14.8%，達到 32 億歐元，同比增長 9.5%（不包括 Biotest）。生物製藥收入增長 16.7%，同比增長 10.2%。因此，該集團的收入增長高於我們之前的全年指引，即集團增長 8% 至 10%，生物製藥增長 10% 至 12%。

Adjusted EBITDA margin improved further in Q2 to 23.4% from a 21% margin in Q1. This translates to a 22.2% EBITDA margin for the first half of the year, exceeding our guidance for the period. Our leverage ratio declined to 6.9x by end of June, supporting our commitment to deleveraging our balance sheet. Plasma supply and cost per liter have both improved sequentially versus Q1 '23, where plasma supply increased by 12% and the cost per liter declined by 20% versus 2022 peak.

第二季度調整後 EBITDA 利潤率從第一季度的 21% 進一步提高至 23.4%。這意味著今年上半年的 EBITDA 利潤率為 22.2%，超出了我們對該期間的指導。截至 6 月底，我們的槓桿率已降至 6.9 倍，支持了我們資產負債表去槓桿化的承諾。與 2023 年第一季度相比，血漿供應量和每升成本均有所改善，與 2022 年峰值相比，血漿供應量增加了 12%，每升成本下降了 20%。

This slide shows the sequential improvement across financial key metrics. We continue to see mid- to high single-digit revenue growth, driven by biopharma, which has benefited from solid plasma supply, robust underlying demand, pricing and product mix. As a result, our top line has reached almost EUR 6 billion on the last 12 months basis, with 17% growth versus Q2 2022. Our profitability is steadily improving, shown in the last 12-month EBITDA trajectory, which is now close to EUR 1.3 billion. EBITDA margin reached remarkable 23.4% in Q2, representing 35% growth versus Q2 2022, driven by the strong business performance and the acceleration of the operational improvement plan. Deleveraging continues improving now at 6.9x compared to last year peak of 9, improving by 2.1x, driven entirely by business performance and cost discipline.

這張幻燈片顯示了財務關鍵指標的連續改善。在生物製藥的推動下，我們繼續看到中高個位數的收入增長，生物製藥受益於穩定的血漿供應、強勁的潛在需求、定價和產品組合。因此，我們的營收在過去 12 個月內已達到近 60 億歐元，與 2022 年第二季度相比增長了 17%。我們的盈利能力正在穩步提高，如過去 12 個月的 EBITDA 軌跡所示，目前已接近歐元13億。在強勁的業務表現和運營改進計劃加速的推動下，第二季度 EBITDA 利潤率達到 23.4%，較 2022 年第二季度增長 35%。與去年峰值 9 倍相比，去槓桿率目前繼續改善，達到 6.9 倍，改善了 2.1 倍，這完全是由業務績效和成本紀律推動的。

The next slide shows the adjusted EBITDA bridge that progresses -- and the progress versus last year were year-to-date June, the EBITDA has reached EUR 655 million. That represents an improvement of EUR 93 million, a 22.2% margin, which implies an additional 150 basis points versus prior year, driven by Biopharma contribution as well as the operational improvement plan. And then we have a EUR 135 million of one-off charges that includes mainly the EUR 140 million restructuring charges that we booked in Q1. No additional restructuring costs are expected.

下一張幻燈片顯示了調整後的 EBITDA 橋的進展情況 - 與去年相比，截至今年 6 月的進展，EBITDA 已達到 6.55 億歐元。這意味著在生物製藥貢獻以及運營改進計劃的推動下，收入增加了 9300 萬歐元，利潤率提高了 22.2%，意味著比上年增加了 150 個基點。然後，我們有 1.35 億歐元的一次性費用，主要包括我們在第一季度預訂的 1.4 億歐元重組費用。預計不會產生額外的重組成本。

The next slide shows the operational improvement plan is progressing above our expectation. All the initiatives have been 100% deployed, exceeding the EUR 450 million savings. And we have already achieved EUR 235 million in cash savings in the first half of the year, and we're expecting additional EUR 160 million cash savings in the second half.

下一張幻燈片顯示運營改進計劃的進展超出了我們的預期。所有舉措均已 100% 部署，節省的資金超過 4.5 億歐元。今年上半年我們已經節省了 2.35 億歐元的現金，預計下半年將再節省 1.6 億歐元的現金。

If we consider that almost 75% of the total savings are plasma cost related and due to the 9 months plan by inventory accounting, EUR 75 million savings have been posted through the P&L in H1. An additional EUR 85 million will come in the second half, and a carryover of EUR 290 million savings will be booked in 2024.

如果我們認為總節省的近 75% 與血漿成本相關，並且由於庫存會計的 9 個月計劃，則 7500 萬歐元的節省已通過上半年的損益表過賬。下半年將額外投入 8500 萬歐元，2024 年將結轉結轉 2.9 億歐元。

Plasma cost per liter. As shown in this slide, as of June, we made a rapid progress in reducing our plasma cost per liter by 20% from the 10% drop reported in Q4 2022 versus all July peak cost in 2022. Plasma supply increased by 12% in the first half of the year, which is aligned with the plasma needs to support our growth. Close to the 50% of the cost per liter decline comes from lower donor compensation and another 50% from other optimization initiatives, such as process optimization, streamlined operations, overhead processes and digitalization.

每升血漿成本。如這張幻燈片所示，截至 6 月，我們在將每升血漿成本降低 20% 方面取得了快速進展，與 2022 年第四季度報告的 2022 年 7 月份峰值成本相比下降了 10%。血漿供應量在 2022 年增加了 12%。今年上半年，這與支持我們增長的血漿需求是一致的。每升成本下降的近 50% 來自捐助者補償的降低，另外 50% 來自其他優化舉措，例如流程優化、簡化運營、管理流程和數字化。

In line with the previous slide, plasma cost reduction has a very positive impact in the gross margin. But considering, once again, the 9 months inventory accounting, those plasma cost savings will mainly impact in 2024 P&L. In the second half of this year, we see a potential of more than 250 basis points margin improvement compared to the first half of the year. We expect further margin expansion in 2024, supported by the operational improvement plan of the initiatives currently deployed.

與上一張幻燈片一致，等離子成本的降低對毛利率產生了非常積極的影響。但再次考慮到 9 個月的庫存核算，這些血漿成本節省將主要影響 2024 年的損益。今年下半年，我們預計利潤率較上半年可能提高 250 個基點以上。我們預計，在當前部署的運營改進計劃的支持下，2024 年利潤率將進一步擴大。

Next slide shows our leverage commitment at 4x leverage by the end of 2024 that remains unchanged. We continue deleveraging organically as a result of our business performance and our operational improvement plan. The 4x leverage target will come from 70% of the operational improvement plan, plus EBITDA organic growth. And the remainder 30% deleverage will come from deleverage transactions, whose cash proceeds will be fully used for debt reduction. We currently have a total liquidity of EUR 1.2 billion, including EUR 500 million in cash.

下一張幻燈片顯示了我們在 2024 年底之前將槓桿率維持在 4 倍的承諾，該承諾保持不變。由於我們的業務績效和運營改進計劃，我們繼續有機地去槓桿化。 4 倍槓桿目標將來自 70% 的運營改進計劃，加上 EBITDA 有機增長。其餘30%的去槓桿將來自去槓桿交易，其現金收益將全部用於減債。目前我們的流動資金總額為12億歐元，其中現金5億歐元。

Based on the strong first half of the year results delivered. And since we are very confident on the second half of the year, we're raising our guidance for the full year revenues and EBITDA. We expect full year '23 total revenue growth, including Biotest of 10% to 12% at constant currency compared to the previous guidance of 8% to 10%. This is backed by Biopharma revenue growth of 12% to 14%, compared to a prior guidance of 10% to 12% or at constant currency.

基於上半年交付的強勁業績。由於我們對下半年非常有信心，因此我們提高了對全年收入和 EBITDA 的指導。我們預計 23 年全年總收入（包括 Biotest）按固定匯率計算將增長 10% 至 12%，而之前的指導為 8% 至 10%。這得益於生物製藥收入增長 12% 至 14%，而之前的指導為 10% 至 12% 或按固定匯率計算。

Regarding EBITDA, now we expect that EBITDA margin for the second half of the year to be in the range of 24%, 25% and the full year EBITDA margin at 24%, expecting the continuation of a strong sequential quarterly margin improvement. This should lead to an adjusted EBITDA, including Biotest of EUR 1.4 billion to EUR 1.45 billion by the end of the year. And considering the annualized cash cost savings, the pro forma 2023 EBITDA is expected to be in the range of EUR 1.7 billion to EUR 1.75 billion, representing 28%, 29% EBITDA margin, which, basically, is coming back to 2019 margins.

關於 EBITDA，目前我們預計下半年 EBITDA 利潤率將在 24%、25% 之間，全年 EBITDA 利潤率為 24%，預計季度利潤率將繼續強勁改善。這應該會導致調整後的 EBITDA（包括 Biotest）在今年年底達到 14 億歐元至 14.5 億歐元。考慮到年化現金成本節省，預估2023年EBITDA預計將在17億歐元至17.5億歐元之間，相當於28%、29%的EBITDA利潤率，基本上將回到2019年的利潤率。

Now I hand over to Thomas for closing remarks.

現在我請託馬斯致閉幕詞。

Thank you, Alfredo. I would like to conclude by reiterating a few points we have already made. I will also highlight the main triggers that support raising guidance for the second half of 2023 and for the whole year. We are pleased with the progress made during the first 6 months of the year through operational performance, both on the commercial and innovation front, as well as on the deleveraging. And we will continue to execute on all of these with the same focus in the second half of the year and beyond.

謝謝你，阿爾弗雷多。最後，我想重申我們已經提出的幾點。我還將強調支持提高 2023 年下半年和全年指引的主要觸發因素。我們對今年前 6 個月在商業和創新以及去槓桿方面的運營績效取得的進展感到高興。我們將在今年下半年及以後繼續以同樣的重點執行所有這些工作。

In the second quarter of 2023, Grifols accelerated its delivery further from the very solid momentum seen in the first quarter. We expect the strong sales growth to continue, driven by demand for the key proteins, product and country mix. The company has already successfully deployed 100% of EUR 450 million cash cost -- of the cash cost saving plan. Testament of the execution of the plan is the cost per liter reduction of 20%, while plasma supply grew 12% for the first half of '23.

2023 年第二季度，Grifols 在第一季度非常強勁的勢頭基礎上進一步加快了交付速度。我們預計，在對關鍵蛋白質、產品和國家組合的需求的推動下，銷售將繼續強勁增長。該公司已經成功部署了 4.5 億歐元現金成本節約計劃的 100%。該計劃的執行情況是，2023 年上半年每升成本降低了 20%，而血漿供應量增長了 12%。

As mentioned, we also made good progress with our focus on innovation. We met numerous innovation milestones, which will support further growth and margin expansion in the coming years, including the European approvals for Xembify and Biotest Yimmugo. We are, therefore, confident in our ability to deliver on the raised financial guidance in the second half of the year. Deleveraging remains a top priority, and our commitment to reduce the leverage ratio to 4x by 2024 is unchanged. We are, today, advancing on several work streams supporting our deleveraging efforts.

如前所述，我們在註重創新方面也取得了良好進展。我們實現了許多創新里程碑，這將支持未來幾年的進一步增長和利潤擴張，包括 Xembify 和 Biotest Yimmugo 獲得歐洲批准。因此，我們對下半年實現提高的財務指引的能力充滿信心。去槓桿仍然是重中之重，我們關於2024年將槓桿率降低至4倍的承諾沒有改變。今天，我們正在推進支持我們去槓桿化努力的多個工作流程。

Finally, I want to reiterate the Board is fully invested and focused on creating value and making our commitments a reality, while the executive team is laser-focused on accelerating the execution of the company's strategy. Key focus continues to be on operational excellence, on cash flow improvement and debt reduction and ultimately, on increasing value for all shareholders.

最後，我想重申，董事會已全力投入，專注於創造價值並兌現我們的承諾，而執行團隊則專注於加速公司戰略的執行。重點仍然是卓越運營、現金流改善和債務減少，以及最終為所有股東增加價值。

Once again, 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 half of 2023 would not have been possible. I appreciate your attention, and I now turn it back to Nuria, who will open it up for questions.

我要再次感謝整個 Grifols 團隊讓這一切成為現實。沒有大家的努力、專注和奉獻，就不可能有2023年上半年取得的進展。感謝您的關注，我現在將其轉回給努里亞，他將開放提問。

Thank you, Thomas, and thank you all for your time. With that, let's start the Q&A session. (Operator Instructions) So now our first question comes from Peter Verdult from Citi.

謝謝你，托馬斯，也感謝大家抽出寶貴的時間。那麼，讓我們開始問答環節。 （操作員說明）現在我們的第一個問題來自花旗銀行的 Peter Verdult。

I will stick to 2, and then go back in the queue. But the two are related around the deleveraging point, which you touched on, Thomas, in your prepared remarks. But can I just push you, firstly on RAAS, the partial disposal? Anything you're willing to say more on timing and the number of interested parties would be helpful, the question we often get asked by existing and potential investors.

我會堅持2，然後回到隊列中。但這兩者與去槓桿化點相關，托馬斯，您在準備好的發言中提到了這一點。但我可以先向您推薦 RAAS 部分處置嗎？您願意就時間安排和感興趣的各方數量發表更多意見都會有所幫助，這是現有和潛在投資者經常問我們的問題。

And then secondly, on diagnostics. Are you looking to stabilize this business further and demonstrate a sort of sustainable growth rate before considering alternative options that could further accelerate deleverage? I know you've said very clearly at the start of the year one to two transactions in 2023, but it feels to me at this juncture that's more or like to be RAAS divestment in 2023. So feel free to put you back in my box if you feel I'm coming at to the wrong conclusion, but I just wanted to get a bit more color on RAAS and diagnostics.

其次，關於診斷。在考慮可能進一步加速去槓桿化的替代方案之前，您是否希望進一步穩定該業務並展示出某種可持續的增長率？我知道您在年初就明確表示 2023 年會進行一到兩筆交易，但在這個時刻我覺得 2023 年更像是 RAAS 撤資。所以請隨時將您放回我的盒子裡如果您覺得我得出了錯誤的結論，但我只是想了解更多有關 RAAS 和診斷的信息。

Thank you, Peter. Great to hear your voice. Well, let me basically reiterate some of the things that we've said. The potential China deal, or Shanghai RAAS, is in process. Discussions are ongoing. We cannot offer more comments at this point, but we will obviously inform you as soon as we have news. We do stand by our June release of the potential transaction that would generate $1.5 billion in cash and would retain a strong position in China. But I do want to remind you that this is one of our work streams, but also that 70% of fixing our balance sheet, and I'll come back to what Alfredo mentioned, really is on improving our operational performance.

謝謝你，彼得。很高興聽到你的聲音。好吧，讓我基本上重申一下我們已經說過的一些事情。潛在的中國交易（即上海萊士）正在進行中。討論正在進行中。目前我們無法提供更多評論，但一旦有消息，我們顯然會立即通知您。我們確實支持 6 月份發布的潛在交易，該交易將產生 15 億美元現金，並將保持在中國的強勢地位。但我確實想提醒您，這是我們的工作流程之一，而且修復我們資產負債表的 70%，我會回到阿爾弗雷多提到的內容，實際上是在改善我們的運營績效。

So with regard to the diagnostics, we're, obviously, looking -- we have a couple of work streams going. We are looking at a number of things at the moment. We have valuable assets, and diagnostics is one of them at this point in time. And as these discussions are ongoing, as you will appreciate, they're, obviously, very confidential, and I cannot divulge more details on the different work streams until we actually can make something official.

因此，在診斷方面，我們顯然正在尋找——我們有幾個工作流程正在進行。我們目前正在考慮很多事情。我們擁有寶貴的資產，而診斷就是目前其中之一。正如您所理解的，隨著這些討論正在進行中，它們顯然是非常保密的，在我們真正正式宣布某些內容之前，我無法透露有關不同工作流程的更多細節。

We have James Gordon from JPMorgan on the line.

我們接到了來自摩根大通的詹姆斯·戈登的電話。

James Gordon, JPMorgan. Both about immunoglobulin, please. The first one was immunoglobulin performance this quarter and this year. It looks like maybe immunoglobulin has decelerated slightly, but it still seems to be growing low double digit this quarter, so a strong performance. But I think I heard a comment about an uptick in sales ex-U.S. So have you seen any softening in U.S. demand growth as one of your peers seem to suggest that they'd seen? And so that's why you're shifting more sales to Europe. And how does the profitability compare of selling IG more in Europe than the U.S.? That's the first question, please.

詹姆斯·戈登，摩根大通。請談談免疫球蛋白。第一個是本季度和今年的免疫球蛋白表現。看起來免疫球蛋白可能略有減速，但本季度似乎仍以低兩位數增長，因此表現強勁。但我想我聽到了有關美國以外地區銷量上升的評論。那麼，您是否看到美國需求增長出現疲軟，就像您的一位同行所暗示的那樣？這就是您將更多銷售轉移到歐洲的原因。在歐洲銷售 IG 比在美國銷售更多的盈利能力如何？這是第一個問題，請。

And the second one, I think you alluded to it on the call already, the Argenx, they had their headline VYVGART CIDP results. So just curious, any thoughts on the data that they generated? Whether you think that would see much erosion of your franchise or not, as your perspective on that data, whether we might see significant switching?

第二個，我想你已經在電話會議上提到了，Argenx，他們有他們的標題 VYVGART CIDP 結果。所以只是好奇，對他們生成的數據有什麼想法嗎？無論您是否認為這會對您的特許經營權造成很大的侵蝕，從您對這些數據的看法來看，我們是否可能會看到重大轉變？

Hello, James, good to hear you as well. I take the first question on immunoglobulin about the, let's say, the geographic. Clearly, in Europe -- I was over in Europe. Outside U.S., we see a strong demand. And as long as we have now rebound on the plasma supply, we are able to keep supplying that nice growth that we are seeing outside. In fact, we are growing very nicely there.

你好，詹姆斯，也很高興聽到你的聲音。我回答關於免疫球蛋白的第一個問題，比如說地理問題。顯然，在歐洲——我已經在歐洲了。在美國以外，我們看到了強勁的需求。只要我們現在血漿供應出現反彈，我們就能夠繼續供應我們在外部看到的良好增長。事實上，我們在那裡發展得非常好。

In the U.S., a similar case. We continue to see a strong underlying demand in the market. And now as well, we are able to supply this market. In addition, we -- as you know, we are ramping up -- continue ramping up our subcutaneous product, Xembify. And in both, we are seeing nice growth and stable pricing. And profitability, at the end of the day, comes to pricing in this franchise. And as we all know, there is a price gap between U.S. and outside U.S. countries, and this is driving the different kinds of profitabilities that we see geographically.

在美國，也有類似的案例。我們繼續看到市場強勁的潛在需求。現在我們也能夠供應這個市場。此外，如您所知，我們正在加大力度，繼續加大我們的皮下產品 Xembify 的力度。在這兩個方面，我們都看到了良好的增長和穩定的價格。歸根結底，盈利能力取決於該特許經營權的定價。眾所周知，美國和美國以外的國家之間存在價格差距，這推動了我們在地理上看到的不同類型的盈利能力。

James, this is Thomas. I'll take the second question. Well, first of all, we believe that the results are actually good for us because they really reconfirm our position that the Argenx results are going to have very little impact on our business. We continue to be very optimistic about the IG opportunity with a EUR 14 billion market growing at high single digits and the opportunities that we have with not only in the U.S., but globally, with our product range and particularly, as was pointed out, with Xembify, which still represents a very, very small portion of our total IG sales.

詹姆斯，這是托馬斯。我來回答第二個問題。嗯，首先，我們相信結果實際上對我們有利，因為它們確實再次證實了我們的立場，即 Argenx 的結果對我們的業務影響很小。我們仍然對 IG 機會非常樂觀，因為 140 億歐元的市場以高個位數增長，我們不僅在美國，而且在全球範圍內，我們的產品系列，特別是，正如所指出的，我們擁有的機會Xembify，仍然只占我們 IG 總銷售額的非常非常小的一部分。

And as I mentioned before, or as has been mentioned in our protocols, the profitability of Xembify, obviously, is significantly higher. And as we shift more or sell more of Xembify, that will significantly improve also the overall profile of our Biopharma business and profitability. So we're actually continue to be extremely excited about where we're going, what we're doing and the future of our IG franchise.

正如我之前提到的，或者正如我們的協議中提到的，Xembify 的盈利能力顯然要高得多。隨著我們更多地轉移或出售更多的 Xembify，這也將顯著改善我們生物製藥業務的整體狀況和盈利能力。因此，我們實際上仍然對我們的發展方向、我們正在做的事情以及我們 IG 專營權的未來感到非常興奮。

Now we go for Jaime Escribano from Banco Santander.

現在我們請來桑坦德銀行的傑米·埃斯克里巴諾 (Jaime Escribano)。

So a couple of questions from my side. So just if you can elaborate a little bit more on the sales performance of 7% growth at constant currency Grifols excluding Biotest in Q2 versus around 9% in Q1? And within [U.S.], IG seems to be growing at double digits, albumin at around 5%, but then there are risks that you mentioned, growing close to 0, alpha-1, hyperimmune Factor VIII. Maybe if you can give us a little bit more color on this. And also, how does this reconcile with the increase in the top line guidance for the year? Because you, basically, accelerate or increase the top line growth to double digits in plasma. So my question would be, in the second half, are you seeing an acceleration maybe of this part that has been a little bit weaker this quarter?

我這邊有幾個問題。那麼，您能否詳細說明一下按固定匯率計算（不包括 Biotest）的 Grifols 第二季度銷售業績增長 7%，而第一季度增長約 9%？在[美國]，IG 似乎以兩位數增長，白蛋白以 5% 左右增長，但也存在你提到的風險，增長接近 0、α-1、超免疫因子 VIII。也許你能給我們更多的信息。此外，這與今年營收指引的增加如何協調？因為基本上，您可以將血漿的收入增長加速或提高到兩位數。所以我的問題是，在下半年，您是否看到本季度稍弱的這部分可能出現加速？

So -- and then my second question is regarding the Biotest licensing agreement that was announced back in May. If you can give us a little bit more details on how is this going to be implemented? And how should we think about the P&L? If there is anything we should bear in mind going forward?

那麼，我的第二個問題是關於五月份宣布的 Biotest 許可協議。您能否給我們提供更多有關如何實施的細節？我們應該如何考慮損益表？今後有什麼需要注意的嗎？

I will take the first question. In this, let's say, third bucket that we call it alpha-1 and Specialty Proteins, really, it's a bucket that contains many, many different, let's say, product lines. The main one, of course, being alpha-1. Clearly, it's a mix of performance on those different business lines. As I said, we precise on alpha-1. As you know, alpha-1 is highly related with diagnosing potential patients to be put lately on therapy. And during 2022, what we experienced, as we were exiting the pandemic, we were ramping up our testing in the franchise. You have seen that we have kind of reinforced this testing approach with the home kit to expand the progression. And there is a lag time between diagnosis to truncate that into -- to be put on therapy.

我將回答第一個問題。比如說，第三個桶，我們稱之為 alpha-1 和特種蛋白質，實際上，它是一個包含很多很多不同的產品線的桶。當然，最主要的就是 alpha-1。顯然，這是不同業務線績效的混合。正如我所說，我們精確定位 alpha-1。如您所知，α-1 與診斷最近接受治療的潛在患者高度相關。 2022 年，我們經歷了疫情結束後的經歷，我們加大了對特許經營權的測試力度。您已經看到，我們通過主場套件強化了這種測試方法，以擴大進度。從診斷到接受治療之間存在一個滯後時間。

And back to your point, we expect this ramping up in testing that started second half last year. And that is continuing during this first semester. We expect this to deliver more patients to be, let's say, put on therapy. And this will help the improvement in performance in growth during the second half.

回到你的觀點，我們預計去年下半年開始的測試會有所增加。這在第一學期仍在繼續。我們希望這能讓更多的患者接受治療。這將有助於下半年業績增長的改善。

In addition to that, to your broader question about second half, for instance, albumin, you see this 5.1%. We expect this to continue to be accelerated, and we expect to see a better, let's say, performance than the 5.1% in albumin also. And this makes the overall year to look higher than what looks today.

除此之外，對於你關於下半年的更廣泛的問題，例如白蛋白，你會看到這個 5.1%。我們預計這種情況會繼續加速，並且我們預計會看到比白蛋白 5.1% 更好的表現。這使得全年整體看起來比今天看起來更好。

Okay. So Jaime, to your second question about Biotest. Yes, we signed this transfer, taken license and development agreement, by which it is going to cover the exchange of technology know-how. So therefore, working together between Grifols and Biotest. And to your point to the P&L, there is no P&L or cash impact at all as a result of this transfer tech agreement.

好的。 Jaime，關於你關於 Biotest 的第二個問題。是的，我們簽署了這項轉讓，獲得了許可和開發協議，其中將涵蓋技術知識的交流。因此，Grifols 和 Biotest 攜手合作。就您對損益表的觀點而言，該轉讓技術協議根本不會對損益表或現金產生影響。

Now we have a question from Thibault Boutherin from Morgan Stanley.

現在我們有來自摩根士丹利的 Thibault Boutherin 的提問。

The first one is on immunoglobulin versus other proteins. I mean we are seeing more growth right now of immunoglobulin. If you could just tell us a little bit about your thinking, in the context of the last liter economic logic. How you're thinking about balancing growth between protein going forward? And is it an issue, at some point, in terms of profitability if immunoglobulin continue to grow faster than other proteins?

第一個是關於免疫球蛋白與其他蛋白質的比較。我的意思是我們現在看到免疫球蛋白有更多的增長。您能否在最後一升經濟邏輯的背景下告訴我們一些您的想法。您如何考慮未來平衡蛋白質之間的生長？如果免疫球蛋白繼續比其他蛋白質增長得更快，在某種程度上，盈利能力是否會成為一個問題？

My second question is, if you could just talk a little bit about the cost of treating CIDP patients. We know already that the annual cost (inaudible) in CIDP is going to be similar to myasthenia gravis. So probably a little bit more than $200,000 payment per patient. And so if you could compare this with the average annual cost of treating a CIDP patient today in the U.S. with immunoglobulin? And if you could comment on IG potentially having or not a cost advantage compared to new innovation in CIDP?

我的第二個問題是，您能否簡單談談治療 CIDP 患者的費用。我們已經知道 CIDP 的年度費用（聽不清）將與重症肌無力相似。因此每位患者的付款額可能略高於 200,000 美元。那麼，您是否可以將其與當今美國使用免疫球蛋白治療 CIDP 患者的平均年費用進行比較？您是否可以評論一下 IG 與 CIDP 的新創新相比是否具有成本優勢？

Okay. It was a little bit hard to understand the whole question. But on the first one, if I understand is the imbalance or balanced growth in our proteins. I should say that we are working towards a goal, a strategy to rebalance our protein growth, both especially the top ones, which, as we know, are IG and albumin. There is still a gap. But we are targeting during this year 2023 and the coming year 2024, to rebalance as we were pre-pandemic, which is the optimal, let's say, a scenario from the profitability standpoint. It's not yet there, but we are working towards balancing those two proteins.

好的。理解整個問題有點困難。但第一個，如果我理解的話，是我們蛋白質的不平衡或平衡生長。我應該說，我們正在努力實現一個目標，一個重新平衡蛋白質生長的策略，尤其是最重要的蛋白質，據我們所知，是 IG 和白蛋白。仍有差距。但我們的目標是在今年 2023 年和來年 2024 年實現重新平衡，就像我們在大流行前一樣，從盈利能力的角度來看，這是最佳的情況。目前還沒有，但我們正在努力平衡這兩種蛋白質。

Okay. I'm not sure I heard your questions very clearly. But if I think I got it, was you were asking about the pricing differential between the new product that was just went through clinicals and our IJV. Is that right?

好的。我不確定我是否清楚地聽到了你的問題。但如果我想我明白了，你是在問剛剛經過臨床的新產品和我們的 IJV 之間的定價差異嗎？是對的嗎？

Okay. Can you hear me?

好的。你能聽到我嗎？

Now we can hear. Yes. Is that -- did I get this right?

現在我們可以聽到了。是的。那是——我沒聽錯嗎？

Okay. Yes, you get it. I mean we already know. I mean Argenx, I think, commented that the price, the cost in CIDP is going to be similar to myasthenia gravis. So we know already it's going to be in the tune of $200,000 or maybe a little bit above that. And so if you could just compare this with IG and implication in terms of reimbursement and access to treatment?

好的。是的，你明白了。我的意思是我們已經知道了。我的意思是，我認為 Argenx 評論說，CIDP 的價格和成本將與重症肌無力相似。所以我們已經知道它的價格將在 200,000 美元左右，或者可能略高一點。那麼，您是否可以將其與 IG 進行比較，以及在報銷和獲得治療方面的影響？

Well, first of all, obviously, the treatment for IJV, it's about 80,000 or compared to the 200, we've heard even a much higher numbers than the 200 for a full treatment of the patient. So IJVs, obviously, are significantly lowering cost to the system and the patients than what we had expected. And actually, if you take the 600,000, the cost differential could be 10x. So depending on what number [state] tell you, we think that there is a significant difference. And we also think that this is going to be something that people will look at closely as we move forward. So that gives us another very optimistic view of the fact that IJVs will do very well going forward, even in the CIPD segment.

嗯，首先，顯然，IJV 的治療費用約為 80,000 人，或者與 200 人相比，我們聽說甚至比對患者進行全面治療的 200 人要高得多。因此，顯然，IJV 顯著降低了系統和患者的成本，超出了我們的預期。事實上，如果你拿 600,000 美元，成本差異可能是 10 倍。因此，根據[州]告訴您的數字，我們認為存在顯著差異。我們還認為，隨著我們的前進，這將是人們會密切關注的事情。因此，這給了我們另一個非常樂觀的看法，即國際合資企業未來將表現得非常好，即使是在 CIPD 領域。

We have now on the line Tom Jones from Berenberg.

現在我們接到了來自貝倫貝格的湯姆·瓊斯的電話。

I had a couple of questions. Probably one for Alfredo, actually. Just pretty boring one, but on operating and free cash flow. Obviously, the business is improving, but free cash flow is still pretty weak and negative. You're still, by the looks of it continuing to invest in inventory. When should we expect those drags on working capital to either abate or become a bit of a tailwind and need to start printing some positive free cash flow? Is this more a 2024 story? Or do you think you can do that in the second half of the year?

我有幾個問題。實際上，可能是阿爾弗雷多的一個。只是相當無聊的一個，但關於運營和自由現金流。顯然，業務正在改善，但自由現金流仍然相當疲軟且為負。從表面上看，您仍在繼續投資庫存。我們什麼時候應該期望這些對營運資本的拖累會減弱或成為一點順風，並需要開始印製一些正的自由現金流？這更像是一個 2024 年的故事嗎？或者你覺得下半年能做到嗎？

And then the second question, kind of like to cash flow, but tied to the leverage story. I think we're all fairly confident or that there's a clear path to how you can knock two turns of EBITDA of your leverage by organic EBITDA growth, but you still need 1 further whole turn to come from asset sales, which, to some degree, not entirely within your control. You need third parties to play ball on that. So given the end of 2024 is only 18 months away, how are you thinking about kind of plan B at this point with the leverage if the asset sales don't come to pass? I'm just wondering what your kind of thinking might be at this point, in terms to try to hit that 4x target?

然後是第二個問題，有點像現金流，但與槓桿故事相關。我認為我們都相當有信心，或者有一條明確的途徑可以讓你通過有機 EBITDA 增長將槓桿率提高兩圈 EBITDA，但你仍然需要再通過資產出售獲得一整圈，這在某種程度上，並不完全在你的控制範圍內。你需要第三方來參與其中。因此，考慮到 2024 年底僅剩 18 個月的時間，如果資產出售未能實現，您此時如何考慮採用槓桿的 B 計劃？我只是想知道您此時對於嘗試實現 4 倍目標有何想法？

Tom, good to hear you again. Regarding the cash flow, I mean, if we think in terms of operating cash flow, basically in Q1, we have a negative cash flow, mainly driven by the restructuring costs. Even if we adjust the restructuring cost in Q1 was slightly negative, around EUR 25 million. In the year-to-date, the operating cash flow, excluding the restructuring costs, it's been positive EUR 72 million. That means that, in Q2, we have turned into EUR 100 million of positive operating cash flow. So you take a look at the annexes that we have published, remember that, that cash flow -- free cash flow include the interest expenses that because it starts from the -- it starts the calculation from the net profit. But operational cash flow-wise, we have already moved into second quarter positive. And in the second half of the year on the back of higher EBITDA, point #1. And then the absence of any further restructuring cost, and we expect that the operating cash flow is going to keep improving from now to the second half of the year.

湯姆，很高興再次聽到你的聲音。關於現金流，我的意思是，如果我們從經營現金流角度考慮，基本上在第一季度，我們的現金流為負，主要是由重組成本驅動的。即使我們調整，第一季度的重組成本也略有負值，約為 2500 萬歐元。今年迄今為止，扣除重組成本後的運營現金流為正 7,200 萬歐元。這意味著，在第二季度，我們已經實現了 1 億歐元的正運營現金流。所以你看一下我們發布的附件，記住，現金流量——自由現金流量包括利息費用，因為它是從淨利潤開始計算的。但就運營現金流而言，我們已經進入第二季度正值。今年下半年，隨著 EBITDA 的提高，第一點。再加上沒有任何進一步的重組成本，我們預計從現在到下半年經營現金流將持續改善。

On the leverage? And there was the second question that was on the leverage and the asset sales? And what's the plan B?

靠槓桿？第二個問題是關於槓桿和資產出售？那麼B計劃是什麼？

Well, plan B is we're going to execute on what we said. So we have one transaction that we've announced. And as you pointed out, Tom, a significant part of it is operational -- from operational performance. So we're very set on delivering on those two things to get to the [2024].

嗯，B 計劃是我們要執行我們所說的。我們已經宣布了一項交易。正如你所指出的，湯姆，其中很大一部分是運營方面的——來自運營績效。因此，我們決心實現這兩件事，以實現 [2024]。

We have Guilherme Sampaio from CaixaBank.

我們有來自 CaixaBank 的 Guilherme Sampaio。

So the first one on cost per liter. So you've talked about some efforts going forward to continue reducing cost per liter. We've announced EUR 450 million cost savings already deployed. What else should we get in terms of additional savings? And the second question about plasma collections. How should we think about growth over the remaining part of the year?

第一個是每升成本。您談到了未來為繼續降低每升成本而做出的一些努力。我們宣布已經實施了 4.5 億歐元的成本節約。在額外節省方面我們還應該得到什麼？第二個問題是關於血漿採集的。我們應該如何看待今年剩餘時間的增長？

Regarding the cost per liter, as we said, as of today, we are 20% below peak of cost per liter last year, that was during the summertime. And we expect that it will be in a slightly better. So that means that we expect that the cost per liter finally will decline around 25%, okay? But not on the back of donor fees, but on the back of other -- I would say, other opportunities and other initiatives that we have launched. So that is going to further help in the gross margin.

關於每升成本，正如我們所說，截至今天，我們比去年夏季的每升成本峰值低了 20%。我們預計情況會稍微好一些。這意味著我們預計每升成本最終將下降 25% 左右，好嗎？但不是靠捐助費，而是靠其他——我想說，我們發起的其他機會和其他舉措。因此，這將進一步提高毛利率。

Regarding the corrections, we are monitoring -- remember that there is a high correlation between donor compensation and collections. And of course, we need to make sure that we fine-tune the collections in terms of volume to make sure that the volume that is coming is enough to support our sales growth.

關於更正，我們正在監控——請記住，捐贈者補償和募款之間存在高度相關性。當然，我們需要確保在數量方面對系列進行微調，以確保即將到來的數量足以支持我們的銷售增長。

And next question coming from Alvaro Lenze from Alantra Equities.

下一個問題來自 Alantra Equities 的 Alvaro Lenze。

The first one is on guidance. I believe the increase -- I would have expected from the increase that you have provided on top line guidance. And being in the upper range of margin, I would have expected that total EBITDA in euro terms to be upgraded more. I guess it seems that the increase in the EBITDA guidance from over EUR 1.4 billion to -- EUR 1.4 billion to EUR 1.45 billion is not that much of an increase. So I was wondering whether this is due to good performance in Grifols stand-alone, but a worse performance in Biotest. How is the increase in the EBITDA that low for two additional percentage points of top line?

第一個是指導。我相信這種增長——我本來預計會從您在營收指導中提供的增長中得到預期。由於處於利潤率的上限，我預計以歐元計算的 EBITDA 總額將進一步提升。我認為 EBITDA 指引從 14 億歐元以上增加到 14 億歐元到 14.5 億歐元似乎並沒有那麼大的增加。所以我想知道這是否是因為 Grifols 單機版表現良好，但 Biotest 表現較差。 EBITDA 的增幅為何比營業收入增加兩個百分點那麼低？

And also, continuing with the guidance of the last call, you indicated that you were comfortable with the consensus on 2024 EBITDA, which was somewhat above EUR 1.8 billion. So how does this increase in the guidance for 2023 reads into 2024? So whether this is just an acceleration of the cost savings or whether this could also imply better performance in 2024?

此外，按照上次電話會議的指導，您表示您對 2024 年 EBITDA 的共識感到滿意，該數字略高於 18 億歐元。那麼 2023 年指導值的增加對 2024 年有何影響呢？那麼，這是否只是成本節省的加速，還是也意味著 2024 年會有更好的業績？

Okay. Thanks for the question. So to the first point, the guidance for this year, remember that even though we have already achieved and deployed those EUR 450 million, as I said, especially since the -- more than 70% of the savings are coming from plasma cost. It takes time to go through the P&L. So that's why, as I said, most of the plasma cost savings will hit 2024 P&L. So we have increased from EUR 1.4 billion to EUR 1.45 billion because the phasing of the savings flowing through the P&L.

好的。謝謝你的提問。因此，對於第一點，即今年的指導，請記住，儘管我們已經實現並部署了 4.5 億歐元，正如我所說，特別是因為——超過 70% 的節省來自血漿成本。檢查損益表需要時間。這就是為什麼，正如我所說，大部分等離子成本節省將達到 2024 年損益表。因此，由於流經損益表的儲蓄分階段進行，我們的資金從 14 億歐元增加到 14.5 億歐元。

Regarding next year, we will provide you with guidance at a later stage, and we feel comfortable that this year we're going to close the year at 24%. And then, as I said, we have provided already with pro forma EBITDA 2023 based on the savings, which is EUR 1.7 billion, EUR 1.75 billion. And later on, let me first close the year and then early next year, we'll keep you posted about 2024 guidance.

關於明年，我們將在稍後階段為您提供指導，我們對今年將以 24% 的速度結束這一年感到滿意。然後，正如我所說，我們已經根據節省的資金提供了 2023 年預計 EBITDA，即 17 億歐元、17.5 億歐元。稍後，讓我先結束這一年，然後在明年初，我們將隨時向您通報 2024 年的指導。

Okay. We have a question coming from Joaquin Garcia-Quiros from JB Capital.

好的。 JB Capital 的 Joaquin Garcia-Quiros 向我們提出了一個問題。

Just a follow-up regarding the free cash flow. Do you said that working -- you didn't say anything about working capital. So when can we expect reversal of working capital, especially in inventories? Is it more for the second half of this year? Or should we expect more of a reversal during next year due to the reduced costs coming from plasma cost?

只是關於自由現金流的後續行動。你說的是工作嗎——你沒有說任何關於營運資金的事情。那麼我們什麼時候可以預期營運資金（尤其是庫存）出現逆轉？今年下半年還多嗎？或者，由於血漿成本降低，我們是否應該預期明年會出現更多逆轉？

On one hand, the inventory is going to grow in line with the activity. As you know, that's the way that working capital works, especially inventory. But at the same time, as of today, the days -- the DIOs, the days inventory are declining. So for the second half of the year, we expect that the -- volume-wise, the inventories are going to increase. However, due to this cost saving plan, the cash cost savings related to plasma will offset that volume increase.

一方面，庫存將隨著活動而增長。如您所知，這就是營運資金（尤其是庫存）的運作方式。但與此同時，截至今天，DIO 的庫存天數正在下降。因此，今年下半年，我們預計庫存將會增加。然而，由於這一成本節約計劃，與血漿相關的現金成本節約將抵消銷量的增加。

Great. We have a couple of follow-up questions, first from -- he was the first to be again on the list. Tom, I think you have something else?

偉大的。我們有幾個後續問題，首先是——他是第一個再次出現在名單上的人。湯姆，我想你還有別的事嗎？

It was a very quick one. I was just wondering if you could remind us when the price concessions related to the renegotiated contract with CTS kicked in? From memory, it was sort of middle of last year that the contract was signed. But I guess I'm just trying to figure out when the price headwind drops out of the comparative quarters, whether it's Q3, Q4 or we should wait until next year before it happens.

這是一個非常快的過程。我只是想知道您能否提醒我們與 CTS 重新談判的合同相關的價格優惠何時生效？據記憶，合同簽訂的時間大概是去年年中。但我想我只是想弄清楚價格逆風何時會從比較季度中消失，無論是第三季度、第四季度還是我們應該等到明年才會發生。

As of today, I mean, during this year, we are -- the price concessions are going through the P&L. We signed this agreement. It was Q1 last year, if I recall right. And so that, as of today, is the only reason why the gross margin of diagnostic is slightly declining. But remember, in exchange of that, we have signed a contract up to 20 years. So we have secured the largest and the most possible client of all.

我的意思是，從今天開始，今年，我們——價格優惠正在計入損益表。我們簽署了這份協議。如果我沒記錯的話，那是去年第一季度。因此，截至目前，這是診斷毛利率略有下降的唯一原因。但請記住，作為交換，我們簽訂了長達 20 年的合同。因此，我們已經獲得了最大且最有可能的客戶。

And also another follow-up from Jaime Escribano.

還有 Jaime Escribano 的另一個後續作品。

Yes, it's a quick one. So just to make sure I understand Slide 18 properly, where you say that the gross margin ex-Biotest could increase in the second half 250 basis points. Although you do it with raising 100, but if we take the gross margin of the first half ex-Biotest, which is around 37.5%. My question would be, would it be fair to think about gross margin in the second half for Grifols excluding Biotest of close to 40%, so 37.5% plus this 250 basis points? Is that the way we should think about this slide?

是的，這是一個很快的。因此，為了確保我正確理解幻燈片 18，您在幻燈片 18 中提到下半年前 Biotest 的毛利率可能會增加 250 個基點。雖然你籌集了 100 美元，但如果我們考慮上半年前 Biotest 的毛利率，約為 37.5%。我的問題是，考慮一下 Grifols 下半年的毛利率（不包括 Biotest）接近 40%（即 37.5% 再加上這 250 個基點）是否公平？我們應該這樣思考這張幻燈片嗎？

Well, for the second half of the year, basically, what is going to happen, we're going to see a strong growth. On one hand, I'm going to give you what are the main growth drivers, strong growth, volume-wise, IG, but especially, [coming in] China, point #1.

嗯，在今年下半年，基本上，將會發生什麼，我們將看到強勁的增長。一方面，我將向您介紹主要的增長動力，強勁增長，數量方面，IG，但特別是[進入]中國，第一點。

Point #2, the plasma cost savings will start helping the P&L -- flowing through the P&L. Number three, all the other non-plasma cost savings, basically, OpEx savings, are going to also impact the P&L. And since the second half of the year sales will be higher, the operational leverage will be higher. Therefore, all of these factors, all these components will support that the increase of EBITDA margin, you're going to see sequentially that we move from this '21 to '23, and then in Q3 and Q4, further quarterly margin improvement on sequential basis.

第二點，血漿成本節省將開始幫助損益表——流經損益表。第三，所有其他非等離子成本節省，基本上是運營支出節省，也會影響損益。而且由於下半年銷量會更高，運營槓桿也會更高。因此，所有這些因素、所有這些組成部分都將支持 EBITDA 利潤率的增加，您將依次看到我們從 21 年轉向 23 年，然後在第三季度和第四季度，季度利潤率將進一步提高。基礎。

And I guess that here we have one final. So Peter, you open and you close the Q&A session. So -- can we have your follow-up question?

我想我們這裡有一場決賽。 Peter，您開始並結束問答環節。那麼——我們可以問你的後續問題嗎？

Peter Verdult, Citi. Just a final question is on innovation. When you did the Biotest deal, the Fibrinogen and the IGM opportunities were highlighted is significant. So I was under the understanding that we add, first, Fibrinogen Phase III data was imminent. I think you've cited the H2 event. But can I just push you, either Victor or Thomas, when do you expect the data to be in-house? Or when do you expect to at least top line data to the market? And can you remind us again your comfort of EUR 400 million to EUR 800 million revenue opportunity was quoted at the time of the deal. I believe CSL does about EUR 300 million of bringing sales off label. But can you remind us if it's still EUR 400 million to EUR 800 million that you believe is the peak sale opportunity for Fibrinogen?

彼得·韋爾杜，花旗銀行。最後一個問題是關於創新。當您進行 Biotest 交易時，強調了纖維蛋白原和 IGM 機會，這一點意義重大。因此，我認為我們首先要補充的是，纖維蛋白原 III 期數據即將發布。我想你已經引用了 H2 事件。但我可以問一下你們，無論是維克多還是托馬斯，你們預計數據什麼時候會在內部發布？或者您預計什麼時候至少向市場提供最重要的數據？您能否再次提醒我們，您在交易時報價了 4 億至 8 億歐元的收入機會。我相信 CSL 為標籤外銷售額帶來了約 3 億歐元的收入。但您能否提醒我們，您認為 4 億至 8 億歐元是否仍是 Fibrinogen 的最高銷售機會？

Yes, we expect to provide the data, probably starting next year, 2024. During the first half, I should say this is the expectations that we are targeting. And regarding, yes, the peak sales remain similar to what we have announced.

是的，我們預計可能從明年，即 2024 年開始提供數據。在上半年，我應該說這是我們的目標預期。是的，峰值銷量仍然與我們宣布的類似。

And with that, I think we will close today's call. And we hope to see you or hear you again in our next quarterly call. And in the meanwhile, for those of you who have not been yet on holidays, so enjoy summer, and speak to you soon. Thank you, all.

至此，我想我們今天的電話會議就結束了。我們希望在下一次季度電話會議中再次見到您或聽到您的聲音。與此同時，對於那些還沒有放假的人來說，享受夏天吧，很快就會和你們說話。謝謝你們。

Thank you, all. Bye-bye.

謝謝你們。再見。