ADMA BIOLOGICS (ADMA) Company Report

ADMA Biologics pre-announced strong financial results for Q4 2025 and full-year 2025, with Q4 revenue exceeding $139 million and full-year revenue of $510 million or more, along with Q4 EBITDA of $77 million-$78 million or more and full-year EBITDA of $235 million.
The company provided robust guidance, forecasting $635 million in revenue and $360 million in EBITDA for 2026, $775 million in revenue and $455 million in EBITDA for 2027, and over $1.1 billion in revenue with approximately $700 million in EBITDA by 2029.
Key operational advancements include the successful implementation of an FDA-approved yield enhancement manufacturing strategy, which commenced commercial-scale production in May 2025, contributing to increased revenue and outsized EBITDA.
ADMA is divesting three plasma centers while expanding its third-party plasma supply network from 250 to 280 centers, aiming to optimize raw material collection and reduce operating costs.
The company is advancing its pipeline with SG01, a potential $300 million-$500 million or more revenue opportunity not yet included in 2029 guidance, and plans to expand the label for its lead product, ASCENIV, to the pediatric population in 2026.

Jan 12, 2026, 5:45 PM

Transcript

ADMA Biologics Pre-Announces Strong 2025 Results and Provides Upbeat 2026-2029 Guidance

ADMA

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

ADMA Biologics pre-announced preliminary unaudited financial results for fiscal year 2025, reporting total revenue of $510 million or more, EBITDA of $235 million, and net income greater than $158 million.
The company provided robust guidance, projecting $635 million in revenue and $360 million in EBITDA for 2026, and $775 million in revenue and $455 million in EBITDA for 2027.
ADMA reiterated its 2029 multi-year guidance of $1.1 billion or more in revenue and approximately $700 million in EBITDA.
Strategic developments include the divestiture of three plasma centers for $12 million in gross proceeds and a new third-party plasma supply contract, expanding its network to 280 centers.
The company also highlighted the successful commercial-scale production of its FDA-approved yield enhancement strategy, which extracts 20% more finished goods from plasma, and plans to advance its SG01 pipeline product in 2026.

Jan 12, 2026, 5:45 PM

Transcript

ADMA Pre-Announces Strong 2025 Results and Provides Multi-Year Guidance

ADMA

Guidance Update

Revenue Acceleration/Inflection

Share Buyback

ADMA pre-announced 2025 total revenue of $510 million or more, with Q4 2025 revenue exceeding $139 million, EBITDA of $77-$78 million or more, and net income of about $50 million or more.
The company provided 2026 revenue guidance of $635 million and EBITDA of $360 million, and 2027 revenue guidance of $775 million and EBITDA of $455 million.
ADMA forecasts $1.1 billion or more in revenue by 2029 with EBITDA generation of about $700 million, driven by increased Asceniv sales and the successful implementation of a yield enhancement manufacturing strategy, which increases finished goods by 20%.
Strategic initiatives include divesting three plasma centers, expected to reduce operating costs by $13-$15 million, and expanding its distribution network through an agreement with McKesson Specialty. The company also continues to believe its stock is undervalued and is conducting share buybacks.

Jan 12, 2026, 5:45 PM

Transcript

ADMA Biologics Announces Preliminary FY 2025 Revenue and Updated Guidance

ADMA

Earnings

Guidance Update

Share Buyback

ADMA Biologics reported preliminary unaudited total revenue for FY 2025 of approximately $510-$511 million and ended the year with approximately $88 million in cash, including $40 million in estimated operating cash flow for Q4 2025.
The company increased its FY 2026 total revenue guidance to approximately $635 million (up from $630 million) and Adjusted EBITDA guidance to approximately $360 million (up from $355 million).
For FY 2027, ADMA expects total revenue of approximately $775 million and Adjusted EBITDA of approximately $455 million.
ADMA targets over $1.1 billion in annual revenue and over $700 million in Adjusted EBITDA by FY 2029.
Strategic initiatives include the divestiture of three plasma centers for $12 million to enhance margins and supply visibility, with 2026 anticipated as the first full year of yield-enhanced production supporting sustained margin expansion. The company also has an ongoing share repurchase program with up to $500 million authorized.

Jan 12, 2026, 1:20 PM

8-K

ADMA Biologics Announces Preliminary FY 2025 Revenue and Provides Updated Guidance

ADMA

Earnings

Guidance Update

Revenue Acceleration/Inflection

ADMA Biologics reported preliminary unaudited total revenue for FY 2025 of approximately $510–511 million, meeting or exceeding prior guidance.
The company ended 2025 with approximately $88 million in cash, including an estimated $40 million in operating cash flow generated in 4Q 2025.
ADMA increased its FY 2026 total revenue expectation to approximately $635 million and its FY 2026 Adjusted EBITDA expectation to approximately $360 million.
The company also provided FY 2027 guidance, expecting revenue of approximately $775 million and Adjusted EBITDA of approximately $455 million.
ADMA targets over $1.1 billion in annual revenue and over $700 million in Adjusted EBITDA by FY 2029.

Jan 12, 2026, 1:00 PM

Press Release

ADMA Biologics Outlines Growth Strategy and Financial Projections

ADMA

Guidance Update

New Projects/Investments

Share Buyback

ADMA Biologics is a US-based, vertically integrated specialty biologics company with three FDA-approved products, including ASCENIV and BIVIGAM, for primary immunodeficiency.
The company projects significant financial growth, forecasting $1.1 billion+ in annual revenue and $700 million in Adjusted EBITDA by FY2029, driven by a 20% revenue CAGR and 30% Adjusted EBITDA CAGR from 2025-2029.
Growth is supported by an FDA-approved yield enhancement process expected to provide 20%+ additional IG production yields starting in FY2026, and a robust, diversified plasma supply network.
ADMA is expanding its pipeline with SG-001, a hyperimmune globulin targeting S. pneumoniae infections with $300-500 million+ annual revenue potential, and an ASCENIV pediatric label expansion with an SBLA filed in June 2025.
The company has an ongoing share repurchase program with up to $500 million authorized.

Jan 12, 2026, 12:00 PM

Presentation

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

ADMA

Earnings

Guidance Update

Revenue Acceleration/Inflection

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.