ADMA Biologics (ADMA) delivers record 2025 growth and names new CFO

Rhea-AI Filing Summary

ADMA Biologics reported record fourth quarter and full year 2025 results and announced a CFO transition. Full year 2025 revenue reached $510.2 million, up 20% from 2024, driven largely by ASCENIV, which generated $362.5 million and grew 51% year over year. Gross profit was $292.8 million with a 57.4% margin, while adjusted net income rose to $160.8 million, up 35%, and adjusted EBITDA increased to $231.0 million, up 40%.

Fourth quarter 2025 revenue was $139.2 million, up 18% year over year, with gross profit of $88.8 million and adjusted EBITDA of $73.6 million. ADMA reaffirmed long-term guidance targeting more than $1.1 billion in annual revenue and greater than $700 million in adjusted EBITDA in 2029. The company also highlighted progress on its SG-001 pipeline program and ongoing share repurchases.

Separately, long-time CFO Brad Tade retired effective February 25, 2026 and will serve as a consultant through July 31, 2026, receiving $41,666.67 per month. He is succeeded by Terry (Paul Terence) Kohler, who becomes Chief Financial Officer and Treasurer with a $500,000 base salary, a 45% target bonus opportunity and equity awards subject to multi-year vesting and change-of-control protections.

Positive

• Record 2025 performance with accelerating profitability: Revenue grew 20% to $510.2 million, ASCENIV sales rose 51%, and adjusted EBITDA increased 40% to $231.0 million, alongside higher gross margins of 57.4%, indicating strong operating leverage.
• Compelling long-term growth outlook: Management reiterated 2026–2029 guidance targeting more than $1.1 billion in annual revenue and greater than $700 million in Adjusted EBITDA in 2029, implying sustained double-digit compound growth if achieved.

Negative

• None.

Insights

Biopharma equity analyst

Record growth, rising margins and reaffirmed long-term targets make this an objectively strong update.

ADMA delivered robust 2025 growth, with total revenue up 20% to $510.2 million and ASCENIV sales up 51% to $362.5 million. Mix shift toward higher-margin IVIG and yield-enhanced production lifted gross margin to 57.4%, from 51.5% in 2024.

Profitability scaled even faster: adjusted net income rose 35% to $160.8 million, and adjusted EBITDA climbed 40% to $231.0 million. The balance sheet showed total assets of $624.2 million and stockholders’ equity of $477.3 million, underscoring improved financial strength alongside growth.

Management reiterated 2026–2029 guidance, including more than $1.1 billion revenue and over $700 million adjusted EBITDA expected in 2029, implying sustained double-digit compound growth. The CFO transition to Terry Kohler is framed as enhancing capital allocation and working capital execution, while severance and equity terms align him with long-term performance.

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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): February 20, 2026

ADMA BIOLOGICS, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-36728	56-2590442
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

465 State Route 17, Ramsey, New Jersey		07446
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (201) 478-5552

(Former name or former address, if changed since last report.)

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 (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	ADMA	Nasdaq Global Market

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) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 25, 2026, ADMA Biologics, Inc. (the “Company”) issued a press release announcing its financial results for the full year 2025 and the three months ended December 31, 2025, and provided a business update. A copy of the press release is furnished herewith as Exhibit 99.1.*

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Tade Retirement; CFO Transition

On February 20, 2026, Brad Tade notified the Company that he is retiring from his position as Chief Financial Officer and Treasurer of the Company effective at the close of business on February 25, 2026, following the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).  Mr. Tade will transition from these positions to a consulting role with the Company, and will be immediately succeeded by Terry Kohler, currently the Company’s Executive Financial Advisor (the “CFO Transition”).

In connection with the CFO Transition, on February 25, 2026, the Company and Mr. Tade entered into a Separation Agreement and Release (the “Separation Agreement”) and a Consulting Services Agreement (the “Consulting Agreement” and, together with the Separation Agreement, the “Tade Agreements”) pursuant to which, among other things, Mr. Tade will serve as a consultant to the Company.   In accordance with the terms of the Consulting Agreement, Mr. Tade will provide financial and investor relations-related consulting and transition services to the Company as reasonably requested by the President and Chief Executive Officer and the General Counsel. Unless terminated earlier by either party on seven (7) days’ written notice, the Consulting Agreement will automatically terminate on July 31, 2026 (the “Term”).

Pursuant to the Tade Agreements, commencing in March 2026, through the end of the Term, the Company will pay Mr. Tade a monthly gross amount of $41,666.67. Mr. Tade will also remain eligible to participate in the Company’s equity incentive plans with respect to the continued vesting of his unvested and outstanding equity awards through the end of the Term.

The foregoing summaries of the Tade Agreements do not purport to be complete and are qualified in their entirety by reference to a copy of the Tade Agreements filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

Kohler Promotion

On February 25, 2026, the Board of Directors of the Company (the “Board”) promoted Mr. Kohler to Chief Financial Officer and Treasurer of the Company, effective February 26, 2026.

Mr. Kohler, age 48, joined the Company in December 2025 as its Executive Financial Advisor. Prior to joining the Company, he served as Chief Financial Officer of OptiNose, Inc. (“OptiNose”) (Nasdaq: OPTN), a pharmaceutical company focused on patients treated by ear, nose and throat (ENT) and allergy specialists, from October 2024 through its acquisition in May 2025.  From July 2021 until October 2024, Mr. Kohler served as Chief Financial Officer of Verrica Pharmaceuticals Inc. (“Verrica Pharmaceuticals”), a dermatology therapeutics company, where he supported commercial preparations for the launch of a topical treatment for molluscum contagiosum and research and development pipeline investments.  Prior to joining Verrica Pharmaceuticals, Mr. Kohler held roles of increasing responsibility at Endo International PLC (“Endo”), including Vice President – Corporate Development and Treasurer from March 2020 to July 2021. Before joining Endo, he completed the Johnson & Johnson MBA Leadership Development program and worked at several investment banking firms. Mr. Kohler holds a B.A. in International Business and Management from Dickinson College and an M.B.A. in Finance & Entrepreneurship from the University of North Carolina. He is a Certified Management Accountant.  There have been no related party transactions between the Company and Mr. Kohler reportable under Item 404(a) of Regulation S-K, there are no arrangements or understandings between Mr. Kohler and any other person pursuant to which he was appointed as an officer reportable under Item 404(b) of Regulation S-K. Mr. Kohler has no family relationships with any of our directors or executive officers reportable under Item 401(d) of Regulation S-K.

On November 25, 2025, the Company and Mr. Kohler entered into an Employment Agreement (the “Employment Agreement”), pursuant to which Mr. Kohler served as the Company’s Executive Financial Advisor, reporting to the Company’s President and Chief Executive Officer, and pursuant to which Mr. Kohler shall serve as the Chief Financial Officer and Treasurer of the Company following the filing of the 2025 Form 10-K. The Employment Agreement provides that the employment relationship may be terminated by either party for any reason, at any time, with or without prior notice and with or without “Cause” (as defined therein).

Pursuant to the Employment Agreement, Mr. Kohler was granted (ii) an option to purchase 91,166 shares of common stock, $0.0001 par value per share, of the Company (“Common Stock”), which will vest over four years with 25% of the shares underlying the option vesting on the one-year anniversary of Mr. Kohler’s December 8, 2025 start date with the Company (the “Start Date”) and the remaining 75% of such shares vesting monthly in equal installments over the next three years, becoming fully vested on the four-year anniversary of the Start Date, and (ii) 58,019 restricted stock units, which will vest in four equal annual installments (25% per installment) on each anniversary of the Start Date over four years, in each case under the ADMA Biologics, Inc. 2022 Equity Compensation Plan.

The Employment Agreement provides that Mr. Kohler (i) is entitled to a base salary of $500,000 annually, (ii) is eligible for an annual cash bonus with a target equal to forty-five percent (45%) of Mr. Kohler’s base salary (“Target Bonus”), based upon the attainment of certain performance milestones and objectives established by the Board (acting through the Compensation Committee) in consultation with Mr. Kohler; and (iii) is eligible to participate in the Company’s standard benefits package.

The Employment Agreement further provides, in the event (i) that Mr. Kohler is terminated by the Company without Cause, (ii) that Mr. Kohler resigns for “Good Reason” (as defined therein), or (iii) of any termination resulting from a “Change of Control” (as defined therein) in which the Employment Agreement is not assumed by the successor to the Company, he would be entitled to (in addition to any accrued but unpaid salary and unreimbursed expenses): (A) in the event Mr. Kohler elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), reimbursement from the Company for the same portion of Mr. Kohler’s family COBRA health insurance premium that it paid during his employment up until the earlier of (x) the date six (6) months after Mr. Kohler’s termination and (y) the date on which Mr. Kohler is eligible for comparable health benefits with another company or business entity; provided, however, that in the event Mr. Kohler’s employment is terminated without Cause, for Good Reason or resulting from a Change of Control in which the Employment Agreement is not assumed by the Company’s successor, and such termination immediately precedes, or occurs within one year following, a Change of Control, the Company will reimburse Mr. Kohler for the same portion of his family COBRA health insurance premium that it paid during his employment up until the earlier of (I) the date nine (9) months after the date of Mr. Kohler’s termination and (II) the date on which Mr. Kohler is eligible for comparable health benefits with another company or business entity; (B) any Target Bonus that has not been paid from the prior performance year to the extent the Board of Directors of the Company has determined in good faith that the goals have been attained; (C) a severance payment equal to  six (6) months of base salary payable in six (6) monthly, equal installments after termination or, if such termination is immediately preceding or within one year following a Change of Control, a severance payment equal to nine (9) months’ base salary plus Mr. Kohler’s prorated annual Target Bonus for the calendar year when the termination occurs, payable in a lump sum, and (C) accelerated vesting of all stock options previously granted to Mr. Kohler and all stock options granted in the future to Mr. Kohler (the “Kohler Stock Options”), as well as all restricted stock units previously granted to Mr. Kohler and all restricted stock units granted in the future to Mr. Kohler (the “Kohler RSUs”), as described in the following sentence. If Mr. Kohler is terminated without Cause or Mr. Kohler resigns for Good Reason, in either case immediately preceding or within one year after a Change of Control, (i) such Kohler Stock Options will accelerate in full and such Kohler Stock Options shall remain exercisable until the earlier of eighteen (18) months after Mr. Kohler’s termination of employment or the expiration of the ten (10)-year term of the Kohler Stock Options, and (ii) all Kohler RSUs granted at the time of termination to Mr. Kohler shall be immediately vested. Furthermore, any payments, awards, benefits or distributions due to Mr. Kohler under the Employment Agreement as a result of a transaction described in Section 280G may be subject to a cutback as set forth in the Employment Agreement. In the event that the Employment Agreement is terminated as a result of Mr. Kohler’s death, becoming Disabled (as defined therein), material breach of the Employment Agreement, by the Company with Cause or if Mr. Kohler resigns without Good Reason, the Company shall have no further obligations to Mr. Kohler under the Employment Agreement except for the payment of Mr. Kohler’s accrued, unpaid base salary through the termination date, any unreimbursed expenses, subject to any right of set-off and, if terminated as a result of Mr. Kohler’s death or becoming Disabled, the Company will reimburse Mr. Kohler (or his qualified beneficiaries) for the same portion of his family COBRA health insurance premium (if continued coverage under COBRA is elected) and COBRA dental and vision premiums (if available under COBRA) that it paid during Mr. Kohler’s employment for at least twelve (12) months after the date of his termination and Mr. Kohler or his estate shall be entitled to any unpaid annual bonus from any prior performance year.

The Employment Agreement contains a mutual non-disparagement covenant and customary non-competition, non-solicitation, confidentiality and invention assignment covenants.

The foregoing summary of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the copy of the Employment Agreement to be filed as Exhibit 10.2 to this Current Report on Form 8-K and incorporated by reference herein.

Item 9.01 Exhibits.

(d) Exhibits

Exhibit No.	Description
10.1	Separation Agreement and Release, and Consulting Services Agreement attached as Exhibit A thereto, each dated as of February 25, 2026, by and between ADMA Biologics, Inc. and Brad Tade
10.2	Employment Agreement, dated November 25, 2025, by and between ADMA Biologics, Inc. and Paul Terence Kohler, Jr.
99.1	ADMA Biologics, Inc. Press Release, dated as of February 25, 2026
104	Cover Page Interactive Data File (embedded with the Inline XBRL document)

* The information in Item 2.02 of this Current Report on Form 8-K 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.

SIGNATURE

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.

February 25, 2026	ADMA Biologics, Inc.
	By:	/s/ Adam S. Grossman
		Name:	Adam S. Grossman
		Title:	President and Chief Executive Officer

Exhibit 99.1

ADMA Biologics Reports Record Fourth Quarter and Full Year 2025 Financial Results

and Provides Business Update

FY 2025 Total Revenue of $510 Million, Representing 20% Year-Over-Year Growth

FY 2025 ASCENIV Revenue Grew to $363 Million, Representing 51% Year-Over-Year Growth

FY 2025 Adjusted Net Income⁽¹⁾ of $161 Million, Representing 35% Year-Over-Year Growth

FY 2025 Adjusted EBITDA⁽²⁾ of $231 Million, Representing 40% Year-Over-Year Growth

Incoming CFO Appointment Expected to Further Enhance Financial Strategy, Working Capital Execution and Capital Allocation Discipline

Advancing SG-001 Pipeline Program with Anticipated FDA Pre-IND Meeting in 2026; Potential Accelerated Path to Registrational Trial

Ongoing Share Repurchases and Capital Structure to Increase Stockholder Value

Reiterating Previously Provided 2026-2029 Financial Guidance

RAMSEY, N.J. and BOCA RATON, FL, February 25, 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 fourth quarter and full year 2025 financial results and provided a business update.

“2025 marked a year of disciplined execution, record performance and meaningful strategic progress for ADMA, and we are entering 2026 with significant momentum,” said Adam Grossman, President and Chief Executive Officer of ADMA. “Record ASCENIV demand, strong prescriber adoption and broad payer access underscores the strength and durability of our commercial platform and the continued expansion of the IVIG end market. With ASCENIV still forecasted to be early in its penetration curve and driven by our vertically integrated manufacturing model and enhanced plasma supply visibility, we believe ADMA is well positioned to deliver outsized revenue growth, higher margins and increasing earnings power in the years ahead.”

“We exited 2025 having completed several foundational, value-enhancing initiatives,” Mr. Grossman continued. “Yield-enhanced production is now fully integrated into commercial operations, our plasma collection network has been strategically repositioned to improve margins and working capital efficiency, and our balance sheet continues to strengthen. With these drivers in place, we are confident in our ability to generate operating leverage and execute against both our near- and long-term targets, including achieving more than $1.1 billion in annual revenue and greater than $700 million in Adjusted EBITDA expected in 2029, representing approximately 20% and 30% compound annual growth rates, respectively.”

Financial Guidance and Long-Term Growth Outlook

• FY 2026 total revenue expected to exceed $635 million

• FY 2026 Adjusted Net Income expected to exceed $255 million

• FY 2026 Adjusted EBITDA expected to exceed $360 million

• FY 2027 total revenue expected to exceed $775 million

• FY 2027 Adjusted Net Income expected to exceed $315 million

• FY 2027 Adjusted EBITDA expected to exceed $455 million

• Targeting greater than $1.1 billion in total annual revenue in fiscal year 2029, translating to at least $700 million in Adjusted EBITDA

Commercial and Operational Execution Driving Margin Growth

• Appointment of Incoming Chief Financial Officer and Treasurer to Further Enhance Financial Strategy and Capital Allocation Discipline. ADMA announced the retirement of Brad Tade as Chief Financial Officer and Treasurer following a successful tenure that supported the Company’s transformation to sustained profitability. Terry Kohler has been appointed as the Company’s new Chief Financial Officer and Treasurer, bringing extensive public company experience and expertise in working capital optimization, cash generation, capital markets strategy, and disciplined financial execution. As ADMA enters an expected transformative year in anticipated margin growth and increasing cash flow, this transition is expected to continue financial strategy, reinforce operating rigor, and support long-term stockholder value creation. Mr. Tade will serve in a consulting capacity to support a structured transition through July 2026, ensuring continuity.

o Mr. Kohler most recently served as CFO of OptiNose, Inc., where he helped guide the company through its acquisition by Paratek Pharmaceuticals, and also previously served as CFO of Verrica Pharmaceuticals. Mr. Kohler previously held senior financial leadership roles at Endo International, including Treasurer and Head of Corporate Development, as well as Vice President of U.S. Branded and Specialty Pharmaceuticals.

• Commercial and Operational Execution Driving Margin Growth. ASCENIV utilization reached record highs exiting 2025, with full-year revenues increasing 51% year-over-year to $363 million, driven by robust demand and expanding prescriber adoption. This momentum is expected to continue into 2026, driven by broader payer coverage, a growing body of real-world evidence, and increasing confidence in long-term supply continuity. With ASCENIV still forecasted to be in the early stages of penetrating its total addressable market, the product is driven by a differentiated, patented supply and manufacturing platform. Year-end 2025 performance and 2026 year-to-date trends provide high confidence in sustained demand growth throughout 2026 and beyond.

• Real-World Data Publications Reinforcing ASCENIV Differentiation and Adoption. Multiple independent 2025 real-world datasets further validated ASCENIV’s differentiated profile. Statistically significant infection reductions observed in investigator-initiated analyses continue to enhance physician confidence, support payer engagement, and expand medical education initiatives—key drivers of strong 2026 utilization.

o A peer-reviewed study (Tan et al., ACAAI 2025; Clinical Immunology) demonstrated meaningful reductions in infections and hospitalizations in patients with primary or secondary immunodeficiencies who failed prior IVIG and transitioned to ASCENIV. Seventy-one percent of patients improved clinically, with the greatest impact observed within the first six months of treatment.

• Durable Payer Coverage Supporting Consistent Patient Access. ASCENIV and BIVIGAM maintain broad and improving coverage across both commercial plans and Medicare Part B government reimbursement channels. These partnerships reinforce favorable positioning, consistent patient access, and strong provider confidence.

• Strategic Plasma Network Actions Improve Supply Visibility and Capital Efficiency. In December 2025, ADMA reached an agreement to divest three plasma centers for $12 million while retaining seven plasma collection centers. Long-term supply agreements with the purchaser maintains diversity of ADMA’s high-titer plasma sources, and the Company remains on track to close the transaction in the first quarter of 2026. Third-party suppliers exceeded expectations in 2025, and new contracts now provide access to 280+ plasma collection centers—expected to materially improve ASCENIV’s long-term supply opportunity. We believe, together, these actions create a more flexible, capital-efficient supply model expected to deliver accretive cost savings beginning in 2026, expand total production capability, and support durable supply through the late 2030s and beyond.

• Disciplined Commercial Execution Driving Operating Leverage. Focused field execution, expanded medical education, and recently commenced direct-to-patient initiatives are expected to accelerate demand utilization while maintaining cost discipline. This execution positions ADMA for continued operating leverage and margin growth throughout 2026 and beyond.

• Improve Balance Sheet and Forecasted Cash Generation Growth. ADMA exited 2025 with approximately $88 million in cash, largely excluding proceeds from the plasma center divestiture, which remains on track to close in the first quarter of 2026. During 2026, ADMA expects strong cash generation, strategy-driven cost savings, and improved financial flexibility to support growth initiatives, balance sheet optimization, and stockholder returns.

• Expanding Distribution Footprint to Broaden Reach and Upgrade Working Capital Efficiency. In the fourth quarter of 2025, ADMA executed a new authorized distribution agreement with McKesson Specialty for ASCENIV and BIVIGAM, expanding access to additional sites of care and patient populations. As this new partnership ramps up, the Company expects the expanded distribution platform to further optimize working capital dynamics, including improved accounts receivable performance and enhanced cash conversion. ADMA continues constructive discussions to further diversify distribution in 2026, supporting sustained product growth and operational efficiency.

• Yield-Enhanced Production in Full Commercial Operation; 2026 a Step-Change Year. Yield-enhanced production has successfully transitioned into routine commercial execution in 2025 with continued FDA lot releases. Fiscal 2026 represents the first full year of yield-enhanced output, positioning ADMA for sustained gross margin growth and anticipated material increases in earnings power.

• Pipeline Optionality Enrich Long-Term Upside. ADMA advanced SG-001 preclinical development in 2025 and plans to submit a pre-Investigational New Drug (IND) meeting package to the FDA in 2026, potentially enabling direct progression into a registrational trial. SG-001 is designed to deliver broad pneumococcal serotype coverage, including prevalent and emerging serotypes not fully addressed by currently available vaccines, consistent with prior Company communications. Management continues to view SG-001 as a potential $300–$500 million peak annual revenue opportunity, reinforcing long-term pipeline value.

Full Year 2025 Financial Results:

Total revenue for the year ended December 31, 2025 was $510.2 million, compared to $426.5 million for the year ended December 31, 2024, representing an increase of $83.7 million, or 20%. The increase was primarily driven by higher ASCENIV sales due to continued growth in physician, payer and patient adoption, partially offset by lower BIVIGAM and intermediates sales. Excluding the $12.6 million Medicaid rebate accrual adjustment recorded in 2024, total revenue increased by approximately $96.3 million, or 23%.

Gross profit for the year ended December 31, 2025 was $292.8 million, compared to $219.6 million in 2024, resulting in gross margin of 57.4% in 2025 compared to 51.5% the prior year. In fiscal 2026, ADMA expects continued mix shift toward higher-margin IVIG products and further gross margin improvement, reflecting the first full year of yield-enhanced production.

Research and development expenses for the year ended December 31, 2025 were $4.8 million, compared to $1.8 million in 2024, primarily reflecting investments in SG-001. Plasma center operating expenses were $4.8 million in 2025, compared to $4.2 million in 2024.

Selling, general and administrative expenses for the year ended December 31, 2025 were $91.6 million, compared to $74.1 million in 2024, primarily driven by higher compensation costs to support business and manufacturing growth, as well as increased insurance premiums, professional fees and software expenses.

GAAP net income for the year ended December 31, 2025 was $146.9 million, compared to $197.7 million for the year ended December 31, 2024. Net income for 2024 included an $84.3 million non-cash and non-recurring income tax benefit related to the release of our full valuation allowance on deferred tax assets.

Adjusted net income for the year ended December 31, 2025 was $160.8 million, compared to $119.2 million in 2024, representing growth of $41.6 million, or 35%.

Adjusted EBITDA for the year ended December 31, 2025 was $231.0 million, compared to $164.6 million in 2024, representing growth of $66.4 million, or 40%.

Fourth Quarter 2025 Financial Results:

Total revenue for the quarter ended December 31, 2025 was $139.2 million, representing an 18% year-over-year increase.

Gross profit for the quarter ended December 31, 2025 was $88.8 million, representing a 40% year-over-year increase and translating to 63.8% corporate gross margins.

GAAP net income for the quarter ended December 31, 2025 was $49.4 million, compared to $111.9 million for the quarter ended December 31, 2024. The decrease was primarily attributable to the $84.3 million non-cash and non-recurring income tax benefit recognized in the prior-year period related to the valuation allowance release.

Adjusted net income for the quarter ended December 31, 2025 was $52.6 million, representing 57% year-over-year growth.

Adjusted EBITDA for the quarter ended December 31, 2025 was $73.6 million, representing 52% year-over-year growth.

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 adolescents (12 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™

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.

Renal dysfunction and acute renal failure occur more commonly in patients receiving IGIV products containing sucrose. ASCENIV does not contain sucrose.

For patients at risk of thrombosis, renal dysfunction or renal failure, administer ASCENIV at the minimum dose and infusion rate practicable. Ensure adequate hydration in patients before administration. Monitor for signs and symptoms of thrombosis and assess blood viscosity in patients at risk for hyperviscosity.

ASCENIV™ Contraindications:

History of anaphylactic or severe systemic reactions to human immunoglobulin.

IgA deficient patients with antibodies to IgA and a history of hypersensitivity.

ASCENIV™ Warnings and Precautions:

IgA-deficient patients with antibodies against IgA are at greater risk of developing severe hypersensitivity and anaphylactic reactions. Have medications such as epinephrine available to treat any acute severe hypersensitivity reactions. [4, 5.1]

Thrombotic events have occurred in patients receiving IGIV treatments. Monitor patients with known risk factors for thrombotic events; consider baseline assessment of blood viscosity for patients at risk of hyperviscosity. [5.2, 5.4]

In patients at risk of developing acute renal failure. monitor renal function, including blood urea nitrogen (BUN), serum creatinine, and urine output. [5.3, 5.9]

Hyperproteinemia, increased serum viscosity, and hyponatremia or pseudohyponatremia can occur in patients receiving IGIV treatment.

Aseptic meningitis syndrome (AMS) has been reported with IGIV treatments, especially with high doses or rapid infusion. [5.5]

Hemolytic anemia can develop subsequent to IGIV treatment. Monitor patients for hemolysis and hemolytic anemia. [5.6]

Monitor patients for pulmonary adverse reactions (Transfusion-related acute lung injury [TRALI]). If transfusion related acute lung injury is suspected, test the product and patient for antineutrophil antibodies. [5.7]

Because this product is made from human blood, it may carry a risk of transmitting infectious agents, e.g., viruses, and theoretically, the Creutzfeldt-Jakob disease (CJD) agent.

ASCENIV™ Adverse Reactions:

The most common adverse reactions to ASCENIV (≥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.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 we believe 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 our management and board of directors to assess our 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/loss, 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. The estimated Adjusted EBITDA and Adjusted Net Income amounts included herein are preliminary and reconciliations cannot be produced at this time without unreasonable effort. The Company expects to provide a reconciliation of Adjusted EBITDA and Adjusted Net Income to the most comparable GAAP measure in its earnings release relating to the fourth quarter and full year 2025 audited financial results.

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,” “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, cash and cash flow, earnings and earnings potential, compound annual growth rate and margins guidance and related timing in connection therewith; our balance sheet, operating leverage and financial position; expected benefits from our new CFO appointment; our long-term plasma supply agreements and impact on both ASCENIV growth and overall financial performance; the recently announced divestiture of three of our plasma collection centers, including the timing for closing such transaction and expected financial and operational benefits; our commercial execution initiatives and intended financial benefits; our yield enhancement production process and its resulting impact on our financial operations; ASCENIV real-world outcomes data; payer coverage of our products; ASCENIV revenue growth, margins, earnings power, addressable market, demand and utilization; our product mix shift; expanding the distribution network and expected financial and operational benefits; [share repurchases or capital structuring;] ability to deliver stockholder value; and statements regarding SG-001, its regulatory filings and clinical trial timeline and revenue potential. 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 estimated Adjusted Net Income amounts included herein are preliminary and reconciliations cannot be produced at this time without unreasonable effort. The Company expects to provide a reconciliation of Adjusted Net Income to the most comparable GAAP measure in its earnings release relating to the fourth quarter and full year 2025 audited financial results.

(2) Adjusted EBITDA is a non-GAAP financial measure. The estimated Adjusted EBITDA amounts included herein are preliminary and reconciliations cannot be produced at this time without unreasonable effort. The Company expects to provide a reconciliation of Adjusted EBITDA to the most comparable GAAP measure in its earnings release relating to the fourth quarter and full year 2025 audited financial results.

INVESTOR RELATIONS CONTACT:

Argot Partners | 212-600-1902 | ADMA@argotpartners.com

ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

		December 31, 2025				December 31, 2024
		(In thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents		$	87,630			$	103,147
Accounts receivable, net			158,429				49,999
Inventories			206,465				170,235
Prepaid expenses and other current assets			7,458				8,029
Assets held for sale			6,530				-
Total current assets			466,512				331,410
Property and equipment, net			65,057				54,707
Intangible assets, net			632				460
Goodwill			3,530				3,530
Deferred tax assets, net			73,261				84,280
Right-of-use assets			6,650				8,634
Deposits and other assets			8,600				5,657
TOTAL ASSETS		$	624,242			$	488,678
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	22,519			$	20,219
Accrued expenses and other current liabilities			40,466				34,105
Current portion of long term debt			2,813				-
Current portion of lease obligations			1,096				1,218
Liabilities held for sale			2,647				-
Total current liabilities		$	69,541			$	55,542
Long-term debt			69,330				72,337
Deferred revenue, net of current portion			1,405				1,547
End of term fee			-				1,313
Lease obligations, net of current portion			6,646				8,561
Other non-current liabilities			-				360
TOTAL LIABILITIES			146,922				139,660
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, December, 31, 2025 239,793,566 issued and 237,874,496 shares outstanding:
December 31, 2024 236,620,545 issued and outstanding			24				24
Treasury stock, at cost, 1,919,070 and 0 shares as of December 31, 2025 and December 31, 2024, respectively			(32,090	)			-
Additional paid-in capital			671,039				657,577
Accumulated deficit			(161,653	)			(308,583	)
TOTAL STOCKHOLDERS' EQUITY			477,320				349,018
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			624,242				488,678

ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS

		Three Months ended December 31,								Year ended December 31,
		2025				2024				2025				2024
		(In thousands, except share and per share data)
		Unaudited
REVENUES		$	139,163			$	117,549			$	510,173			$	426,454
Cost of product revenue			50,347				54,216				217,408				206,901
Gross profit			88,816				63,333				292,765				219,553
OPERATING EXPENSES:
Research and development			1,376				391				4,762				1,813
Plasma center operating expenses			1,126				1,277				4,836				4,245
Amortization of intangible assets			51				25				144				388
Selling, general and administrative			23,512				23,317				91,580				74,124
Total operating expenses			26,065				25,010				101,322				80,570
INCOME FROM OPERATIONS			62,751				38,323				191,443				138,983
OTHER INCOME (EXPENSE):
Interest income			487				598				1,871				2,097
Interest expense			(1,626	)			(2,879	)			(7,110	)			(13,930	)
Loss on extinguishment of debt			-				(1,243	)			(3,336	)			(1,243	)
Other expense			(17	)			(86	)			(212	)			(193	)
Other expense, net			(1,155	)			(3,610	)			(8,787	)			(13,269	)
INCOME BEFORE INCOME TAXES			61,595				34,713				182,656				125,714
Income tax expense (benefit)			12,216				(77,183	)			35,726				(71,959	)
NET INCOME		$	49,379			$	111,896			$	146,930			$	197,673
BASIC EARNINGS PER COMMON SHARE		$	0.21			$	0.47			$	0.62			$	0.85
DILUTED EARNINGS PER COMMON SHARE		$	0.20			$	0.46			$	0.60			$	0.81
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic			237,971,602				236,433,759				238,299,024				233,084,236
Diluted			243,854,484				245,900,655				244,904,640				243,342,466

NON-GAAP RECONCILIATION

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (2)

		Three Months ended December 31,								Year ended December 31,
		2025				2024				2025				2024
		(In thousands)
Net income		$	49,379			$	111,896			$	146,930			$	197,673
Depreciation			1,995				1,919				7,952				7,657
Amortization			51				25				144				388
Income tax expense (benefit)			12,216				(77,183	)			35,726				(71,959	)
Interest expense			1,626				2,879				7,110				13,930
EBITDA			65,267				39,536				197,862				147,689
Stock-based compensation			5,392				5,433				20,026				13,616
Voluntary Withdrawal and product replacements			2,214				-				6,215				-
Yield enhancement expense			114				2,064				1,810				2,064
Loss on extinguishment of debt			-				1,243				3,336				1,243
Non-recurring professional fees (a)			599				-				1,781				-
Adjusted EBITDA		$	73,586			$	48,276			$	231,030			$	164,612

NON-GAAP RECONCILIATION

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME (1)

		Three Months ended December 31,								Year ended December 31,
		2025				2024				2025				2024
		(In thousands)
Net income		$	49,379			$	111,896			$	146,930			$	197,673
Deferred income tax benefit			-				(84,280	)			-				(84,280	)
Loss on extinguishment of debt (pre-tax)			-				1,243				3,336				1,243
Stock-based compensation modifications (pre-tax)			283				2,518				757				2,518
Yield Enhancement expense (pre-tax)			114				2,064				1,810				2,064
Voluntary Withdrawal and product replacements (pre-tax)			2,214				-				6,215				-
Non-recurring professional fees (pre-tax) (a)			599				-				1,781				-
Adjusted Net Income (b)		$	52,589			$	33,441			$	160,829			$	119,218

(a) Non-recurring professional fees represent incremental costs associated with a vendor change that we do not expect to incur in future periods and other one-time professional fees.

(b) Excludes estimated tax effect of the add-backs of $0.6 million $2.7 million for the three months and year ended December 31, 2025.

PRODUCT-LEVEL TOTAL REVENUE

		Year Ended December 31,
		2025				2024				Increase/ (Decrease)				Increase/ (Decrease) %
		(in thousands)
ASCENIV		$	362,531			$	239,594			$	122,937				51
BIVIGAM			122,033				142,357				(20,324	)			(14	)
Intermediates and other products (1)			8,579				33,998				(25,419	)			(75	)
ADMA BioManufacturing			493,143				415,949				77,194				19
Plasma Collection Centers			17,030				10,505				6,525				62
Total Revenues		$	510,173			$	426,454			$	83,719				20

FAQ

How did ADMA Biologics (ADMA) perform financially in full year 2025?

ADMA Biologics delivered strong 2025 results with total revenue of $510.2 million, up 20% year over year. Gross profit reached $292.8 million and gross margin improved to 57.4%. Adjusted net income was $160.8 million and adjusted EBITDA rose to $231.0 million, reflecting 35–40% growth.

What drove ADMA Biologics’ revenue growth in 2025, particularly for ASCENIV?

Revenue growth in 2025 was primarily driven by ASCENIV, which generated $362.5 million, a 51% year-over-year increase. Management attributed this to continued growth in physician, payer and patient adoption. Overall company revenue increased 20%, with higher-margin IVIG products contributing to better profitability.

How profitable was ADMA Biologics in the fourth quarter of 2025?

In the fourth quarter of 2025, ADMA reported revenue of $139.2 million, up 18% year over year, and gross profit of $88.8 million. Adjusted EBITDA for the quarter was $73.6 million, representing 52% growth. GAAP net income for the quarter totaled $49.4 million, reflecting strong operating performance.

What long-term financial guidance did ADMA Biologics reaffirm for 2026–2029?

ADMA reaffirmed long-term guidance calling for more than $1.1 billion in annual revenue and greater than $700 million in Adjusted EBITDA in 2029. This outlook implies approximately 20% compound annual revenue growth and about 30% Adjusted EBITDA growth over the 2026–2029 period, if achieved.

What leadership changes did ADMA Biologics announce regarding its Chief Financial Officer?

ADMA announced that CFO and Treasurer Brad Tade retired effective February 25, 2026, transitioning to a consulting role through July 31, 2026 with monthly payments of $41,666.67. He is succeeded by Terry Kohler, who becomes CFO and Treasurer with a $500,000 base salary and performance-linked incentives.

What are the key compensation and equity terms in new CFO Terry Kohler’s employment agreement?

Terry Kohler’s employment agreement provides a $500,000 annual base salary and a target cash bonus equal to 45% of base salary. He received options to purchase 91,166 shares and 58,019 restricted stock units, both vesting over four years, along with severance, COBRA reimbursement and accelerated vesting provisions.

How did ADMA Biologics’ balance sheet change between 2024 and 2025?

Total assets increased to $624.2 million at December 31, 2025 from $488.7 million a year earlier, reflecting higher inventories and receivables. Stockholders’ equity rose to $477.3 million from $349.0 million, as accumulated deficit narrowed and additional paid-in capital grew, while total liabilities remained relatively modest at $146.9 million.

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