ADMA Biologics, Inc. Earnings Recaps
Q1 2026
May 8, 2026
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.
Key takeaways
- 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.
Q3 2025
Nov 6, 2025
ADMA Biologics reported a strong third quarter of 2025, with total revenue reaching $134.2 million, showcasing solid sequential and year-over-year growth driven by record utilization of ASCENIV and operational advancements.
Key takeaways
- Total revenue increased 10% quarter-over-quarter and 12% year-over-year to $134.2 million.
- GAAP net income rose to $36.4 million, a 6% increase from the previous quarter and 1% year-over-year.
- Adjusted EBITDA grew by 16% quarter-over-quarter and 29% year-over-year to $58.7 million, indicating enhanced operational leverage.
- ASCENIV observed significant patient-driven demand, with promising payer negotiations expected to improve reimbursement access in 2026.
- Operational advancements, including FDA regulatory approval for yield-enhanced production, are projected to enhance gross margins substantially starting Q4 2025.