ADMA Biologics Reports Second Quarter 2026 Financial Results and Provides Business Update
Rhea-AI Summary
ADMA Biologics (Nasdaq: ADMA) reported 2Q 2026 total revenue of $124.4 million, up 2% year-over-year, driven by ASCENIV revenue of $102.9 million, up 24%, while BIVIGAM revenue was $19.4 million, down 49% year-over-year but improving sequentially. GAAP net income was $37.8 million and GAAP basic EPS was $0.17, increasing 11% and 17% year-over-year, respectively. Adjusted net income reached $39.0 million and adjusted EBITDA $61.8 million, up 8% and 22%. Gross margin expanded to 69% from 55%.
For the first half of 2026, revenue was $238.9 million, with ASCENIV up 26% and BIVIGAM down 51% year-over-year; gross margin reached 70%. ADMA reiterated its FY2026 guidance for revenue of $530–$560 million, adjusted net income of $170–$200 million and adjusted EBITDA of $265–$300 million. The company repurchased about 13.8 million shares (5.3% of outstanding) year-to-date and advanced its SG-001 program and ASCENIV real-world outcomes data.
Positive
- Q2 2026 revenue $124.4M, up 2% year-over-year
- Q2 2026 ASCENIV revenue $102.9M, up 24% year-over-year
- Q2 2026 gross margin 69% vs 55% in Q2 2025
- Q2 2026 GAAP net income $37.8M, up 11% year-over-year
- Q2 2026 adjusted EBITDA $61.8M, up 22% year-over-year
- 2026 share repurchases 13.8M shares, about 5.3% of common stock
Negative
- Q2 2026 BIVIGAM revenue $19.4M, down 49% year-over-year
- H1 2026 BIVIGAM revenue $34.8M, down 51% year-over-year
- Q2 2026 R&D expense $6.0M vs $1.0M prior-year quarter
- Q2 2026 SG&A expense $26.7M vs $22.2M prior-year quarter
- Effective tax rate 24.7% in Q2 2026 vs 14.7% in Q2 2025
- Guidance context reflects sustained U.S. immune globulin pricing pressure in 2026
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 06 | 1Q26 earnings report | Positive | -16.0% | ASCENIV growth and profitability increased while guidance reflected market dislocation |
| Feb 25 | FY25 earnings report | Positive | -3.2% | Record revenue, ASCENIV sales, adjusted income and EBITDA were reported |
| Nov 05 | 3Q25 earnings report | Positive | -8.7% | Revenue growth, raised guidance and yield-enhanced production supported the update |
| Aug 06 | 2Q25 earnings report | Positive | -9.7% | Revenue, manufacturing output, refinancing and facility expansion advanced |
| May 07 | 1Q25 earnings report | Positive | -10.2% | Profitability, guidance, share repurchases and manufacturing capacity improved |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
ADMA's tag-matched earnings announcements had consistently negative 24-hour price reactions despite operationally positive or mixed disclosures.
Key Terms
adjusted ebitda financial
ivig medical
pre-investigational new drug (ind) regulatory
gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
2Q 2026 Total Revenue of
2Q 2026 ASCENIV Revenue of
BIVIGAM Utilization Stabilized with Sequential Improvement in Demand and Revenue
2Q 2026 GAAP Net Income of
2Q 2026 Adjusted Net Income(1) of
2Q 2026 GAAP Basic EPS of
2Q 2026 Adjusted EBITDA(2) of
Strong Balance Sheet and Financial Flexibility Support Continued Execution
ACAAI Abstract Submitted Highlighting Significant Real-World Health Outcomes and Healthcare Resource Utilization Improvements in PI Patients Treated with ASCENIV
Accelerating ASCENIV Demand and Expanding Real-World Evidence Reinforce ADMA’s Robust Growth Opportunity
Reiterates FY2026 Financial Guidance
RAMSEY, N.J. and BOCA RATON, Fla., Aug. 05, 2026 (GLOBE NEWSWIRE) -- ADMA Biologics, Inc. (Nasdaq: ADMA) (“ADMA” or the “Company”), a U.S.-based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics, today announced its second quarter 2026 financial results and provided a business update.
“Our second quarter results reflect strong execution across the business and demonstrate the power of ASCENIV’s growth trajectory,” said Adam Grossman, President and Chief Executive Officer of ADMA. “ASCENIV continued to outperform, supported by increasing physician adoption, broader prescriber engagement, new patient starts and higher patient utilization. Growth in ASCENIV utilization accelerated in the quarter, with June delivering the strongest sequential month-over-month utilization growth since the first half of 2024. BIVIGAM demand continued to stabilize during the quarter, resulting in sequential improvement in utilization and revenue. Together, these trends reinforce our confidence in sustained growth throughout the balance of 2026."
Mr. Grossman continued, “During the first half of 2026, ADMA further enhanced its robust real-world health outcomes and healthcare resource utilization data, which we believe further differentiates ASCENIV in later-line, refractory and medically complex primary immunodeficiency patients. We generated data comprising 127 real-world ASCENIV-treated patients, the majority of whom had previously received other immune globulin therapies and switched to ASCENIV. The study’s findings demonstrated that patients experienced statistically significant reductions in infection-related hospitalizations, outpatient healthcare utilization, oral antibiotic use and corticosteroid use following ASCENIV administration, and the findings have been submitted as an abstract to the November 2026 American College of Allergy, Asthma & Immunology (“ACAAI”) Annual Scientific Meeting. Supported by this expanding real-world evidence base, we believe these datasets will further strengthen ASCENIV’s already robust patient access and commercial payer coverage. We believe ASCENIV remains early in its penetration of this underserved market, supporting our confidence in meeting or exceeding guidance ranges for 2026 and unwavering optimism in the product’s peak revenue potential.”
Reiterated FY2026 Financial Guidance
- FY2026 total revenue expected to be
$530 million to$560 million - FY2026 Adjusted Net Income expected to be
$170 million to$200 million - FY2026 Adjusted EBITDA expected to be
$265 million to$300 million
The FY2026 outlook continues to reflect sustained competitive dynamics and pricing pressure within the U.S. immune globulin market through the balance of the year. ASCENIV is expected to remain ADMA’s principal growth driver, supported by accelerating demand, expanding physician adoption and an increasing body of differentiated clinical and real-world evidence.
Commercial Execution Reinforces ASCENIV’s Growth Trajectory
- ASCENIV Demand Continued to Accelerate. ASCENIV demand accelerated throughout the second quarter, culminating in June with the strongest sequential month-over-month utilization growth since the first half of 2024. The acceleration in distributor reported end-user utilization in the second quarter of 2026 reinforces management’s view that ASCENIV remains early in its penetration of the later-line, refractory primary immunodeficiency (“PI”) market.
- ASCENIV Continued to Outperform in its Insulated Total Addressable Market (TAM) and BIVIGAM Utilization is Stabilizing Despite an Evolving, Competitive U.S. IG Market Backdrop. ASCENIV continued to outperform, supported by increasing physician adoption, broader provider engagement, new patient starts and higher patient utilization. BIVIGAM demand stabilized during the second quarter, resulting in sequential improvement in utilization and revenue.
- New Real-World Health Outcomes Data Further Differentiated ASCENIV. ADMA submitted an abstract for publication at the 2026 ACAAI Annual Scientific Meeting highlighting results from a large real-world health outcomes and healthcare resource utilization analysis of 127 medically complex PI patients, the majority of whom had previously received other immune globulin therapies. Following initiation of ASCENIV treatment, patients experienced statistically significant reductions in infection-related hospitalizations, outpatient healthcare utilization, oral antibiotic use and corticosteroid use. The proportion of patients experiencing infection-related emergency-room visits also declined. The Company believes these findings further validate ASCENIV's differentiated value proposition, reinforce its positioning in later-line, refractory PI patients and support continued physician adoption, payer access and utilization. These findings complement ASCENIV's broad commercial payer coverage and support its continued commercial expansion.
- The study population consisted of complex patients who, in addition to PI, had one of: (1) respiratory comorbidities (i.e., Asthma, COPD, bronchiectasis, etc.), (2) significant corticosteroid, antibiotic or respiratory antiviral use, or (3) recurrent infection-related healthcare resource utilization (i.e., hospitalizations, ER visits) in a calendar year.
- The analysis compared patient outcomes and healthcare resource utilization during the 12 months before ASCENIV initiation with the 12 months following administration.
- Commercial Momentum Supports Reiterated FY2026 Financial Guidance. Accelerating ASCENIV demand, stabilization in BIVIGAM, and continued strong cash generation reinforce management’s confidence in meeting or exceeding the Company’s FY2026 financial guidance.
- Disciplined Capital Allocation Continues to Enhance Stockholder Value. During the second quarter, ADMA repurchased approximately 7.1 million shares of common stock under its previously authorized share repurchase program. Year-to-date total stock repurchases through June 30, 2026 were approximately 13.8 million shares, amounting to
5.3% of the Company’s common stock outstanding. In addition to the Company’s accelerated share repurchase (ASR) program completed in the second quarter, ADMA’s stock repurchases were funded through organically generated operating cash flow, while the Company maintained substantial financial flexibility to support commercial expansion, manufacturing initiatives and pipeline development. The Company remains active with share repurchases and is on track to complete its previously stated$200 million or more 2026 share repurchase target. - SG-001 Development Remains on Track. ADMA continues to advance plasma collection optimization, potency assay development and preclinical activities supporting planned conformance lot production during the second half of 2026, ahead of the anticipated submission of its pre-Investigational New Drug (IND) meeting package to the U.S. Food and Drug Administration by year-end. Leveraging ADMA’s existing platform and commercial infrastructure, the Company believes it is positioned for a potentially rapid commercial ramp-up toward an approximately
$300 t o$500 million market opportunity.
- Immunocompromised patients remain at a disproportionately high risk for severe pneumococcal disease. Underlying impairments in functional immunity limit vaccine-mediated protection, leaving a persistent need for alternative targeted preventive strategies in the patients at greatest risk. ADMA believes SG-001 has the potential to mitigate the burden of the disease and is encouraged by the pre-clinical studies conducted to date.
Second Quarter 2026 Financial Results:
Total revenue for the quarter ended June 30, 2026 was
Gross profit for the quarter ended June 30, 2026 was
Research and development expenses for the quarter ended June 30, 2026 were
Selling, general and administrative expenses for the quarter ended June 30, 2026 were
GAAP net income for the quarter ended June 30, 2026 was
GAAP Basic EPS was
Adjusted Net Income for the quarter ended June 30, 2026 was
Adjusted EBITDA for the quarter ended June 30, 2026 was
First Half 2026 Financial Results:
Total revenue for the six months ended June 30, 2026 was
Gross profit for the six months ended June 30, 2026 was
Research and development expenses for the six months ended June 30, 2026 were
Selling, general and administrative expenses for the six months ended June 30, 2026 were
GAAP net income for the six months ended June 30, 2026 was
GAAP Basic EPS for the six months ended June 30, 2026 was
Adjusted Net Income for the six months ended June 30, 2026 was
Adjusted EBITDA for the six months ended June 30, 2026 was
Conference Call Information
To access the conference call seamlessly, participants are required to register for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join approximately 10 minutes prior to the event start (although you may dial in at any time during the call). Attendees who will not be asking a question during the call are encouraged to listen in to the live webcast here. An archived replay of the event will be available, located under “Events & Webcasts” in the investor section of the Company’s website at https://ir.admabiologics.com/events-webcasts.
About ASCENIV™
ASCENIV (immune globulin intravenous, human – slra
Additional Important Safety Information About ASCENIV™
| WARNING: THROMBOSIS, RENAL DYSFUNCTION AND ACUTE RENAL FAILURE |
| Thrombosis may occur with immune globulin intravenous (IGIV) products, including ASCENIV. Risk factors may include: advanced age, prolonged immobilization, hypercoagulable conditions, history of venous or arterial thrombosis, use of estrogens, indwelling vascular catheters, hyperviscosity, and cardiovascular risk factors. Renal dysfunction, acute renal failure, osmotic nephrosis, and death may occur with the administration of IGIV products in predisposed patients. Such events require immediate medical intervention, if not recognized or managed appropriately, may result in persistent or significant disability or lead to fatal outcome. For patients at risk of thrombosis, renal dysfunction or renal failure, administer ASCENIV at the minimum dose and infusion rate practicable. Ensure adequate hydration in patients before administration. Monitor for signs and symptoms of thrombosis and assess blood viscosity in patients at risk for hyperviscosity. |
ASCENIV™ Contraindications:
History of anaphylactic or severe systemic reactions to human immunoglobulin.
IgA deficient patients with antibodies to IgA and a history of hypersensitivity.
ASCENIV™ Warnings and Precautions:
IgA-deficient patients with antibodies against IgA are at greater risk of developing severe hypersensitivity and anaphylactic reactions. Have medications such as epinephrine available to treat any acute severe hypersensitivity reactions. [4, 5.1]
Thrombotic events have occurred in patients receiving IGIV treatments. Monitor patients with known risk factors for thrombotic events; consider baseline assessment of blood viscosity for patients at risk of hyperviscosity. [5.2, 5.4]
In patients at risk of developing acute renal failure, monitor renal function, including blood urea nitrogen (BUN), serum creatinine, and urine output. [5.3, 5.9]
Hyperproteinemia, increased serum viscosity, and hyponatremia or pseudohyponatremia can occur in patients receiving IGIV treatment.
Aseptic meningitis syndrome (AMS) has been reported with IGIV treatments, especially with high doses or rapid infusion. [5.5]
Hemolytic anemia can develop subsequent to IGIV treatment. Monitor patients for hemolysis and hemolytic anemia. [5.6]
Monitor patients for pulmonary adverse reactions (Transfusion-related acute lung injury [TRALI]). If transfusion related acute lung injury is suspected, test the product and patient for antineutrophil antibodies. [5.7]
Because this product is made from human blood, it may carry a risk of transmitting infectious agents, e.g., viruses, and theoretically, the Creutzfeldt-Jakob disease (CJD) agent.
ASCENIV™ Adverse Reactions:
The most common adverse reactions to ASCENIV (≥
To report SUSPECTED ADVERSE REACTIONS, contact ADMA Biologics at (800) 458-4244 or the FDA at 1-800-FDA-1088 or http://www.fda.gov/medwatch.
About ADMA Biologics, Inc. (ADMA)
ADMA Biologics is a U.S.-based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. ADMA currently manufactures and markets three United States Food and Drug Administration (FDA)-approved plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases: ASCENIV™ (immune globulin intravenous, human – slra
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company believes Adjusted EBITDA and Adjusted Net Income are useful to investors in evaluating the Company’s financial performance. The Company uses Adjusted EBITDA and Adjusted Net Income as key performance measures because it believes that they facilitate operating performance comparisons from period to period that exclude potential differences driven by the impact of variations of non-cash items such as depreciation and amortization, as well as, in the case of Adjusted EBITDA, stock-based compensation or certain non-recurring items, and in the case of Adjusted Net Income, certain non-recurring items. The Company believes that investors should have access to the same set of tools used by its management and Board of Directors to assess its operating performance. Adjusted EBITDA and Adjusted Net Income should not be considered as measures of financial performance under GAAP, and the items excluded from Adjusted EBITDA and Adjusted Net Income are significant components in understanding and assessing the Company’s financial performance. Accordingly, these key business metrics have limitations as an analytical tool. They should not be considered as an alternative to net income, cash flows from operations, or any other performance measures derived in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Please refer to the tables below for the reconciliation of GAAP measures to these non-GAAP measures for applicable periods.
The Company has not provided a reconciliation of its forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure because certain items that are excluded from such non-GAAP financial measures cannot be reasonably predicted or estimated without unreasonable effort. These items may include, but are not limited to, costs associated with potential business development, licensing, collaboration, acquisition, divestiture or other strategic transactions; unusual legal, litigation, regulatory, settlement and related professional fees, expenses and other organizational optimization costs; and other unusual, non-recurring, infrequent or non-cash items that may arise during the applicable period.
The timing, occurrence, and magnitude of these items are inherently uncertain and depend on a variety of factors that are outside of the Company's control or cannot be reasonably predicted at this time. Accordingly, management is unable to estimate these amounts with reasonable certainty or determine the probable significance of such items to the corresponding GAAP financial measure without unreasonable effort. These items could have a material impact on the Company's GAAP results for the applicable reporting period.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, about ADMA Biologics, Inc. (“we,” “our” or the “Company”). Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain such words as “confident,” “estimate,” “project,” “intend,” “forecast,” “target,” “anticipate,” “plan,” “planning,” “expect,” “believe,” “will,” “is likely,” “will likely,” “position us,” “positioned,” “support,” “should,” “could,” “would,” “may,” “potential,” “view,” “opportunity” or, in each case, their negative, or words or expressions of similar meaning. These forward-looking statements include, but are not limited to, statements about the Company’s total revenue, Adjusted Net Income, Adjusted EBITDA, earnings and earnings potential, financial guidance in future periods and related assumptions; the current U.S. immune globulin market, including competitive pressures; sustained competitive dynamics, pricing pressure, customer ordering patterns and inventory levels; our commercial execution initiatives and intended financial benefits; ASCENIV revenue growth and potential, value proposition, growth trajectory, penetration curve, appropriate market, patient access, commercial payer coverage, adoption, demand and utilization; our share repurchase target; and SG-001, its data, development, regulatory filings, revenue potential and clinical trial timeline. Actual events or results may differ materially from those described in this press release due to a number of important factors. Current and prospective security holders are cautioned that there also can be no assurance that the forward-looking statements included in this press release will prove to be accurate. Except to the extent required by applicable laws or rules, ADMA does not undertake any obligation to update any forward-looking statements or to announce revisions to any of the forward-looking statements. Forward-looking statements are subject to many risks, uncertainties and other factors that could cause our actual results, and the timing of certain events, to differ materially from any future results expressed or implied by the forward-looking statements, including, but not limited to, the risks and uncertainties described in our filings with the SEC, including our most recent reports on Form 10-K, 10-Q and 8-K, and any amendments thereto.
(1) Adjusted Net Income is a non-GAAP financial measure. For a reconciliation of Adjusted Net Income to the most comparable GAAP measure, see the reconciliation included in the financial tables. All non-GAAP adjustments are presented pre-tax.
(2) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, see the reconciliation included in the financial tables.
INVESTOR RELATIONS CONTACT:
Argot Partners | 212-600-1902 | ADMA@argotpartners.com
MEDIA CONTACT:
Longacre Square Partners | ADMABiologics@longacresquare.com
| ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||||
| June 30, | December 31, | ||||||
| 2026 | 2025 | ||||||
| (in thousands, except share and per share data) | |||||||
| Unaudited | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 136,020 | $ | 87,630 | |||
| Accounts receivable, net | 138,231 | 158,429 | |||||
| Inventories, net | 239,313 | 206,465 | |||||
| Prepaid expenses and other current assets | 14,639 | 7,458 | |||||
| Assets held for sale | - | 6,530 | |||||
| Total current assets | 528,203 | 466,512 | |||||
| Property and equipment, net | 66,664 | 65,057 | |||||
| Intangible assets, net | 575 | 632 | |||||
| Goodwill | 3,530 | 3,530 | |||||
| Deferred tax assets, net | 69,965 | 73,261 | |||||
| Right-of-use assets | 6,146 | 6,650 | |||||
| Deposits and other assets | 9,127 | 8,600 | |||||
| TOTAL ASSETS | $ | 684,210 | $ | 624,242 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 31,724 | $ | 22,519 | |||
| Accrued expenses and other current liabilities | 39,105 | 40,466 | |||||
| Current portion of long-term debt | 3,750 | 2,813 | |||||
| Current portion of lease obligations | 1,178 | 1,096 | |||||
| Liabilities held for sale | - | 2,647 | |||||
| Total current liabilities | 75,757 | 69,541 | |||||
| Long-term debt | 192,839 | 69,330 | |||||
| Deferred revenue, net of current portion | 1,334 | 1,405 | |||||
| Lease obligations, net of current portion | 6,072 | 6,646 | |||||
| TOTAL LIABILITIES | $ | 276,002 | $ | 146,922 | |||
| COMMITMENTS AND CONTINGENCIES | |||||||
| STOCKHOLDERS' EQUITY | |||||||
| Preferred Stock, | - | - | |||||
| Common Stock - voting, | 24 | 24 | |||||
| Treasury stock, at cost, 15,734,764 and 1,919,070 shares as of June 30, 2026 and December 31, 2025, respectively | (188,452 | ) | (32,090 | ) | |||
| Additional paid-in capital | 675,139 | 671,039 | |||||
| Accumulated deficit | (78,503 | ) | (161,653 | ) | |||
| TOTAL STOCKHOLDERS' EQUITY | 408,208 | 477,320 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 684,210 | $ | 624,242 | |||
| ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS NON-GAAP RECONCILIATION | |||||||||||||||
| Three Months ended June 30, | Six Months ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||
| Unaudited | |||||||||||||||
| REVENUES | $ | 124,395 | $ | 121,984 | $ | 238,888 | $ | 236,786 | |||||||
| Cost of product revenue | 38,118 | 54,757 | 71,861 | 108,463 | |||||||||||
| Gross profit | 86,277 | 67,227 | 167,027 | 128,323 | |||||||||||
| OPERATING EXPENSES: | |||||||||||||||
| Research and development | 6,014 | 1,031 | 8,611 | 1,858 | |||||||||||
| Plasma center operating expenses | 1,026 | 1,152 | 2,088 | 2,438 | |||||||||||
| Amortization of intangible assets | 55 | 32 | 110 | 57 | |||||||||||
| Gain on sale of plasma centers | - | - | (7,980 | ) | - | ||||||||||
| Selling, general and administrative | 26,737 | 22,214 | 53,479 | 46,292 | |||||||||||
| Total operating expenses | 33,832 | 24,429 | 56,308 | 50,645 | |||||||||||
| INCOME FROM OPERATIONS | 52,445 | 42,798 | 110,719 | 77,678 | |||||||||||
| OTHER INCOME (EXPENSE): | |||||||||||||||
| Interest and other income | 1,238 | 400 | 2,331 | 1,008 | |||||||||||
| Interest expense | (3,424 | ) | (1,834 | ) | (5,524 | ) | (3,809 | ) | |||||||
| Loss on extinguishment of debt | - | (1,159 | ) | - | (1,159 | ) | |||||||||
| Other expense | (22 | ) | (108 | ) | (161 | ) | (172 | ) | |||||||
| Other income (expense), net | (2,208 | ) | (2,701 | ) | (3,354 | ) | (4,132 | ) | |||||||
| INCOME BEFORE INCOME TAXES | 50,237 | 40,097 | 107,365 | 73,546 | |||||||||||
| Provision for income taxes | 12,415 | 5,878 | 24,215 | 12,424 | |||||||||||
| NET INCOME | $ | 37,822 | $ | 34,219 | $ | 83,150 | $ | 61,122 | |||||||
| BASIC EARNINGS PER COMMON SHARE | $ | 0.17 | $ | 0.14 | $ | 0.36 | $ | 0.26 | |||||||
| DILUTED EARNINGS PER COMMON SHARE | $ | 0.16 | $ | 0.14 | $ | 0.35 | $ | 0.25 | |||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||
| Basic | 228,232,503 | 241,490,715 | 232,136,480 | 238,309,156 | |||||||||||
| Diluted | 230,337,048 | 248,608,460 | 235,240,375 | 245,750,155 | |||||||||||
| RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA(2) | |||||||||||||||
| Three Months ended June 30, | Six Months ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| (in thousands) | |||||||||||||||
| Unaudited | |||||||||||||||
| Net income | $ | 37,822 | $ | 34,219 | $ | 83,150 | $ | 61,122 | |||||||
| Depreciation | 1,726 | 2,027 | 3,510 | 3,970 | |||||||||||
| Amortization | 55 | 32 | 110 | 57 | |||||||||||
| Income taxes | 12,415 | 5,878 | 24,215 | 12,424 | |||||||||||
| Interest expense, net | 2,186 | 1,834 | 3,169 | 3,809 | |||||||||||
| EBITDA | 54,204 | 43,990 | 114,154 | 81,382 | |||||||||||
| Stock-based compensation | 6,135 | 4,963 | 12,464 | 9,587 | |||||||||||
| Voluntary Withdrawal and product replacements | - | 164 | - | 4,001 | |||||||||||
| Yield enhancement | 429 | 493 | 841 | 1,395 | |||||||||||
| Gain on sale of plasma centers | - | - | (7,980 | ) | - | ||||||||||
| Loss on extinguishment of debt | - | 1,159 | - | 1,159 | |||||||||||
| Non-recurring professional fees | 1,078 | - | 2,020 | 1,182 | |||||||||||
| Adjusted EBITDA | $ | 61,846 | $ | 50,769 | $ | 121,499 | $ | 98,706 | |||||||
| NON-GAAP RECONCILIATION RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME(1) | |||||||||||||||
| Three Months ended June 30, | Six Months ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| (in thousands) | |||||||||||||||
| Unaudited | |||||||||||||||
| Net income | $ | 37,822 | $ | 34,219 | $ | 83,150 | $ | 61,122 | |||||||
| Stock-based compensation modifications | - | - | 609 | 474 | |||||||||||
| Customer credits related to the Voluntary Withdrawal | - | 164 | - | 4,001 | |||||||||||
| Loss on extinguishment of debt | - | 1,159 | - | 1,159 | |||||||||||
| Yield Enhancement | 323 | 493 | 650 | 1,395 | |||||||||||
| Gain on sale of plasma centers | - | - | (6,332 | ) | - | ||||||||||
| Non-recurring professional fees | 812 | - | 1,559 | 1,182 | |||||||||||
| Adjusted net income (a) | $ | 38,957 | $ | 36,035 | $ | 79,636 | $ | 69,333 | |||||||
| (a) Add-backs reflected during the three and six months ended June 30, 2025 exclude estimated tax effect of | |||||||||||||||
| PRODUCT-LEVEL TOTAL REVENUE | |||||||||||||||||||||||||||||
| Three Months ended June 30, | Six Months ended June 30, | ||||||||||||||||||||||||||||
| 2026 | 2025 | Increase/ (Decrease) | Increase/ (Decrease) % | 2026 | 2025 | Increase/ (Decrease) | Increase/ (Decrease) % | ||||||||||||||||||||||
| (in thousands) | Unaudited | ||||||||||||||||||||||||||||
| ASCENIV | $ | 102,921 | $ | 83,321 | $ | 19,600 | 23.5 | % | $ | 200,407 | $ | 159,653 | $ | 40,754 | 25.5 | % | |||||||||||||
| BIVIGAM | 19,419 | 37,710 | (18,291 | ) | -48.5 | % | 34,841 | 71,222 | (36,381 | ) | -51.1 | % | |||||||||||||||||
| Intermediates and other products(1) | 1,297 | 917 | 380 | 41.4 | % | 2,130 | 4,790 | (2,660 | ) | -55.5 | % | ||||||||||||||||||
| ADMA BioManufacturing | 123,637 | 121,948 | 1,689 | 1.4 | % | 237,378 | 235,665 | 1,713 | 0.7 | % | |||||||||||||||||||
| Plasma Collection Centers | 723 | - | 723 | 100 | % | 1,439 | 1,050 | 388 | 37.0 | % | |||||||||||||||||||
| License revenue | 35 | 36 | (1 | ) | -2.7 | % | 71 | 71 | - | 0.0 | % | ||||||||||||||||||
| Total Revenues | $ | 124,395 | $ | 121,984 | $ | 2,411 | 2.0 | % | $ | 238,888 | $ | 236,786 | $ | 2,101 | 0.9 | % | |||||||||||||
| (1) Due to Nabi-HB historically representing less than | |||||||||||||||||||||||||||||
| ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
| Six Months Ended June 30, | |||||||
| 2026 | 2025 | ||||||
| (In thousands) | Unaudited | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net income | $ | 83,150 | 61,122 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 3,620 | 4,027 | |||||
| Gain on sale of plasma centers | (7,980 | ) | - | ||||
| Loss on disposal of fixed assets | 42 | - | |||||
| Deferred income tax provision | 3,295 | 5,045 | |||||
| Stock-based compensation | 12,464 | 9,587 | |||||
| Amortization of debt discount | 383 | 350 | |||||
| Loss on extinguishment of debt | - | 1,159 | |||||
| Amortization of license revenue | (71 | ) | (71 | ) | |||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 20,198 | (59,726 | ) | ||||
| Inventories | (32,848 | ) | (21,229 | ) | |||
| Prepaid expenses and other current assets | (1,181 | ) | (2,095 | ) | |||
| Deposits and other assets | (22 | ) | (306 | ) | |||
| Accounts payable | 8,846 | 9,409 | |||||
| Accrued expenses | (1,478 | ) | (5,206 | ) | |||
| Other current and non-current liabilities | (630 | ) | (602 | ) | |||
| Net cash provided by operating activities | 87,788 | 1,464 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchase of property and equipment | (4,799 | ) | (7,123 | ) | |||
| Acquisition of intangible assets | (53 | ) | (124 | ) | |||
| Proceeds on the sales of assets held for sale | 5,000 | - | |||||
| Net cash provided by (used in) investing activities | 148 | (7,247 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Ares term loan payments | - | (30,000 | ) | ||||
| Ares revolving facility proceeds | - | 30,000 | |||||
| JPM term loan payments | (938 | ) | - | ||||
| JPM revolving facility proceeds | 125,000 | - | |||||
| Prepayment penalties on repayment of debt | - | (450 | ) | ||||
| Taxes paid on vested restricted stock units | (8,986 | ) | (8,419 | ) | |||
| Net proceeds from the exercise of stock options | 623 | 2,165 | |||||
| Payment of end of term fee | - | (375 | ) | ||||
| Acquisition of treasury stock | (155,245 | ) | - | ||||
| Net cash used in financing activities | (39,546 | ) | (7,079 | ) | |||
| Net increase (decrease) in cash and cash equivalents | 48,390 | (12,862 | ) | ||||
| Cash and cash equivalents - beginning of period | 87,630 | 103,147 | |||||
| Cash and cash equivalents - end of period | $ | 136,020 | $ | 90,285 | |||
