July 31 (Bloomberg) -- Grifols SA, Europe’s largest maker of blood-plasma products, plunged in Madrid trading after profit missed analysts’ estimates.
Grifols sank 14 percent to close at 33.82 euros, giving the company a market value of 10.9 billion euros ($14.6 billion). The single-day drop was the biggest ever for the company, which sold shares in an initial public offering in 2006.
Second-quarter sales of 812.8 million euros were less than the average analyst estimate of 826.9 million euros, according to data compiled by Bloomberg, and net income of 103.9 million euros was lower than the average prediction of 123.4 million euros.
Grifols, based in Barcelona, has been expanding through acquisitions. The company bought Talecris Biotherapeutics Holdings Corp. in 2011 for about $2.4 billion, and this year it purchased a Novartis AG blood-transfusion diagnostics unit for about $1.68 billion.
The quarterly results were “very weak,” analysts at UBS AG said in a report today. “Except for the newly acquired division of Novartis, the rest of the areas were weaker than expected.”
Grifols had costs related to the acquisition from Novartis, said Nuria Pascual, the company’s investor relations officer and director of finance.
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