Grifols is a vertically integrated global producer of plasma-derived therapies. The company collects human plasma at over 400 centers globally (predominantly in the U.S.), fractionates it into component proteins, and sells those proteins as biological medicines to treat serious and chronic conditions. Immunoglobulins (IG) — sold under the Gamunex-C (IVIG) and Xembify (SCIG) brands — are the largest and fastest-growing product line, treating primary immunodeficiencies, CIDP, and related conditions. Other key products include Alpha-1 Proteinase Inhibitor (Prolastin) for hereditary emphysema, where Grifols holds roughly 70% global market share; albumin for circulatory conditions; coagulation factors for hemophilia; and hyperimmune immunoglobulins. Grifols also operates a smaller Diagnostics segment (~8.5% of revenue), selling blood screening and immunohematology analyzers and reagents to blood banks and hospitals on a recurring contract model. The core economics of the business revolve around two primary levers: the cost per liter of collected plasma, which Grifols manages through its own collection network and donor yield optimization, and fractionation yield — the grams of protein extracted per liter of plasma. Grifols sells primarily through its own direct sales force in the U.S. and Europe, and through distributors elsewhere, serving hospitals, specialty pharmacies, and government health systems in over 100 countries. Growth is driven by rising IG demand, Xembify expansion, a new fibrinogen product launch (Prufibry), and ongoing margin improvement through yield and cost-per-liter initiatives.