Grifols Climbs Despite Tariff and Legal Headwinds

Grifols [GRF.E] shares have surged 28% year to date (YTD), trading near EUR 11.7 this morning (the morning of 15 July). The Barcelona-based plasma producer rebounded from April lows of around EUR 7.30 after investor concerns over U.S.–EU trade tensions began to ease.

The pharma company is outperforming Spain’s main index, IBEX 35, which is up 21.5% YTD. Still, Trump’s newly announced 1 August EU tariffs reignite broader market concerns.

TL;DR

• Grifols shares have climbed 28% YTD, beating the IBEX 35.

• 56.7% of Grifols' revenue comes from the US

• Management sees limited tariff impact due to a strong US footprint.

• The legal case with Gotham over the 2024 short report remains ongoing.

New US Tariffs Highlight Grifols' Exposure

The new 30% tariff on EU exports to the U.S., effective in two weeks, could hit several European firms. Grifols may be among the most affected, according to Panmure Liberum, due to its high exposure to the US market, which accounts for around 56.7% of revenue.

Grifols reported EUR 1.79 billion in revenue for 1Q25, up 9.8% year-on-year. Of that, EUR 1.03 billion from the U.S. and Canada, rising 10.8% from 1Q25. That outpaced the group’s overall revenue growth and underscores the company’s exposure to North American markets. (Source: Grifols)

Grifols Downplays Tariff Impact 

Grifols expects minimal disruption from upcoming US tariffs, citing its long-standing manufacturing footprint and operational self-sufficiency in the country. In the 1Q25 earnings call, CEO Nacho Abia said the group’s local sourcing, production, and distribution strategy should shield it from geopolitical volatility, including tariffs.

Abia added that the company has built significant US capacity since the early 2000s, including major acquisitions like Talecris and local partnerships. CFO Rahul Srinivasan echoed this view, noting macro uncertainty but said there’s no need to revise guidance at this stage.

Spanish Judge Weighs Scope in Grifols-Gotham Case

Meanwhile, Grifols’ legal battle with Gotham City Research continues before Spain’s National Court. The case, tied to alleged market manipulation around a short-selling report issued in January 2024, has entered a contentious procedural stage. 

Gotham seeks to expand the investigation to Grifols’ past dealings with its affiliate Scranton, while the company argues it should focus strictly on trading activity from 8–9 January 2024 — the dates on which Gotham announced and executed its short-seller attack, according to Grifols’ court filings.

A decision is pending from the judge on whether to limit the scope to those dates or broaden it to review six years of financial records and transactions.

Conclusion

Grifols enters the second half of this year with strong share price momentum but rising external risks. 

While management projects resilience against trade friction, investor focus will remain on US exposure and regulatory developments.

The outcome of the Gotham litigation could also shape sentiment heading into year-end.

*Past performance does not reflect future results.

FAQs:

What does Grifols do?

Grifols is a Spanish multinational pharmaceutical company that was founded in 1940 and is famous for its development of blood-plasma products.

What is Grifols’ market cap today?

As of mid-July 2025, Grifols [GRF.E] has a market capitalization of approximately EUR 8.3 billion.

What is Grifols' stock price today?

As of the time of the writing, 15 July 2025, Grifols stock trades at approximately EUR 11.7, up 28% year-to-date. 

How could U.S. tariffs affect Grifols?

New 30% US tariffs on EU goods, effective 1 August. The US market represents 56.7% of Grifols’ revenue. However, the company says it expects limited impact due to its local operations.

How is Grifols' stock performing in 2025?

Grifols shares have climbed 28% YTD, rebounding from early April lows. The IBEX 35 index, by comparison, is up 21.5% over the same period.

What did Gotham City Research say about Grifols? 

 Gotham City Research published a short-seller report in January 2024 alleging financial misconduct and accounting manipulation, leading to an ongoing legal battle in Spain's National Court.

What is Grifols stock symbol?

Grifols trades on the Madrid Stock Exchange under ticker GRF.E and on NASDAQ as GRFS.