Throughout almost 80-year of history, Grifols has been guided by three essential values: innovation, safety and quality. Interweaved into our corporate culture, they form part of our DNA. The Grifols Museum is the latest example of our ongoing pursuit of these core tenets. A homage to our origins, the museum showcases our rich history without losing sight of our long-standing mission: enhancing the health and well-being of people.
I am pleased to announce the new Grifols Museum in Barcelona is already a reality this year.
We celebrated two other breakthroughs in 2018 that I was personally involved in lately: the topline results of the AMBAR (Alzheimer Management By Albumin Replacement) trial in the fight against Alzheimer’s disease (AD) and the start of production on the first anti-Ebola immunoglobulin. Both projects offered us the chance to contribute our accumulated knowledge and expertise on plasma and the manufacture of plasma-derived medicines. We will continue our quest to finding effective and safe solutions for these devastating diseases, which have such a high social impact.
The topline results of the AMBAR clinical trial give us reasons for optimism. Although we continue to analyze the data collected from trial subjects with mild to moderate AD, we are hopeful: plasma exchange with albumin and immunoglobulin might slow down the progression of Alzheimer’s and improve specific cognitive functions in treated patients. If confirmed, we will have played a role in changing the course of the disease and advancing scientific and social progress.
Important progress was also made in the Ebola Project in Liberia. Our installations in Clayton have begun production on the first batches of plasma from Ebola survivors, with the aim of manufacturing the first antiEbola immunoglobulin to combat future outbreaks in West Africa. The project’s research line is framed within a long-term clinical trial and reflects our corporate commitment to respond to international health crises wherever they occur, including in the world’s most disadvantaged regions.
Neither milestone would have been possible without the solid commitment, dedication and hard work of the numerous teams that took part in these projects, and of course, without the support and determination of Grifols’ two CEOs. My heartfelt thanks and congratulations to everyone involved.
Thank you for your confidence,
VÍCTOR GRÍFOLS ROURA
This report is an exercise in transparency as part of our “One Grifols” model of responsible management, designed to generate social, economic and environmental value. This management model relies on a robust corporate governance system grounded on three main pillars: ethics, honesty and transparency. We aspire to serve as a global reference for innovation, safety and quality, with eyes set on our ultimate objective of helping people live longer and healthier lives.
We have taken many important steps in 2018:
We expanded and diversified our access to plasma to increase our production of plasma-derived medicines in benefit of thousands of patients. We today operate the largest plasma collection network in the world, with 256 sites in the United States and Europe, fully aware of our responsibility as a life-saving bridge between donors and patients.
We also continued to build on our strategy of international expansion. In addition to strengthening our presence in the United States and Europe, we have made significant strides toward forming a strategic alliance in China. The agreement with Shanghai RAAS represents an outstanding opportunity for growth for our divisions.
In terms of research, we published the topline results on the efficacy of AMBAR (Alzheimer Management by Albumin Replacement), which demonstrated the benefits of plasma exchange and its replacement with albumin and immunoglobulin as a possible treatment for Alzheimer’s patients. This encouraging outcome opens the door to further research.
Our ongoing R&D+i efforts led to important licenses, allowing us to launch differential products that respond to the needs of patients and healthcare professionals. Among them, a new liquid formulation of alpha-1 antitrypsin, an immunoglobulin to treat patients exposed to rabies, and another for hepatitis A and measles. At the same time, we broadened our portfolio of diagnostic solutions, including new virus-detection tests using NAT technology. We also reinforced our portfolio of hospital pharmacy solutions with the acquisition of MedKeeper.
Our team is continually expanding, while staying true to its pioneering spirit. In 2018, the Grifols’ workforce grew by 16% over the previous year to 21,230 employees, 59% of whom are women. These figures underscore our commitment to job creation and equal opportunities. We take great pride in the positive results of our human resources initiatives, which are allowing us to gradually reduce the gender pay gap and promote talent by increasing the number of training hours.
THIS REPORT HIGHLIGHTS THE EFFORTS OF EVERYONE WHO FORMS PART OF THE GRIFOLS TEAM AND REFLECTS OUR “ONE GRIFOLS” MODEL OF RESPONSIBLE MANAGEMENT
Grifols reported more than EUR 4,500 million in value creation in 2018, driven by the efforts of our global talent pool and solid corporate leadership. Ninety percent (90%) of generated value was distributed: nearly EUR 850 million were allocated to remunerations; EUR 624 million to tax contributions; more than EUR 197 million toward innovation, and over EUR 33 million to social outreach investments, among others.
A robust financial management strategy enabled the company to optimize economic resources in line with our growth objectives and long-term vision. In 2018, our operating revenues grew by more than 9%, with sales increases across all divisions and regions where we operate. Net profit grew to approximately EUR 600 million.
Also worth noting are our environmental accomplishments in 2018. We have made important progress toward meeting the targets outlined in the 2017-2019 Environmental Plan, allocating EUR 18 million in investments and expenditures to maximize our energy usage, water cycle and reduce atmospheric emissions. We invested EUR 252 million in our leading-edge manufacturing plants, designed with ecoefficiency criteria.
Overall, our assessment of 2018 is very positive. The aforementioned commitments, which this report describes in greater detail, are closely linked to our capacity for future growth and ability to sustain operations with a long-term perspective.
We are poised for future growth,
VÍCTOR GRÍFOLS DEU
RAIMON GRÍFOLS ROURA