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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

      REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022

OR

      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

       SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report . . . . . . . . . . . . . . . . . . .

Commission file number 001-35193

GRIFOLS, S.A.

(Exact name of Registrant as specified in its charter)

Kingdom of Spain

(Jurisdiction of incorporation)

Avinguda de la Generalitat, 152-158

Parc de Negocis Can Sant Joan

Sant Cugat del Vallès 08174

Barcelona, Spain

(Address of principal executive offices)

David Ian Bell

General Counsel

Telephone: +34 93 571 02 21

Email: david.bell@grifols.com

Grifols Shared Services North America, Inc.

2410 Lillyvale Ave

Los Angeles, CA 90032-3514

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered, pursuant to Section 12(b) of the Act.

Title of each class

    

Name of each exchange on which registered

    

Trading Symbol

American Depositary Shares

evidenced by American Depositary

Receipts, each American

Depositary Share representing

one Class B non-voting

share of Grifols, S.A.

The NASDAQ Stock Market LLC

GRFS

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None.

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None.

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital stock or common stock as of the close of the period covered by the annual report.

426,129,798 Class A Shares

261,425,110 Class B Shares

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Yes No

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP

International Financial Reporting Standards as issued
by the International Accounting Standards Board

Other

If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

GRIFOLS, S.A.

TABLE OF CONTENTS

TABLE OF CONTENTS

i

GENERAL INFORMATION

iii

PRESENTATION OF FINANCIAL AND OTHER INFORMATION

iii

PRESENTATION OF MARKET INFORMATION

iv

PART I

1

Item 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

1

A.

Directors and Senior Management

1

B.

Advisers

1

C.

Auditors.

1

Item 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

1

A.

Offer Statistics

1

B.

Method and Expected Timetable

1

Item 3.

KEY INFORMATION

1

A.

[Reserved]

1

B.

Capitalization and Indebtedness

1

C.

Reasons for the Offer and Use of Proceeds

1

D.

Risk Factors

1

Item 4.

INFORMATION ON THE COMPANY

35

A.

History of and Development of the Company

35

B.

Business Overview

37

C.

Organizational Structure

64

D.

Property, Plant and Equipment

65

E.

Regulatory Matters

67

Item 4.A.

UNRESOLVED STAFF COMMENTS

81

Item 5.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

81

A.

Operating Results

82

B.

Liquidity and Capital Resources

94

C.

Research and Development, Patents and Licenses

107

D.

Trend Information

107

E.

Critical Accounting Estimates

108

Item 6.

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

109

A.

Directors and Senior Management

109

B.

Compensation

116

C.

Board Practices

119

D.

Employees

126

E.

Share Ownership

127

F.

Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation.

127

Item 7.

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

127

A.

Major Shareholders

127

B.

Related Party Transactions

129

C.

Interests of Experts and Counsel

130

Item 8.

FINANCIAL INFORMATION

130

A.

Consolidated Statements and Other Financial Information

130

B.

Significant Changes

133

Item 9.

THE OFFER AND LISTING

133

A.

Offer and Listing Details

133

B.

Plan of Distribution

133

C.

Market

133

i