Grifols' profit up over 30% in first half
Spanish drugmaker Grifols has reported strong results for the first six months of 2008 as revenue increased across all sectors of the firm's business.
Overall sales increased 13.8% on the same period of the year before, to 407.2 million euros ($601.9 million). This comprised: US turnover, up 21% to 137.9 million euros; revenue from Spain and Portugal rose 15.2% to 118.9 million euros; Asian sales were up 14.1% to 14.1 million euros; and Latin American revenue increased 55% to 37.0 million euros.
Total net income rose 36.8% to 62.2 million euros. This prompted analysts at JP Morgan to increase their target price for the company to 21.25 euros from 20.75 euros, and their full-year earnings per share estimate for 2009 to 0.80 euros from 0.79 euros. The financial firm has maintained its "overweight" rating for the company.
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