ADMA Biologics Inc
NASDAQ:ADMA
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ADMA Biologics Inc
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ADMA Biologics Inc
ADMA Biologics Inc. operates at the intersection of biotechnology and pharmaceuticals with a dedicated focus on the development and commercialization of plasma-based therapeutics. Established with a mission to address unmet medical needs, particularly in immune-compromised patients, ADMA leverages its specialized expertise in the collection, manufacturing, and distribution of immunoglobulins. The company owns and operates FDA-approved source plasma collection facilities under the name ADMA BioCenters, which supply plasma as a key raw material. This plasma serves as the foundation for their suite of FDA-approved products aimed at treating immune deficiencies and other related disorders.
Central to ADMA's business model is its vertically integrated approach, which enables the company to maintain stringent oversight from plasma collection to product development and distribution. By controlling the entire supply chain, ADMA can achieve cost efficiencies and ensure high-quality standards, crucial for patient safety and regulatory compliance. The company generates revenue primarily through the sale of its flagship products, such as BIVIGAM and ASCENIV, which are used for immune globulin replacement therapy. ADMA also broadens its revenue streams through strategic partnerships and by offering third-party contract manufacturing services. This diversified approach positions the company robustly within the competitive biopharmaceutical landscape, while striving for growth through research and development of new plasma-derived therapies.
ADMA Biologics Inc. operates at the intersection of biotechnology and pharmaceuticals with a dedicated focus on the development and commercialization of plasma-based therapeutics. Established with a mission to address unmet medical needs, particularly in immune-compromised patients, ADMA leverages its specialized expertise in the collection, manufacturing, and distribution of immunoglobulins. The company owns and operates FDA-approved source plasma collection facilities under the name ADMA BioCenters, which supply plasma as a key raw material. This plasma serves as the foundation for their suite of FDA-approved products aimed at treating immune deficiencies and other related disorders.
Central to ADMA's business model is its vertically integrated approach, which enables the company to maintain stringent oversight from plasma collection to product development and distribution. By controlling the entire supply chain, ADMA can achieve cost efficiencies and ensure high-quality standards, crucial for patient safety and regulatory compliance. The company generates revenue primarily through the sale of its flagship products, such as BIVIGAM and ASCENIV, which are used for immune globulin replacement therapy. ADMA also broadens its revenue streams through strategic partnerships and by offering third-party contract manufacturing services. This diversified approach positions the company robustly within the competitive biopharmaceutical landscape, while striving for growth through research and development of new plasma-derived therapies.
Revenue: ADMA reported full year 2025 revenue of $510 million, up 20% year-over-year, with ASCENIV net revenue reaching $363 million on 51% growth.
Profitability: Adjusted EBITDA was $231 million (up 40% YoY) and adjusted net income was $161 million (up 35% YoY), reflecting expanding margins and strong operating leverage.
Margins: Gross margin expanded to 57.4% for the year and reached 63.8% in Q4, both driven by a favorable product mix and yield-enhanced manufacturing.
2026-2027 Guidance: For 2026, total revenue is expected to exceed $635 million and adjusted net income to exceed $255 million; 2027 revenue is expected to exceed $775 million.
ASCENIV Momentum: ASCENIV demand and utilization remain strong, with management expecting the product’s mix to continue increasing and BIVIGAM to be flat or down in 2026.
Plasma Supply: ADMA secured long-term plasma supply access to over 280 collection centers through third-party agreements and a recent divestiture.
Leadership Change: CFO Brad Tade is retiring with Terry Kohler set to succeed him; transition is structured for operational continuity.