The Barcelona-based manufacturer of blood-plasma products reported a net profit of €485.7 million on revenue of €4.0 billion for the quarter ended Sept. 30, 2020. Growth in constant currency was 7.6% compared with Q3 2019.
Grifols’ Earnings per share totaled €0.39 on revenue of €1.35B. Analysts had expected EPS of €0.26 on revenue of €1.37B.
In prepared remarks, the company’s co-chief financial officers, Raimon Grífols and Víctor Grífols Deu, were optimistic about the potential of blood-plasma treatments for COVID-10. The company’s leadership is “deeply confident in the potential of plasma and its derived medicines to combat the SARS-CoV-2 virus,” they wrote.
The company is developing hyperimmune immunoglobulin using plasma from COVID-19 patients.
Grífols did not provide concrete guidance for the rest of the year in its Q3 earnings report, although it stated that it had launched an operating expense containment plan that it expects to save €100 million by the end of the year.
Investors reacted to the company’s Q3 news by sending GRFS shares up 1.7% to $18.42 at the end of the trading day on Nov. 5. The company’s stock ended up flat on Nov. 6.