The Catalan pharmaceutical company Grifols expects albumin revenue to stabilise in the second half of the year, after falling more than 14% in the first half due to price adjustments in China.
Grifols is confident that the decline in albumin revenue will bottom out in the coming months. The CEO of the pharmaceutical company based in Sant Cugat del Vallès, Nacho Abia, stated in a conference with analysts that they anticipate "a stabilisation" in the second half of the year, after the business of this plasma protein recorded a decline of over 14% at constant exchange rates in the first half.
Albumin, a protein from human plasma used in medical treatments and blood tests, has been one of Grifols' flagship products. However, its revenue has been weighed down by lower prices in China, where the government imposed price controls on the pharmaceutical sector in mid-2025. This adjustment has continued to affect 2026, with a 6.1% drop in the first quarter and an acceleration to 14% for the entire semester.
The company has also noted that scheduling differences have negatively influenced the results. In the second quarter of 2025, Grifols benefited from the recovery of postponed sales during the renewal of the plasma license in China, an effect that has not been repeated this year.
Despite the negative trend in the Asian country, Grifols maintains its strategic alliance with SRAAS (Shanghai Raas Blood Products) and Haier Group, aiming to expand its presence in secondary hospitals and pharmacies. The Catalan pharmaceutical company sold 20% of its stake in SRAAS last summer for €1.6 billion and retains a 6.58% stake along with a seat on the board of directors. The agreement includes the extension of albumin distribution over the next decade, with guaranteed minimum volumes until 2028.
At the same time, Grifols is redirecting its efforts towards other markets. The company has announced that it is working to increase the supply of albumin in bags to meet the growing demand in the United States and is seeking growth opportunities outside of China. This geographical diversification strategy aims to offset the impact of Chinese price controls and reduce dependence on that market.
Regarding the diagnostics business, Grifols has experienced a 9.7% decline at constant exchange rates following the early termination of its joint venture with QuidelOrtho. CEO Nacho Abia has described the breakup as a "strategic move" that will allow for repositioning the business. Although he did not detail the reasons for the termination, Abia highlighted that it opens the opportunity to access the clinical diagnostics market "without restrictions."
The evolution of albumin is key for Grifols, which has its corporate headquarters in Sant Cugat del Vallès and is one of the most important companies in Vallès Occidental. The anticipated stabilisation for the second half of the year could alleviate pressure on the company's results, which also faces a deleveraging context following the partial sale of its Chinese stake.
Analysts are closely monitoring the evolution of albumin, which represents a significant portion of Grifols' revenue. The company has reiterated its confidence in the alliance with SRAAS and its ability to adapt to market conditions. With an eye on the United States and other markets, Grifols seeks to balance the impact of the Chinese adjustment and return to a growth path.
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