Grifols SA (GRFS) 2025 Q1 法說會逐字稿

Hello, everyone. My name is Danny Segarra, and I serve as the Head of Investor Relations and Sustainability and Vice President, at Grifols. Welcome to our review of the company's business results for the first quarter of 2025. Today, I'm joined by Grifols Executive -- Chief Executive Officer, Nacho Abia; Chief Financial Officer, Rahul Srinivasan; and the President of Biopharma, Roland Wandeler.

大家好。我叫丹尼·塞加拉 (Danny Segarra)，擔任 Grifols 的投資者關係和永續發展主管兼副總裁。歡迎閱讀我們對公司2025年第一季業務業績的回顧。今天，與我一起出席的還有 Grifols 執行總裁兼執行長 Nacho Abia；財務長 Rahul Srinivasan；以及生物製藥總裁 Roland Wandeler。

A few logistics before we get into details. Today's call will last about an hour, including a Q&A session. As a reminder, this call is being recorded. You can find additional materials, including today's presentation in the Investor Relations section of the Grifols website at grifols.com. The transcript and a replay of the webcast will also be available on the Investor Relations website within 24 hours.

在我們討論細節之前，先了解一些後勤事宜。今天的電話會議將持續約一個小時，其中包括問答環節。提醒一下，本次通話正在錄音。您可以在 Grifols 網站 grifols.com 的投資者關係部分找到更多資料，包括今天的簡報。網路直播的文字記錄和重播也將在 24 小時內在投資者關係網站上提供。

Turning to Slide 2. Please note that this presentation includes forward-looking statements regarding, among other things, the company's future operating and financial performance, market position and business strategy. These statements are based on current expectations and available information as of the date of this recording and they are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected.

翻到幻燈片 2。請注意，本簡報包含前瞻性陳述，其中包括公司未來的營運和財務表現、市場地位和業務策略。這些聲明是基於截至本記錄之日的當前預期和可用信息，並且受某些風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。

Default financial statements are prepared in accordance with EU IFRS and other applicable reporting provisions including alternative performance measures or APMs, prepared under the group's financial reporting model as defined by the European Securities and Markets Authority.

預設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（包括替代績效指標或 APM）編制的，並根據歐洲證券和市場管理局定義的集團財務報告模型編制。

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

請注意，Grifols 管理層使用 APM 來評估財務績效、現金流量和整體財務狀況，作為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而準備的。

Now moving to today's agenda. Nacho will start with some introductory remarks, followed by a discussion of our business performance and strategic execution. Then Rahul will review the financial results for Q1 2025. After Rahul's presentation, we will return to Nacho for his closing comments. Roland will be joining us for Q&A.

現在開始今天的議程。納喬將首先作一些介紹性發言，然後討論我們的業務績效和策略執行。然後，拉胡爾將回顧 2025 年第一季的財務表現。拉胡爾演講結束後，我們將回到納喬聽取他的結束語。羅蘭 (Roland) 將加入我們的問答環節。

With that, I will now turn the call over to Nacho. Nacho?

說完這些，我現在將發言權交給納喬。納喬？

Thank you, Danny. And thank you, everyone, for joining us today. Building on the all-time high in 2024, we are pleased to report a strong start to 2025. The first quarter saw encouraging increases in revenue, EBITDA and free cash flow. This performance reflects the fundamentals of our business and the continued execution of our strategic plan.

謝謝你，丹尼。感謝大家今天的參與。在 2024 年創下歷史新高的基礎上，我們很高興地報告 2025 年的強勁開局。第一季營收、EBITDA 和自由現金流均有令人鼓舞的成長。這一業績反映了我們業務的基本面以及我們策略計劃的持續執行。

We recognize that this growth is particularly noteworthy given the anticipated impact of the inflection reduction at IRA and the global uncertainties we all are navigating. Despite these factors, our Q1 results across the board are ahead of our plan and importantly, provide a solid foundation for continued progress throughout the year.

我們認識到，考慮到 IRA 拐點減少的預期影響以及我們正在應對的全球不確定性，這種增長尤其值得注意。儘管存在這些因素，我們第一季的業績總體上超出了我們的計劃，而且重要的是，為全年持續進步奠定了堅實的基礎。

Although the first quarter has traditionally been our softest, our Q1 performance reinforces our confidence that we will continue to see steady improvements over the course of 2025 similar to the pattern we observed last year. I will walk you through these drivers in the next slides to give you more clarity about how we plan to achieve it.

儘管第一季傳統上是我們表現最疲軟的季度，但第一季的業績增強了我們的信心，即在 2025 年，我們將繼續看到與去年觀察到的模式類似的穩步改善。我將在下一張投影片中向您介紹這些驅動因素，以便您更清楚地了解我們計劃如何實現這一目標。

Before we delve into the details of the quarter, I would like to briefly highlight that in recent weeks, we have been closely monitoring the increasing macroeconomic and policy development that is affecting all market participants. While we strongly believe we are well prepared to navigate these dynamic market conditions without meaningful impact, we remain vigilant and continue to carefully evaluate the situation. We will share as well more insights on this throughout the presentations.

在深入探討本季的細節之前，我想先簡單強調一下，最近幾週，我們一直在密切關注影響所有市場參與者的宏觀經濟和政策發展。雖然我們堅信我們已做好充分準備，能夠在不產生重大影響的情況下應對這些動態的市場狀況，但我們仍保持警惕，並繼續仔細評估情況。我們還將在演示過程中分享更多有關此方面的見解。

Ultimately, our focus remains firmly on executing our strategy, staying true to our mission ambition and delivering on our performance goals. I want to express my sincere appreciation for the vacation of our teams across the globe. Their commitment to driving our strategy forward and serving donors and patients worldwide has been critical to our positive start to 2025.

最終，我們的重點仍然是執行我們的策略，忠於我們的使命抱負並實現我們的績效目標。我要對我們全球團隊的假期表示誠摯的感謝。他們致力於推動我們的策略發展並為全球捐贈者和患者提供服務，這對我們 2025 年的積極開局至關重要。

With that, let's move to the first quarter results in Slide 5. Before I go through this slide, it is important to note that in order to provide the market with a clearer view of the underlying performance of Grifols and biopharma in particular, we are presenting key financial metrics for this quarter and for the remainder of the year in two ways reported and like-for-like. Like-for-like figures are adjusted to account for the impact of the IRA Part D redesign and the fee-for-service reclassification.

接下來，讓我們來看看投影片 5 的第一季業績。在介紹這張投影片之前，需要注意的是，為了讓市場更清楚地了解 Grifols 和生物製藥的基本業績，我們將以報告和同比兩種方式呈現本季和今年剩餘時間的關鍵財務指標。同類數據經過調整，以反映 IRA Part D 重新設計和按服務收費重新分類的影響。

As a reminder, in Q4 2024, we changed the treatment of our US fee for service and GPO fees. These fees are now accounted for in our gross to net sales rather than in OpEx, which has no impact on EBITDA. The full 2024 impact of this change were reflected in Q4 '24. And as a result, it distorts the biopharma revenue growth in our 2025 quarterly results.

提醒一下，在 2024 年第四季度，我們改變了美國服務費和 GPO 費用的處理方式。這些費用現在計入我們的總銷售額與淨銷售額中，而不是營運支出中，這對 EBITDA 沒有影響。這項變更對 2024 年的全部影響已在 2024 年第四季得到體現。結果，它扭曲了我們 2025 年季度業績中的生物製藥收入成長。

In Q1 of this year, the difference between our like-for-like and reported figures amounted to EUR43 million. Of this, EUR28 million was attributable to the IRA in line with our forecast while EUR15 million was related to the fee-for-service reclassification.

今年第一季度，我們的年比數據與報告數據之間的差額達到 4,300 萬歐元。其中，2800 萬歐元歸因於 IRA，符合我們的預測，而 1500 萬歐元與按服務收費重新分類有關。

Revenue in the quarter was a key highlight, reaching EUR1,786 million, a 7.4% increase on a constant currency basis. On a like-for-like basis, revenue increased by 10%, showing a clear continuation of the positive revenue growth trend we saw in 2024.

本季營收是一大亮點，達到 17.86 億歐元，以固定匯率計算成長 7.4%。以同類計算，收入成長了 10%，明顯延續了我們在 2024 年看到的正向收入成長趨勢。

Adjusted EBITDA for the quarter reached EUR400 million, an improvement of 14.2% at constant currency. Like-for-like, it grew by close to 22%. The revenue impact, along with some temporary phasing in albumins and rabies put some pressure on our gross margin and EBITDA in Q1 '25. Going forward, we remain confident of our continuous improvement of our margins throughout the year, following same pattern than in previous periods.

本季調整後 EBITDA 達到 4 億歐元，以固定匯率計算成長 14.2%。年比來看，成長了近22%。收入影響，加上白蛋白和狂犬病的一些暫時停產，對我們 25 年第一季的毛利率和 EBITDA 造成了一些壓力。展望未來，我們仍有信心全年利潤率將持續提高，與前期保持相同的模式。

Free cash flow for the quarter was negative EUR44 million, primarily due to the payment to Immunotek for EUR79 million, as previously disclosed. While free cash flow was negative this quarter, we achieved a year-on-year over improvement than more than EUR200 million. Considering our first quarter performance, we see these as clear signals for continued upward momentum in top line growth, profitability and free cash flow generation. While we maintain our strong commitment to further deleveraging our balance sheet.

本季自由現金流為負 4,400 萬歐元，主要由於向 Immunotek 支付 7,900 萬歐元，如先前披露的。雖然本季自由現金流為負，但我們實現了同比增長超過 2 億歐元。考慮到我們第一季的業績，我們認為這些都是營收成長、獲利能力和自由現金流產生持續上升勢頭的明確訊號。同時，我們仍堅定致力於進一步降低資產負債表的槓桿率。

In terms of guidance, we are forecasting sustained revenue growth throughout the year, driven by our immunoglobulin franchise with significant growth in the US as well as outside the US. We expect our subcutaneous immunoglobulin to continue gaining traction and contributing to the product mix. Our revenue projections are also supported by the improved performance of rabies and albumin as the phase in reported in Q1 '25 will not carry into subsequent quarters.

在指導方面，我們預測全年收入將持續成長，這得益於我們的免疫球蛋白特許經營權在美國和美國以外地區的顯著增長。我們預計我們的皮下免疫球蛋白將繼續受到關注並為產品組合做出貢獻。我們的收入預測也得到了狂犬病和白蛋白業績改善的支持，因為 25 年第一季報告的階段性成果不會延續到隨後的季度。

We also see our Alpha-1 franchise continuing to show positive momentum following a new specialty pharmacy partnership in the United States. Equally important will be the contribution of lower cost of goods as the cost per liter initiatives and the yield improvement efforts has been delivering and improving our inventory cost.

我們還看到，隨著與美國新的專業藥房建立合作夥伴關係，我們的 Alpha-1 特許經營業務繼續呈現積極勢頭。同樣重要的是降低商品成本的貢獻，因為每公升成本計劃和產量提高努力一直在實現並改善我們的庫存成本。

Additionally, our revenue increases throughout the year, it will trigger a higher absorption of operating expenses, thus having a significant positive impact on our EBITDA. Finally, let me emphasize that this business momentum is not only reflected in the quarter's positive results, but also underpinned by increased plasma capabilities and efficiencies, along with the successful completion of key innovation milestones, including fibrinogen, which we expect to launch in Q4 '25 in Europe and in the first half of 2026 in the United States, following its FDA approval.

此外，我們的收入全年都在增加，這將觸發更高的營運費用吸收，從而對我們的 EBITDA 產生重大的正面影響。最後，我要強調的是，這項業務勢頭不僅體現在本季度的積極業績中，而且還得益於血漿產能和效率的提高，以及關鍵創新里程碑的成功完成，包括纖維蛋白原，我們預計在獲得 FDA 批准後，將於 2025 年第四季度在歐洲推出，並於 2026 年上半年在美國推出。

With that, I will turn to the top line comments on Slide 6. Year-to-date revenue increased by 7.4% on a constant currency basis, driven by robust performance across all business units. Excluding the impact of the IRA and the reclassification of our fee for services, revenue grew by 10%. The sustained momentum was primarily fueled by biopharma, which like-for-like grew by 9.6% on a constant currency.

接下來，我將轉到投影片 6 的頂行評論。受各業務部門強勁表現的推動，年初至今的營收以固定匯率計算成長了 7.4%。排除 IRA 和服務費重新分類的影響，收入增加了 10%。這一持續成長動能主要得益於生物製藥產業，以固定匯率計算，生物製藥產業的年成長率為 9.6%。

The immunoglobulin franchise continue to be the cornerstone of our growth strategy, achieving 17.5% growth in revenue at constant currency and like-for-like. This growth was led by IV and subcutaneous IG as I will explain in a second.

免疫球蛋白特許經營權繼續成為我們成長策略的基石，以固定匯率和同比計算，收入增長了 17.5%。這種增長是由靜脈注射和皮下注射免疫球蛋白引起的，我稍後會解釋。

Alpha-1 continued to improve in Q1, reversing the challenges faced in prior quarters when the company switched its US Alpha-1 major distributor. While biopharma posted a strong overall performance, it was partially offset by some phasing in albumin and rabies. Albumin was impacted during the quarter by a standard license renewal process in China, which has been successfully completed allowing for the resumption of shipment as plan.

Alpha-1 在第一季繼續改善，扭轉了前幾季公司更換美國 Alpha-1 主要經銷商時面臨的挑戰。儘管生物製藥行業整體表現強勁，但白蛋白和狂犬病藥物的分階段上市在一定程度上抵消了這一增長。本季度，白蛋白受到中國標準許可證續期流程的影響，該流程已成功完成，並可按計劃恢復發貨。

The diagnostic business achieved a 5.2% increase in revenue on a constant currency basis this quarter, due to a broad expansion across both core and non-core markets as well as a strong joint business volume growth. Key segment, including Molecular Donor Screening and Cell Donor Screening and blood typing solution each grew by 7%, 12% and 4%, respectively, all on a constant currency basis.

本季診斷業務收入按固定匯率計算增長 5.2%，得益於核心和非核心市場的廣泛擴張以及聯合業務量的強勁增長。關鍵部分，包括分子供體篩檢和細胞供體篩檢以及血型解決方案，以固定匯率計算分別增加了 7%、12% 和 4%。

As I previously mentioned it, biopharma continued to be the main growth driver in the first quarter of the year. The IG franchise remains the leading growth protein. IVIG growth was fueled by a strong demand in both US and international markets. While subcutaneous IG continues to gain momentum, growing an impressive 91% at constant currency, driven by higher demand across all key regions.

正如我之前提到的，生物製藥繼續成為今年第一季的主要成長動力。IG 特許經營權仍然是主要的成長蛋白質。IVIG 的成長受到美國和國際市場強勁需求的推動。而皮下注射免疫球蛋白G (IG) 持續保持成長勢頭，受所有主要地區需求增加的推動，以固定匯率計算，成長率高達 91%。

As mentioned, albumin sales growth was temporarily affected due to the manufacturing license renewal process in China. This resulted in a decline of 8.9% on a like-for-like basis and 9.4% on a reported basis. As said, the renewal process has been successfully completed, and accordingly, we expect a stronger outlook in revenue performance in the upcoming quarters. Albumin remains a key component of our portfolio, and we expect to continue to leverage our partnership in China with Shanghai RAAS and Haier to continue strengthening our position.

如上所述，由於中國製造許可證更新程序，白蛋白銷售成長暫時受到影響。導致年減 8.9%，報告下降 9.4%。如上所述，續約過程已成功完成，因此，我們預計未來幾季的營收表現將更加強勁。白蛋白仍然是我們產品組合的關鍵組成部分，我們希望繼續利用與上海萊士和海爾在中國的合作夥伴關係來繼續鞏固我們的地位。

Alpha-1 and specialty proteins revenue growth improved by 2.3% at constant currency and like-for-like compared to the previous year. This growth was driven by Alpha-1, continuing the traction seen in the last quarters. Although it was partially offset by the phasing of demand for rabies treatment, which, as already mentioned, will reverse in Q2 2025.

以固定匯率計算，Alpha-1 和特種蛋白質的收入成長率與前一年相比提高了 2.3%。這一成長是由 Alpha-1 推動的，延續了上個季度的強勁成長勢頭。儘管這被狂犬病治療需求的逐步減少所部分抵消，但如前所述，這種趨勢將在 2025 年第二季度逆轉。

Turning to next slide, I'll take a closer look at the performance and outlook for our IG franchise. As we highlighted during our Capital Markets Day, Immunoglobulin remains the cornerstone of our biopharma business, driven by the status and our highest as our highest growth protein. This is evidenced by the strong underlying demand for both intravenous and subcutaneous therapies.

翻到下一張投影片，我將仔細研究我們的 IG 特許經營的表現和前景。正如我們在資本市場日所強調的那樣，免疫球蛋白仍然是我們生物製藥業務的基石，其驅動力是我們的最高成長蛋白質。靜脈注射和皮下治療的強勁潛在需求證明了這一點。

Our strong growth and solid market positions have enabled us to capitalize on several market -- favorable market trends, including increased awareness of immune-related diseases, rising diagnosis rates and the ongoing expansion of both secondary and primary immune-deficiencies. Additionally, the continuous development of therapeutic solutions in areas like neurological diseases presents further opportunities for growth.

我們強勁的成長和穩固的市場地位使我們能夠利用多個市場——有利的市場趨勢，包括對免疫相關疾病的認識不斷提高、診斷率不斷上升以及繼發性和原發性免疫缺陷的持續擴大。此外，神經系統疾病等領域治療方案的不斷發展也帶來了進一步的成長機會。

We remain focused on executing the strategy outlined for biopharma, building on our leading brands, accelerating the diagnosis rate and solidifying our leadership position in the market on the back of increasing global demand for the treatment of immune efficiencies, followed by a steady increase in albumin and Alpha-1 antitrypsin and other specialty plasma-derived therapies.

我們將繼續專注於執行生物製藥策略，鞏固我們的領先品牌，加快診斷率，鞏固我們的市場領導地位，在全球對免疫效率治療的需求不斷增長的背景下，白蛋白和 Alpha-1 抗胰蛋白酶以及其他特種血漿衍生療法的需求穩步增長。

Let me discuss now our situation regarding recent tariff developments and our confidence that previous stem investments protect us well in the current environment and the latest developments in US drug pricing policy. For decades, Grifols has developed a diversified global footprint of plasma donor centers, manufacturing facilities and distribution hubs across key geographies, ensuring we are strategically located to serve patients where they need us.

現在讓我來討論一下我們最近的關稅發展情況，以及我們對先前的 STEM 投資在當前環境下能夠很好地保護我們的信心，以及美國藥品定價政策的最新發展。幾十年來，Grifols 在全球主要地區建立了多元化的血漿捐贈中心、製造工廠和配送中心，確保我們處於戰略位置，能夠在患者需要的地方為他們提供服務。

Our growth strategy has been investing in regional end-to-end capabilities that allowed us to adapt the process in response to evolving global demand. This vertical integrated and cross license structure provides ball flexibility and optionality to meet global needs with minimal disruption, while significantly mitigating advertising from potential tariff impacts.

我們的成長策略一直是投資區域端到端能力，這使我們能夠根據不斷變化的全球需求調整流程。這種垂直整合和交叉許可結構提供了靈活性和可選性，可以以最小的干擾滿足全球需求，同時顯著減輕廣告受到的潛在關稅影響。

In the United States, our comprehensive end-to-end supply chain is a key strength. Plasma collected at over 300 US donor centers accounts for approximately 70% of our global plasma supply. This is then processed at our fractionation and purification facilities in Clayton, North Carolina and Los Angeles, California, which together represents about 65% of our global capacity in these critical areas. This alignment between our US collection and manufacturing operations, minimize reliance on external sourcing and allows for agile responses to changing needs.

在美國，我們全面的端到端供應鏈是一個關鍵優勢。美國 300 多個捐贈中心採集的血漿約佔全球血漿供應量的 70%。然後，這些產品在我們位於北卡羅來納州克萊頓和加州洛杉磯的分餾和淨化設施中進行加工，這兩個設施合計占我們在這些關鍵地區的全球產能的 65% 左右。我們在美國收集和製造業務之間的這種協調，最大限度地減少了對外部採購的依賴，並能夠對不斷變化的需求做出靈活的反應。

Our presence in the Europe and the Middle East is also significant with nearly 100 plasma collection centers, paired with our manufacturing facilities in Spain, Germany and Ireland. Our European plasma collection network, the largest privately owned fleet, coupled with our expansion in Egypt, positions us well to serve increasing demand of side of the US. Consistent with our global strategy, we continue to invest in local partnerships to directly address regional needs.

我們在歐洲和中東的業務也十分重要，擁有近 100 個血漿採集中心，並在西班牙、德國和愛爾蘭設有製造工廠。我們的歐洲血漿採集網路、最大的私人車隊，加上我們在埃及的擴張，使我們能夠很好地滿足美國日益增長的需求。與我們的全球策略一致，我們繼續投資當地合作夥伴關係，以直接滿足區域需求。

In China, our local strategic partnership with Shanghai RAAS and Haier combined with our European manufacturing capabilities enable us to leverage a local presence and respond swiftly to regulatory developments. In Egypt and Canada, we are investing in greater self-sufficient partnership with the Egyptian governor and Canadian Blood Service, respectively. In both countries, we're establishing donor centers and manufacturing capabilities to support local health care ecosystems for the long term.

在中國，我們與上海萊士和海爾的本地戰略合作夥伴關係，加上我們在歐洲的製造能力，使我們能夠利用本地影響力，對監管發展做出快速反應。在埃及和加拿大，我們分別與埃及州長和加拿大血液服務中心投資建立更大的自給自足夥伴關係。在這兩個國家，我們正在建立捐贈中心和製造能力，以長期支持當地的醫療保健生態系統。

This established global network of donor centers, manufacturing, testing sites and distribution channels provides Grifols with a degree of resilience across core border macroeconomic, political and environmental talent uncertain, including tariffs. To reiterate, we do not anticipate any meaningful impact to our business due to tariffs as we believe this strategic approach has positioned us well to effectively serve patients globally and navigate the evolving geopolitical and fast-changing landscape.

這個由捐贈中心、製造、測試站點和分銷管道組成的成熟全球網絡，為 Grifols 提供了一定程度的韌性，能夠應對核心邊境宏觀經濟、政治和環境因素（包括關稅）帶來的不確定性。重申一下，我們預計關稅不會對我們的業務產生任何重大影響，因為我們相信這種策略方針使我們能夠有效地為全球患者提供服務，並應對不斷發展的地緣政治和快速變化的情況。

Since the early 2000, recognizing the scale and importance of the US market, we began strategic investments, starting with the acquisition of plasma centers and manufacturing assets, establishing our presence as a US manufacturer. In 2011, we expanded further with the acquisition of Talecris in North Carolina, and we have since grown our plasma collection network through acquisition and organic investments.

自 2000 年初以來，我們意識到美國市場的規模和重要性，開始進行策略性投資，首先收購血漿中心和製造資產，確立了我們作為美國製造商的地位。2011 年，我們收購了北卡羅來納州的 Talecris，進一步擴大了業務範圍，並透過收購和有機投資擴大了我們的血漿收集網絡。

At the same time, we're strengthening our European footprint by expanding manufacturing in Spain and increasing our capacity for fractionation, immunoglobulin, Alpha-1 and albumin in purification. We also expanded our European plasma center network, primarily in Germany through joint ventures and organic growth. This was further consolidated with manufacturing operations in Ireland and the acquisition of a majority stake in Biotest in Germany.

同時，我們正在透過擴大在西班牙的生產規模和提高分餾、免疫球蛋白、Alpha-1 和白蛋白的純化能力來加強我們在歐洲的影響力。我們也透過合資企業和有機成長的方式擴大了歐洲血漿中心網絡，主要在德國。透過在愛爾蘭的製造業務以及對德國 Biotest 多數股權的收購，進一步鞏固了這一地位。

In 2019 and 2020, Grifols Pioneer, local partnership models in emerging markets. We deepened our presence in China through a strategic alliance with Shanghai RAAS allowing self-sufficient initiatives in Egypt and Canada. In both countries, we're building plasma collection and manufacturing capabilities to meet local demand. Together, these investments set the foundation for our next phase of growth and innovation, positioning Grifols to continue benefiting patients, both in the US and international.

2019年和2020年，Grifols 先鋒，在新興市場建立在地合作模式。我們透過與上海萊士建立策略聯盟，加強了在中國的業務，從而在埃及和加拿大實現了自給自足。在這兩個國家，我們正在建立血漿收集和生產能力，以滿足當地的需求。總之，這些投資為我們下一階段的成長和創新奠定了基礎，使 Grifols 能夠繼續造福美國和國際患者。

Finally, earlier today, the US administration announced its intention to reintroduce a most favored nation MFM policy, which aims to align US and ex US drug prices. Well, this is a recent announcement, and we don't have all the details. There are some observations I would like to consider at this point.

最後，今天早些時候，美國政府宣布打算重新引入最惠國MFM政策，旨在使美國和美國以外的藥品價格保持一致。嗯，這是最近的公告，我們還沒有掌握全部細節。此時我想考慮一些觀察結果。

First, plasma-derived therapies are different than regular drugs in its cost structure. We saw that this was recognized in the past in the US as they were excluded, for example, from IRA direct price negotiations and as well as in the first proposal of the MFM where IG was explicitly excluded. We will continue to educate policymakers on the importance of access to plasma-derived therapies for US patients.

首先，血漿衍生療法的成本結構與常規藥物不同。我們看到，美國過去就承認了這一點，例如，它們被排除在 IRA 直接價格談判之外，並且在 MFM 的第一個提案中，IG 也被明確排除在外。我們將繼續向政策制定者宣傳美國患者獲得血漿療法的重要性。

With respect to global pricing, price point for plasma-derived therapies are much closer than for many other pharmaceuticals. And part of the limited price difference is due to the higher cost of US plasma compared to other markets. And finally, we have a diversified product portfolio and offering across different markets, which further help us to mitigate any potential impact. In any case, we will closely monitoring the developments and share any relevant updates in our forthcoming quarterly calls.

就全球定價而言，血漿衍生療法的價格與許多其他藥物的價格更為接近。價格差異有限的部分原因是美國血漿的價格高於其他市場。最後，我們擁有多元化的產品組合，並在不同市場上提供產品，這進一步幫助我們減輕任何潛在影響。無論如何，我們將密切關注事態發展，並在即將召開的季度電話會議上分享任何相關更新。

So with that, I will turn it over to Rahul, who will walk us through our financial results. Thank you.

因此，我將把時間交給拉胡爾，他將向我們介紹我們的財務表現。謝謝。

Thank you, Nacho. Indeed, we have highly dynamic forces impacting markets. Equally, as you say, we are very fortunate to have a business that benefits from significant strategic flexibility and optionality that allows us to navigate these highly dynamic markets very well.

謝謝你，納喬。事實上，我們擁有影響市場的極度動態的力量。同樣，正如您所說，我們非常幸運，我們的業務具有顯著的策略靈活性和選擇性，這使我們能夠很好地駕馭這些高度活躍的市場。

Notwithstanding the backdrop, the entire Grifols team has been resolutely focused on execution and executing well. And thereby delivering for our patients and our customers. And in doing so, we remain on course to continue our record financial performances of 2023 and 2024 and into 2025, having delivered in Q1 2025, the best Q1 in Grifols history.

儘管背景如此，整個 Grifols 團隊仍然堅定地專注於執行並出色地執行。從而為我們的患者和客戶提供服務。在此過程中，我們將繼續保持 2023 年、2024 年和 2025 年創紀錄的財務業績，並在 2025 年第一季實現 Grifols 歷史上最好的第一季業績。

Moving on to Page 12 for the more detailed picture. Our Q1 numbers are ahead of plan across the board, beating revenues, EBITDA, free cash flow, margins and leverage. As Q1 is our seasonally weakest quarter, we thought that the relative performance to our internal plan for the year would be helpful to the market. But I also want to make it clear that we will not be making reference to our plan or the relative performance on any of our subsequent quarter calls.

請翻到第 12 頁查看更詳細的圖片。我們第一季的業績全面超出計劃，超過了收入、EBITDA、自由現金流、利潤率和槓桿率。由於第一季是我們季節性最弱的季度，我們認為相對於今年的內部計畫的表現將對市場有所幫助。但我也想明確表示，我們不會在任何後續季度電話會議上提及我們的計劃或相對錶現。

In addition, and as we did with our approach to laying out our full year 2025 guidance and the impact of Part-D redesign within the inflation Reduction Act during our Capital Markets Day, we are disclosing both our reported numbers as well as like-for-like numbers that allows the market to track more easily our underlying performance and momentum versus 2024, given the impact of IRA. And as you will recall, the gross to net reclassification that we made in Q4 last year.

此外，正如我們在資本市場日期間闡述了 2025 年全年指引和通膨削減法案 D 部分重新設計的影響時所做的那樣，我們既披露了報告數據，也披露了同比數據，考慮到 IRA 的影響，這使得市場能夠更輕鬆地追踪我們相對於 2024 年的基本表現和發展勢頭。您可能還記得，我們​​在去年第四季進行了總額到淨額的重新分類。

Reported revenue for the quarter grew by 7.4% and by 10% like-for-like, both on a constant currency basis. Reported Q1 gross profit margins were higher than Q1 2024 and despite the impact of the IRA and the fee-for-service re-classification. The corresponding like-for-like margin improvement of 150 basis points clearly shows the continuing gross margin improvement potential.

以固定匯率計算，本季報告營收成長 7.4%，年增 10%。儘管受到 IRA 和按服務收費重新分類的影響，但報告的第一季毛利率仍高於 2024 年第一季。相應的同類利潤率提高150個基點，清楚地表明了毛利率持續改善的潛力。

Reported adjusted EBITDA was up by 14.2% on a constant currency basis and adjusted EBITDA margins improved by 80 basis points to 22.4% in on a year-on-year basis and considerably higher on a like-for-like basis. Profit before tax and group profit are up by 145% and 179%, respectively.

以固定匯率計算，調整後 EBITDA 成長了 14.2%，調整後 EBITDA 利潤率年增了 80 個基點，達到 22.4%，年比則大幅提高。稅前利潤和集團利潤分別成長145％和179％。

Free cash flow pre-M&A had a year-on-year improvement of EUR209 million, and I will elaborate on the drivers of this considerable improvement further in the presentation. And unlike prior years where leverage tended to increase in Q1, we were able to delever in Q1 '25 and more on that later in the presentation. Finally, liquidity continues to be in a very robust place at EUR1.7 billion. All in all, a strong performance across the board delivered Grifols best Q1 performance ever.

併購前的自由現金流年增了 2.09 億歐元，我將在演示中進一步闡述這項顯著改善的驅動因素。與前幾年第一季槓桿率趨於上升不同，我們能夠在 2025 年第一季去槓桿，並在後面的演示中進一步說明。最後，流動性持續保持強勁，達到 17 億歐元。總而言之，全面強勁的表現使 Grifols 取得了有史以來最好的第一季業績。

Slide 13. Having hit our revenue and earnings trough post-COVID, Grifols has delivered very strong and consistent growth across revenues and earnings. Indeed, the last two years have delivered record revenues and EBITDA, and Grifols very much remains on course to beat those records again in 2025. The rapid growth of revenues, adjusted EBITDA and reported EBITDA quarter-on-quarter is evidence of the secular growth in biopharma and our strong position in this attractive market.

幻燈片 13。在新冠疫情 (COVID-19) 之後，Grifols 的營收和收益均跌至低谷，但隨後實現了非常強勁且持續的成長。事實上，過去兩年 Grifols 的收入和 EBITDA 都創下歷史新高，而 Grifols 極有可能在 2025 年再次打破這些記錄。收入、調整後 EBITDA 和報告 EBITDA 環比的快速增長證明了生物製藥行業的長期增長以及我們在這個有吸引力的市場中的強勢地位。

We at Grifols are particularly proud of the sequential improvement in LTM margins be it adjusted EBITDA or reported EBITDA margins. And as a team, we remain very focused on executing well and thereby continuing this trajectory for the quarters, if not years, to come.

我們 Grifols 對 LTM 利潤率的連續提高感到特別自豪，無論是調整後的 EBITDA 利潤率還是報告的 EBITDA 利潤率。作為一個團隊，我們仍然非常注重良好執行，從而在未來幾季甚至幾年繼續保持這一軌跡。

In particular, the 430 basis points improvement in LTM reported EBITDA margin and an almost $500 million increase in LTM reported EBITDA circa $1.2 billion to $1.7 billion in just six quarters speaks to the normalizing earnings profile after the impact of a once in 100-year pandemic event and the clear reduction in one-off non-recurring costs as well as the continued and rapid convergence of reported EBITDA to adjusted EBITDA.

具體而言，LTM 報告的 EBITDA 利潤率提高了 430 個基點，LTM 報告的 EBITDA 在短短六個季度內增加了近 5 億美元，從約 12 億美元增加到 17 億美元，這表明在百年一遇的疫情事件影響之後，盈利狀況恢復正常，一次性非經常性成本顯著減少，報告的 EBITDA

If you look at Page 26, in the Annex, you can see further evidence of this convergence as the delta between adjusted EBITDA and reported EBITDA margin more than halved in Q1 '25 versus Q1 '24. Indeed, if you look at the two EBITDA charts on Slide 13, it clearly shows that reported EBITDA lags adjusted EBITDA by only two quarters, providing clear evidence that adjusted EBITDA is a very good proxy for Grifols very near-term cash EBITDA potential.

如果您查看附件第 26 頁，您會看到這種趨同的進一步證據，因為 2025 年第一季調整後的 EBITDA 與報告的 EBITDA 利潤率之間的差額與 2024 年第一季相比減少了一半以上。事實上，如果你看一下幻燈片 13 上的兩個 EBITDA 圖表，它清楚地表明報告的 EBITDA 僅滯後於調整後的 EBITDA 兩個季度，這清楚地表明調整後的 EBITDA 是 Grifols 近期現金 EBITDA 潛力的一個很好的代表。

Slide 14. Adjusted EBITDA in Q1 '25 grew by 14.3% year-on-year. Just to contextualize that performance, EBITDA is growing almost twice as fast as revenues has been the case in '23 and '24. And depending on which end of the guidance range you use, our EBITDA is growing almost twice as fast as the growth implied by our EBITDA guidance for '25, which, as you will recall, is on a post IRA basis. And hence, our reference to the Q1 performance being ahead of plan probably will not come as a surprise to the market.

幻燈片 14。25 年第一季調整後 EBITDA 年成長 14.3%。為了更清楚地說明這項業績，EBITDA 的成長速度幾乎是 23 年和 24 年營收成長速度的兩倍。並且，根據您使用的指導範圍的哪一端，我們的 EBITDA 增長速度幾乎是 25 年 EBITDA 指導所暗示的增長速度的兩倍，您會記得，這是基於 IRA 之後的基礎。因此，我們提到第一季業績超出計畫可能不會讓市場感到意外。

Despite the circa 140 basis points negative impact on our margins from IRA, we delivered a year-on-year adjusted EBITDA margin improvement of 80 basis points in Q1 '25. I will not belabor the even more impressive stats of the like-for-like adjusted EBITDA performance as we absorb the IRA impact but it certainly should give the market an appreciation for the underlying demand and the secular growth tailwinds led by our biopharma business. And it was particularly pleasing to see that revenue and earnings growth across all segments, including the strong revenue and EBITDA momentum that we are observing in our Diagnostics business.

儘管 IRA 對我們的利潤率產生了約 140 個基點的負面影響，但我們在 2025 年第一季實現了同比調整後的 EBITDA 利潤率提高 80 個基點。由於我們吸收了 IRA 的影響，我不會詳細闡述同類調整後 EBITDA 表現的更令人印象深刻的統計數據，但它肯定會讓市場認識到潛在的需求和我們的生物製藥業務引領的長期增長順風。尤其令人高興的是，所有部門的收入和利潤均有所增長，包括診斷業務中強勁的收入和 EBITDA 成長勢頭。

On the biopharma side, the growth drivers of the strong performance in the quarter are consistent with our observations in prior calls. Strong diversified growth across regions in IG, both US and ex US that, as you heard from Nacho, is clearly outpacing the market. And due to the planned phasing impact as a result of our albumin license renewal in China, we would expect stronger albumin revenues in the upcoming quarters.

在生物製藥方面，本季強勁表現的成長動力與我們在先前的電話會議中的觀察一致。IG 各地區（包括美國和美國以外地區）的多元化成長強勁，正如您從 Nacho 那裡聽到的，這明顯超過了市場。而由於我們在中國的白蛋白許可證續約計畫帶來的分階段影響，我們預計未來幾季的白蛋白收入將會更高。

Same holds true of Alpha-1 and other proteins, particularly if we take into account the seasonal demand for our rabies product. We continue to squeeze CPL with lots of focus from the team on efficiency gains and we remain encouraged about the outlook. And speaking of efficiency gains, the team is excited about the manufacturing yield improvement potential as well as moving the mindset to our cost per gram of protein and not simply cost per liter.

Alpha-1 和其他蛋白質也是如此，特別是如果我們考慮到狂犬病產品的季節性需求。我們將繼續壓縮 CPL，團隊將重點放在提高效率上，我們對前景仍然充滿信心。說到效率提升，團隊對生產產量提升潛力感到興奮，並將思維轉向每克蛋白質的成本，而不僅僅是每公升的成本。

And finally, ensuring we capture as fully as possible the operational leverage improvement potential that comes with the strong growth prospects whilst maintaining tight cost discipline. The last point I'd like to flag on this slide is the IRA adjustment. The EUR28 million was our accrual for Q1. We have had the benefit of receiving our first invoice and it was in line with our expectation, giving us confidence that the EUR125 million midpoint of our range remains a prudent estimate.

最後，確保我們盡可能充分抓住強勁成長前景帶來的營運槓桿改善潛力，同時保持嚴格的成本紀律。我想在這張投影片上強調的最後一點是 IRA 調整。2800 萬歐元是我們第一季的應計金額。我們很高興收到了第一張發票，它符合我們的預期，讓我們相信 1.25 億歐元的中間值仍然是一個謹慎的估計。

Slide 15. An update on our free cash flow generation improvement efforts. As a reminder, following our significant outperformance of free cash flow generation in 2024 versus prior guidance, we laid out much more detail around our prioritization of free cash flow generation as part of our strategic plan.

幻燈片 15。關於我們自由現金流產生改進工作的最新進展。提醒一下，繼 2024 年我們的自由現金流產生表現顯著優於先前的指引之後，我們在策略計畫中更加詳細地闡述了自由現金流產生的優先順序。

And the significant $209 million free cash flow improvement in Q1 '25 versus Q1 '24 is further tangible evidence that the result from Q4 2024 was not a flash in the pan, but that this business can absolutely produce significant free cash flow as the effects of COVID period recede further and further into our rearview mirrors and that we expect to be able to continue to demonstrate strong momentum in free cash flow generation in the quarters and years ahead.

與 2024 年第一季相比，2025 年第一季的自由現金流顯著增加 2.09 億美元，這進一步有力地證明了 2024 年第四季的業績並非曇花一現，隨著新冠疫情的影響逐漸消退，這項業務絕對可以產生可觀的自由現金流，我們預計在未來幾個季度和現金流出，我們將能夠展現強勁的自由。

And this EUR209 million year-on-year improvement credibly underpins our free cash flow guidance for 2025. Also, I wanted to touch on why Q1 tends to be our weakest free cash flow quarter. It is for two principal reasons. Firstly, it is our weakest EBITDA quarter partly due to seasonality, and it tends to be sandwiched between two relatively strong quarters. And secondly, this is the quarter when the bonus payment for the year is made.

這一同比增長 2.09 億歐元有力地支撐了我們 2025 年的自由現金流指引。另外，我想談談為什麼第一季往往是我們自由現金流最弱的季度。主要有兩個原因。首先，這是我們最弱的 EBITDA 季度，部分原因是季節性因素，而且它往往夾在兩個相對強勁的季度之間。其次，這是發放年度獎金的季度。

Working capital management continues to be at the heart of our free cash flow improvement. Our inventory days in Q1 '24 was unnaturally high, but Q1 '25 continues the trend of the last four quarters. As we guided to during our Capital Markets Day, I do expect us to invest more capital to bolster our inventory position further, given the strong demand that we continue to see, but we will continue to manage that tension diligently.

營運資本管理仍是我們自由現金流改善的核心。我們 2024 年第一季的庫存天數異常高，但 2025 年第一季延續了過去四個季度的趨勢。正如我們在資本市場日期間所引導的那樣，鑑於我們繼續看到的強勁需求，我確實希望我們投入更多資本來進一步增強我們的庫存狀況，但我們將繼續努力管理這種緊張局勢。

Our receivable and payable days are settling down or normalizing, if you will, and continue to be in line with the last couple of quarters. The other notable part of our improved free cash flow generation is more EBITDA and further benefited by less cash adjustments as the effects of restructuring and transaction costs begin to dissipate as we have guided to previously.

我們的應收帳款和應付帳款天數正在穩定或正常化，並且繼續與過去幾季保持一致。我們自由現金流產生能力改善的另一個顯著部分是 EBITDA 增加，並且隨著重組和交易成本的影響開始消散（正如我們之前所指導的那樣），現金調整減少也進一步受益。

Finally, for the eagle eye amongst you the phasing impact of interest and CapEx offset each other in Q1 '25. So this EUR209 million year-on-year improvement is not simply down to timing or phasing differences but it is real improvement.

最後，對於你們當中的敏銳人士來說，利息和資本支出的分階段影響在 2025 年第一季相互抵銷。因此，這 2.09 億歐元的年成長並非僅僅是由時間或階段差異造成的，而是真正的改善。

Slide 16. As our free cash flow generation story normalizes, it also helps our deleveraging profile. In prior years, Grifols leverage typically increased in Q1 by up to half a turn or so. In contrast, due to the normalizing of our free cash flow story as evidenced by the sequential improvement you see on the chart on the right and continued strong year-on-year EBITDA growth instead of leverage going up meaningfully in Q1, we have, in fact, delevered slightly from 4.6 times to under 4.5 times. And this deleveraging focus will remain a clear priority for us.

幻燈片 16。隨著我們的自由現金流生成情況正常化，它也有助於我們的去槓桿化。前幾年，Grifols 的槓桿率通常在第一季增加半倍左右。相較之下，由於我們的自由現金流狀況正常化（如右側圖表所示，我們的自由現金流連續改善），以及 EBITDA 同比持續強勁增長（而非槓桿率在第一季大幅上升），事實上，我們的槓桿率已從 4.6 倍略微降至 4.5 倍以下。去槓桿仍將是我們的首要任務。

Aside from the positive deleveraging, I continue to feel very good about the state of our balance sheet. We have strong EUR1.7 billion of liquidity. We have a lot of rainy day secured capacity if we ever need it. We have no meaningful maturities until Q4 2027 and we have a very encouraging rate outlook supporting our refinancing plans in Q2 or Q3 2026. The private placements we placed around six months ago are yielding meaningfully less than they were issued at, which suggest that our credit rerating focus continues to gather momentum. In summary, all progressing very positively on this front, too.

除了積極的去槓桿之外，我對我們的資產負債表狀況仍然感到非常滿意。我們擁有17億歐元的強勁流動資金。如果我們需要的話，我們有大量應急保障能力。直到 2027 年第四季度，我們都沒有有意義的到期日，我們對利率前景非常樂觀，支持我們在 2026 年第二季或第三季的再融資計畫。我們大約六個月前進行的私募的收益率明顯低於發行時的收益率，這表明我們的信用重評級重點繼續受到重視。總而言之，這方面一切進展都非常正面。

Slide 17. At a time of significant change from a global macroeconomic perspective to be able to provide the market with the confident message that we are providing today is helped significantly by the Grifols legacy and its pioneering spirit that has allowed us to be at the forefront of this attractive market.

幻燈片 17。在全球宏觀經濟發生重大變化的時期，我們能夠向市場傳遞我們今天所傳遞的自信訊息，這在很大程度上得益於 Grifols 的傳統和開拓精神，這使我們能夠站在這個有吸引力的市場的前沿。

For many years, indeed, decades, as Nacho mentioned, before us, Grifols has developed a global yet very local strategy, essentially an in-market, for-market vertically integrated strategy and pioneering various regions self-sufficiency aspirations and with it, highly critical regional partnerships. That gives us today a highly strategic portfolio with somewhat unique optionality and flexibility to be able to effectively navigate all the changes that are appending global markets and global supply chains and also be in a position to capitalize on opportunities that these potential changes might create.

正如納喬在我們之前提到的，多年來，實際上幾十年來，Grifols 已經制定了一項全球性但又非常本地化的戰略，本質上是一項在市場內、針對市場的垂直整合戰略，並開創了各個地區的自給自足願望，以及隨之而來的高度關鍵的區域合作夥伴關係。這為我們今天提供了高度策略性的投資組合，具有獨特的選擇性和靈活性，能夠有效地應對全球市場和全球供應鏈帶來的所有變化，並能夠利用這些潛在變化可能創造的機會。

Clearly, this remains a fluid situation. But our assessment is that we are navigating these changes from a position of strength and we will continue to monitor the detail closely and adapt if we need to, even if for the moment, our assessment is that we are not expecting any meaningful negative impact on our business.

顯然，情況仍不穩定。但我們的評估是，我們正在從優勢地位出發應對這些變化，我們將繼續密切關注細節，並在需要時進行調整，即使目前，我們的評估是，我們預計不會對我們的業務產生任何有意義的負面影響。

With respect to euro dollar, critically, a depreciating US dollar is broadly neutral to positive from a group profit, leverage and free cash flow standpoint. This is as a result of the natural hedges embedded in our business model.

就歐元而言，至關重要的是，從集團利潤、槓桿率和自由現金流的角度來看，美元貶值總體上是中性到積極的。這是我們商業模式中嵌入自然對沖的結果。

For example, a significant proportion of our COGS, our OpEx, our CapEx, our inventory, our debt are all US dollar-denominated. Yes, a structurally weaker dollar does pose a headwind in absolute revenues and EBITDA, even if it is positive from a margin standpoint. So in summary, we are not overly concerned about a depreciating US dollar.

例如，我們的銷貨成本、營運支出、資本支出、庫存和債務的很大一部分都是以美元計價的。是的，即使從利潤率的角度來看是正面的，但結構性美元疲軟確實會對絕對收入和 EBITDA 造成不利影響。總而言之，我們並不太擔心美元貶值。

And as a result of the strong momentum and outlook that Nacho and I have talked about, notwithstanding the macroeconomic backdrop, we reaffirm our 2025 guidance, and we remain on course to deliver a third consecutive record year in 2025.

儘管宏觀經濟背景如此，但由於納喬和我談到的強勁勢頭和前景，我們重申 2025 年的指導方針，並有望在 2025 年連續第三年創下紀錄。

Finally, on Biotest, the delisting offer has been approved by BaFin and the offer period runs through until early June. And therefore, we are progressing as planned with this offer being financed from existing resources consistent with the capital allocation framework we presented at our Capital Markets Day.

最後，Biotest 的退市要約已獲得德國聯邦金融監管局 (BaFin) 批准，要約期將持續至 6 月初。因此，我們正在按計劃推進，此項要約的資金將來自現有資源，與我們在資本市場日提出的資本配置框架一致。

With that, let me hand it back to Nacho for his concluding remarks.

最後，請容許我將發言權交還給納喬，請他做總結發言。

Thanks, Rahul. I would like to conclude this call reiterating a few points that we have already made, but I think it's worth repeating. The first quarter of 2025 builds upon the strong momentum achieved in 2024, laying a solid foundation for the remainder of the year and demonstrating the operational resilience of the organization. Even in dynamic markets, we're executing the road map outline in our strategic plan, and that roadmap is delivering results.

謝謝，拉胡爾。在結束本次通話時，我想重申我們已經提出的幾點，但我認為值得重複。2025 年第一季將延續 2024 年的強勁勢頭，為今年剩餘時間奠定堅實的基礎，並展現組織的營運韌性。即使在充滿活力的市場中，我們也在執行策略計畫中概述的路線圖，而該路線圖正在取得成果。

Improving free cash flow generation and continuing to deleverage remain top priorities for the company. These are not merely financial objectives. They are central to our strategy. We are seeing tangible progress and we'll continue to embed financial discipline across the company. These financial improvements cannot be achieved without the substantial progress we have made in operational excellence and R&D, which continued to be the key drivers of profitability and sustained performance.

提高自由現金流產生和繼續去槓桿仍然是公司的首要任務。這些不僅僅是財務目標。它們是我們戰略的核心。我們看到了切實的進展，我們將繼續在整個公司範圍內貫徹財務紀律。這些財務狀況的改善離不開我們在卓越營運和研發方面取得的實質進展，而卓越營運和研發仍是獲利能力和持續績效的關鍵驅動力。

As part of the execution of our strategic plan, we are also advancing our initiatives around corporate simplification and portfolio optimization. These efforts are progressing and are critical to unlocking operational efficiencies and sharpening our focus on the core areas where we can lead and win. We are committed to building a simpler, more agile and more focused organization that is best positioned to capture opportunities and respond swiftly to evolving market dynamics.

作為執行策略計劃的一部分，我們也正在推動有關企業簡化和投資組合優化的措施。這些努力正在取得進展，對於提高營運效率和加強我們對能夠領先和獲勝的核心領域的關注至關重要。我們致力於建立一個更簡單、更靈活、更專注的組織，以便更好地抓住機會並迅速應對不斷變化的市場動態。

At the same time, our regional business model continues to provide a strong buffer against global uncertainty. By sourcing, manufacturing and distributing locally, we maintain a structural advantage in navigating tariffs and other external pressures across different markets.

同時，我們的區域業務模式持續為應對全球不確定性提供強而有力的緩衝。透過在當地採購、製造和分銷，我們在應對不同市場關稅和其他外部壓力方面保持結構性優勢。

Finally, as we look ahead, the entire executive team as well as the entire organization are focused on accelerating the execution of the company's operating plan on operational excellence on cash flow improvements and debt reduction. And ultimately, on increasing value for all shareholders. The foundation is solid and the opportunity in front of us is nothing short of outstanding.

最後，展望未來，整個執行團隊以及整個組織都致力於加快執行公司的營運計劃，以實現卓越營運、改善現金流和減少債務。最終，為所有股東增加價值。基礎是堅實的，我們面前的機會也是絕佳的。

Thank you again for your continued support.

再次感謝您一直以來的支持。

And with that, Danny, back to you.

好了，丹尼，回到你面前。

Thank you, Nacho. Now let’s turn to Q&A session. (Operator Instructions)

謝謝你，納喬。現在讓我們進入問答環節。（操作員指示）

Charles Pitman, Barclays.

巴克萊銀行的查爾斯·皮特曼。

Hi, guys. Thanks so much for taking my questions. And two, if I may. Just firstly, to your point about doing Grifols business structure is protected from ongoing US policy discussions. I was just wondering if you could give us a little bit more transparency around what Grifols exposure is and what the split is across Medicare Part-B, -D and Medicaid, just to kind of give us a little bit more to work with when considering these potential impacts regardless whether it then turns out the plasma therapies are excluded.

嗨，大家好。非常感謝您回答我的問題。如果可以的話，還有兩個。首先，關於您提到的 Grifols 的業務結構是否受到美國正在進行的政策討論的影響。我只是想知道您是否可以讓我們對 Grifols 的暴露情況以及 Medicare Part-B、-D 和 Medicaid 之間的分配情況更加透明一些，以便在考慮這些潛在影響時給我們提供更多的參考，無論最終結果是否證明血漿療法被排除在外。

And then just secondly, with regards to the albumin phasing noted in the release today, I was wondering if you could provide a little bit more detail on what the implied underlying growth looks like in this market, excluding the disruption? And what kind of led to the unexpected delay given this risk wasn't flagged ahead of results. So effectively just any more confidence you can give us on the strength of the albumin market generally.

其次，關於今天發布中提到的白蛋白分階段，我想知道您是否可以提供更多細節，說明不包括中斷在內的該市場隱含的潛在增長情況？在結果公佈前並未標明此一風險，是什麼原因導致了意外的延遲？因此，實際上，您可以讓我們對白蛋白市場的整體實力更有信心。

Thank you.

謝謝。

Thank you, Charles. This is Nacho. On your first question, I mean, honestly speaking, I think that it's really too early to make any conclusion whatsoever. I think that for the reasons I explained previously in my presentation, I believe that we are well positioned face whatever will come in the most favorite nation. But we have to see the details of that and how this unfolds.

謝謝你，查爾斯。這是納喬。關於你的第一個問題，老實說，我認為現在下任何結論都為時過早。我認為，基於我之前在演講中解釋過的原因，我相信我們有能力面對最受歡迎的國家將要發生的一切。但我們必須了解事情的細節以及事態如何發展。

On the tariffs, I think that I also made clear that our presence in the US is very solid and essentially self-sufficient there. So we don't see, at this point, any impact as well on that front. So that's what I can say on the first point.

關於關稅，我認為我已經明確表示，我們在美國的業務非常穩固，基本上能夠自給自足。因此，目前我們還沒有看到這方面有任何影響。這就是我對第一點的看法。

On the second point, I mean, the albumin license renewal is something that was planned is something that happened every certain time. And this doesn't change our goals for the year. And our goals for the year is that we plan to grow albumin by 5%, 6%, and we continue on that path after the resumption of the shipments after the license approval.

關於第二點，我的意思是，蛋白許可證續約是計畫好的，每隔一段時間就會發生一次。這不會改變我們今年的目標。我們今年的目標是將白蛋白產量提高 5% 至 6%，許可證批准後恢復出貨後，我們將繼續沿著這個方向發展。

Thank you, Charles.

謝謝你，查爾斯。

Jaime Escribano, Santander.

海梅·埃斯克里巴諾，桑坦德。

Hi, good afternoon. So a couple of questions from my side. The first one would be, when do you expect revenues coming from Canada? Are you already making revenues in the new facility there? Or what is the road map? So that would be one question.

嗨，下午好。我有幾個問題。第一個問題是，您預計什麼時候會有來自加拿大的收入？你們那裡的新工廠已經產生收入了嗎？還是路線圖是怎樣的？這是一個問題。

And the second question would be regarding fibrinogen. So do you produce fibrinogen in Europe? Or you should buy this or are you going to produce it in the US? I'm also thinking on the tariffs and how is this product being produced?

第二個問題是關於纖維蛋白原的。那你們在歐洲生產纖維蛋白原嗎？或者你應該購買這個或你打算在美國生產它？我也在考慮關稅以及這種產品是如何生產的？

Thank you very much.

非常感謝。

The first question, I think that it will be taken by Nacho.

第一個問題，我認為會由納喬來回答。

Yeah. On the Canadian side, right? So our presence in Canada goes back many years. I mean that it's not thanks to the agreement with Canadian Blood Services for self-sufficiency. Clearly, our partnership there positions us very well in a market which is very significant in the world.

是的。在加拿大那邊，對嗎？我們在加拿大的存在可以追溯到很多年前。我的意思是，這並不是由於與加拿大血液服務中心達成的自給自足協議。顯然，我們在這個世界上非常重要的市場上的合作夥伴關係使我們佔據了非常有利的地位。

We will be producing -- I mean, number one, we are increasing the number of donor centers in agreement with Canadian Blood Services and we plan to manufacture products in Canada. That will definitely improve our presence in the market and let us capture even a higher presence in that market. So it's already happening as we speak, and it's more to come over the next years.

我們將生產——我的意思是，首先，我們正在根據與加拿大血液服務中心的協議增加捐贈中心的數量，並且我們計劃在加拿大生產產品。這肯定會提高我們在市場上的地位，並讓我們在該市場上佔據更高的份額。所以，正如我們所說，它已經發生了，並且在接下來的幾年裡還會發生更多的事情。

As per fibrinogen, the plan is to start the production of fibrinogen in Germany as in the Biotest facility, but later on to move that production to the United States to our Clayton facility. That's the current plan for that.

就纖維蛋白原而言，計劃是在德國的 Biotest 工廠開始生產纖維蛋白原，但隨後將生產轉移到美國的 Clayton 工廠。這是目前的計劃。

Thank you, Jaime.

謝謝你，傑米。

Graham Parry, Bank of America.

美國銀行的格雷厄姆·帕里。

Hi. This is Charlie here from Bank of America. A quick question on Alpha-1, please. Could you provide a ballpark number of your Alpha-1 revenues? And then how would you quantify the potential risk to that from an accelerated approval for INBRX-101?

你好。我是美國銀行的查理。請問關於 Alpha-1 的一個快速問題。能否提供 Alpha-1 收入的大概數字？那麼，您如何量化 INBRX-101 加速核准帶來的潛在風險？

And secondly, on the contribution of Alpha-1 on to your midterm guide, what do you reflect in terms of the potential competition from in INBRX-101? And does your midterm outlook assume success of the SPARTA and [SOPKA] trials.

其次，關於 Alpha-1 對您的中期指南的貢獻，您如何看待 INBRX-101 的潛在競爭？您的中期展望是否假設 SPARTA 和 [SOPKA] 試驗會成功。

Thank you.

謝謝。

Well, we don't disclose the Alpha-1 revenues. I mean we share it together with specialty proteins as well. So we don't disclose that number.

嗯，我們不會透露 Alpha-1 的收入。我的意思是我們也一起分享特殊蛋白質。所以我們不會透露這個數字。

Regarding the potential impact of in two weeks, this has been fully vacant in our long range plan that was presented in the Capital Markets Day. And this was in the best possible case for Sanofi that will be that the launch will happen in 2027 as it was previously announced. This still have to be confirmed. But in any case, for our long range plan, it is included, and we are considering a potential impact of that. But obviously, we will work to mitigate through our SPARTA trial and other measures. But as I say, this is the worst-case scenario for us, and this still needs to be confirmed.

至於兩週後可能產生的影響，這在我們資本市場日提出的長期計劃中已經完全空白。對於賽諾菲來說，最好的情況是，該產品將於 2027 年上市，正如先前宣布的那樣。這一點還有待證實。但無論如何，對於我們的長期計劃來說，它是包括在內的，我們正在考慮它的潛在影響。但顯然，我們將透過 SPARTA 試驗和其他措施來緩解這個問題。但正如我所說，這對我們來說是最糟糕的情況，而且這仍有待確認。

Anything that will delay that approval will be an upside on our loan range plan. And maybe Roland wants to add something to that?

任何延遲批准的因素都會對我們的貸款範圍計劃產生好處。也許羅蘭想補充一些內容？

Well, the one thing to keep in mind for us is that Alpha-1 is an area where patients continue to be highly underdiagnosed and undertreated. About 15% of patients only are treated. And what we do expect is with increasing awareness with new options for patients and also with increasing needs for screening, that the number of diagnosed and treat patients will increase.

嗯，我們要記住的一件事是，Alpha-1 是一個患者仍然嚴重診斷不足和治療不足的領域。約有15%的患者僅接受治療。我們確實希望，隨著患者對新選擇的認識不斷提高以及篩檢需求的不斷增加，確診和治療的患者數量將會增加。

So what we have in our plan is on one hand, a significant growth in treated patients and market that we see. And within this growth of the market, we have, of course, also from a risk-adjusted perspective, assumed appropriate uptake for new entrants.

因此，我們的計劃一方面是看到接受治療的患者和市場顯著成長。在市場成長的背景下，我們當然也從風險調整的角度來考慮，假設新進入者有適當的吸收。

Thank you very much, Roland.

非常感謝，羅蘭。

Alvaro Lenze, Alantra.

阿爾瓦羅·倫澤，阿蘭特拉。

Hi, thanks for taking my questions. I just wanted some clarification on the US dollar impact. I was quite surprised to see that you expect neutral to potentially even positive impact, i.e. I would understand that just the translation would have a negative impact. And it was also my understanding that you have less debt balance in US dollar compared to the business exposure you have there.

你好，謝謝你回答我的問題。我只是想澄清一下美元的影響。我很驚訝地看到你期望中性甚至潛在的正面影響，也就是說，我明白翻譯本身就會產生負面影響。據我了解，與貴公司在那裡的業務風險相比，貴公司的美元債務餘額較少。

So I would have expected potentially a negative impact on leverage because your profits fell more than due to the translation on your debt falls translation. So if you could clarify that would be very helpful.

因此，我預期槓桿可能會受到負面影響，因為您的利潤下降幅度大於債務下降幅度。因此，如果您能澄清這一點，那將會非常有幫助。

And the second question would be, looking at your EUR28 million impact. And you mentioned your -- the first invoice has been in line with expectations. Could we narrow down the expected IRA impact for 2025 to roughly EUR110 million? Or are you still uncertain and I prefer to stick to the [100 to 150] range you provided at the CMD?

第二個問題是，看看你的 2800 萬歐元的影響。您提到您的第一張發票符合預期。我們能否將 2025 年 IRA 的預期影響縮小至約 1.1 億歐元？或者您仍然不確定，而我更願意堅持您在 CMD 提供的 [100 到 150] 範圍？

Thank you.

謝謝。

Thanks, Alvaro. On the US dollar impact, the guidance that we've provided, we -- I just repeat it, which is broadly neutral to positive from a group profit, leverage and free cash flow standpoint, right? And part of the reason for that is the embedded hedging that we have within our operations.

謝謝，阿爾瓦羅。關於美元的影響，我們提供的指導——我只是重複一遍，從集團利潤、槓桿率和自由現金流的角度來看，這大致是中性到積極的，對嗎？部分原因在於我們的營運中嵌入了對沖。

You may look at our revenues and say, hey, where we've got 70% or 60% of our revenues in US dollars. But at the end of the day, you've got to also factor into that our COGS our OpEx, inventory, US dollar denomination as you think through all of those various layers, and the sensitivities that we've run some pretty aggressive sensitivities, we feel pretty good about that guidance that I've just provided. So I'll leave it at that.

您可能會看到我們的收入並說，嘿，我們的收入中有 70% 或 60% 是美元。但最終，你還必須考慮到我們的 COGS、營運支出、庫存、美元面額，當你考慮所有這些不同的層面時，以及我們已經運行的一些相當激進的敏感性，我們對我剛剛提供的指導感到非常滿意。所以我不再談論這個了。

With respect to your second question on the EUR28 million IRA accrual and the first invoice being in line with our expectations. As I mentioned, we believe that the mid-point, which is what we guided to during our Capital Markets Day, if you remember the slide, we talked about the EUR125 million impact.

關於您的第二個問題，即 2800 萬歐元的 IRA 應計金額和第一張發票符合我們的預期。正如我所提到的，我們相信中間點，也就是我們在資本市場日期間所引導的，如果你還記得幻燈片的話，我們談到了 1.25 億歐元的影響。

I believe that EUR125 million remains a prudent estimate based on what we've seen so far. But look, we've got one data point, and I -- we will continue to update the market. And most importantly, we'll continue to be completely open with our numbers so that you guys can factor that impact in. But our -- I'll just repeat our confidence around the EUR125 million prudent estimate statement that I made in my prepared remarks.

我認為，根據我們目前所看到的情況，1.25億歐元仍然是一個謹慎的估計。但你看，我們有一個數據點，而且我——我們將繼續更新市場。最重要的是，我們將繼續完全公開我們的數據，以便你們能夠考慮到這種影響。但我們的——我只想重申我在準備好的發言中對 1.25 億歐元審慎估計聲明的信心。

Thank you, Rahul. Thank you, Alvaro.

謝謝你，拉胡爾。謝謝你，阿爾瓦羅。

Guilherme, CaixaBank.

Guilherme，CaixaBank。

Hello, thank you for taking my questions. Just one still on the executive order, if possible. Could you at least reconfirm your exposure to Medicare and Medicaid post adjustments that you expect for this year?

您好，感謝您回答我的問題。如果可能的話，只剩下一個行政命令。您能否至少再次確認您今年預計的醫療保險和醫療補助職位調整情況？

And then the second question, could you provide a bit more color on the significant step-up quarter-on-quarter in SG&A that we've seen this quarter?

然後是第二個問題，您能否提供更多關於本季我們看到的銷售、一般和行政費用較上季大幅成長的詳細資訊？

Thank you.

謝謝。

Okay. Roland is going to take the first question. And then the second question is going to go for Rahul.

好的。羅蘭將回答第一個問題。第二個問題將問拉胡爾。

Roland, please.

請叫我羅蘭。

Yeah, as Nacho said before, we don't provide specific breakouts of Medicaid or Medicare. But just for everybody to remember, a significant part of our use is in commercial patients. And as we look at Medicare, we actually have a mix of Part B and Part D, which puts us in a more device for position.

是的，正如納喬之前所說，我們不提供醫療補助或醫療保險的具體分類。但請大家記住，我們很大一部分的用途是用於商業患者。當我們審視醫療保險時，我們實際上混合了 B 部分和 D 部分，這為我們提供了更多的定位設備。

And as Nacho also emphasized, we will continue to educate the plasma-derived therapies are different from biopharmaceutical drugs. And we saw that this was recognized in the past. We see that looking across the world, price points are closer than what you see with general drugs.

正如納喬所強調的，我們將繼續教育人們血漿衍生療法與生物製藥的差異。我們看到過去人們已經認識到了這一點。我們發現，放眼全球，藥品的價格比一般藥品更接近。

Lastly, we believe that we have a product portfolio that provides us with a differentiated offering across the world. So looking at all of that, we do, at this point, not expect any negative business impact from any executive order into 2025.

最後，我們相信，我們的產品組合能夠為我們在全球範圍內提供差異化的產品。因此，綜合考慮所有這些因素，我們目前預計，到 2025 年，任何行政命令都不會對業務產生任何負面影響。

And then your comment on SG&A. Part of it relates to the reclassification in Q4 '24, if I followed your question correctly. And again, as part of revenue going up, our SG&A as a percentage of sales obviously gets correspondingly impacted. And we've also got the fibrinogen launch as we think about working towards that just from an SG&A and OpEx standpoint as well. So I'll leave it at that, Guilherme.

然後是您對銷售、一般及行政費用 (SG&A) 的評論。如果我理解正確的話，部分原因與 24 年第四季的重新分類有關。而且，隨著收入的增加，我們的銷售、一般及行政費用佔銷售額的百分比顯然會受到相應影響。我們也推出了纖維蛋白原，我們也考慮從銷售、一般及行政費用 (SG&A) 和營運支出 (OpEx) 的角度來努力實現這一目標。所以我就不多說了，吉列爾梅。

Thank you so much, Rahul. Charles Pitman, Barclays.

非常感謝，拉胡爾。巴克萊銀行的查爾斯·皮特曼。

Jaime Escribano, Banco Santander.

Jaime Escribano，桑坦德銀行。

Yeah, hi. A couple of follow-up questions from my side. So maybe just to get some color on what's going on in IVIg and subcutaneous. So both growing really well. Also your peers (inaudible) also posting strong growth. And at the same time, Argenx also growing very fast. So I would like to hear what's your conclusion? Why is everybody seems to be growing so fast, if you can give us some hints on that?

是的，你好。我這邊還有幾個後續問題。因此也許只是為了了解一下 IVIg 和皮下注射的情況。所以兩者都發展得很好。您的同行（聽不清楚）也取得了強勁的成長。同時，Argenx 也發展得非常快。所以我想聽聽你的結論是什麼？為什麼每個人看起來都長得這麼快，你能給我們一些提示嗎？

Second question, regarding the donor fee. If you can give us also some guidance on what is the pricing right now per dollar if it keeps going down? And is this also a driver for the gross margin? And finally, if I can say a final one, which is very quick because I think you will not answer, but I will try. If the Biotest bid is not successful and hence, you don't spend this EUR300 million, EUR400 million indeed. Would you use this proceeds to, for example, buy Haema BPC.

第二個問題，關於捐贈費用。如果價格繼續下跌，您能否給我們一些指導，現在每美元的價格是多少？這也是毛利率的一個驅動因素嗎？最後，如果我可以說最後一個問題，我會很快回答，因為我認為你不會回答，但我會盡力。如果 Biotest 競標不成功，那麼你就不會花掉這 3 億歐元，而是 4 億歐元。您是否會使用這筆收益來購買 Haema BPC 等？

Thank you.

謝謝。

The first question will be taken by Roland.

第一個問題由羅蘭回答。

I will take it actually on the Ig side in two parts. First, looking at subcue Ig which in the US is approved for primary immune deficiency, we are truly very encouraged with the momentum that we see as Nacho and Rahul explained in the 90s for Q1 and last 12 months, close to 70% like-for-like. This reflects uptake by prescribers in the US from our focus that we have in the field, but also the profile of XEMBIFY, which is very well appreciated by HCPs around the world and our launch momentum ex US

我實際上將從 Ig 的角度分成兩部分來討論這個問題。首先，看看在美國被批准用於治療原發性免疫缺陷的 Subcue Ig，正如 Nacho 和 Rahul 在 90 年代解釋的那樣，我們看到了第一季和過去 12 個月的勢頭，同比增長接近 70%，這讓我們感到非常鼓舞。這反映了我們在該領域的重點在美國處方醫生中的接受度，也反映了 XEMBIFY 的形象，該產品受到世界各地 HCP 的高度讚賞，以及我們在美國以外的上市勢頭

We still have significant opportunity ahead here. And as we continue to gain share in PID and we expand our indication for XEMBIFY in the US with our CIDP and SID label.

我們面前仍然有很大的機會。隨著我們在 PID 領域的份額不斷增加，我們透過 CIDP 和 SID 標籤擴大了 XEMBIFY 在美國的適應症。

On the CIDP side, which is where your question comes in with Argenx. Indeed, we continue to be very encouraged with the performance that we see for our Ig there. We see that the uptake for orgenx has been mostly been in the second line. And recently, we also saw a number of patients actually switching back to IVIG after a trial of [FcRns].

在 CIDP 方面，您的問題與 Argenx 有關。事實上，我們對 Ig 在那裡的表現感到非常鼓舞。我們發現，orgenx 的吸收主要集中在第二線。最近，我們也看到一些患者在嘗試了 IVIG 後，實際上又改回了 IVIG。[FcRns]。

And from what we hear from opinion leaders and what we see with our own brands where our governments continues to grow in this indication, we remain very confident in our first-line position for Ig and the growth potential I had -- this reflects the fact that CIDP is a multifactorial disease. It reflects the fact that Ig is ideally suited with its polyvalent mechanism of action to treat the disease it reflects a long-standing experience and also, of course, the access hurdles which are lower than perhaps for some other new entrants.

從我們從意見領袖那裡聽到的消息以及我們自己的品牌看到的情況來看，我們的政府在這一適應症上的增長持續增長，我們仍然對我們在免疫球蛋白的一線地位和我所擁有的增長潛力非常有信心——這反映了 CIDP 是一種多因素疾病的事實。它反映了這樣一個事實：免疫球蛋白 (Ig) 憑藉其多價作用機制非常適合治療該疾病，它反映了長期的經驗，當然，也反映了其准入門檻可能比其他一些新進入者要低。

So from that perspective, we continue to be very encouraged. And the growth that you see I think reflects just the potential that you have in these diseases in channel. CIDP as primary mental efficiency or second immune deficiency was underdiagnosed, undertreated with increased awareness, we see that more patients get the benefit and we are very glad that we can provide our medicine to these patients.

因此從這個角度來看，我們仍然感到非常鼓舞。我認為您所看到的成長反映了您在這些疾病管道中的潛力。CIDP 作為原發性精神疾病或繼發性免疫缺陷，一直被低估和治療不足，隨著人們認識的提高，我們看到越來越多的患者從中受益，我們很高興能夠為這些患者提供我們的藥物。

Let me comment on the donor fee and then Rahul will comment on the Biotest question. We continue working on the donor fee and mostly in two fronts. And we have been seeing positive evolution, and we think that the positive evolution will continue.

讓我對捐贈費用發表評論，然後拉胡爾將對生物測試問題發表評論。我們將繼續致力於捐贈費用的工作，主要從兩個方面進行。我們已經看到了積極的進展，我們認為這種積極的進展將會持續下去。

I mean, first of all, in the whole donor experience, right? So we are working in matters from smart compensation and different activities to attract donors to our centers and to finalize them in the centers. Well, at the same time, we are working on the rollout of the individual nomogram that is now present in 60% of our donor centers. And we are planning to continue to roll out through the year.

我的意思是，首先，在整個捐贈者的經驗中，對吧？因此，我們正在從智慧補償和不同的活動等方面努力吸引捐贈者到我們的中心，並最終讓他們留在中心。同時，我們正在努力推廣個體列線圖，目前我們 60% 的捐贈中心都已採用該列線圖。我們計劃全年持續推出這項舉措。

I mean these two initiatives in both fronts and contributed nicely to the donor fees in a way that it's a win-win for Grifols and for the donors, right? So I think that I think we strongly believe that this has to be in the benefit for both sides, and that's in the line that we are working for.

我的意思是，這兩個方面的舉措都為捐贈者的費用做出了很大的貢獻，這對 Grifols 和捐贈者來說是雙贏的，對嗎？所以我認為我們堅信這對雙方都有利，這也是我們努力的方向。

On the Biotest, Rahul will comment.

關於 Biotest，Rahul 將發表評論。

Yeah. Look, on the Biotest, as I mentioned, BaFin have approved the delisting offer and the offer period runs through until early June. And I'm not going to speculate on take-up or not of the Biotest offer.

是的。關於 Biotest，正如我所提到的，BaFin 已經批准了退市要約，要約期將持續到 6 月初。我不會猜測 Biotest 的提議是否會被接受。

Relating to your -- the extension of that question was if there wasn't for whatever reason, take up on that Biotest offer, would we apply that towards Haema BPC? We laid out a very clear capital allocation framework at our Capital Markets Day that envisaged Haema BPC, bringing that back within the group and making that acquisition or exercising that option during the course of probably Q2 of 2026 or thereabouts, maybe into 2027, and that remains our plan. We were -- no change in that respect.

關於您的問題——該問題的延伸是，如果出於某種原因沒有接受 Biotest 的提議，我們會將其應用於 Haema BPC 嗎？我們在資本市場日制定了一個非常清晰的資本配置框架，設想將 Haema BPC 帶回集團內部，並在 2026 年第二季度左右，甚至可能是 2027 年進行收購或行使選擇權，這仍然是我們的計劃。我們在這方面沒有改變。

Thank you so much, Rahul.

非常感謝，拉胡爾。

Charles Pitman, Barclays.

巴克萊銀行的查爾斯·皮特曼。

Hi, guys. Can you hear it? Hopefully, you can. Just first question on pricing. Can you provide detail on the pricing differential of your products in US and ex-US regions?

嗨，大家好。你聽得到嗎？希望你可以。第一個問題是關於定價。您能否詳細說明您的產品在美國和美國以外地區的定價差異？

Secondly, on margins, what proportion of collected IG is being fractionated for XEMBIFY and what portion of Ig do you expect that to account for over time if actually what do you see as the future balance between SCIG and IVIG?

其次，在利潤方面，收集到的 IG 中有多少比例被分配給 XEMBIFY，以及您預計隨著時間的推移這將佔到 Ig 的多少比例，實際上您認為 SCIG 和 IVIG 之間的未來平衡是多少？

And then just finally, a quick one. Can you give us any quantification of the phasing impact of the rabies on the other in specialty EG? What was the underlying growth in Alpha-1?

最後，再簡單說一下。您能否量化狂犬病對其他專科 EG 的階段性影響？Alpha-1 的潛在成長是什麼？

Thank you.

謝謝。

Yes. Roland, please?

是的。羅蘭，可以嗎？

Yeah, on the pricing differential, we will not disclose the details here. What we can say is that after the pandemic, we have seen prices actually come up in Europe and other parts of the world and getting closer to US and as Nacho mentioned upfront, different from other -- many other biopharmaceutical drugs, price points are actually much closer in plasma-derived therapies.

是的，關於價格差異，我們不會在這裡透露細節。我們可以說的是，在疫情之後，我們看到歐洲和世界其他地區的價格實際上有所上漲，並且越來越接近美國的價格。正如納喬前面提到的，與其他許多生物製藥藥物不同，血漿衍生療法的價格實際上更加接近。

On the margin side, basically, the question goes at the share of subcue versus IVIG. Here, similarly, we don't disclose the details. I think what we can say is that we are closing in. Where in the past, I think we once made a statement that we were mid-single digits.

在利潤方面，問題基本上在於皮下注射免疫球蛋白與靜脈注射免疫球蛋白的份額。這裡，同樣，我們不會透露細節。我想我們可以說，我們正在接近目標。我記得我們過去曾說過，我們的收入是中等個位數。

I think we're closing in on high single digits at this moment with a lot of potential because from everything where we stand and the feedback that we receive we don't see why our subcue chair in the market would not be at the same level as our IVIG share is at the moment. And as Rahul mentioned, we see that we're actually growing ahead of the market in both subcue and IVIG.

我認為我們目前正接近高個位數，並且具有很大的潛力，因為從我們所處的一切以及我們收到的反饋來看，我們不明白為什麼我們在市場上的 subcue 椅子不會與我們目前的 IVIG 份額處於同一水平。正如拉胡爾所提到的，我們發現我們在 Subcue 和 IVIG 方面實際上都領先於市場。

And lastly, on facing impact on rabies, something to keep in mind is that due to the nature of rabies where exposure happens in nature, this is much higher in summer, Q2, Q3 than Q4, Q1. And year-over-year, that's where small volume differences in purchasing in a Q1 can just translate into relatively high relative differences on a year-over-year basis.

最後，關於狂犬病的影響，需要記住的是，由於狂犬病的性質是自然界中接觸的，因此夏季、Q2、Q3 的感染率遠高於 Q4、Q1。與去年同期相比，第一季採購量的微小差異可以轉化為同比相對較高的差異。

Thank you so much.

太感謝了。

Alvaro Lenze, Alantra.

阿爾瓦羅·倫澤，阿蘭特拉。

Hi, thanks for allow me back in the queue. Two questions. I understand why the market is growing for Ig, but you wanted to now if you could give us some more color on why are you outpacing the market? Is it better pricing than competitors, more product availability or better clinical outcomes?

你好，謝謝你允許我回到隊列。兩個問題。我理解為什麼 Ig 市場正在成長，但是您現在能否向我們進一步解釋為什麼您的成長速度超過了市場？它是否比競爭對手有更好的定價、更多的產品供應或更好的臨床結果？

And the second question is, if you're going faster than initially budgeted, and you do not expect a negative impact from the dollar and are quite confident on the limited or no impact from tariffs and so on. Why not raise the guidance for 2025? Is it that you're just being extra cautious? Just to get a sense of your thinking process there.

第二個問題是，如果你們的成長速度比最初預算的要快，並且你們預計美元不會產生負面影響，並且對關稅等影響有限或沒有影響非常有信心。為什麼不提高2025年的指導價？是不是你只是格外小心了？只是為了了解你的思考過程。

Thank you.

謝謝。

Thank you. Roland will take the first question, and then Rahul will take on the guidance for the year.

謝謝。羅蘭將回答第一個問題，然後拉胡爾將負責今年的指導。

Yeah. Alvaro, on the Ig side, we believe that we are very well positioned to serve patients in this market, in this growing market because there's more and more patients that finally do get access these diseases are undiagnosed or undertreated. This comes from the brands that we have, Grifols has over the last decades developed brands that are very well received in terms of the tolerability and the efficacy results by health care professionals. And we are building on these brands.

是的。阿爾瓦羅，在免疫球蛋白方面，我們相信我們完全有能力為這個不斷增長的市場中的患者提供服務，因為越來越多的患者最終能夠獲得治療，而這些疾病是未診斷或治療不足的。這源於我們擁有的品牌，Grifols 在過去幾十年中開發了一系列品牌，這些品牌在耐受性和功效方面都受到了醫療保健專業人士的一致好評。我們正在打造這些品牌。

It reflects the increased focus that we have been able to bring to the market over the last years, where we see that especially in the US, the growth actually is driven by end user uptake, which is very encouraging. And so with those two, both our portfolio that we have as well as the focus in the field, combined with our ability to supply this puts us just in a good and strong position to benefit from the secular growth that you have in the Ig side.

這反映了我們在過去幾年中對市場的更多關注，我們發現，尤其是在美國，成長實際上是由最終用戶的吸收所推動的，這是非常令人鼓舞的。因此，憑藉這兩點，我們擁有的產品組合以及對該領域的關注，再加上我們的供應能力，使我們處於良好而強大的地位，可以從 Ig 的長期成長中受益。

And on your question on guidance, let me just repeat what I said on the dollar depreciating dollar. A depreciating dollar is broadly neutral to positive from a group profit, leverage and free cash flow standpoint. Yes, a structurally weaker dollar does pose a headwind in absolute revenues and EBITDA, even if it is positive from a margin standpoint.

關於您提出的指導問題，讓我重複我關於美元貶值的說法。從集團利潤、槓桿率和自由現金流的角度來看，美元貶值總體上是中性到積極的。是的，即使從利潤率的角度來看是正面的，但結構性美元疲軟確實會對絕對收入和 EBITDA 造成不利影響。

Back to your question around why if we're ahead of plan, why are we not raising guidance. We are in Q1. We are in the middle of a macro-economic or tariff diplomacy that is causing the world to spin in ways that we've not imagined. And we've got violent sometimes currency moves. And so for -- at this point in time, Alvaro, I think it's prudent from our standpoint to maintain guidance, and we feel pretty good about that.

回到你的問題：如果我們提前完成了計劃，為什麼我們不提高指導價？我們處於第一季。我們正處於宏觀經濟或關稅外交之中，這導致世界以我們無法想像的方式旋轉。有時貨幣波動也會非常劇烈。因此，阿爾瓦羅，就目前情況而言，我認為從我們的角度來看，保持指導是謹慎的，我們對此感覺很好。

So I'll leave it at that for now, Alvaro.

所以我現在就到此為止，阿爾瓦羅。

Thank you so much, Rahul.

非常感謝，拉胡爾。

With that, we are ending the Q1 '25 call, just to say thank you very much for having us today. Thank you.

至此，我們的 2025 年第一季電話會議就結束了，非常感謝您今天的邀請。謝謝。