Spanish drugmaker Grifols on Thursday published new details of its 2022 and 2023 accounts, including higher leverage ratios than previously reported based on a different calculation of its gross operating profit and debt, after being required to do so by market supervisor CNMV.

The new calculation is based on profit and loss statements instead of Grifols' usual financial reporting model, which uses so-called alternative performance measures.

In Thursday's filing, Grifols said its leverage ratio under profit-and-loss accounting was 8.4 times in 2022 and 2023, compared with the ratios of 7.1 times and 6.3 times, respectively, that it had previously reported under its credit agreement.

The CNMV asked Grifols on March 21 to publish within 15 days a breakdown of its 2022 and 2023 consolidated results before EBITDA and financial debts of entities in which it had non-controlling interests.

Since early January, bearish fund Gotham City Research has published three reports accusing Grifols of overstating operating profit and understating debt. Grifols' market value has lost billions of euros since then.

Gotham City questioned Grifols' reported EBITDA and its leverage ratio of 6.7 times in the third quarter of 2023. It said the ratio was close to 10 to 13 times EBITDA.

The supervisor's investigation found no material errors in the amounts reported by Grifols, but identified "relevant deficiencies" in the detail and accuracy of the disclosures and explanatory notes in some years.

The company said Thursday that the difference between the ratios was due to the inclusion in its 2023 EBITDA calculation of adjustments for extraordinary, unusual or non-recurring expenses and for cost savings and operational improvements for the next 12 months.

Previously, it reported EBITDA of €1.48 billion ($1.61 billion) for 2023. The new estimate shows EBITDA of €1.25 billion over the same period.

The other reason for the discrepancy was the exclusion of the finance lease related to the plasma donation centers as part of the debt under the credit agreement it signed with the banks.

Grifols committed to make public the consolidated EBITDA ratios on a P&L and adjusted EBITDA basis in future earnings reports so that investors have all the information.

(1 dollar = 0.9211 euros)

(Reporting by David Latona and Jesús Aguado; Editing by Cynthia Osterman; Spanish edition by Tomás Cobos)