ADMA Biologics, Inc. Q3 2026 Earnings Recap

ADMA shares rose 26.0% after earnings, as investors responded to 31% year-over-year ASCENIV growth, 71% corporate gross margin and substantial earnings growth. The quarter also showed continued pressure on BIVIGAM revenue, while management pointed to early signs of stabilization in end-user utilization.

Key Takeaways

• ASCENIV revenue was $124.7 million, up 31% year over year and 21% sequentially; management cited broader physician adoption, new patient starts and higher end-user utilization.
• Total revenue increased 13% sequentially to $141.1 million, and corporate gross margin was 71%.
• BIVIGAM revenue fell to $15.4 million from $19.4 million in the second quarter amid pricing and competitive pressure; management said underlying utilization showed signs of stabilization entering the fourth quarter.
• ADMA repurchased 16.5 million shares through September 30, about 6.3% of shares outstanding at year-end 2025, and remained on track for its target of at least $200 million in 2026 repurchases.
• Management said ASCENIV growth in secondary immunodeficiency patients has been moderate so far, despite viewing that population as a potential additional growth opportunity.