Grifols SA ADR

GRFS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$59.40	Bghb	Vwl

Grifols' Acquisition Strategy Has Raised Debt Levels, but the Narrow Moat Plasma Business Is Healthy

Karen Andersen

Mar 1, 2023

Business Strategy and Outlook

Market share in the global plasma-derived protein business is concentrated among a small number of global players. Grifols lifted itself to the level of competitors Takeda and CSL with the $3.7 billion acquisition of Talecris in 2011. Over the past several years, the firm has been fighting competition and coronavirus pandemic headwinds with acquisitions and investments to build plasma collection and fractionation capacity, support its portfolio and pipeline, and expand geographically.

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