(Reuters) – Spain’s Grifols (NSDQ:GRFS) posted a better-than expected 29.4% increase in adjusted profits, to €435.2 million ($544.04 million) for the 9 months to September, backed by solid sales and the purchase of a diagnostics unit from Novartis (NYSE:NVS).
The global plasma-derivatives products maker said revenues rose 19.1% to €2.44 billion, matching expectations in a Reuters poll of 8 analysts, adjusted for non-recurring items associated with the $1.7 billion acquisition. Adjusted net profit had been expected at €426 million.
Its adjusted EBITDA margin, a measure of profitability which has been under pressure and closely watched this year, stood at 32.5% for the 9-month period, versus 33.7% a year ago.
Grifols said it’s targeting an EBITDA margin of 31% to 33% in the medium term, citing opportunities for better margins in its bioscience division after the ramping up of new plants.
Grifols also projected greater plasma collection possibilities with 20 "relocations and openings" in 2015.
($1 = €0.7999).