ADMA Biologics (Nasdaq: ADMA) grows Q2 profit and ASCENIV sales
Rhea-AI Filing Summary
ADMA Biologics reported second quarter 2026 results showing modest top-line growth but significantly higher profitability, driven by ASCENIV. Total revenue for the quarter ended June 30, 2026 was $124.4 million, up 2% year-over-year. ASCENIV revenue rose to $102.9 million, a 24% increase, while revenue from another immune globulin product declined 49% year-over-year but improved sequentially from first-quarter trough levels. Gross profit was $86.3 million with a 69% gross margin, compared with 55% a year earlier, reflecting a richer ASCENIV mix and a yield‑enhanced manufacturing process.
GAAP net income for the quarter was $37.8 million and GAAP basic EPS was $0.17, up 11% and 17% year-over-year, respectively. Adjusted net income was $39.0 million and Adjusted EBITDA $61.8 million, up 8% and 22% year-over-year. For the first half of 2026, revenue was $238.9 million; GAAP net income was $83.1 million and Adjusted EBITDA $121.5 million. Cash and cash equivalents increased to $136.0 million at June 30, 2026, supported by $87.8 million of net cash provided by operating activities, alongside substantial share repurchases and higher long‑term debt. The company reiterated its FY2026 financial guidance and highlighted real‑world data from 127 ASCENIV‑treated patients showing reduced infection‑related hospitalizations and healthcare utilization.
Positive
- Profitability and cash generation improved materially, with Q2 2026 GAAP net income up 11%, Adjusted EBITDA up 22% year-over-year, and net cash provided by operating activities of $87.8 million for the first half of 2026.
- ASCENIV is driving high-margin growth, with Q2 2026 ASCENIV revenue of $102.9 million up 24% year-over-year and contributing to gross margin expansion to 69% from 55%.
Negative
- Non-ASCENIV revenue declined sharply, with revenue from another immune globulin product down 49% year-over-year in Q2 2026 and 51% for the first half, partly offsetting overall revenue growth.
- Operating expenses increased, as research and development rose to $6.0 million in Q2 2026 from $1.0 million and selling, general and administrative expenses increased to $26.7 million from $22.2 million, reflecting higher personnel and professional fees.
Filing Explained
By June 30, 2026, repurchases had reduced outstanding shares while long-term debt was substantially higher, leaving a mixed holder-level structural effect.
ADMA furnished its
At
For the six months ended
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Total Revenue: $124,395
Q2 2026 ASCENIV Revenue: $102,921
Q2 2026 GAAP Net Income: $37,822
+5 more
8 metrics
Q2 2026 Total Revenue
$124,395
Three months ended June 30, 2026; in thousands
Q2 2026 ASCENIV Revenue
$102,921
Three months ended June 30, 2026; 23.5% year-over-year increase; in thousands
Q2 2026 GAAP Net Income
$37,822
Three months ended June 30, 2026; 11% year-over-year growth; in thousands
Q2 2026 GAAP Basic EPS
0.17
Three months ended June 30, 2026; up from $0.14 in prior-year period
Q2 2026 Adjusted EBITDA
$61,846
Three months ended June 30, 2026; 22% year-over-year growth; in thousands
First Half 2026 Total Revenue
$238,888
Six months ended June 30, 2026; in thousands
Cash and Cash Equivalents
$136,020
Balance at June 30, 2026; in thousands
Net Cash from Operating Activities
$87,788
Six months ended June 30, 2026; in thousands
Key Terms
Adjusted EBITDA, Adjusted Net Income, primary humoral immunodeficiency, hyperimmune globulin, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA for the quarter ended June 30, 2026 was $61.8 Million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted Net Income financial
"Adjusted Net Income for the quarter ended June 30, 2026 was $39.0 Million"
Adjusted net income is a company's reported profit after removing unusual, one-time, or non-operational items so the number reflects the business’s regular earning power. Investors use it like a cleaned-up scorecard — similar to judging a player’s season performance without a few fluke games — to compare companies or assess trends without being misled by rare gains or losses that won’t affect future cash flow.
primary humoral immunodeficiency medical
"ASCENIV ... is indicated for the treatment of primary humoral immunodeficiency (PI)"
A primary humoral immunodeficiency is an inherited condition in which the body’s antibody-producing arm of the immune system is weak or missing, so people get frequent, sometimes severe infections. Think of it like a building whose fire alarms are faulty: occupants are at higher risk and need ongoing detection, prevention, and replacement therapies. For investors, it signals a medical need that drives demand for diagnosis, long-term treatments, and related healthcare services.
hyperimmune globulin medical
"SG-001, a pre-clinical, investigative hyperimmune globulin targeting S. pneumonia"
Hyperimmune globulin is a concentrated medicine made from the blood plasma of donors who have unusually high levels of specific antibodies against a disease; it delivers ready-made immune protection when given to patients. Investors care because it is a regulated, manufactured biologic with limited donor-dependent supply, clear clinical uses and approval pathways, and potential commercial value tied to demand for treatments, manufacturing capacity and pricing—think of it as emergency backup antibodies in a bottle.
Aseptic meningitis syndrome (AMS) medical
"Aseptic meningitis syndrome (AMS) has been reported with IGIV treatments"
Aseptic meningitis syndrome is inflammation of the thin membranes that cover the brain and spinal cord caused by non-bacterial triggers such as viruses, medications, or immune reactions, producing symptoms like headache, fever and neck stiffness. It matters to investors because reports of AMS can prompt safety reviews, clinical trial pauses, regulatory scrutiny or liability risk for health-care products—like a warning light that can slow or halt a company’s progress and affect valuation.
Earnings Snapshot
Total Revenue: $124.4 million · Guidance included
quarter ended June 30, 2026
Total Revenue
$124.4 million
2% year-over-year increase
GAAP Net Income
$37.8 million
11% year-over-year increase
GAAP Basic EPS
$0.17
17% year-over-year increase
Adjusted EBITDA
$61.8 million
22% year-over-year increase
Guidance
FY2026 financial guidance reiterated; outlook reflects sustained competitive dynamics and pricing pressure in the U.S. immune globulin market.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did ADMA (ADMA) perform financially in Q2 2026?
ADMA reported Q2 2026 revenue of $124.4 million, up 2% year-over-year, and GAAP net income of $37.8 million, an 11% increase. Adjusted EBITDA reached $61.8 million, up 22%, reflecting a higher ASCENIV mix and improved gross margins.
What were ADMA (ADMA) ASCENIV sales and growth in Q2 2026?
ASCENIV generated $102.9 million of revenue in Q2 2026, reflecting 24% year-over-year growth. Management highlighted accelerating utilization, broader physician adoption, and strong real‑world evidence supporting ASCENIV’s role in primary humoral immunodeficiency treatment.
How did ADMA (ADMA) full first-half 2026 results compare year-over-year?
For the six months ended June 30, 2026, ADMA posted revenue of $238.9 million versus $236.8 million a year earlier and GAAP net income of $83.1 million versus $61.1 million. Adjusted EBITDA was $121.5 million, up 23% year-over-year, with gross margin rising to 70%.
What is ADMA (ADMA) saying about its FY2026 financial outlook?
The company reiterated its FY2026 financial guidance, despite continued competitive dynamics and pricing pressure in the U.S. immune globulin market. Management expects ASCENIV to remain the principal growth driver, supported by expanding demand and growing clinical and real‑world evidence.
What is the health of ADMA (ADMA)’s balance sheet and cash position?
As of June 30, 2026, ADMA held $136.0 million in cash and cash equivalents and generated $87.8 million of net cash from operating activities in the first half. Long‑term debt stood at $192.8 million, and the company invested heavily in share repurchases.
What new clinical or real-world data did ADMA (ADMA) report for ASCENIV?
ADMA reported real‑world data from 127 ASCENIV‑treated patients, showing statistically significant reductions in infection‑related hospitalizations, outpatient utilization, oral antibiotic use and corticosteroid use. An abstract has been submitted to the November 2026 ACAAI Annual Scientific Meeting.
How are ADMA (ADMA)’s operating expenses evolving in 2026?
In Q2 2026, research and development expenses rose to $6.0 million from $1.0 million, largely for SG-001, and selling, general and administrative expenses increased to $26.7 million from $22.2 million, driven by personnel, software and professional costs tied to growth and legal matters.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 5, 2026
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Registrant’s telephone number, including area code: (201 )
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(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
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Results of Operations and Financial Condition.
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On August 5, 2026, ADMA Biologics, Inc. issued a press release announcing its financial results for the three months ended June 30, 2026,
and providing a business update. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference into this Item 2.02.*
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Financial Statements and Exhibits.
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(d) Exhibits
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Description
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99.1
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ADMA Biologics, Inc. Press Release, dated as of August 5, 2026
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104
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Cover Page Interactive Data File (embedded with the Inline XBRL document)
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* The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, shall not be deemed “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended,
or the Exchange Act, except as expressly set forth by specific reference in such a filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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August 5, 2026
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ADMA Biologics, Inc.
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By:
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/s/ Adam S. Grossman
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Name:
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Adam S. Grossman
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Title:
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President and Chief Executive Officer
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Exhibit 99.1
ADMA Biologics Reports Second Quarter 2026 Financial Results and Provides Business Update
2Q 2026 Total Revenue of $124.4 Million, Increasing 2% Year-over-Year
2Q 2026 ASCENIV Revenue of $102.9 Million, Increasing 24% Year-over-Year
BIVIGAM Utilization Stabilized with Sequential Improvement in Demand and Revenue
2Q 2026 GAAP Net Income of $37.8 Million, Increasing 11% Year-over-Year
2Q 2026 Adjusted Net Income(1) of $39.0 Million, Increasing 8% Year-over-Year
2Q 2026 GAAP Basic EPS of $0.17, Increasing 17% Year-over-Year
2Q 2026 Adjusted EBITDA(2) of $61.8 Million, Increasing 22% Year-over-Year
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, FL, August 5, 2026 -
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
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FY2026 total revenue expected to be $530 million to $560 million
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FY2026 Adjusted Net Income expected to be $170 million to $200 million
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FY2026 Adjusted EBITDA expected to be $265 million to $300 million
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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
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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.
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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.
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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.
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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.
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The analysis compared patient outcomes and healthcare resource utilization during the 12 months before ASCENIV initiation with the 12 months following administration.
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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.
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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.
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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 to $500 million market opportunity.
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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.
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Second Quarter 2026 Financial Results:
Total revenue for the quarter ended June 30, 2026 was $124.4 million, compared to $122.0 million for the quarter ended June 30, 2025. ASCENIV revenue of $102.9 million in the quarter demonstrated
24% growth year-over-year, while BIVIGAM revenue was $19.4 million, a 49% decline year-over-year, however, growing sequentially from the first quarter 2026 trough levels.
Gross profit for the quarter ended June 30, 2026 was $86.3 million, compared to $67.2 million in the prior-year period, resulting in gross margin of 69% in 2026 compared
to 55% in the prior-year period. The gross margin expansion year-over-year reflects the product mix shift towards the higher margin ASCENIV product as well as the continued impact of the Company’s yield enhanced manufacturing process approved in
2025.
Research and development expenses for the quarter ended June 30, 2026 were $6.0 million, compared to $1.0 million in the prior-year period, primarily driven by
investment in the SG-001 development project.
Selling, general and administrative expenses for the quarter ended June 30, 2026 were $26.7 million, compared to $22.2 million in the prior-year period, primarily driven
by higher employee-related costs, increased software maintenance costs, higher professional and consulting fees associated with ongoing legal and related matters, and strategic initiatives supporting corporate growth.
GAAP net income for the quarter ended June 30, 2026 was $37.8 million, compared to $34.2 million for the quarter ended June 30, 2025. The 11% growth in GAAP net income
year-over-year was driven primarily by a favorable product mix, reflecting continued ASCENIV growth and higher gross margins, partially offset by an increase in the effective tax rate to 24.7% in the current period as compared to 14.7% in the second
quarter of 2025.
GAAP Basic EPS was $0.17 for the quarter ended June 30, 2026, compared to $0.14 in the prior-year period, representing 17% year-over-year growth.
Adjusted Net Income for the quarter ended June 30, 2026 was $39.0 million, representing 8% year-over-year growth.
Adjusted EBITDA for the quarter ended June 30, 2026 was $61.8 million, representing 22% year-over-year growth.
First Half 2026 Financial Results:
Total revenue for the six months ended June 30, 2026 was $238.9 million, compared to $236.8 million for the six months ended June 30, 2025. ASCENIV revenue of $200.4 million in the first half of 2026 demonstrated 26% growth year-over-year, while BIVIGAM revenue was $34.8 million, representing a year-over-year decline of 51%.
Gross profit for the six months ended June 30, 2026 was $167.0 million, compared to $128.3 million in the prior-year period, resulting in gross margin of 70%, compared
to 54% in the prior-year period. The year-over-year gross margin expansion reflects a favorable product mix driven by continued ASCENIV growth, as well as the ongoing benefits of the Company’s yield-enhanced manufacturing process approved in 2025.
Research and development expenses for the six months ended June 30, 2026 were $8.6 million, compared to $1.9 million in the prior-year period, primarily reflecting
continued investment in the advancement of the Company’s SG-001 pipeline program.
Selling, general and administrative expenses for the six months ended June 30, 2026 were $53.5 million, compared to $46.3 million in the prior-year period, primarily
driven by an increase in personnel costs, including stock-based compensation, and an increase in professional and consulting fees associated with ongoing legal and related matters and strategic initiatives supporting corporate growth.
GAAP net income for the six months ended June 30, 2026 was $83.1 million, compared to $61.1 million in the prior-year period. The 36% year-over-year increase in GAAP net
income was primarily driven by favorable product mix resulting from continued ASCENIV growth and higher gross margins, and also benefited from the divestiture of three plasma collection centers during the first quarter of 2026.
GAAP Basic EPS for the six months ended June 30, 2026 was $0.36, compared to $0.26 in the prior-year period, representing 38% year-over-year growth.
Adjusted Net Income for the six months ended June 30, 2026 was $79.6 million, representing 15% year-over-year growth.
Adjusted EBITDA for the six months ended June 30, 2026 was $121.5 million, representing 23% year-over-year growth.
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Company’s website at https://ir.admabiologics.com/events-webcasts.
About ASCENIV™
ASCENIV (immune globulin intravenous, human – slra 10% liquid) is a plasma-derived, polyclonal, intravenous immune globulin (IVIG). ASCENIV was approved by the United
States Food and Drug Administration (FDA) in April 2019 and is indicated for the treatment of primary humoral immunodeficiency (PI), also known as primary immune deficiency disease (PIDD), in adults and children (2 to 17 years of age). ASCENIV is
manufactured using ADMA’s unique, patented plasma donor screening methodology and tailored plasma pooling design, which blends normal source plasma and respiratory syncytial virus (RSV) plasma obtained from donors tested using the Company’s
proprietary microneutralization assay. ASCENIV contains naturally occurring polyclonal antibodies, which are proteins that are used by the body’s immune system to neutralize microbes such as bacteria and viruses that safeguard against infection and
disease. ASCENIV is protected by numerous issued patents in the United States and internationally and a wide range of patent applications worldwide. Certain data and other information about ASCENIV can be found by visiting www.asceniv.com.
Information about ADMA and its products can be found on the Company’s website at www.admabiologics.com.
Additional Important Safety Information About ASCENIV™
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WARNING: THROMBOSIS, RENAL DYSFUNCTION AND ACUTE RENAL FAILURE
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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.
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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 (≥5% of study subjects) were headache, sinusitis, diarrhea, gastroenteritis viral, nasopharyngitis, upper respiratory tract
infection, bronchitis, and nausea.
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.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 10% liquid) for the treatment of primary humoral immunodeficiency (PI); BIVIGAM® (immune globulin intravenous,
human) for the treatment of PI; and NABI-HB® (hepatitis B immune globulin, human) to provide enhanced immunity against the hepatitis B virus. Additionally, ADMA is developing SG-001, a pre-clinical, investigative hyperimmune globulin targeting S. pneumonia. ADMA manufactures its immune globulin products and product candidates at its FDA-licensed plasma fractionation and purification facility located in Boca Raton,
Florida. Through its ADMA BioCenters subsidiary, ADMA also operates as an FDA-approved source plasma collector in the U.S., which provides its blood plasma for the manufacture of its products and product candidates. ADMA’s mission is to manufacture,
market and develop specialty plasma-derived, human immune globulins targeted to niche patient populations for the treatment and prevention of certain infectious diseases and management of immune compromised patient populations who suffer from an
underlying immune deficiency, or who may be immune compromised for other medical reasons. 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.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 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,
2026
|
December 31,
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, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding
|
-
|
-
|
||||||
|
Common Stock - voting, $0.0001 par value, 300,000,000 shares authorized, June 30, 2026: 241,089,992 issued and 225,355,228
outstanding; December 31, 2025: 239,793,566 issued and 237,874,496 outstanding
|
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 $0.3 million and $1.4 million,
respectively. Add-backs reflected during the three months and six months ended June 30, 2026 were tax affected using the respective effective tax rates.
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 10% of the Company’s revenue within the ADMA BioManufacturing segment, it has been
included under intermediates and other products.
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
|
||||