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Improving Plasma Supply and Pricing Power Support Grifols' Narrow Moat

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

We're maintaining our Grifols Class B (nonvoting) fair value estimates of EUR 16/$19.10 following the firm's third-quarter business update, which generally appears to support our long-term assumptions. We continue to see shares as significantly undervalued, as we expect long-term demand and pricing will remain strong for plasma-derived products, despite new competition in certain niches. Partly thanks to continued investment in plasma centers as well as innovative technologies, Grifols' position in the global plasma oligopoly remains solid and warrants a narrow moat.

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Company Profile

Business Description

As a vertically integrated plasma derivative producer, Spain-based Grifols collects plasma and then manufactures and sells plasma-derived products globally. By acquiring Talecris in 2011, Grifols dramatically expanded its plasma-derived product portfolio, and the firm's bioscience business contributed 79% of sales in 2020. Grifols also has smaller segments including diagnostics, hospital supplies, and biosupplies. Diagnostics is now roughly 14% of revenue following the Novartis and Hologic deals.

Avinguda de la Generalitat, 152-158, Parc de Negocis Can Sant Joan
Barcelona, 08174, Spain
T +34 935710500
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 24,000