ADMA BIOLOGICS (ADMA) Company Report

ADMA Biologics reported strong Q3 2025 financial results, with total revenue of $134.2 million, a 10% quarter-over-quarter and 12% year-over-year increase, and adjusted EBITDA of $58.7 million, up 16% quarter-over-quarter and 29% year-over-year.
The company raised its full-year 2025 revenue guidance to $510 million and its 2026 revenue guidance to at least $630 million.
ASCENIV delivered record utilization, and a retrospective analysis demonstrated a statistically significant reduction in infection rates (from 2.1 to 0.9 infections per year) for patients transitioning from standard immune globulin therapy.
The FDA released the first yield-enhanced production batches, which are expected to improve per-batch output by 20% or more and drive gross margin expansion starting in Q4 2025.
ADMA maintains a long-term outlook to exceed $1.1 billion in annual revenue by fiscal year 2029, supported by yield-enhancement efficiencies and expanding ASCENIV demand.

Nov 5, 2025, 9:30 PM

Transcript

ADMA Biologics Reports Strong Q3 2025 Results and Raises 2025/2026 Guidance

ADMA

Earnings

Guidance Update

Revenue Acceleration/Inflection

ADMA Biologics announced strong Q3 2025 financial results, with total revenue of $134.2 million, a 10% quarter-over-quarter and 12% year-over-year increase, alongside GAAP net income of $36.4 million and adjusted EBITDA of $58.7 million.
The company raised its full-year 2025 revenue guidance to $510 million and 2026 revenue guidance to at least $630 million, reflecting continued strength in ASCENIV demand and operational efficiencies.
ASCENIV achieved record utilization, with a retrospective analysis demonstrating a greater than 50% reduction in infection rates for patients transitioning from standard immune globulin therapy.
The FDA released the first yield-enhanced production batches, anticipated to boost per-batch output by 20% or more and contribute to gross margin expansion starting in Q4 2025.

Nov 5, 2025, 9:30 PM

Transcript

ADMA Biologics Reports Strong Q3 2025 Results and Raises 2025 and 2026 Guidance

ADMA

Earnings

Guidance Update

Revenue Acceleration/Inflection

ADMA Biologics delivered Q3 2025 total revenue of $134.2 million, marking a 12% year-over-year increase, with GAAP net income reaching $36.4 million and adjusted EBITDA growing to $58.7 million. Product-level gross margins, excluding a plasma sale, expanded to 63.7% during the quarter.
The company updated its full-year 2025 revenue guidance to $510 million and maintained its adjusted EBITDA guidance at $235 million. For 2026, total revenue is now expected to be at least $630 million, adjusted net income more than $255 million, and adjusted EBITDA more than $355 million.
Performance was driven by record utilization of ASCENIV, which demonstrated a statistically significant reduction in infection rates in a retrospective study. The FDA's lot release of the first yield-enhanced production batches is anticipated to improve per-batch output by 20% or more, contributing to gross margin expansion starting in Q4 2025.
ADMA maintains a strong balance sheet with an undrawn $225 million revolving credit facility and continues to fund share repurchases organically. The company projects over $1.1 billion in annual revenue by 2029, with its SG-001 program representing a potential $300 million-$500 million annual high-margin revenue opportunity.

Nov 5, 2025, 9:30 PM

Transcript

ADMA Biologics Announces Strong Q3 2025 Results and Raised Guidance

ADMA

Earnings

Guidance Update

Share Buyback

ADMA Biologics reported Q3 2025 total revenue of $134.2 million, a 12% year-over-year increase, with GAAP net income of $36.4 million and Adjusted EBITDA of $58.7 million, a 29% year-over-year increase.
The company raised its full-year 2025 total revenue guidance to at least $510 million and reaffirmed Adjusted EBITDA guidance at $235 million.
For fiscal year 2026, ADMA Biologics raised its total revenue guidance to $630 million or more and Adjusted EBITDA guidance to more than $355 million, also projecting total annual revenue to exceed $1.1 billion in FY 2029.
Key business updates include the FDA lot release of first yield-enhanced production batches, expected to drive gross margin expansion, and record ASCENIV demand with anticipated 2026 payer coverage expansion. The company also highlighted ongoing share repurchases.

Nov 5, 2025, 9:11 PM

8-K

ADMA Biologics Announces Strong Q3 2025 Results and Raises Full-Year Guidance

ADMA

Earnings

Guidance Update

Revenue Acceleration/Inflection

ADMA Biologics reported Q3 2025 total revenue of $134.2 million, a 12% year-over-year increase, with GAAP net income of $36.4 million and Adjusted EBITDA of $58.7 million, up 1% and 29% respectively.
The company raised its full-year 2025 total revenue guidance to $510 million or more and reaffirmed its Adjusted EBITDA guidance at $235 million.
For fiscal year 2026, ADMA Biologics raised total revenue guidance to $630 million or more and Adjusted EBITDA guidance to $355 million.
Key operational milestones include the FDA lot release of the first yield-enhanced production batches, expected to drive margin expansion from Q4 2025, and record ASCENIV demand with anticipated 2026 payer coverage expansion. The company also projects total annual revenue to exceed $1.1 billion in FY 2029.

Nov 5, 2025, 9:05 PM

Press Release

ADMA Biologics Reports Q2 2025 Results, Reaffirms Guidance, and Completes Debt Refinancing

ADMA

Earnings

Guidance Update

Debt Issuance

ADMA Biologics reported Q2 2025 total revenues of $122,000,000, an increase of 14% year-over-year, or approximately 29% on an underlying basis. Adjusted net income increased 85% and adjusted EBITDA grew 59% year-over-year on an underlying basis.
The company completed a $300,000,000 debt refinancing effective August 5, 2025, which includes a $75,000,000 term loan and a $225,000,000 revolving credit facility, aimed at reducing borrowing costs and enhancing liquidity.
Commercial scale production utilizing the FDA-approved yield enhancement process has begun, achieving the expected 20% or greater increase in bulk IG output, with anticipated benefits to gross margins and production throughput starting early 2026.
ADMA reaffirmed its FY 2025 guidance for total revenue of $500,000,000 or more, adjusted EBITDA of at least $235,000,000, and adjusted net income of $175,000,000 or more. The company also reaffirmed its FY 2026 guidance and its long-term target of exceeding $1,100,000,000 in annual revenue prior to February 2030.
During Q2 2025, ADMA repurchased approximately $15,000,000 of common stock under its $500,000,000 share repurchase program. Additionally, in July, the company acquired a new facility to support future growth and potential manufacturing space expansion.

Aug 7, 2025, 1:55 PM

ADMA Biologics Q1 2025 Earnings & Financial Results

ADMA

Earnings

Guidance Update

Share Buyback

Revenue Acceleration/Inflection

Total Revenue reached $114.8 million in Q1 2025 with a 40% year-over-year increase and GAAP Net Income of $26.9 million, reflecting strong margin and EBITDA growth.
The company received FDA approval for its yield enhancement process, expected to generate 20% more product from the same plasma volumes, supporting margin expansion.
Guidance Update: FY 2025 revenue guidance was raised to over $500 million and FY 2026 to over $625 million, along with improved adjusted EBITDA forecasts.
The Board authorized a $500 million share repurchase program, representing approximately 8% of current market capitalization to enhance shareholder value.

May 7, 2025, 8:31 PM

Transcript 8-K

ADMA Biologics Announces FDA Approval of Production Yield Enhancement Process

ADMA

Product Launch

Revenue Acceleration/Inflection

ADMA Biologics announced U.S. FDA approval for an innovative production yield enhancement process expected to boost production yields by approximately 20% from the same starting plasma volume.
The new process is anticipated to drive revenue acceleration and margin expansion, benefiting multiple plasma-derived products and supporting future growth in late 2025 and into 2026.

Apr 28, 2025, 12:00 AM

8-K

ADMA Biologics Announces Q4 2024 Financial Results & Guidance Update

ADMA

Earnings

Guidance Update

Revenue Acceleration/Inflection

FY 2024 Total Revenue: Reached $426.5 million, a 65% YoY increase driven by higher ASCENIV sales, with GAAP net income turning positive at $197.7 million .
Adjusted EBITDA Improvement: Achieved $164.6 million with a 309% YoY increase, reflecting robust operational performance .
Margin Expansion: Gross margin increased from 34.4% in 2023 to 51.5% in 2024, owing to a more favorable sales mix and cost efficiencies .
Updated Guidance: FY 2025 revenues are now expected to exceed $490 million and FY 2026 $605 million, with corresponding improvements in adjusted EBITDA .
Long-Term Growth Prospects: The company anticipates surpassing $1 billion in annual revenue before 2030, supported by long-term plasma supply contracts and pending yield enhancement regulatory approval .