Grifols SA (GRFS) 2024 Q3 法說會逐字稿

Hello, everyone, and welcome to Grifols third-quarter 2024 financial results conference call. My name Daniel Segarra, and I'm Vice President of Head of Investor Relations and Sustainability. Today, I'm joined by Grifols, Chief Executive Officer; Nacho Abia; and Chief Financial Officer, Rahul Srinivasan as well as Roland Wandeler, President of Biopharma.

大家好，歡迎參加 Grifols 2024 年第三季財務業績電話會議。我叫丹尼爾‧塞加拉 (Daniel Segarra)，是投資人關係與永續發展主管副總裁。今天，執行長 Grifols 也加入了我的行列。納喬·阿比亞；財務長 Rahul Srinivasan 以及生物製藥總裁 Roland Wandeler。

Today's call will last about an hour, including a Q&A session. All materials used during the call are available on the Investor Relations website at grifols.com.

今天的電話會議將持續約一個小時，包括問答環節。電話會議期間使用的所有資料均可在投資者關係網站 grifols.com 上取得。

Moving to slide 2. I will first like to share a disclaimer on forward-looking statements. Forward-looking statements are subject to substantial risks and uncertainties. They are only valid on the day of the call, and the company is under no obligation to update or revise them.

轉到投影片 2。我首先想分享有關前瞻性陳述的免責聲明。前瞻性陳述存在重大風險和不確定性。它們僅在通話當天有效，公司沒有義務更新或修改它們。

Grifols financial statements are prepared in accordance with EU IFRS and other applicable reporting provisions. This includes alternative performance measures, also known as APMs, prepared under the group financial reporting model as defined by the guidelines of the European Securities and Markets Authority.

Grifols 財務報表是根據歐盟國際財務報告準則和其他適用的報告規定編製的。這包括替代績效衡量標準，也稱為 APM，根據歐洲證券和市場管理局指南定義的集團財務報告模型編制。

Please note that Grifols management uses APMs to evaluate its financial performance, cash flows and financial position as the basis for its operational and strategic decisions. These APMs are prepared for all-time periods presented in this document.

請注意，Grifols 管理層使用 APM 來評估其財務表現、現金流量和財務狀況，作為其營運和策略決策的基礎。這些 APM 是針對本文檔中介紹的所有時間段所準備的。

On today's call, Nacho will start off shortly with some introductory remarks and a discussion on business performance. Then Rahul will discuss the financial results for the quarter and year-to-date before turning the call back over to Nacho for his final remarks.

在今天的電話會議上，納喬將首先發表一些介紹性言論並討論業務績效。然後拉胡爾將討論本季和年初至今的財務業績，然後將電話轉回納喬進行最後發言。

With that, thank you very much for joining us today. Nacho, over to you.

在此，非常感謝您今天加入我們。納喬，交給你了。

Thank you, Danny, and good evening, afternoon, and morning to all of you depending on where you are in the world. I appreciate you dialing in for our third quarter results call. Before I turn to the results, I would like to provide you with a few updates on key matters.

謝謝丹尼，祝大家晚上好、下午好、早安，取決於你們在世界的哪個地方。感謝您撥打我們的第三季業績電話會議。在討論結果之前，我想向您提供一些關鍵問題的最新情況。

First, please note that the focus in these sessions will be on Grifols' third-quarter results, which as you will see, are reflective of our progress and indicating we are heading into the right direction.

首先，請注意，這些會議的重點將是 Grifols 第三季的業績，正如您將看到的，這反映了我們的進展，並表明我們正在朝著正確的方向前進。

We will not be addressing any questions or comments related to Brookfield or any potential transaction. As you are aware, Grifols entered into an NDA with Brookfield, whereby Brookfield was granted access to perform due diligence. And all what I can confirm is that it is ongoing as per today. Any further update will be communicated to the market in due course and in accordance with applicable laws and regulation.

我們不會解決與布魯克菲爾德或任何潛在交易相關的任何問題或評論。如您所知，Grifols 與 Brookfield 簽訂了保密協議，Brookfield 獲準進行盡職調查。我所能確認的是，它今天仍在繼續。任何進一步的更新將根據適用的法律法規適時向市場通報。

As always, the Grifols Board of Directors and management team are committed to acting in the best interest of all the shareholders. And we remain very focused on continuing to execute the company's strategy and deliver to our commitments. Please understand that we are not going to make any further comment on these matters on today's call. Thank you in advance and appreciate your understanding.

一如既往，Grifols 董事會和管理團隊致力於以所有股東的最佳利益行事。我們仍然非常專注於繼續執行公司的策略並兌現我們的承諾。請理解，我們不會在今天的電話會議上對這些問題發表任何進一步的評論。預先感謝您並感謝您的理解。

The second key update I want to provide is regarding Spain's National Securities Market Commission, CNMV and on the SEC as well. As we reported last month, CNMV has concluded the review on our financial reporting, having identified no additional elements to those initially reported in March 2024. The SEC has also conveyed that they have completed the review of the company's filing with no additional comments nor actions.

我想提供的第二個重要更新是關於西班牙國家證券市場委員會、CNMV 和 SEC。正如我們上個月報導的那樣，CNMV 已完成對我們財務報告的審查，除了 2024 年 3 月最初報告的內容外，沒有發現任何其他內容。美國證券交易委員會也表示，他們已完成對該公司備案文件的審查，並沒有採取任何其他評論或行動。

Finally, I also would like to touch on some leadership changes. In September, we announced that Thomas Glanzmann will transition into the role of Non-Executive Chairman of the Board. This is another step in our previously announced governance enhancements, which we first began in 2022, and allows Thomas to fully dedicate his time to the nonexecutive chairmanship role.

最後，我還想談談一些領導階層的變動。9 月，我們宣布 Thomas Glanzmann 將擔任董事會非執行主席。這是我們先前宣布的治理增強措施（我們於 2022 年首次開始）的又一步，使托馬斯能夠將自己的時間完全投入到非執行主席的角色中。

I would like to stand on behalf of the Board of Directors and the entire company, our deepest gratitude to Thomas for his time and dedication to Grifols in his executive role over the last years. Personally, I also want to show my strong appreciation to Thomas for his invaluable support during my first months at Grifols. Thank you, Thomas, and I look forward to continuing to work with you in your nonexecutive role.

我謹代表董事會和整個公司，對 Thomas 過去幾年在擔任執行職務期間為 Grifols 付出的時間和奉獻表示最深切的感謝。就我個人而言，我還想對 Thomas 在我加入 Grifols 的頭幾個月裡提供的寶貴支持表示衷心感謝。謝謝你，托馬斯，我期待繼續以非執行職務與你合作。

While I will miss sitting next to Thomas on these calls, I'm pleased to welcome our new CFO, Rahul Srinivasan, who has joined me on the call today and will introduce himself shortly. The addition of Rahul marks the completion of a broad management transition and represents the final piece to complete the new executive management team. Rahul brings a proven track record of financial success, and we look forward to benefiting from his expertise.

雖然我會懷念在這些電話會議上坐在 Thomas 旁邊的時光，但我很高興歡迎我們的新任財務長 Rahul Srinivasan，他今天加入了我的電話會議，並將很快進行自我介紹。拉胡爾的加入標誌著廣泛的管理層過渡的完成，也是完成新執行管理團隊的最後一步。拉胡爾帶來了良好的財務成功記錄，我們期待從他的專業知識中受益。

Finally, and before starting the presentation, I want to take a moment to highlight and appreciate the many initiatives we've taken over the last two years as we work to transform the business and deliver strong results in a sustainable basis. Over the last few years, our business has faced a number of headwinds as it was heavily impacted by the COVID pandemic that led to a reevaluation of our operations and a strategic direction.

最後，在開始演講之前，我想花點時間強調和讚賞我們在過去兩年中為實現業務轉型並在可持續的基礎上取得強勁成果而採取的許多舉措。在過去的幾年裡，我們的業務面臨許多阻力，因為它受到了新冠疫情的嚴重影響，導致我們重新評估了我們的營運和策略方向。

Grifols responded by doubling down on the fundamental growth of the business, strengthening corporate governance, refreshing executive management, imposing greater financial discipline and reinforcing a culture of performance and accountability. Such actions are reflected in the positive results we are reporting today and are a direct consequence of the resilience and adaptability we've demonstrated during these times. I'm confident that these actions will keep leading our business to outperform its expectations for years to come.

Grifols 的因應措施是加倍致力於業務的根本成長、加強公司治理、更新執行管理、實施更嚴格的財務紀律以及強化績效和問責文化。這些行動反映在我們今天報告的正面成果中，也是我們在這段時期所表現出的韌性和適應性的直接結果。我相信，這些行動將繼續引領我們的業務在未來幾年超越預期。

Shifting to our financial results. We continue to build on our momentum with another strong performance in the third quarter. This quarter results underscore our capacity to capture robust global demand effectively across our key markets and demonstrate how we are well positioned to sustain this trajectory moving forward. Revenue in the third quarter totaled nearly EUR1.8 billion, representing 12.4% increase on a constant currency basis over the previous year, while year-to-date revenues reached EUR5.2 billion, representing a 9.1% increase.

轉向我們的財務表現。我們繼續鞏固我們的勢頭，在第三季度再次表現強勁。本季業績強調了我們在關鍵市場有效捕捉強勁全球需求的能力，並展示了我們如何做好準備維持這一發展軌跡。第三季營收總計近18億歐元，以固定匯率計算較上年成長12.4%，而年初至今營收達52億歐元，成長9.1%。

Adjusted EBITDA for the quarter came in EUR462 million with a margin of nearly 26%. This increase is an improvement of 26.7% at constant currency from the previous year. Free cash flow for the quarter improved to EUR127 million, and we continued our deleveraging path, reducing our leverage ratio to 5.1 from 6.8 in the first quarter.

該季度調整後 EBITDA 為 4.62 億歐元，利潤率接近 26%。以固定匯率計算，這一增幅比上年提高了 26.7%。本季自由現金流改善至 1.27 億歐元，我們繼續去槓桿化道路，將槓桿率從第一季的 6.8 降至 5.1。

Looking ahead to our fourth quarter, we view our strong third quarter performance as a positive indicator of our ability to meet full year guidance. While we recognize that the upcoming quarter will be a demanding one, we remain focused in our commitment to ensure we close out the year in a strong manner.

展望第四季度，我們認為第三季的強勁表現是我們達到全年指引能力的正面指標。雖然我們認識到下一個季度將是一個艱鉅的季度，但我們仍然專注於我們的承諾，以確保我們以強有力的方式結束這一年。

Plasma continued to play a significant role in driving profitability. Our cost per liter continued to decline in 2024, and we expect the trend to continue. We have managed plasma supply to ensure we are able to meet the growing demand. Going forward, we will continue to execute on its initiative to further improve plasma and manufacturing efficiencies, helping to reduce cost and expand profitability.

Plasma 繼續在推動盈利能力方面發揮重要作用。2024 年，我們的每公升成本持續下降，我們預期這一趨勢將持續下去。我們管理血漿供應，以確保我們能夠滿足不斷增長的需求。展望未來，我們將繼續執行其舉措，進一步提高等離子和製造效率，幫助降低成本並擴大獲利能力。

Grifols continue to view innovation as one of its top pillars, and I am pleased to share that we are on track to achieve all our 2024 innovation milestones. Hitting these targets is key to continue building on our fundamentals for future growth. Of particular importance, fibrinogen regulatory process has seen significant progress, which I will cover in more depth later on this call. Additionally, I'm excited to announce that we were awarded a US BARDA contract to develop GigaGen recombinant polyclonal antibody therapeutic platform.

Grifols 繼續將創新視為其最大支柱之一，我很高興地告訴大家，我們正在實現 2024 年所有創新里程碑。實現這些目標是繼續夯實未來成長基礎的關鍵。特別重要的是，纖維蛋白原監管過程已經取得了重大進展，我將在稍後的電話會議上更深入地介紹這一點。此外，我很高興地宣布，我們獲得了美國 BARDA 合同，開發 GigaGen 重組多克隆抗體治療平台。

We have made significant strides in corporate stewardship as we advance our sustainability agenda, achieving our higher score ever in the 2024 Standard and Poor's Global Corporate Sustainability Assessment, and being awarded a gold medal by EcoVadis.

隨著我們推進永續發展議程，我們在企業管理方面取得了重大進展，在 2024 年標準普爾全球企業永續發展評估中獲得了有史以來更高的分數，並被 EcoVadis 授予金獎。

Turning to slide 6. Let's take a look into our key financial metrics, which shows a clear sequential growth across the board. As mentioned, we achieved nearly EUR1.8 billion in sales in this quarter, representing a 12.4% increase on a constant currency basis.

轉到投影片 6。讓我們來看看我們的關鍵財務指標，這些指標顯示出全面的明顯連續成長。如前所述，本季我們的銷售額接近 18 億歐元，以固定匯率計算成長 12.4%。

On the profitability side, adjusted EBITDA for the last 12 months reached EUR1.7 billion with margins increasing to 25.8% in the third quarter from the 21.6% reported in the first quarter of the year. Free cash flow generation continues to be a priority, and we are pleased with the sequential improvement we've seen over the year.

在獲利能力方面，過去 12 個月調整後 EBITDA 達到 17 億歐元，第三季利潤率從今年第一季的 21.6% 增至 25.8%。自由現金流的產生仍然是優先事項，我們對一年來所看到的連續改善感到滿意。

As discussed on my first quarter earnings calls last May, optimizing of working capital was a pivotal driver for improved free cash flow in 2024. This is reflected in our third quarter positive free cash flow generation of EUR127 million. We significantly bridged the gap towards our full year 2024 guidance. That said, we expect additional working capital consumption in the fourth quarter as we will be building up inventory to meet the strong underlying demand we expect in 2025.

正如我在去年 5 月第一季財報電話會議上討論的那樣，優化營運資本是 2024 年自由現金流改善的關鍵驅動力。這反映在我們第三季 1.27 億歐元的正自由現金流產生。我們顯著縮小了與 2024 年全年指引的差距。也就是說，我們預計第四季度的營運資金消耗將增加，因為我們將增加庫存以滿足我們預期 2025 年強勁的潛在需求。

Finally, we continue to reduce our leverage ratio per our credit agreement, led by the repayment of senior secured debt following the receipt of EUR1.6 billion in Shanghai RAAS funds as well as the significant EBITDA improvement. Rahul will deal deeper in this and other relevant financial metrics later in the presentation.

最後，我們繼續根據信貸協議降低槓桿率，主要是在收到上海萊士資金 16 億歐元後償還優先擔保債務以及 EBITDA 顯著改善。拉胡爾將在稍後的演講中更深入地討論這個問題和其他相關的財務指標。

Turning to top line, you will see that total revenue year-to-date has increased 9.1% on a constant currency basis, driven by strong performance across all business units. Revenue growth has continued escalating from 5.5% in Q1 to 9.3% in Q2 to a remarkable 12.4% in Q3, all in constant currency basis. This acceleration was steered by biopharma, growing at 12.1% for the quarter and 9.1% year-to-date.

轉向營收，您會發現，在所有業務部門強勁業績的推動下，以固定匯率計算，今年迄今的總收入增長了 9.1%。營收成長持續上升，從第一季的 5.5% 上升到第二季的 9.3%，再到第三季的 12.4%（均以固定匯率計算）。這一加速是由生物製藥推動的，本季成長 12.1%，年初至今成長 9.1%。

The immunoglobulin franchise continues to show strong results with double-digit growth driven by IVIg and subcutaneous IG.

免疫球蛋白系列持續表現強勁，在 IVIg 和皮下 IG 的推動下達到兩位數成長。

Our alpha-1 trend is improving as well in Q3, reversing the impact of prior quarters and albumin also performed well. Growing demand in the US, Canada and rest of the world give us confidence in our upside potential moving forward.

我們的 alpha-1 趨勢在第三季也有所改善，扭轉了前幾季的影響，白蛋白也表現良好。美國、加拿大和世界其他地區不斷增長的需求讓我們對未來的上行潛力充滿信心。

In diagnostics, we saw a 1.3% uptick on a constant currency for the quarter, landing at a 1.7% advance year-to-year on a like-for-like basis, guided by blood typing solutions. I will also cover more on this business unit later.

在診斷方面，我們看到本季以固定匯率計算上漲 1.3%，在血型解決方案的指導下，年增 1.7%。稍後我也會詳細介紹該業務部門。

Biopharma continued to be the main growth driver in the third quarter. The IG franchise remains the highest growth protein with up to 16.6% in the third quarter and 14.3% in this year, both on a constant currency basis. IVIg growth was driven by strong demand in the US and international market. At the same time, subcutaneous IG continues to gain traction and grew a remarkable 52% on a constant currency basis year-to-date, reinforced by a strong performance in the US and multiple launches within the European Union.

生物製藥繼續是第三季的主要成長動力。IG 特許經營仍然是成長最快的蛋白質，以固定匯率計算，第三季成長 16.6%，今年成長 14.3%。靜脈注射免疫球蛋白的成長是由美國和國際市場的強勁需求所推動的。與此同時，皮下 IG 繼續受到關注，今年迄今按固定匯率計算增長了 52%，這得益於美國的強勁表現和歐盟的多次上市。

Albumin was up 11.7% in the third quarter and 10.3% year-to-date, both on constant currency basis, caused by a higher demand in China. Alpha-1 and specialty proteins revenue improved by 3.8% on a constant currency basis from last quarter, bringing our year-to-date growth to 1.3%. In the US, our Alpha-1 franchise is regaining momentum following the transition of a specialty pharma distributor, while demand for rabies treatment has increased this quarter.

由於中國需求增加，以固定匯率計算，白蛋白第三季上漲 11.7%，年初至今上漲 10.3%。以固定匯率計算，Alpha-1 和特種蛋白質收入比上季成長了 3.8%，使我們今年迄今的成長率達到 1.3%。在美國，我們的 Alpha-1 特許經營權在專業藥品分銷商轉型後正在恢復勢頭，而本季度對狂犬病治療的需求有所增加。

Now I would like to show an overview of our priorities to further enhance our performance, which focus upon efficiencies to strengthen our leading market position in both the commercial and plasma center operations. First, we further build out our portfolio as our subcutaneous IG Xembify gains further traction in the European market with eight launches executed so far in 2024.

現在，我想概述我們進一步提高績效的優先事項，重點是提高效率，以加強我們在商業和血漿中心營運中的領先市場地位。首先，我們進一步建立了我們的產品組合，因為我們的皮下 IG Xembify 在歐洲市場獲得了進一步的關注，迄今為止已在 2024 年推出了 8 項產品。

We see that our IG product offering with both Gamunex and Xembify is well received, reflected by momentum in pull-through across geographies. In addition, we are reinforcing the value proposition for alpha-1 patients, which is already offering expanded capabilities to our Prolastin users.

我們看到，我們與 Gamunex 和 Xembify 合作提供的 IG 產品廣受好評，這反映在跨地區的拉動勢頭上。此外，我們正在強化針對 alpha-1 患者的價值主張，這已經為我們的 Prolastin 用戶提供了擴展的功能。

We're seeing increased momentum in the US, and our commercial strategy continued to focus on growth both in existing and new key accounts. In Europe, our teams again excel reporting another quarter of double-digit growth. Product life cycle management paired with new product development also continues to be key. We secured approval for Xembify by weekly dosing from FDA in July and enrolled our first patient for alpha-1 antitrypsin, 15% subcutaneous Phase 1 and 2. Furthermore, we are progressing in our filing for fibrinogen, as I will cover in the next slide.

我們看到美國的成長勢頭不斷增強，我們的商業策略繼續關注現有和新大客戶的成長。在歐洲，我們的團隊再次表現出色，報告又一個季度實現兩位數成長。產品生命週期管理與新產品開發結合也仍然是關鍵。7 月份，我們透過每週給藥的方式獲得 FDA 批准 Xembify，並招募了我們的第一位患者進行 alpha-1 抗胰蛋白酶、15% 皮下注射的 1 期和 2 期治療。此外，我們正在申請纖維蛋白原，正如我將在下一張投影片中介紹的那樣。

Finally, we're enhancing the performance and accentuating the talent of our teams. In line with our strategic efforts across the company, we're currently building skills and new capabilities in our commercial team in the US while enhancing customers and patients engaging. In addition to these key efforts that are fueling our strengthening market positions, we continue to improve our operational effectiveness. As part of this, we are optimizing our global plasma center network, which comprises 405 plasma centers around the US, Europe, Canada and Egypt.

最後，我們正在提高團隊的績效並突出他們的才能。根據我們整個公司的策略性努力，我們目前正在美國商業團隊中培養技能和新能力，同時增強客戶和患者的參與度。除了這些加強我們市場地位的關鍵努力外，我們還繼續提高我們的營運效率。作為其中的一部分，我們正在優化我們的全球血漿中心網絡，該網絡由遍布美國、歐洲、加拿大和埃及的 405 個血漿中心組成。

Additionally, we're working to leverage new technologies and implement process efficiencies. We've been increasing our IG yields through the deployment of nomogram and development of a road map to expand continuous improvement initiatives. While implementing these strategies, we are also prioritizing enhancing the donor experience and improving donor satisfaction.

此外，我們正在努力利用新技術並提高流程效率。我們一直透過部署列線圖和製定路線圖來提高 IG 產量，以擴大持續改進計劃。在實施這些策略的同時，我們也優先考慮增強捐贈者體驗並提高捐贈者滿意度。

Turning to slide 10. Let me reiterate that innovations continue to be one of our main cornerstones. And as I mentioned earlier, we're on track to accomplish our 2024 innovation-related milestones. For the first three quarters of the year, we've completed all but two of these milestones, which we anticipate will see positive updates by year-end. In July, Xembify biweekly dosing received FDA approval; in September, Gamunex in bags began conformance lot testing.

轉到投影片 10。讓我重申，創新仍然是我們的主要基石之一。正如我之前提到的，我們有望實現 2024 年創新相關的里程碑。今年前三個季度，我們已經完成了除兩個里程碑之外的所有里程碑，我們預計到年底將看到積極的更新。7月，Xembify每兩週一次給藥獲得FDA批准； 9月，Gamunex袋裝公司開始進行批次一致性測試。

In fibrinogen, there are some exciting advancements in the European Union, where the marketing authorization application was successfully submitted through a decentralized procedure, including several countries. Additionally, the US regulatory pathway is progressing well, maintaining the scheduled path. This development marks important milestone in bringing this protein to the markets, ultimately benefiting patient care on a broader scale.

在纖維蛋白原方面，歐盟取得了一些令人興奮的進展，包括多個國家在內的歐盟透過分散程序成功提交了行銷授權申請。此外，美國的監管路徑進展順利，維持了預定路徑。這一進展標誌著將這種蛋白質推向市場的重要里程碑，最終有利於更廣泛的患者護理。

We have also begun clinical start-up activities for investigational new drug application of GIGA2339, which is a next generation antibody drug targeting anti-hepatitis B virus following the receipt of FDA approval. We're excited as well with the contract awarded to GigaGen by the US BARDA to develop a recombinant polyclonal antibody therapy for two proteins. These contracts marks a milestone and will additionally support Grifols in the manufacturing and Phase I trial and has a value up to $135 million over the next six years.

我們也開始了GIGA2339的研究性新藥申請的臨床啟動活動，GIGA2339是在獲得FDA批准後針對抗乙型肝炎病毒的下一代抗體藥物。我們也對美國 BARDA 授予 GigaGen 的合約感到興奮，該合約將為兩種蛋白質開發重組多克隆抗體療法。這些合約標誌著一個里程碑，也將為 Grifols 的製造和第一階段試驗提供額外支持，在未來六年內價值高達 1.35 億美元。

Turning to slide 11. Our Diagnostic business remains an important part of our operations, and I wanted to shine a spotlight on the business and what we vision for further growth. Accordingly, our primary segments in transfusion medicine are blood typing solutions and nucleic acid testing donor screening. The transfusion medicine market is a critical field that ensures that safe and effective supply of blood and plasma to patients in need.

轉到投影片 11。我們的診斷業務仍然是我們營運的重要組成部分，我想專注於該業務以及我們對進一步成長的願景。因此，我們輸血醫學的主要部分是血型解決方案和核酸檢測供體篩檢。輸血藥品市場是確保有需要的病人安全有效供應血液和血漿的關鍵領域。

Within the BTS segment, Grifols focus is to become the leading player through capitalizing on our current position and expanding through improved profitability, execution of our commercial plan, focusing our core markets, and continues our development of the next generation of instruments.

在 BTS 細分市場中，Grifols 的重點是透過利用我們當前的地位並透過提高盈利能力、執行我們的商業計劃、專注於我們的核心市場以及繼續開發下一代儀器來擴展業務，從而成為領先者。

Our performance in the third quarter is reflective of our progress. We have grown double digits in our core market. Our flagship Eflexis instrument continues to gain market share in conjunction with successful tenders in key markets.

我們第三季的表現反映了我們的進步。我們的核心市場實現了兩位數的成長。隨著主要市場的成功招標，我們的旗艦 Eflexis 儀器繼續獲得市場份額。

In our NAT segment, testing for diseases and viral markers are critical to ensuring a safe blood and plasma supply. This is an important segment. We are focused on driving steady growth through life cycle management of our Procleix Panther instrument, maintaining and strengthening our strategic accounts, and developing immunoassay technology for blood and plasma screening.

在我們的 NAT 領域，疾病和病毒標記檢測對於確保安全的血液和血漿供應至關重要。這是一個重要的部分。我們致力於透過 Procleix Panther 儀器的生命週期管理推動穩定成長，維護和加強我們的策略客戶，以及開發用於血液和血漿篩檢的免疫分析技術。

Our performance in the third quarter reflects our near-term goal through steady levels of donations in the US, solid progress in the tissue and organ testing segment and successful tenders in growth market. With our near-term focus of strengthening our growing our core BTS and NAT segment, we envision a broader expansion by our diagnostics business.

我們第三季的業績反映了我們的近期目標：美國的捐贈水準穩定、組織和器官檢測領域的紮實進展以及成長市場的成功招標。我們近期的重點是加強核心 BTS 和 NAT 細分市場的發展，我們預期診斷業務將得到更廣泛的擴張。

Leveraging our expertise in transfusion medicine, we view expansion into the clinical diagnostics segment as a natural progression, driven by increasing prevalence of chronic disease, emphasis on preventive health care and advancement in technology. This segment is growing, an area where we can explore leverage our IVD expertise and focus on the development of new testing platforms.

憑藉我們在輸血醫學方面的專業知識，我們認為向臨床診斷領域的擴張是一個自然的進程，這是由慢性病患病率不斷上升、對預防性醫療保健的重視和技術進步所推動的。該細分市場正在不斷增長，我們可以利用我們的 IVD 專業知識探索這一領域，並專注於新測試平台的開發。

Finally, an additional area of growth is expanding our testing capabilities internally to provide the best-in-class and seamless support model for our biopharma business, creating further synergies between our largest businesses will allow for accelerated testing and new drug development. And with this, I now would like to turn the call over to Rahul. Rahul?

最後，另一個成長領域是擴大我們的內部測試能力，為我們的生物製藥業務提供一流的無縫支援模式，在我們最大的業務之間創造進一步的協同效應，從而加速測試和新藥開發。有了這個，我現在想把電話轉給拉胡爾。拉胡爾？

Thank you Nacho for the warm welcome and for all your help with my transitioning since my start at Grifols a few weeks ago. It is an absolute privilege to be here in this capacity for Grifols. And I'm aware with this privilege comes the huge responsibility towards the company and all its stakeholders, including the critical institutional investors across our equity and debt complex. Moving to page 13.

感謝 Nacho 的熱情歡迎以及幾週前我在 Grifols 開始工作以來為我的過渡提供的所有幫助。對於 Grifols 來說，能夠以這樣的身份來到這裡絕對是一種榮幸。我知道，這項特權伴隨著對公司及其所有利害關係人的巨大責任，包括我們股權和債務綜合體中的關鍵機構投資者。移至第 13 頁。

As some of you might be aware, I have followed the Grifols story for a number of years from a different vantage point from where I developed much admiration for the company's commitment to its inspiring mission of improving patients' lives globally and serving our donors as well as the company's growth mindset. And by doing so, delivering not only for all our stakeholders but also to society.

你們中的一些人可能知道，多年來我一直從不同的角度關注 Grifols 的故事，從那裡我對公司致力於改善全球患者的生活並為我們的捐助者服務的鼓舞人心的使命感到非常欽佩作為公司的成長心態。透過這樣做，不僅為我們所有的利害關係人，也為社會做出貢獻。

The strong momentum and growth prospects that the company benefits from today is as a result of the bold and visionary actions taken in the past, giving us a solid foundation and a market leading position with significant scale in a highly attractive industry that is characterized by secular tailwinds and high barriers to entry.

公司今天受益的強勁動力和成長前景是過去採取的大膽和富有遠見的行動的結果，為我們在一個極具吸引力的行業中奠定了堅實的基礎和顯著規模的市場領先地位，其特點是長期的有利的條件和較高的進入障礙。

Notwithstanding all the challenges and considerable distractions that the company has faced this year to grow our top line by almost double digits and by EBITDA by circa 25% speaks to the attractors, business fundamentals and the resilience of our over 23,000 teammates and the company as a whole.

儘管公司今年面臨各種挑戰和相當大的干擾，但我們的營收成長了近兩位數，EBITDA 成長了約25%，這說明了吸引因素、業務基本面以及我們超過23,000 名團隊成員和公司作為一個整體的韌性。

As a senior management team. We are now in a fortunate position to be able to harvest over the coming years, this highly defensive portfolio with very exciting growth levers and related cash flow prospects. And in this fortunate position of being able to harvest our various growth legs, there is much greater focus on analytical rigor and general discipline, be it financial, cost, or capital allocation discipline and to continue our relentless efforts on deleveraging and improving free cash flow generation.

作為一個高階管理團隊。我們現在處於一個幸運的位置，能夠在未來幾年收穫這種高度防禦性的投資組合，具有非常令人興奮的成長槓桿和相關的現金流前景。在能夠收穫各種成長支柱的幸運位置上，我們更加重視分析的嚴謹性和一般紀律，無論是財務、成本還是資本配置紀律，並繼續不懈努力去槓桿化和改善自由現金流一代。

An aspect that has been particularly great to see in these initial weeks since I started is the organisation's focus and progress on continuous improvement and operational excellence to drive efficiencies. The success of the operational improvement plan and evidencing its conversion into significant actual cash EBITDA has been the catalyst for this mindset change across the organization, and it bodes well for the quarters and years ahead.

自從我入職以來的最初幾週，特別值得關注的一個方面是該組織對持續改進和卓越運營以提高效率的關注和進展。營運改善計畫的成功並證明其轉化為大量實際現金 EBITDA，一直是整個組織心態轉變的催化劑，這對未來幾季和幾年來說是個好兆頭。

Moving on to the last point on this page. From everything that I've seen in my first few weeks here, I continue to have a very strong conviction for the Grifols story, and I believe that we have a significant communication and engagement opportunity to share the strength of the story in the coming months with each of our various stakeholders.

轉到本頁的最後一點。從我在這裡的頭幾週所看到的一切來看，我仍然對Grifols 的故事抱有非常堅定的信念，我相信我們有一個重要的溝通和參與機會，可以在接下來的幾個月裡分享這個故事的力量與我們每一個利害關係人。

For all these reasons. I had no hesitation in making this significant professional change after receiving Nacho's and the board's offer and to leave the safety and the considerable comfort of my prior role to take on this invigorating challenge and deciding to relocate my family from London to Barcelona.

由於所有這些原因。在收到納喬和董事會的邀請後，我毫不猶豫地做出了這一重大的職業轉變，並離開了之前安全和舒適的職位來接受這一令人振奮的挑戰，並決定將我的家人從倫敦搬到巴塞隆納。

With that, let's now go through our Q3 and year-to-date financial performance on page 14. Before I go into our Q3 and year-to-date financial performance in 2024, please consider 2024's relative performance to what was a record financial performance in 2023, given the sales and adjusted records that Grifols achieved in 2023. With that important context to frame our 2024 performance year-to-date and Q3 2024 revenues are up very strong versus our record 2023 by over 9% and 12.3% on a constant currency basis respectively, taking our year-to-date sales up to 5.237 billion and very much tracking to our seven plus billion revenue guidance for the year.

現在，讓我們回顧一下第 14 頁的第三季和年初至今的財務表現。在我介紹 2024 年第三季和年初至今的財務業績之前，請考慮一下 2024 年的相對業績與 2023 年創紀錄的財務業績，考慮到 Grifols 在 2023 年實現的銷售額和調整後的記錄。在此重要背景下，我們的2024 年迄今的業績和2024 年第三季的收入與我們創紀錄的2023 年相比，按固定匯率計算分別增長了9% 和12.3% 以上，使我們的年初至今銷售額達到52.37 億美元，非常符合我們今年 7 億多億的收入指引。

Year-to-date, gross profit was up 14.5% versus 2023; and year-to-date adjusted was up 25% versus the record 2023. Three of Grifols best ever quarterly adjusted EBITDA results have been achieved in the last four quarters, which hopefully is not lost on all our stakeholders that follow our financial performance. I will elaborate on the drivers of this growth in the next page. As a result, our year-to-date reported net result has swung from being meaningfully negative in 2023 to positive EUR88 million.

年初至今，毛利較 2023 年成長 14.5%；調整後的年初至今較 2023 年創紀錄的成長了 25%。Grifols 在過去四個季度中取得了有史以來最好的三個季度調整 EBITDA 業績，希望所有關注我們財務業績的利益相關者都不會忽視這一點。我將在下一頁詳細闡述這種成長的驅動因素。因此，我們今年迄今報告的淨利潤已從 2023 年的顯著負值轉為正值 8,800 萬歐元。

That said, financial expenses in our P&L are higher than 2023 year-to-date for three reasons: one, noncash one-off impact of deferred financial costs of EUR 50 million that is linked to the redemption of senior secured debt from the Shanghai RAAS proceeds in keeping with our commitment to delever; two, noncash one-off FX impact of over EUR 30 million related to the Shanghai RAAS transaction; and three, higher cash interest expense from the EUR 1.3 billion senior secured notes principally used to repay the senior unsecured notes maturing in 2025.

儘管如此，我們損益表中的財務費用高於 2023 年年初至今的三個原因：一是與上海萊士贖回優先擔保債務相關的 5000 萬歐元遞延財務費用的非現金一次性影響收益符合我們去槓桿化的承諾；二、與上海萊士交易相關的非現金一次性外匯影響超過3000萬歐元；第三，主要用於償還 2025 年到期的優先無擔保票據的 13 億歐元優先有擔保票據的現金利息支出增加。

As Nacho mentioned earlier, the free cash flow generation, excluding the effect of the Shanghai RAAS transaction, continues as we expected with a strong Q3 and year-to-date free cash flow being significantly higher than 2023, and we remain on course to achieve our guidance. I will go into more detail about the free cash flow generation in a subsequent slide.

正如 Nacho 先前提到的，排除上海萊士交易的影響，自由現金流的產生將繼續如我們預期，第三季度強勁，年初至今的自由現金流顯著高於 2023 年，我們仍將繼續實現我們的指導。我將在隨後的幻燈片中詳細介紹自由現金流的生成。

And finally, on leverage. Our total net leverage per the credit agreement has declined further from 6.8 times in Q1 to 5.5 times in Q2 and now to 5.1 times at the end of Q3 with the debt repayment from the Shanghai RAAS proceeds and our continued strong momentum in EBITDA, driving the significant deleveraging in only a couple of quarters. In addition, I also wanted to draw your attention to our net secured leverage ratio, which stands at 3.1 times per our credit agreement and at one of the lowest levels that I can ever remember it being for Grifols. And the significant secured capacity buffer that exist to the extent that it is ever needed and in contrast to the past. So the meaningful strengthening of our balance sheet continues at pace and continued deleveraging and improved cash flow generation remain key priorities for Grifols.

最後，關於槓桿。隨著上海萊士收益的債務償還以及我們的EBITDA 持續強勁勢頭，我們的信貸協議總淨槓桿率從第一季的6.8 倍進一步下降至第二季的5.5 倍，目前已降至第三季末的5.1 倍，推動了短短幾季就實現了大幅去槓桿化。此外，我還想提請您注意我們的淨擔保槓桿率，根據我們的信貸協議，該槓桿率為 3.1 倍，是我記憶中 Grifols 的最低水平之一。與過去相比，現有的重要安全容量緩衝足以滿足需求。因此，我們的資產負債表繼續穩定增強，持續去槓桿化和改善現金流產生仍然是 Grifols 的首要任務。

Moving on to page 15. We highlight the significant momentum in our adjusted EBITDA. Adjusted EBITDA margin for Q3 '24 is 25.8%, with the margin up 260 basis points versus Q3 2023 and a quarter-on-quarter growth of 26.7%. We see similar strong momentum if you consider the year-to-date performance with year-to-date adjusted EBITDA being up 25% on our record 2023.

轉到第 15 頁。我們強調調整後 EBITDA 的強勁勢頭。2024 年第三季調整後 EBITDA 利潤率為 25.8%，較 2023 年第三季成長 260 個基點，較上季成長 26.7%。如果考慮到年初至今的表現，年初至今的調整後 EBITDA 比我們創紀錄的 2023 年增長了 25%，我們將看到類似的強勁勢頭。

This momentum across gross margin and adjusted EBITDA margin is primarily being driven by volume growth in biopharma, the continuing improvement in the cost per liter, the benefits of our operational improvement plan coming through via plasma and manufacturing yield improvements, and finally, from operational leverage, which I will touch upon on the next page.

毛利率和調整後 EBITDA 利潤率的這種勢頭主要是由生物製藥的銷售增長、每公升成本的持續改善、我們通過血漿和製造產量提高帶來的運營改進計劃的好處以及最後的運營槓桿推動的，我將在下一頁談到這一點。

As Nacho mentioned, we need to achieve similar growth versus 2023 in this final quarter to achieve guidance. The momentum within the business is certainly there and the entire organization remains very focused on that objective.

正如 Nacho 所提到的，我們需要在最後一個季度實現與 2023 年類似的成長才能實現指引。業務內部的動力肯定是存在的，整個組織仍然非常專注於此目標。

Moving on to page 16. Notwithstanding the very robust bounce back in adjusted EBITDA margin from the COVID years, we remained below our pre-COVID margin levels. We expect an improving trend in our margin levels in the years to come and we will share more details in our next earnings call with respect to guidance and targets for 2025. The drivers of the adjusted EBITDA margin over the years are similar to the drivers I mentioned on the prior page.

轉到第 16 頁。儘管調整後的 EBITDA 利潤率較新冠疫情期間出現強勁反彈，但我們的利潤率仍低於新冠疫情前的水平。我們預計未來幾年我們的利潤率水準將呈現改善趨勢，我們將在下一次財報電話會議上分享有關 2025 年指導和目標的更多細節。多年來調整後 EBITDA 利潤率的驅動因素與我在上一頁提到的驅動因素類似。

In addition, it is our expectation that the adjustments to EBITDA will reduce as our transaction activity and the restructuring activity reduces. And finally, our track record of converting adjusted EBITDA to actual cash flow quickly is very positive, often occurring in less than 12 months.

此外，我們預計 EBITDA 的調整將隨著我們的交易活動和重組活動的減少而減少。最後，我們將調整後的 EBITDA 快速轉換為實際現金流的記錄非常積極，通常在不到 12 個月的時間內發生。

On the right-hand side of the slide, you see the clear benefit of our operational leverage momentum coming through. These numbers appropriately exclude the one-offs, and you see that our OpEx as a percentage of sales is even lower than our pre-COVID levels, and we believe that there is an opportunity to continue to squeeze that going forward. Equally, we do expect some of our SG&A savings to be reinvested into R&D in the coming years to be able to better monetize some of the exciting opportunities that we see in front of us.

在投影片的右側，您可以看到我們的營運槓桿動能所帶來的明顯好處。這些數字適當地排除了一次性的情況，您會看到我們的營運支出佔銷售額的百分比甚至低於新冠疫情前的水平，我們相信未來有機會繼續壓縮這一水平。同樣，我們確實希望在未來幾年將部分銷售管理費用儲蓄再投資於研發，以便能夠更好地利用我們面前的一些令人興奮的機會。

Page 17, the all-important free cash flow slide. The bottom line of this page is that we are very much still tracking to our guidance to the market to be free cash flow breakeven by the end of the year. We took a big step forward towards achieving that guidance with EUR127 million of free cash flow generation pre-Shanghai RAAS in Q3. Whilst it might be tempting to extrapolate the Q2 and Q3 free cash flow progression to an even bigger number in Q4, we would caution against that approach and would simply reiterate our breakeven target.

第 17 頁，最重要的自由現金流幻燈片。本頁的底線是，我們仍在追蹤我們對市場的指導，以期在年底前實現自由現金流盈虧平衡。我們在第三季上海萊士上市前創造了 1.27 億歐元的自由現金流，朝著實現這一目標邁出了一大步。雖然人們可能很容易將第二季和第三季的自由現金流進展推斷為第四季度的更大數字，但我們會謹慎對待這種方法，並只是重申我們的損益平衡目標。

The various cash flow optimizing initiatives that have been implemented are yielding results, be it our working capital and inventory management focus or our disciplined approach with respect to cash across the board. Like we saw in Q2, you will see interest paid in Q4 to be higher than Q3 to reflect the interest periods of our debt instruments. And at the bottom of the page, the extraordinary growth CapEx is almost entirely due to ImmunoTek payments, and I will touch on this further on the next page.

已實施的各種現金流優化措施正在取得成果，無論是我們的營運資本和庫存管理重點，或是我們全面現金的嚴格方法。就像我們在第二季度看到的那樣，您會看到第四季度支付的利息高於第三季度，以反映我們債務工具的利息期限。在頁面底部，資本支出的非凡成長幾乎完全歸功於ImmunoTek 付款，我將在下一頁進一步討論這一點。

Transaction and restructuring costs, whilst elevated in 2024 is expected to decline significantly in 2025. Our liquidity at the end of Q3 stood at EUR704 million. We used some liquidity during Q3 to repay debt at the Biotest level and in doing so, optimize our consolidated interest expense.

交易和重組成本雖然在 2024 年有所上升，但預計將在 2025 年大幅下降。第三季末我們的流動性為 7.04 億歐元。我們在第三季使用了一些流動性來償還 Biotest 水準的債務，並以此優化我們的綜合利息支出。

Page 18. On the left-hand side of this slide, we show our CapEx evolution over time, and I also make the distinction between maintenance and growth CapEx each year. We have typically guided the market to annual CapEx that includes both maintenance and growth CapEx to be around EUR300 million. Some years slightly lower and other years higher but around EUR300 million on average.

第 18 頁。在這張投影片的左側，我們展示了我們的資本支出隨時間的演變，我還區分了每年的維護資本支出和成長資本支出。我們通常引導市場年度資本支出（包括維護和成長資本支出）約為 3 億歐元。有些年份略低，有些年份稍高，但平均約 3 億歐元。

The extraordinary growth CapEx in 2024, which we expect to be around EUR280 million for the full year, almost entirely relates to ImmunoTek, and we expect this extraordinary growth CapEx to halve in 2025 and then further have again in 2026.

2024 年資本支出的超常增長（我們預計全年約為 2.8 億歐元）幾乎完全與ImmunoTek 有關，我們預計這種超常增長的資本支出將在 2025 年減半，然後在 2026 年進一步減少。

On the right-hand side of the slide, we summarized the evolution of stock turnover days to show progress on inventory management. As you might be aware, in 2020 and 2021, during COVID, we suffered inventory shortages that resulted in artificially low inventory levels. Given the characteristics of the industry, as you are aware, the length of stock turnover period is quite high which is entirely normal, but what this chart does reflect is some of our recent improvements on the back of initiatives to better balance per liter.

在投影片的右側，我們總結了庫存週轉天數的演變，以顯示庫存管理的進展。您可能知道，在 2020 年和 2021 年新冠疫情期間，我們遭遇了庫存短缺，導致庫存水準人為降低。如您所知，考慮到該行業的特點，庫存週轉期相當長，這是完全正常的，但該圖表確實反映了我們最近在更好地平衡每公升的舉措的支持下取得的一些改進。

Given the strong growth tailwinds, we do expect to continue to invest in having the right levels of inventory, but the combination of our operational improvement as well as taking a more dynamic approach to our inventory levels, the aspiration continues to be to remain efficient going forward.

鑑於強勁的成長勢頭，我們確實希望繼續投資以保持適當的庫存水平，但結合我們的營運改進以及對庫存水平採取更動態的方法，我們的願望仍然是保持高效運轉向前。

Page 19. We've had a number of questions about how we use the Shanghai RAAS proceeds. The entirety of the net proceeds we received went to prepay our secured debt as shown in this table. And we summarized the tranches that were paid down. This contributed significantly to our deleveraging progress.

第 19 頁。我們對如何使用上海萊士的收益有很多疑問。我們收到的全部淨收益都用於預付我們的擔保債務，如下表所示。我們總結了已支付的部分。這對我們去槓桿的進展做出了重大貢獻。

And finally, our near-term priorities: number one, achieving 2024 free cash flow and adjusted EBITDA guidance; number two, continue our relentless focus on deleveraging; number three, the process to extend our RCF is already underway, and we have received very supportive feedback from our bank syndicate in general; number four, terming out our 2025 senior secured debt maturities for which we have a number of different options, unsurprisingly given the strong momentum we continue to see and the lowest secured leverage that we have had that I can remember.

最後，我們的近期優先事項：第一，實現 2024 年自由現金流和調整後的 EBITDA 指導；第二，繼續堅持去槓桿化；第三，擴展我們的 RCF 的過程已經在進行中，我們從我們的銀行銀團那裡收到了非常支持的回饋；第四，確定我們的 2025 年優先擔保債務到期日，對此我們有多種不同的選擇，鑑於我們繼續看到的強勁勢頭以及我記憶中我們擁有的最低擔保槓桿率，這並不奇怪。

Let me wrap this up by leaving you with the following final points. The momentum of the Grifols story has meant that it has grown back into its capital structure rapidly after a once in 100-year pandemic. The resilience of this business is very clear and has been proven. The outlook continues to be very encouraging, and the entire Grifols team is focused on capturing the tailwinds that we observe across our different business segments led by biopharma.

讓我透過以下最後幾點來總結這一點。Grifols 故事的動力意味著它在經歷了百年一遇的大流行之後，已迅速恢復其資本結構。該業務的彈性非常明顯並且已得到證明。前景仍然非常令人鼓舞，整個 Grifols 團隊都致力於捕捉我們在生物製藥主導的不同業務領域中觀察到的順風車。

This next phase of the Grifols story is very much a harvesting one and capturing the full value of the portfolio that enjoys high growth potential, strong margins, and high cash flow conversion prospects with meaningful momentum from our operational improvement initiatives that are clearly yielding results.

Grifols 故事的下一階段在很大程度上是一個收穫階段，捕捉了具有高成長潛力、強勁利潤率和高現金流轉換前景的投資組合的全部價值，並從我們明顯取得成果的營運改善舉措中獲得了有意義的動力。

The entire organization remains very focused on continued deleveraging and improving free cash flow generation. I have significant conviction for the Grifols story. And as a senior management team, we look forward to discussing our perspective with all stakeholders in the coming months and quarters. And with that, I will hand over to Nacho to conclude the presentation.

整個組織仍然非常專注於持續去槓桿化和改善自由現金流的產生。我對 Grifols 的故事深信不疑。作為高階管理團隊，我們期待在未來幾個月和幾個季度與所有利害關係人討論我們的觀點。接下來，我將邀請納喬來結束演講。

Thank you, Rahul. As we wrap up our call, I want to take a moment to emphasize several important points. Despite many unprecedented events having transpired this year, we remain steadfast in our commitment to executing our strategy and optimizing our business. With our new management team now fully in place, we are optimally positioned to drive for our initiatives forward.

謝謝你，拉胡爾。在我們結束通話時，我想花點時間強調幾個要點。儘管今年發生了許多前所未有的事件，但我們仍然堅定不移地致力於執行我們的策略並優化我們的業務。隨著我們的新管理團隊現在完全到位，我們處於推動我們的計劃向前發展的最佳位置。

Our Q3 results have been strong, placing us to meet our fiscal year '24 guidance. We are laser focused on delivering a successful Q4, while not losing sight of our top priorities, generating free cash flow, reducing leverage and efficiently allocating capital. These efforts are not just about numbers. They are about ensuring that we have the financial strength to continue growing, navigating any uncertainties.

我們的第三季業績強勁，使我們達到了 24 財年的指導目標。我們專注於實現第四季度的成功，同時也不會忽略我們的首要任務，即產生自由現金流、降低槓桿率和有效分配資本。這些努力不僅僅是數字。它們是為了確保我們有足夠的財務實力來繼續成長，以應對任何不確定性。

The plasma industry is engaging in expansionary momentum, fueled by strong underlying demand in core markets. We see this as a prime opportunity to continue widening our footprint and further strengthen our market share. Furthermore, we are dedicated to improving our operations through increased efficiencies and leveraging the growing use of technology in our plasma centers and manufacturing facilities. Streamlining processes and adopting innovative solutions have been and will remain instrumental going forward.

在核心市場強勁的潛在需求的推動下，等離子產業正在呈現擴張動能。我們認為這是繼續擴大我們的足跡並進一步加強我們的市場份額的絕佳機會。此外，我們致力於透過提高效率並利用血漿中心和製造設施中越來越多的技術使用來改善我們的營運。簡化流程和採用創新解決方案已經並將繼續發揮重要作用。

Finally, I want to emphasize our commitment to innovation. We're making significant progress in our R&D pipeline, which will enable us to broaden our product offerings, add new indications and launch new products. This focus on innovation is crucial for staying competitive and meeting the evolving needs of the market. And with this, thank you again for your continued support. And Danny, back to you.

最後，我想強調我們對創新的承諾。我們的研發管線正在取得重大進展，這將使我們能夠擴大產品範圍、增加新適應症並推出新產品。對創新的關注對於保持競爭力和滿足市場不斷變化的需求至關重要。在此，再次感謝您一直以來的支持。丹尼，回到你身邊。

Thank you, Nacho. Now let's turn to the Q&A session. (Operator Instructions) Tom Jones, Berenberg

謝謝你，納喬。現在我們進入問答環節。（操作員說明）Tom Jones，Berenberg

Hello. James Gordon, JP Morgan. Thanks for taking the questions. One question is about immunoglobulin and how it's doing in CIDP because argenx now have the US CIDP approval and they said about half of US plans are now covering it. And they simply got 300 patients by the end of September on therapy and that 85% or 90% of them are from IG.

你好。詹姆斯‧戈登，摩根大通。感謝您提出問題。其中一個問題是關於免疫球蛋白及其在 CIDP 中的表現，因為 argenx 現在已獲得美國 CIDP 批准，他們表示美國大約一半的計劃現在涵蓋了它。到 9 月底，他們已經讓 300 名患者接受了治療，其中 85% 或 90% 來自 IG。

So does that tally with what you're seeing? Are they coming from -- partly coming from Grifols IG? Or are they coming from somewhere else? And I saw that you still had 17% growth this quarter. So that does look good.

那麼這與您所看到的相符嗎？他們是否來自——部分來自 Grifols IG？還是他們來自其他地方？我看到你們這個季度仍然有 17% 的成長。所以這看起來確實不錯。

Do you think that's sustainable? Or is there anything exceptional about how you grew so strongly with maybe a bit more competition?

你認為這是可持續的嗎？或者說，你們是如何在更多競爭的情況下如此強勁地成長的，有什麼特別之處嗎？

The second question was China. A number of Western health care and consumer companies have talked about a slowdown in demand for products in China, maybe partly local competition, co-pay issues in terms of economic sensitivity and some other things going on.

第二個問題是中國。許多西方醫療保健和消費品公司都談到了中國產品需求放緩，部分原因可能是當地競爭、經濟敏感性的共同支付問題以及其他一些正在發生的事情。

So are you seeing anything there? I saw a comment that China is still doing well, but any impact on albumin demand or Shanghai RAAS? And if I could squeeze in just a clarification because someone asked me, is this sort of target to get to 4.5 times net debt to EBITDA by the end of the year or where are we on that target? Is that part of the guidance that you reiterated? Thank you.

那麼你在那裡看到什麼了嗎？我看到有評論說中國還是表現不錯，但對白蛋白需求或上海萊士有影響嗎？有人問我，這種目標是在年底前達到 EBITDA 淨負債的 4.5 倍嗎？這是您重申的指導的一部分嗎？謝謝。

Let me address the China question. I would like Roland to talk about CIDP and what we are seeing there. And finally, the last question, Rahul will comment on that, James. So I just came back from China. I was there last week, and I can see that -- I understand the comment, I understand the concerns, but that's not what we are seeing in our business.

我來談談中國問題。我想讓 Roland 談談 CIDP 以及我們在那裡看到的情況。最後，最後一個問題，拉胡爾將對此發表評論，詹姆斯。所以我剛從中國回來。上週我在那裡，我可以看到——我理解這些評論，我理解人們的擔憂，但這不是我們在業務中看到的情況。

We see the business growing. And in our conversations with our partners there, at least for albumin products and plasma-derived products, we see a continuous demand and we are planning the next year based on that. As per CIDP, Roland, would you like to comment?

我們看到業務正在成長。在我們與那裡的合作夥伴的對話中，至少在白蛋白產品和血漿衍生產品方面，我們看到了持續的需求，並據此計劃明年。根據 CIDP，Roland，您想發表評論嗎？

Of course. James. Thanks for the question. Yes, indeed, we have, as expected, seen some trial for CIDP patients in second line for patients that have the few patients that have not been responding or tolerating Ig, so in second line. As per our expectations, we continue to see growth in that segment, and we remain very confident that IG will remain the standard of care for CIDP.

當然。詹姆斯.謝謝你的提問。是的，確實，正如預期的那樣，我們看到了一些針對二線 CIDP 患者的試驗，其中少數患者對 Ig 沒有反應或耐受，因此處於二線。正如我們的預期，我們繼續看到該領域的成長，我們仍然非常有信心 IG 將繼續成為 CIDP 的護理標準。

We hear from OLs that the suitability for IGs in this multifactorial disease is one aspect that really stands out with its multimodal mode of action. We also see the high response rate, our proven safety, long-standing experience and expect that pricing of FcRns, while with increasing payer coverage will really put that treatment more into the second-line space.

我們從 OL 那裡得知，IG 在這種多因素疾病中的適用性是其多模式作用模式真正突出的一個面向。我們還看到了高回應率、我們經過驗證的安全性、長期的經驗，並預計 FcRns 的定價，同時隨著支付者覆蓋範圍的增加，將真正將該治療更多地投入到二線領域。

So in addition, we are increasing our engagement in this space. We built on increasing awareness and our long-standing experience with Gamunex. And while we remain absolutely confident in the role that Ig play in CIDP, we also want to highlight that our continued growth in prime immune efficiency and secondary immune deficiency are very encouraging beyond that.

此外，我們正在增加在這個領域的參與度。我們的基礎是不斷提高的意識和我們對 Gamunex 的長期經驗。雖然我們對 Ig 在 CIDP 中發揮的作用仍然充滿信心，但我們還想強調，除此之外，我們在主要免疫效率和繼發性免疫缺陷方面的持續增長非常令人鼓舞。

And then on the question about the 4.5 times target by year-end, the short answer is we remain on course to achieve that, James. And it is inextricably linked to us achieving our EBITDA guidance because most of the deleveraging is coming from EBITDA expansion.

然後，關於到年底實現 4.5 倍目標的問題，簡短的回答是，我們將繼續實現這一目標，詹姆斯。這與我們實現 EBITDA 指導密不可分，因為大部分去槓桿化來自 EBITDA 擴張。

One other point of detail that I think will be helpful to most of you guys is that the delta between adjusted EBITDA and credit agreement adjusted EBITDA will be much lower as at the end of Q4 than it is currently the case and has been for the last couple of quarters. And that's probably what is perhaps thrown some of the numbers when you guys do your back of the fact back calculation. So very much remain on course to achieve the 4.5 times.

我認為對你們大多數人都有幫助的另一個細節是，第四季度末調整後的EBITDA 與信貸協議調整後的EBITDA 之間的差值將比目前的情況低得多，並且一直是過去的情況。這可能就是你們進行反事實計算時可能會拋出的一些數字。因此，仍有望實現 4.5 倍。

Thank you very much, James. I appreciate that. Now yes, Tom Jones, please?

非常感謝你，詹姆斯。我很欣賞這一點。現在可以了，湯姆瓊斯，好嗎？

Thanks for taking the two questions. I had one on the PRECIOSA study, and one on free cash flow. Just on free cash flow, it's a question for both of you really. Both of you kind of having an opportunity to look at the business with fresh eyes when it comes to free cash flow.

感謝您提出兩個問題。我有一份關於寶仕奧莎的研究，另一份關於自由現金流的研究。僅就自由現金流而言，這確實是你們兩個的問題。當談到自由現金流時，你們倆都有機會以新的眼光來看待企業。

I appreciate you're doing a lot of things to kind of improve the day-to-day free cash flow. But having followed this business for over 20 years now, been through several cycles of kind of poor cash flow in advance of growth and then the growth slows a bit and the cash flow improves and then more cash goes back into growth and then the cash flow comes down and goes up, we go through these cycles. And -- but across the whole cycle, there's always been a very capital-intensive business.

我很感激您做了很多事情來改善日常自由現金流。但是，我們已經跟踪這項業務 20 多年了，在增長之前經歷了幾個現金流不佳的周期，然後增長稍微放緩，現金流改善，然後更多的現金回到增長，然後現金流下降和上升，我們經歷這些循環。而且——但在整個週期中，始終存在資本密集型業務。

Beyond sort of small operational improvements that you're clearly trying to implement, have either have you had any thoughts or got any ideas about how you can improve the structural free cash flow of Grifols, be that through geographic mix, business mix, industry, however you may go about it because we can look at short-term free cash flow trends. And I know you're doing everything you can to improve it given your leverage situation.

除了您顯然正在嘗試實施的一些小型營運改進之外，您是否對如何改善 Grifols 的結構性自由現金流有任何想法或想法，無論是透過地理組合、業務組合、行業、但是您可以這樣做，因為我們可以查看短期自由現金流趨勢。我知道，鑑於您的槓桿情況，您正在盡一切努力來改進它。

But the short-term small margin improvements you can make. But is there anything you've -- with the opportunity to look at this business with completely fresh eyes thought about in terms of improving the sort of through-the-cycle structural cash flow nature of the business.

但你可以在短期內達到小幅利潤改善。但是，您是否有機會以全新的眼光看待這項業務，並考慮改善業務的整個週期結構性現金流性質。

And then on the PRECIOSA study, I just kind of wondered what you're assuming the results are good, which I think we probably will be, what your kind of approach to commercializing that data is likely to be. I think it was the 2018 Capital Markets Day. There was a whole session dedicated to albumin and liver failure, both chronic and acute on chronic. And we didn't have much since.

然後，關於寶仕奧莎的研究，我只是想知道你認為結果是好的，我認為我們可能會是好的，你將數據商業化的方法可能是什麼。我認為這是 2018 年資本市場日。整個會議專門討論白蛋白和肝衰竭，包括慢性和急性慢性肝衰竭。從那以後我們就沒有太多了。

So I just wondered kind of how you're thinking about taking this data to market and leveraging it. Do you see it as a volume driver or a price driver? Just some thoughts on that would be interesting.

所以我只是想知道您如何考慮將這些數據推向市場並利用它。您認為它是數量驅動因素還是價格驅動因素？對此的一些想法會很有趣。

Thank you for your question, Tom. And as for the first question, I would say that definitely, cash flow generation has been on our radar or my radar since the beginning of my tenure, and definitely on Rahul's since he's here. You are right. I mean, is this business a capital-intensive and requires a significant amount of working capital to operate? And we see the answer to that question in two ways, right?

謝謝你的提問，湯姆。至於第一個問題，我想說的是，自我上任之初起，現金流生成就一直在我們或我的雷達上，而且自從拉胡爾來到這裡以來，現金流生成也肯定在他的雷達上。你是對的。我的意思是，這項業務是否屬於資本密集型業務，需要大量營運資金才能運作？我們透過兩種方式看到這個問題的答案，對吧？

So I think that one is, to optimize cash flow, we definitely need among other things to optimize working capital. And to do that, first of all, I think that there is some efficiency that can be seen just by doing a better job working on an end-to-end supply chain business model, right? So I think that we can really work across the different steps in the life of the business in order to identify where working together and not in silos in the different areas, we can be more optimal. That's what we have been doing this year, and that's what we can see improved working capital this year.

所以我認為，為了優化現金流，我們絕對需要優化營運資本。為此，首先，我認為只要在端到端供應鏈業務模型上做得更好，就可以看到一些效率，對吧？因此，我認為我們可以真正跨越業務生命週期的不同步驟，以確定在哪些方面共同努力，而不是在不同領域各自為政，我們可以更加優化。這就是我們今年一直在做的事情，這就是我們今年可以看到的營運資本的改善。

In the mid or long term, I think that there are considerations that can be made in terms of streamlining manufacturing site and considering product portfolio. And those might have significant implications as well in working capital. And we will explore those and the potential impact of those decisions as we move forward. Definitely, we will keep an eye on this area. And as free cash flow generation will continue being our top priority in the years to come.

從中長期來看，我認為可以在簡化生產場地和考慮產品組合方面進行考慮。這些也可能對營運資本產生重大影響。隨著我們的前進，我們將探索這些以及這些決定的潛在影響。當然，我們會密切關注這一領域。未來幾年，自由現金流的產生將繼續成為我們的首要任務。

Second question on albumin is going to be for Roland?

關於白蛋白的第二個問題將問羅蘭？

Yes. On PRECIOSA, as we shared before, the study is finished, and we said that we'll be sharing top line results in Q4. We're still awaiting the final data, and we're on track to actually sharing the data later on this quarter.

是的。關於寶仕奧莎，正如我們之前分享的那樣，研究已經完成，我們表示我們將在第四季度分享頂線結果。我們仍在等待最終數據，並且預計在本季度稍後實際共享數據。

We are happy to contribute to the understanding of the role of albumin in liver disease with this study. But keep in mind that albumin is used in a wide range of diseases and conditions, and we continue to educate and aim to differentiate the use of our albumin, albumin in bags across our markets around -- beyond liver disease around all of these stages.

我們很高興透過這項研究為了解白蛋白在肝臟疾病中的作用做出貢獻。但請記住，白蛋白用於多種疾病和病症，我們將繼續教育並致力於區分我們的白蛋白、袋裝白蛋白在我們市場上的使用，超越所有這些階段的肝病。

Thank you very much. We are going to switch to Santander. Jaime, please?

非常感謝。我們將轉至桑坦德。詹姆，請嗎？

So two questions from my side. The first one regarding working capital. There is one line of other working capital adjustments of EUR158 million. So if you could elaborate what substantiates this line because it's obviously a big amount that allow us to generate quite a lot of free cash flow? And how should we think about this line in Q4?

我這邊有兩個問題。第一個關於營運資金。其中一項其他營運資本調整額為 1.58 億歐元。那麼，您是否可以詳細說明是什麼證實了這條線，因為這顯然是一個很大的數額，可以讓我們產生相當多的自由現金流？我們該如何看待第四季的這條線？

And then the other question is regarding the guidance of EUR1.8 billion for the year. This means that in Q4, you need to do an EBITDA adjusted of around EUR550 million. So it's a big jump. Obviously, we are mid-November. So probably you already have quite a nice visibility to year end.

另一個問題是關於今年 18 億歐元的指導。這意味著在第四季度，您需要調整約 5.5 億歐元的 EBITDA。所以這是一個很大的跳躍。顯然，我們已經是十一月中旬了。因此，您可能已經對年底有了相當好的了解。

So my question basically is what drives this EUR550 million EBITDA in Q4? Is it more than the top line is coming very strong? Is it that we should expect a very high increase of gross margin or further operating leverage. I know you are going to tell me it's a combination of the three, but if you can give us a little bit more color on how these three moving parts should make the EUR1.8 billion EBITDA? Thank you very much.

所以我的問題基本上是什麼推動了第四季 5.5 億歐元的 EBITDA？是不是頂線來得非常強勁？我們是否應該期待毛利率的大幅成長或進一步的經營槓桿？我知道您會告訴我這是三者的結合，但您能否給我們更多關於這三個移動部分如何實現 18 億歐元 EBITDA 的信息？非常感謝。

Jaime, I'll take the second question, and I'll pass to Rahul, the first one. And the second one, I think that as has been said, we know that Q4 will be a demanding quarter and that we have to continue performing well, as well as we have been performing in Q1 to Q3 in order to deliver that EBITDA.

海梅（Jaime），我將回答第二個問題，然後我將把第一個問題交給拉胡爾（Rahul）。第二個，我認為正如已經說過的，我們知道第四季度將是一個要求很高的季度，我們必須繼續表現良好，以及我們在第一季度到第三季度的表現，以便實現 EBITDA。

And indeed, it's a combination of the three, right? So we expected -- we have expectations for strong sales in the quarter. The gross margins will continue improving as they have on the back, on the reduced plasma cost per liter that we have been enjoying through the year. Thanks to the efforts done in previous periods and finally, a strong cost control and expenses control.

事實上，它是三者的結合，對吧？所以我們預計 - 我們預計本季的銷售將強勁。由於我們今年每公升血漿成本的降低，毛利率將繼續提高。得益於前期的努力，最後是強而有力的成本控制和費用控制。

So I think that, as I say, we are committed to deliver those numbers, we believe they are feasible, but we still have to work a lot in the quarter, and we are doing that. As for the first question, Rahul?

因此，我認為，正如我所說，我們致力於提供這些數字，我們相信它們是可行的，但我們仍然需要在本季度做很多工作，而且我們正在這樣做。至於第一個問題，拉胡爾？

Yes. Jaime, if you're referring to other adjustments and other changes in working capital, the EUR110 million versus EUR34 million in 2023 year-to-date, most of that difference relates to the noncash adjustment of the noncontrolling interest result. That's, I would say, 70% of that difference. And if there are sort of further aspects of detail related to that question that you have, we can take that offline with our Investor Relations team.

是的。Jaime，如果您指的是營運資本的其他調整和其他變化，即 1.1 億歐元與 2023 年年初至今的 3,400 萬歐元相比，大部分差異與非控制權益結果的非現金調整有關。我想說的是，差異的 70%。如果您有與該問題相關的更多細節，我們可以與我們的投資者關係團隊一起離線解決。

Álvaro.

阿瓦羅。

Hi, thanks for taking my questions first. First, welcome Rahul and congratulations on relocating to Barcelona. Hopefully, you will enjoy beautiful city and the good weather. My first question would be on your first thoughts and your top priorities as the group's new CFO, whether you are more focused on cost cutting or getting a closer grip to working capital or liquidity or negotiating with the banks.

您好，感謝您先回答我的問題。首先，歡迎拉胡爾並祝賀搬遷到巴塞隆納。希望您能享受美麗的城市和好天氣。我的第一個問題是關於您作為集團新任財務長的首要想法和首要任務，您是否更關注削減成本，還是更關注營運資本或流動性，或與銀行談判。

And in particular, I would like to know if you could provide some more detail on your current liquidity position? And how do you see the revolving credit facility being extended? I don't know if you can provide some time line on that?

特別是，我想知道您是否可以提供有關您當前流動性狀況的更多詳細資訊？您如何看待循環信用額度的延長？不知道能否提供一下具體的時間安排？

And then my second question would be, if you feel now some comfort to provide free cash flow guidance for 2025. I think you mentioned something on the extraordinary growth CapEx, which should half for next year, but that's actually higher than what I had in mind. I thought it should go down to some EUR70 million. So if you could clarify if you can provide free cash flow guidance or some ballpark number and clarify the extraordinary CapEx. Thank you.

我的第二個問題是，您現在是否對提供 2025 年自由現金流指導感到放心。我想你提到了關於非凡成長的資本支出，明年應該會減半，但這實際上比我想像的要高。我認為應該降至約 7000 萬歐元。因此，您是否可以澄清是否可以提供自由現金流指導或一些大概數字，並澄清非凡的資本支出。謝謝。

Okay. So let me start off with the first question, which was just around general impressions as well as giving you a little bit of an update around status of the RCF extension. Look, as I think about general impressions, I think you had -- you saw my -- there was a slide that talked about my first impressions.

好的。因此，讓我從第一個問題開始，這只是一般印象，並為您提供有關 RCF 擴展狀態的一些最新資訊。聽著，當我想到一般印象時，我想你已經——你看到了我的——有一張幻燈片談到了我的第一印象。

But as I think about priorities, let me start with the priorities from a financial perspective. From a financial perspective, in the short term, it is all about continuing to deliver the strong business performance and continuing to de-lever and improve free cash flow generation.

但當我考慮優先事項時，讓我從財務角度開始考慮優先事項。從財務角度來看，短期內，一切都是為了繼續實現強勁的業務績效，並繼續去槓桿化和改善自由現金流的產生。

I see meaningful opportunities across the board to be able to do that. And I also think that there is an opportunity to be a lot more analytical and rigorous in our approach as part of which I certainly look forward to contributing to better discipline, whether it's cost discipline, whether it's financial discipline, whether it's capital allocation discipline, I think there are opportunities there in my mind.

我看到了能夠做到這一點的全面有意義的機會。我還認為，我們有機會在我們的方法中進行更多的分析和嚴謹，作為其中的一部分，我當然期待為更好的紀律做出貢獻，無論是成本紀律，無論是財務紀律，還是資本分配紀律，我認為我心中有機會。

Another point that I would say is risk management. I've in my prior seat spent a long time just managing risk. And I believe I can contribute to that quite considerably in the coming months. I also referred in my initial impressions about the opportunity or the communication opportunity that we have here. I fundamentally believe that there is an opportunity to better understand the Grifols story. And I look forward to engaging and sharing my perspective on the Grifols story in the coming months and quarters.

我要說的另一點是風險管理。我在之前的座位上花了很長時間來管理風險。我相信在接下來的幾個月裡我可以為此做出相當大的貢獻。我還提到了我對這裡的機會或交流機會的初步印象。我從根本上相信，有機會更了解 Grifols 的故事。我期待在未來幾個月和幾個季度參與並分享我對 Grifols 故事的看法。

One final thing, I would also say, is to the extent that we can simplify, whether it's business dealings, financial interest, and so on, just in terms of whether it's a simplified structuring, and I think that is something that, frankly, might be helpful for the various stakeholders to better understand and engage with us on the Grifols story.

最後一件事，我還要說，是我們可以簡化的程度，無論是業務往來、財務利益等等，只是就其是否是簡化的結構而言，坦率地說，我認為，可能有助於各利害關係人更了解Grifols 的故事並與我們互動。

And of course, that does not talk about the long list of business improvements that Nacho has touched on previously, which clearly remains a priority that I think we can develop a good story around together. I think your second question -- what's your second question? Did it relate to guidance for 2025 or --?

當然，這並沒有涉及納喬之前提到的一長串業務改進，這顯然仍然是一個優先事項，我認為我們可以一起開發一個好故事。我想你的第二個問題──你的第二個問題是什麼？這是否與 2025 年的指導有關？——？

On the RCF.

在RCF。

Yes. So on the RCF, as I mentioned in my remarks, the process of extending the RCF has already commenced. And I think our -- the general sort of feedback has been very constructive and positive. Clearly, the Q3 results here is helpful in that respect. And now with the Q3 results out, my expectation is that we will have this wrapped up rapidly in the coming weeks.

是的。因此，關於RCF，正如我在演講中提到的，延長RCF的過程已經開始。我認為我們的整體回饋是非常有建設性和正面的。顯然，第三季的結果在這方面是有幫助的。現在隨著第三季的結果出來，我的期望是我們將在未來幾週內迅速解決這個問題。

And as you think about the RCF extension, I touched on this in my presentation, secured leverage at Grifols today, per the credit agreement is at 3.1 times. It is going to be in the 2s by the end of Q4. So the extension of the RCF or liquidity and so on, I have no concerns about and we'll be able to demonstrate that very effectively in the coming weeks. So I feel very well supported by the bank groups on that front. The second question?

當你想到 RCF 延期時，我在演講中談到了這一點，今天 Grifols 的擔保槓桿率根據信貸協議為 3.1 倍。到第四季末，該數字將達到 2 秒。因此，我對 RCF 或流動性等的擴展並不擔心，我們將能夠在未來幾週內非常有效地證明這一點。因此，我感覺到銀行集團在這方面提供了很好的支持。第二個問題？

The last question on the guidance, free cash flow.

關於指導的最後一個問題是自由現金流。

Okay. So free cash flow guidance, certainly for -- we expect to provide free cash flow guidance at the next earnings call for 2025. And we look forward to discussing that in more detail at the time.

好的。因此，自由現金流指導，當然——我們預計在 2025 年的下一次財報電話會議上提供自由現金流指導。我們期待屆時將更詳細地討論這個問題。

Guilherme.

吉列爾梅.

Thank you for taking my question. So the first one, still on cash flow guidance. You previously had guidance for 2025, 2027. Are you still planning to provide an update on this guidance or just going to release an update on 2025 guidance alone for cash flow with the next earnings call.

感謝您回答我的問題。所以第一個，還是現金流指導。您之前有 2025 年、2027 年的指導。您是否仍計劃提供此指導的更新，或者只是在下一次財報電話會議上僅發布 2025 年現金流指導的更新。

And the second question is a bit related to Q4 again. So IG has been outperforming in terms of growth to other proteins, which is not optimal to gross margins. How do you see the proteins growth balance in Q4? Is it similar to Q3 or there could be some changes here?

第二個問題又和第四個問題有點相關。因此，IG 在生長方面優於其他蛋白質，這對於毛利率來說並不是最佳的。您如何看待第四季的蛋白質成長平衡？它與 Q3 相似還是可能有一些變化？

Yes. Thank you, Guilherme. As per the cash flow guidelines, I think that the -- as Rahul just say, I think in the next earnings call, as is customary, we will provide guidance for the year, including free cash flow for 2025. As for projections for cash flow for the next years, we are still evaluating this position and having internal discussions. And in due time, we will communicate with the market. As for the protein questions, Roland will comment.

是的。謝謝你，吉列爾梅。根據現金流指引，我認為——正如拉胡爾剛才所說，我認為在下一次財報電話會議中，按照慣例，我們將提供今年的指引，包括 2025 年的自由現金流。至於未來幾年的現金流量預測，我們仍在評估這一立場並進行內部討論。我們會在適當的時候與市場溝通。至於蛋白質問題，羅蘭會評論。

Yes, indeed we are very pleased with the momentum that we see in IG and especially in the US, building within IG. But the one thing I want to double-click and if you look at the split between IVIg and subcu IG, we're very pleased with the growth rate that we see with subcu IG with a premium pricing and with significant potential to further grow given that we only launched a few years ago.

是的，我們確實對 IG（尤其是美國）在 IG 內部建立的勢頭感到非常滿意。但我想雙擊的一件事是，如果你看看 IVIg 和 subcu IG 之間的區別，我們對 subcu IG 的增長率感到非常滿意，它具有溢價，並且具有進一步增長的巨大潛力我們幾年前才推出的。

So as you think about IG, we see this as a very important contributor and a growth driver for the future. And as we think about the rest of our portfolio and proteins, similarly, we see us continue to build where, of course, for alpha-1, we are after the transition of the specialty pharmacy provider in the US in a position to rebuilding growth.

所以當你想到 IG 時，我們認為這是一個非常重要的貢獻者和未來的成長動力。當我們思考我們的其他產品組合和蛋白質時，同樣，我們看到我們繼續建設，當然，對於 alpha-1，我們在美國專業藥品供應商轉型後能夠重建成長。

And the one thing, perhaps to add for Q4 is that rabies naturally has seasonality, that's the one thing to keep in mind. But the takeaway is really, I think the one point is the growth potential and the momentum that we see behind subcu Xembify.

也許要在第四季度補充的一件事是，狂犬病自然具有季節性，這是需要記住的一件事。但重點是，我認為重點是我們在 subcu Xembify 背後看到的成長潛力和動力。

Thank you, Roland. Thank you so much. Thank you, Guilherme. With that, we took all the questions today. As Rahul said, please feel free to contact the IR team for any follow-up. Thank you so much for joining us today.

謝謝你，羅蘭。太感謝了。謝謝你，吉列爾梅。就這樣，我們今天回答了所有問題。正如 Rahul 所說，如有任何後續事宜，請隨時聯繫 IR 團隊。非常感謝您今天加入我們。