Nuria Pascual : We have a question from Jaime Escribano, Banco Santander.
Jaime Escribano : So a couple of questions from my side. Regarding the gross margin, Grifols stand-alone 41% in Q3. We look at 2019, where Grifols was making 46%. But the cost of plasma keeps going down. And I remember you mentioned that in Q4, we should see the fully loaded or almost fully loaded impact of the cost saving plans. I wonder and how do you see this 46% gross margin for the volume following quarters? And even if we could think about a gross margin higher than that? That would be my first question.
Alfredo Arroyo : Okay, Jaime, yes, as you know, we need to consider in our industry, this 9 months accounting lag for the plasma cost. And as I said, out of the €450 million, €500 million — €300 million are coming next year. So they’re going to go through the P&L. Most of these €300 million, the majority relates to plasma costs. So yes, we’re going to see that this gross margin is going to keep growing on sequential basis, which basically this higher gross margin is, at the same time, is going to — has a very positive impact on the quarterly EBITDA improvement in the coming quarters.
Nuria Pascual : And you had a second, Jaime?
Jaime Escribano : Yes, my second, sorry, I think there is some echo. Yes. No, it was regarding the Canada plant. When do you think we can start seeing revenues coming from the new manufacturing facility there? And what could we expect?
Thomas Glanzmann : We were there a few months ago, the whole team meeting with — in our Canada plant. I can tell you that the CapEx is progressing, the finishing of that. We can expect to see some production coming out of this facility in — during 2025.
Nuria Pascual : Now I think we have recovered from Barclays, Charles Pitman. Charles, can you hear us now? And whether we can hear you. Hello?
Charles Pitman : Can you hear me now?
Nuria Pascual : Yes. Apologies for that.
Charles Pitman : Just a couple on the Shanghai RAAS deal. I was wondering if you could just provide us with a little bit more detail around what the regulatory hurdles and approvals are that you are currently navigating with this deal? And what approvals do you need and when to kind of get confidence that you can announce this signing that you — and kind of — if you could just reiterate what gives you confidence that you’re able to sign this by the end of the year? And then just secondly, on the kind of $1.5 billion of cash realization, can you confirm if this is a pre or post tax amount? And what gives you the confidence that you can, in fact, realize that? And can you overall can you just reiterate that you are confident you will be able to realize that cash and you’ll be able to use that to pay down debt?
Victor Grifols Deu: So let me take the first part. First of all, at this point, we are very confident that we can take the transaction across the finish line before year end. Because at the end of the day, it is the regulatory — some of the regulatory pieces will come in next year, in the first half of next year. So that’s not preventing us from the signature as such. So we’re going to sign, and we are pursuing the regulatory. And as we said, we expect that both at the closing will take place in the first half of next year.
Alfredo Arroyo : Regarding the cash proceeds, the at least $1.5 billion, this cash proceeds will be used in full to reduce debt.
Nuria Pascual : Okay. Also we have Peter Verdult from Citi. Hello?
Peter Verdult : Nuria, can you hear me?
Nuria Pascual : Yes, perfectly. Thank you.
Peter Verdult : Peter Verdult, Citi. Three questions, please. Thomas, for you, firstly, when you initially put that press release out in June, you talked about the transaction and remaining a significant shareholder in Shanghai RAAS. So could you maybe reconfirm that or have things changed? And can I be cheeky and ask what in your view is a significant shareholding still in RAAS post the transaction? Question number two, maybe for Victor. I think it would be helpful for us in the market, good growth on Xembify, it’s a long-term growth driver. I think historically, you’ve said 5% to 10% of sales coming from of IG sales are Xembify. Are you willing to put a ballpark number as to where we are end of this year, where we are on Xembify?
And then lastly, I joined late, apologies, but I did hear James Gordon’s question about the guidance. Can I just invert it and make it more simple. Is it fair to say that the risks, given the trends you’re seeing so far in Q4, that the risk to your guidance is very much to the upside rather than downside as James is implying in terms of mechanically going — keeping that 12% to 14%. So 3 questions on RAAS, Xembify and upside risk to guidance given the Q4 trends you’re seeing.
Thomas Glanzmann : Thomas. Okay. I’ll take the first question, and appreciate it. With regard to our ownership and all of that, we’re going to let you know all of the details once we announce and once we sign. But I do want to remind you that we have a strategic alliance with Shanghai RAAS and we have an album in distribution agreement, both that are very important to us. And also, our future position in China is important to us in a strategic market. So as we proceed with this deal, all of these pieces will be a very important part as we conclude and sign the deal with — on Shanghai RAAS.
Victor Grifols Deu: On the second question, Peter, yes, as you probably can see in the presentation we released to date, the growth pace of subcutaneous versus our IV product, it’s clearly higher. So this is as we move every month, every quarter, the share of subcutaneous versus the overall, it’s increasing, and we expect this to continue. I don’t know exactly up to which level, but we expect this to represent with the time a significant mix in our IG portfolio.
Nuria Pascual : Alfredo on the guidance and the risk.
