UPDATE 1-Spain's Grifols H1 net profit grows 22% as blood collection improves

(Recasts with new details, adds analysts’ reaction)

BARCELONA, July 29 (Reuters) - Spanish pharmaceutical company Grifols said on Thursday its net profit jumped four-fold to 136.9 million euros ($162.53 million) in the second quarter, taking its first-half net earnings to 266.8 million euros, up 22.3%.

Grifols reversed a 30% drop in net profit registered in the first quarter, with the company, which produces drugs based on blood plasma, managing to improve its plasma collection as the impact of the coronavirus pandemic ebbed.

Still, overall revenues fell 5.3% in the first six months of the year compared to the same period of 2020, totalling 2.5 billion euros.

The Barcelona-based group said it has increased its capacity to obtain plasma by 15% this year after an intense investment campaign.

Although its blood collection in Europe is above pre-pandemic levels, in the United States it has not reached that point yet, though it is improving.

Analysts at Banco Sabadell and JB Capital said the results were better than expected.

JB Capital said Grifols’ second-quarter results were around 4% ahead of its estimate and consensus, while Banco Sabadell highlighted the gradual improvement of its main business, which it believes will speed up in the coming quarters.

$1 = 0.8423 euros Reporting by Joan Faus; Editing by Inti Landauro and Jan Harvey