ADMA Biologics shares dropped 18.9% following earnings due to continued top-line pressures on BIVIGAM amid intensified competitive dynamics and disruptive distributor ordering patterns, which overshadowed strong ASCENIV demand and margin expansion.

• Total revenue was essentially flat, weighed down by BIVIGAM’s challenges related to aggressive competitor discounting and inventory recalibration at distributors.
• ASCENIV revenue grew approximately 28% year-over-year, driven by record patient starts, prescriber adoption, and strong patient adherence.
• Corporate gross margins expanded to 71%, reflecting targeted expense reductions and operational efficiencies.
• Adjusted net income increased 22% year-over-year, supported by margin improvement and $58 million in operating cash flow.
• Management described the adverse distributor ordering variability as transitory and industry-wide, expecting demand normalization in Q2, but the market remains unconvinced given near-term revenue headwinds.