Grifols announces 400-million-euro cost-saving initiative

Spanish producer of blood plasma-based products Grifols (MC: GRF) has joined the ranks of pharma and biotech companies cutting their budgets and workforces, in a move that was welcomed by investors, with the firm’s shares rising 9% Wednesday and a further 8.6% to 14.76 euros this morning.

Under this new initiative, Grifols said it will significantly reduce its cost base, improve operational cash flow, drive financial performance, and create a more agile and effective operating model.

The plan focuses on three major areas: optimizing plasma costs and operations, streamlining corporate functions, and enhancing other efficiencies across the organization.