UPDATE 1-Grifols Q1 sales helped by plasma, US

* Q1 sales 237.7 mln eur, U.S. sales up 8.8 pct vs Q4

* Q1 plasma sales at constant exchange rates up 8.2

* Net profit down 12.2 pct on higher financing costs

* Shares fall 0.5 pct, off lows

(Adds details, comment, shares)

MADRID, April 28 (BestGrowthStock) – Spain’s Grifols (GRLS.MC: )
posted an 8.2 percent rise in first-quarter hemoderivative sales
on Wednesday, calming concerns about the blood plasma market
after rival Baxter’s (BAX.N: ) profit-warning last week.
Grifols’ total sales grew 0.9 percent to 237.7 million euros
($316.6 million), with higher plasma sales offsetting a weak raw
materials division, while net profit fell 12.2 percent to 36.5
million euros due to higher financial costs.

Last week, Grifols’ shares suffered their worst declines
ever after Baxter cut its full-year profit forecast due to
health reform costs and a weaker plasma protein market.
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By 1250 GMT on Wednesday, Grifols’ shares were down 0.54
percent at 10.21 euros, paring earlier losses and outperforming
Spain’s blue chip index (.IBEX: ) which was down 1 percent.

The company said sales in the United States, which accounts
for about 32 percent of the total, grew 8.8 percent in the first
quarter from the fourth.

“This could be a relief after Baxter’s results in the States
but everything hinges on what management says about the outlook
for the U.S. plasma market,” said an analyst in Spain.
Grifols also competes with Australia’s CSL (CSL.AX: ) and U.S.
firm Talecris (TLCR.O: )

Stock Market Today

($1=.7508 Euro)
(Reporting by Tracy Rucinski; Editing by Hans Peters)

UPDATE 1-Grifols Q1 sales helped by plasma, US