ADMA Biologics Reports Third Quarter 2026 Financial Results and Provides Business Update
ASCENIV growth and higher margins accompanied increased adjusted earnings expectations, while BIVIGAM revenue declined.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
ADMA Biologics (Nasdaq: ADMA) reported third-quarter 2026 revenue of $141.1 million, up 5% year over year, alongside higher earnings. GAAP net income rose 37% to $49.9 million, and basic earnings per share increased 47% to $0.22. ASCENIV revenue grew 31% to $124.7 million, while BIVIGAM revenue fell to $15.4 million from $23.8 million a year earlier. Gross margin reached 71%, versus 56%.
ADMA reiterated expected 2026 revenue of at least $530 million and raised expected adjusted net income to at least $180 million and adjusted EBITDA to at least $275 million. Third-quarter repurchases totaled 2.7 million shares. For investigational SG-001, ADMA plans to incorporate FDA feedback into its clinical protocol and prepare an investigational new drug application; acceptance of its proposed testing assay remains subject to validation. Nine-month revenue reached $380.0 million, up 2%.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.FY2026 adjusted net income outlook raised: ADMA expects at least $180 million.
- Moderate pointQ3 revenue of $141.1 million increased 5% year over year and 13% sequentially.
- Moderate pointQ3 GAAP net income of $49.9 million increased approximately 37% year over year and 32% sequentially.
- Moderate pointQ3 ASCENIV revenue of $124.7 million increased 31% year over year and 21% sequentially.
- Moderate pointQ3 gross profit reached $99.9 million, versus $75.6 million a year earlier and $86.3 million sequentially.
- Moderate pointQ3 gross margin reached 71%, versus 56% a year earlier and 69% sequentially.
- Moderate pointQ3 adjusted net income of $51.1 million increased approximately 31% year over year and sequentially.
- Moderate pointQ3 adjusted EBITDA of $77.3 million increased 32% year over year and 25% sequentially.
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 repurchase target of $200 million or more remains on track, ADMA said. 8% of market cap
18 minor points
- Minor pointQ3 GAAP basic EPS of $0.22 increased approximately 47% year over year and 29% sequentially.
- Minor pointQ3 adjusted basic EPS reached $0.23, versus $0.16 a year earlier and $0.17 sequentially.
- Minor point. Forward-looking: it has not happened yet and may not happen.FY2026 revenue guidance reiterated: ADMA expects at least $530 million.
- Minor point. Forward-looking: it has not happened yet and may not happen.FY2026 adjusted EBITDA outlook raised: ADMA expects at least $275 million.
- Minor pointQ3 repurchases totaled 2.7 million shares under the previously authorized program.
- Minor pointNine-month revenue reached $380.0 million, up 2% from $371.0 million a year earlier.
- Minor pointNine-month ASCENIV revenue reached $325.1 million, increasing 27% year over year.
- Minor pointNine-month gross profit reached $266.9 million, versus $203.9 million a year earlier.
- Minor pointNine-month gross margin reached 70%, versus 55% a year earlier.
- Minor pointNine-month GAAP net income reached $133.0 million, versus $97.6 million a year earlier.
- Minor pointNine-month GAAP basic EPS reached $0.58, versus $0.41 a year earlier.
- Minor pointNine-month adjusted net income reached $130.7 million, increasing 21% year over year.
- Minor pointNine-month adjusted basic EPS reached $0.56, increasing 24% year over year.
- Minor pointNine-month adjusted EBITDA reached $198.8 million, increasing 26% year over year.
- Minor pointSG-001 development advanced through preclinical, assay-development and manufacturing-readiness activities.
- Minor point. Forward-looking: it has not happened yet and may not happen.SG-001 clinical preparation: ADMA intends to incorporate FDA recommendations and prepare an investigational new drug application.
- Minor point. Forward-looking: it has not happened yet and may not happen.SG-001 annual revenue opportunity of $300–500 million is ADMA's estimate, conditional on FDA approval.
- Minor pointASCENIV outcomes analysis found statistically significant reductions in infection-related hospitalizations, outpatient healthcare use, oral antibiotics and corticosteroids.
Negative
- Moderate pointQ3 BIVIGAM revenue fell to $15.4 million, versus $23.8 million a year earlier and $19.4 million sequentially.
- Minor pointNine-month BIVIGAM revenue fell to $50.2 million, versus $95.0 million a year earlier.
- Minor pointQ3 research and development expense was approximately $4.5 million, versus $1.5 million a year earlier and $6.0 million sequentially.
- Minor pointQ3 selling, general and administrative expense was approximately $26.6 million, versus $21.7 million a year earlier and $26.7 million sequentially.
- Minor pointNine-month research and development expense rose to approximately $13.1 million, from $3.4 million a year earlier.
2 minor points
- Minor pointNine-month selling, general and administrative expense rose to approximately $80.0 million, from $68.1 million a year earlier.
- Minor point. Forward-looking: it has not happened yet and may not happen.SG-001 testing assay acceptance remains subject to appropriate validation following FDA feedback.
News Explained
Through
Details
Market Reaction – ADMA
On Nov 4, the day this news came out, the latest delayed price for ADMA is 27.10% above the previous close. Argus tracked a peak move of +31.1% during the session. Argus tracked a trough of -7.2% from its starting point during tracking. Our momentum scanner has recorded 59 alerts for this stock so far that day. The latest delayed price is $13.32. Relative volume is very high at 4.7x the stock’s average daily volume.
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Key Figures
- Total revenue
- $141.1 million
- 3Q 2026
- GAAP net income
- $49.9 million
- 3Q 2026
- Adjusted net income
- $51.1 million
- 3Q 2026
- Adjusted EBITDA
- $77.3 million
- 3Q 2026
- Gross margin
- 71%
- 3Q 2026
- FY2026 total revenue guidance
- At least $530 million
- Reiterated
- FY2026 Adjusted Net Income guidance
- At least $180 million
- Minimum outlook increased
- FY2026 Adjusted EBITDA guidance
- At least $275 million
- Minimum outlook increased
Previous Earnings Reports
-
Prior FY2026 guidance set adjusted net income at $170–$200 million and adjusted EBITDA at $265–$300 million.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
pre-ind meeting regulatory
ind submission regulatory
intravenous immune globulin (ivig) medical
hyperimmune globulin medical
microneutralization assay technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
3Q 2026 Total Revenue of
3Q 2026 ASCENIV Revenue of
3Q 2026 GAAP Net Income of
3Q 2026 Adjusted Net Income(1) of
3Q 2026 GAAP Basic EPS of
3Q 2026 Adjusted Basic EPS(2) of
3Q 2026 Adjusted EBITDA(3) of
3Q 2026 Gross Margin of
Expanding ASCENIV Real-World Health Outcomes Evidence Strengthens Commercial Differentiation
Robust Cash Generation, Operating Leverage and Share Repurchases Support Stockholder Value
Encouraging Regulatory Feedback Received from SG-001 Pre-IND Meeting Package
Reiterates FY2026 Revenue Guidance; Increases Adjusted Earnings Outlook
RAMSEY, N.J. and BOCA RATON, Fla., Nov. 04, 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 third quarter 2026 financial results and provided a business update.
“Our third quarter results demonstrate ADMA’s ability to translate accelerating ASCENIV demand into substantial earnings growth,” said Adam Grossman, President and Chief Executive Officer of ADMA. “ASCENIV revenue increased
Mr. Grossman continued, “Our expanding real-world health outcomes evidence strengthens ASCENIV’s clinical value proposition among medically complex primary immunodeficiency patients and supports growing commercial adoption. With our yield-enhanced manufacturing capabilities, robust cash generation and disciplined capital allocation, we believe ADMA is well positioned to deliver sustained, profitable growth and long-term stockholder value creation. We are reiterating our full-year revenue outlook while increasing our minimum expectations for Adjusted Net Income and Adjusted EBITDA and continue to advance SG-001 as a potential additional long-term growth opportunity. We are also encouraged by the constructive FDA feedback recently received on our SG-001 pre-IND meeting package, which we believe represents an important milestone for the program. Notably, we received constructive feedback from the FDA regarding the proposed clinical development strategy, including key elements of the planned clinical study. Based on the FDA’s feedback, we intend to incorporate the recommendations into the final clinical protocol and advance preparations for an IND submission. The FDA also indicated that our proposed assay would be acceptable for product testing, subject to appropriate validation. We believe this feedback supports a potentially efficient development pathway that leverages ADMA’s established manufacturing capabilities and clinical development experience as we advance SG-001 toward clinical trials.”
Reiterated FY2026 Revenue Guidance and Increased Adjusted Earnings Outlook
- FY2026 total revenue expected to be at least
$530 million - FY2026 Adjusted Net Income expected to be at least
$180 million - FY2026 Adjusted EBITDA expected to be at least
$275 million
ADMA’s FY2026 outlook reflects continued ASCENIV commercial momentum and conservative assumptions for competitive conditions in the U.S. standard immune globulin market. Favorable ASCENIV utilization trends have continued into the fourth quarter, while underlying BIVIGAM utilization has shown encouraging signs of stabilization.
Third Quarter Commercial and Operational Highlights
- ASCENIV Growth Accelerated and Momentum Extended Into the Fourth Quarter. ASCENIV revenue in the third quarter reached
$124.7 million , increasing31% year-over-year and21% sequentially, driven by expanding physician adoption, new patient starts and growing end-user utilization. Favorable pull-through trends continued into the fourth quarter, supporting confidence in the product’s growth trajectory. - BIVIGAM Utilization Showed Encouraging Signs of Stabilization. Third quarter BIVIGAM revenue was
$15.4 million , compared with$19.4 million in the second quarter, reflecting continued competitive pricing and channel inventory pressures in the standard immunoglobulin (IG) market. Despite the sequential revenue decline, underlying end-user utilization showed encouraging signs of stabilization entering the fourth quarter. ADMA remains focused on disciplined commercial participation rather than matching aggressive competitor rebating and discounting. - ASCENIV Real-World Health Outcomes Evidence Strengthened Differentiation. ADMA plans to present an analysis of 127 medically complex primary immunodeficiency (“PI”) patients treated with ASCENIV, most of whom had previously received other immune globulin therapies, in mid-November at the American College of Allergy, Asthma and Immunology (ACAAI) annual conference. The analysis identified statistically significant reductions in infection-related hospitalizations, outpatient healthcare utilization, oral antibiotic use and corticosteroid use following ASCENIV initiation, supporting its positioning among later-line, refractory and medically complex PI patients.
- The study included patients with PI and respiratory comorbidities, substantial antimicrobial or corticosteroid use, or recurrent infection-related healthcare utilization.
- The analysis compared outcomes during the 12 months before ASCENIV initiation with the 12 months after initiation.
- Third-Quarter Performance Demonstrated Significant Operating Leverage. Total revenue increased
13% sequentially to$141.1 million , while Adjusted EBITDA grew25% quarter-over-quarter to$77.3 million . Gross margin reached71% , compared with69% sequentially and56% in the third quarter of 2025, reflecting favorable ASCENIV mix and benefits from yield-enhanced manufacturing. - Strong Cash Generation and Disciplined Capital Allocation Support Stockholder Value. ADMA continued repurchasing shares of its common stock while investing in commercial growth, manufacturing efficiencies and SG-001 development. During the third quarter, ADMA repurchased 2.7 million shares of common stock under its previously authorized share repurchase program. Year-to-date total stock repurchases through September 30, 2026 were 16.5 million shares, amounting to
6.3% of the Company’s common stock outstanding as of December 31, 2025. The Company continues to act opportunistically in repurchasing shares and is on track to complete its previously stated$200 million or more 2026 share repurchase target. - SG-001 Development Progressed Through Capital-Efficient Innovation. ADMA advanced preclinical, assay development and manufacturing-readiness activities for SG-001, its investigational pneumococcal hyperimmune globulin candidate. The Company used its proprietary ADMAlytics screening and predictive analytics platform, incorporating computational modeling and artificial intelligence, to forecast final titer values from limited experimental data, with the aim of improving analytical efficiency and reducing laboratory testing requirements in humanized mouse models. ADMA expects to leverage its existing manufacturing infrastructure as development advances. ADMA believes that should SG-001 receive FDA approval, this could represent a
$300 -500 million annual revenue opportunity for the Company.
- The Company recently received constructive FDA feedback on its SG-001 pre-IND meeting package regarding the proposed clinical development strategy, including key elements of the planned clinical study. Based on the FDA’s feedback, the Company intends to incorporate the recommendations into the final clinical protocol and advance preparations for an IND submission. The FDA also indicated that ADMA’s proposed assay would be acceptable for product testing, subject to appropriate validation.
- Immunocompromised patients face elevated risks of severe pneumococcal disease and may receive limited protection from vaccination, underscoring the need for targeted preventive approaches. ADMA believes its preclinical findings and recently received FDA feedback on its pre-IND meeting package support continued development of SG-001.
Third Quarter 2026 Financial Results:
Total revenue for the quarter ended September 30, 2026 was
Gross profit for the quarter ended September 30, 2026 was
Research and development expenses for the quarter ended September 30, 2026 were approximately
Selling, general and administrative expenses for the quarter ended September 30, 2026 were approximately
GAAP net income for the quarter ended September 30, 2026 was
GAAP basic EPS for the quarter ended September 30, 2026 was
Adjusted Net Income for the quarter ended September 30, 2026 was
Adjusted Basic EPS for the quarter ended September 30, 2026 was
Adjusted EBITDA for the quarter ended September 30, 2026 was
Nine Months Ended September 30, 2026 Financial Results:
Total revenue for the nine months ended September 30, 2026 was
Gross profit for the nine months ended September 30, 2026 was
Research and development expenses for the nine months ended September 30, 2026 were approximately
Selling, general and administrative expenses for the nine months ended September 30, 2026 were approximately
GAAP net income for the nine months ended September 30, 2026 was
GAAP basic EPS for the nine months ended September 30, 2026 was
Adjusted Net Income for the nine months ended September 30, 2026 was
Adjusted Basic EPS for the nine months ended September 30, 2026 was
Adjusted EBITDA for the nine months ended September 30, 2026 was
Conference Call Information
To seamlessly access the conference call on November 4, 2026 at 4:30 p.m. ET, 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. [5.4]
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. [5.8]
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 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: ASCENIV™ (immune globulin intravenous, human – slra
ADMA holds numerous U.S. and foreign patents related to and encompassing various aspects of its products and product candidates. For more information, please visit www.admabiologics.com.
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, Adjusted Net Income, and Adjusted Basic EPS are useful to investors in evaluating the Company’s financial performance. The Company uses Adjusted EBITDA, Adjusted Net Income and Adjusted Basic EPS 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, in the case of Adjusted Net Income, certain non-recurring items, and in the case of Adjusted Basic EPS, the impact of the adjustments reflected in Adjusted Net Income on basic weighted average outstanding shares. 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, Adjusted Net Income and Adjusted Basic EPS should not be considered as measures of financial performance under GAAP, and the items excluded from Adjusted EBITDA, Adjusted Net Income and Adjusted Basic EPS 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, profitability, scalability, financial guidance in future periods and related assumptions; the Company’s ability to generate stockholder value and related drivers; the current U.S. immune globulin market, including competitive pressures and conditions; ASCENIV revenue growth and potential, value proposition, market opportunity, growth trajectory, appropriate market, adoption, demand and utilization; our ability and plans to complete our 2026 share repurchase target; real-world health outcomes evidence (including, but not limited to, certain patient analyses expected to be presented) and the beneficial impact for ASCENIV’s clinical value and commercial adoption; BIVIGAM potential with signs of stabilization in underlying BIVIGAM utilization; and SG-001, its data, regulatory filings and submissions, revenue potential, growth opportunity and clinical development plans and timeline, the incorporation of FDA feedback into the final clinical protocol, preparations for an IND submission, the potential efficiency of the development pathway, as well as our ability to leverage our existing manufacturing infrastructure in the development of SG-001. 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. The most directly comparable financial measure calculated and presented in accordance with GAAP is Net Income. For a reconciliation of Adjusted Net Income to Net Income, see the reconciliation included in the financial tables. All non-GAAP adjustments are presented pre-tax.
(2) Adjusted Basic EPS is a non-GAAP financial measure. The most directly comparable financial measure calculated and presented in accordance with GAAP is Basic EPS. For a reconciliation of Adjusted Basic EPS to Basic EPS, see the reconciliation included in the financial tables. All non-GAAP adjustments are presented pre-tax.
(3) Adjusted EBITDA is a non-GAAP financial measure. The most directly comparable financial measure calculated and presented in accordance with GAAP is Net Income. For a reconciliation of Adjusted EBITDA to Net Income, 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 | ||||||||
| September 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (in thousands, except share and per share data) | ||||||||
| Unaudited | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 124,555 | $ | 87,630 | ||||
| Accounts receivable, net | 169,223 | 158,429 | ||||||
| Inventories, net | 266,115 | 206,465 | ||||||
| Prepaid expenses and other current assets | 15,969 | 7,458 | ||||||
| Assets held for sale | - | 6,530 | ||||||
| Total current assets | 575,862 | 466,512 | ||||||
| Property and equipment, net | 66,761 | 65,057 | ||||||
| Intangible assets, net | 581 | 632 | ||||||
| Goodwill | 3,530 | 3,530 | ||||||
| Deferred tax assets, net | 70,693 | 73,261 | ||||||
| Right-of-use assets | 5,881 | 6,650 | ||||||
| Deposits and other assets | 9,177 | 8,600 | ||||||
| TOTAL ASSETS | $ | 732,485 | $ | 624,242 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 35,660 | $ | 22,519 | ||||
| Accrued expenses and other current liabilities | 54,217 | 40,466 | ||||||
| Current portion of long-term debt | 4,219 | 2,813 | ||||||
| Current portion of lease obligations | 1,180 | 1,096 | ||||||
| Liabilities held for sale | - | 2,647 | ||||||
| Total current liabilities | 95,276 | 69,541 | ||||||
| Long-term debt | 191,638 | 69,330 | ||||||
| Deferred revenue, net of current portion | 1,297 | 1,405 | ||||||
| Lease obligations, net of current portion | 5,767 | 6,646 | ||||||
| TOTAL LIABILITIES | $ | 293,978 | $ | 146,922 | ||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Preferred Stock, | ||||||||
| no shares issued and outstanding | - | - | ||||||
| Common Stock - voting, | ||||||||
| September 30, 2026: 241,251,158 issued and 222,793,831 outstanding; December 31, 2025: 239,793,566 issued and 237,874,496 outstanding | 24 | 24 | ||||||
| Treasury stock, at cost, 18,457,327 and 1,919,070 shares as of September 30, 2026 | ||||||||
| and December 31, 2025, respectively | (213,736 | ) | (32,090 | ) | ||||
| Additional paid-in capital | 680,838 | 671,039 | ||||||
| Accumulated deficit | (28,619 | ) | (161,653 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 438,507 | 477,320 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 732,485 | $ | 624,242 | ||||
| ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS NON-GAAP RECONCILIATION | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||||
| Unaudited | |||||||||||||||||
| REVENUES | $ | 141,102 | $ | 134,224 | $ | 379,990 | $ | 371,010 | |||||||||
| Cost of product revenue | 41,185 | 58,598 | 113,046 | 167,061 | |||||||||||||
| Gross profit | 99,917 | 75,626 | 266,944 | 203,949 | |||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||
| Research and development | 4,490 | 1,528 | 13,101 | 3,386 | |||||||||||||
| Plasma center operating expenses | 1,055 | 1,272 | 3,143 | 3,710 | |||||||||||||
| Amortization of intangible assets | 60 | 38 | 170 | 93 | |||||||||||||
| Gain on sale of plasma centers | - | - | (7,980 | ) | - | ||||||||||||
| Selling, general and administrative | 26,555 | 21,776 | 80,034 | 68,068 | |||||||||||||
| Total operating expenses | 32,160 | 24,614 | 88,468 | 75,257 | |||||||||||||
| INCOME FROM OPERATIONS | 67,757 | 51,012 | 178,476 | 128,692 | |||||||||||||
| OTHER INCOME (EXPENSE): | |||||||||||||||||
| Interest and other income | 1,298 | 376 | 3,629 | 1,384 | |||||||||||||
| Interest expense | (3,432 | ) | (1,675 | ) | (8,956 | ) | (5,484 | ) | |||||||||
| Loss on extinguishment of debt | - | (2,177 | ) | - | (3,336 | ) | |||||||||||
| Other expense | (19 | ) | (21 | ) | (180 | ) | (195 | ) | |||||||||
| Other income (expense), net | (2,153 | ) | (3,497 | ) | (5,507 | ) | (7,631 | ) | |||||||||
| INCOME BEFORE INCOME TAXES | 65,604 | 47,515 | 172,969 | 121,061 | |||||||||||||
| Provision for income taxes | - | 15,720 | 11,087 | 39,935 | 23,510 | ||||||||||||
| NET INCOME | $ | 49,884 | $ | 36,428 | $ | 133,034 | $ | 97,551 | |||||||||
| BASIC EARNINGS PER COMMON SHARE | $ | 0.22 | $ | 0.15 | $ | 0.58 | $ | 0.41 | |||||||||
| DILUTED EARNINGS PER COMMON SHARE | $ | 0.22 | $ | 0.15 | $ | 0.57 | $ | 0.40 | |||||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||||
| Basic | 223,695,193 | 238,602,978 | 229,291,798 | 238,408,042 | |||||||||||||
| Diluted | 225,820,678 | 244,664,263 | 232,105,293 | 245,491,334 | |||||||||||||
| RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA(3) | |||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| (in thousands) | |||||||||||||
| Unaudited | |||||||||||||
| Net income | $ | 49,884 | $ | 36,428 | $ | 133,034 | $ | 97,551 | |||||
| Depreciation | 1,729 | 1,987 | 5,239 | 5,957 | |||||||||
| Amortization | 60 | 38 | 170 | 93 | |||||||||
| Income taxes | 15,720 | 11,087 | 39,935 | 23,510 | |||||||||
| Interest expense, net | 2,134 | 1,675 | 5,303 | 5,484 | |||||||||
| EBITDA | 69,527 | 51,215 | 183,681 | 132,595 | |||||||||
| Stock-based compensation | 6,203 | 5,047 | 18,666 | 14,634 | |||||||||
| Voluntary Withdrawal and product replacements | - | - | - | 4,001 | |||||||||
| Yield enhancement | 181 | 301 | 1,022 | 1,696 | |||||||||
| Gain on sale of plasma centers | - | - | (7,980 | ) | - | ||||||||
| Loss on extinguishment of debt | - | 2,177 | - | 3,336 | |||||||||
| Non-recurring professional fees | 1,368 | - | 3,388 | 1,182 | |||||||||
| Adjusted EBITDA | $ | 77,279 | $ | 58,740 | $ | 198,777 | $ | 157,444 | |||||
| NON-GAAP RECONCILIATION RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME(1) | |||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| (in thousands) | |||||||||||||
| Unaudited | |||||||||||||
| Net income | $ | 49,884 | $ | 36,428 | $ | 133,034 | $ | 97,551 | |||||
| Stock-based compensation modifications | - | - | 609 | 474 | |||||||||
| Customer credits related to the Voluntary Withdrawal | - | - | - | 4,001 | |||||||||
| Loss on extinguishment of debt | - | 2,177 | - | 3,336 | |||||||||
| Yield Enhancement | 138 | 301 | 788 | 1,696 | |||||||||
| Gain on sale of plasma centers | - | - | (6,332 | ) | - | ||||||||
| Non-recurring professional fees | 1,040 | - | 2,599 | 1,182 | |||||||||
| Adjusted net income (a) | $ | 51,062 | $ | 38,906 | $ | 130,698 | $ | 108,240 | |||||
| (a) Add-backs reflected during the three and nine months ended September 30, 2025 exclude estimated tax effect of | |||||||||||||
| NON-GAAP RECONCILIATION RECONCILIATION OF BASIC EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE(2) | |||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| (in thousands) | |||||||||||||
| Unaudited | |||||||||||||
| Net income | $ | 49,884 | $ | 36,428 | $ | 133,034 | $ | 97,551 | |||||
| Stock-based compensation modifications | - | - | 609 | 474 | |||||||||
| Customer credits related to the Voluntary Withdrawal | - | - | - | 4,001 | |||||||||
| Loss on extinguishment of debt | - | 2,177 | - | 3,336 | |||||||||
| Yield Enhancement | 138 | 301 | 788 | 1,696 | |||||||||
| Gain on sale of plasma centers | - | - | (6,332 | ) | - | ||||||||
| Non-recurring professional fees | 1,040 | - | 2,599 | 1,182 | |||||||||
| Adjusted net income (a) | $ | 51,062 | $ | 38,906 | $ | 130,698 | $ | 108,240 | |||||
| Basic earnings per common share | $ | 0.22 | $ | 0.15 | $ | 0.58 | $ | 0.41 | |||||
| Stock-based compensation modifications | - | - | - | - | |||||||||
| Customer credits related to the Voluntary Withdrawal | - | - | - | 0.02 | |||||||||
| Loss on extinguishment of debt | - | 0.01 | - | 0.01 | |||||||||
| Yield Enhancement | - | - | - | 0.01 | |||||||||
| Gain on sale of plasma centers | - | - | (0.03 | ) | - | ||||||||
| Non-recurring professional fees | 0.01 | - | 0.01 | - | |||||||||
| Adjusted basic EPS (b) | $ | 0.23 | $ | 0.16 | $ | 0.56 | $ | 0.45 | |||||
| (a) Add-backs reflected during the three and nine months ended September 30, 2025 exclude estimated tax effect of | |||||||||||||
| (b) Adjusted basic EPS is measured using basic weighted-average shares outstanding. | |||||||||||||
| PRODUCT-LEVEL TOTAL REVENUE | |||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
| 2026 | 2025 | Increase/ (Decrease) | Increase/ (Decrease) % | 2026 | 2025 | Increase/ (Decrease) | Increase/ (Decrease) % | ||||||||||||||||||
| (in thousands) | Unaudited | ||||||||||||||||||||||||
| ASCENIV | $ | 124,742 | $ | 95,410 | $ | 29,332 | 30.7 | % | $ | 325,149 | $ | 255,063 | $ | 70,086 | 27.5 | % | |||||||||
| BIVIGAM | 15,390 | 23,763 | (8,373 | ) | (35.2 | %) | 50,231 | 94,984 | (44,753 | ) | (47.1 | %) | |||||||||||||
| Intermediates and other products (1) | 909 | 15,015 | (14,106 | ) | (93.9 | %) | 3,039 | 19,806 | (16,767 | ) | (84.7 | %) | |||||||||||||
| ADMA BioManufacturing | 141,041 | 134,188 | 6,853 | 5.1 | % | 378,419 | 369,853 | 8,567 | 2.3 | % | |||||||||||||||
| Plasma Collection Centers | 25 | - | 25 | 100.0 | % | 1,464 | 1,050 | 414 | 39.4 | % | |||||||||||||||
| License revenue | 36 | 36 | - | 0.0 | % | 107 | 107 | - | 0.0 | % | |||||||||||||||
| Total Revenues | $ | 141,102 | $ | 134,224 | $ | 6,878 | 5.1 | % | $ | 379,990 | $ | 371,010 | $ | 8,981 | 2.4 | % | |||||||||
| (1) Due to Nabi-HB historically representing less than | |||||||||||||||||||||||||
| ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||
| Nine Months Ended September 30, | ||||||||||||
| 2026 | 2025 | |||||||||||
| (In thousands) | ||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
| Net income | 133,034 | 97,551 | ||||||||||
| Adjustments to reconcile net income to net | ||||||||||||
| cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 5,409 | 6,050 | ||||||||||
| Gain on sale of plasma centers | (7,980 | ) | - | |||||||||
| Loss on disposal of fixed assets | 42 | - | ||||||||||
| Deferred income tax provision | 2,569 | 9,848 | ||||||||||
| Stock-based compensation | 18,667 | 14,634 | ||||||||||
| Amortization of debt discount | 589 | 520 | ||||||||||
| Loss on extinguishment of debt | - | 3,336 | ||||||||||
| Amortization of license revenue | (107 | ) | (107 | ) | ||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Accounts receivable, net | (10,794 | ) | (87,674 | ) | ||||||||
| Inventories | (59,650 | ) | (26,432 | ) | ||||||||
| Prepaid expenses and other current assets | (2,514 | ) | (978 | ) | ||||||||
| Deposits and other assets | 192 | (261 | ) | |||||||||
| Accounts payable | 12,958 | 4,533 | ||||||||||
| Accrued expenses | 13,675 | (5,427 | ) | |||||||||
| Other current and non-current liabilities | (934 | ) | (836 | ) | ||||||||
| Net cash provided by operating activities | 105,156 | 14,757 | ||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
| Purchase of property and equipment | (6,801 | ) | (21,491 | ) | ||||||||
| Acquisition of intangible assets | (119 | ) | (124 | ) | ||||||||
| Proceeds on the sales of assets held for sale | 5,000 | - | ||||||||||
| Net cash used in investing activities | (1,920 | ) | (21,615 | ) | ||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
| Ares term loan payments | - | (32,500 | ) | |||||||||
| Ares revolving facility payments | - | (72,500 | ) | |||||||||
| Ares revolving facility proceeds | - | 30,000 | ||||||||||
| JPM term loan payments | (1,875 | ) | (469 | ) | ||||||||
| JPM revolving facility proceeds | 125,000 | 75,000 | ||||||||||
| Prepayment penalties on repayment of debt | - | (1,031 | ) | |||||||||
| Taxes paid on vested restricted stock units | (9,769 | ) | (9,383 | ) | ||||||||
| Debt issuance costs | - | (2,224 | ) | |||||||||
| Net proceeds from the exercise of stock options | 633 | 2,554 | ||||||||||
| Payment of end of term fee | - | (1,313 | ) | |||||||||
| Acquisition of treasury stock | (180,300 | ) | (23,038 | ) | ||||||||
| Net cash used in financing activities | (66,311 | ) | (34,904 | ) | ||||||||
| Net increase (decrease) in cash and cash equivalents | 36,925 | (41,762 | ) | |||||||||
| Cash and cash equivalents - beginning of period | 87,630 | 103,147 | ||||||||||
| Cash and cash equivalents - end of period | $ | 124,555 | $ | 61,385 | ||||||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were ADMA's third-quarter 2026 revenue and earnings?
ADMA reported revenue of $141.1 million and GAAP net income of $49.9 million, up 5% and approximately 37% year over year, respectively. GAAP basic earnings per share were $0.22, compared with $0.15 in the prior-year quarter.
What is ADMA's full-year 2026 guidance?
ADMA expects revenue of at least $530 million, adjusted net income of at least $180 million and adjusted EBITDA of at least $275 million. The revenue outlook was reiterated, while the adjusted earnings expectations were increased.
How was ADMA's ASCENIV real-world outcomes analysis conducted?
The analysis compared outcomes in 127 medically complex primary immunodeficiency patients during the 12 months before ASCENIV initiation with the 12 months afterward. Most had previously received other immune globulin therapies. ADMA plans to present the analysis in mid-November at the American College of Allergy, Asthma and Immunology annual conference.