ADMA Biologics Inc
NASDAQ:ADMA
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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.
Record Revenue: ADMA Biologics reported Q3 2025 revenue of $134.2 million, a 10% increase quarter-over-quarter and up 12% year-over-year, exceeding prior expectations.
Margin Expansion: Gross margin improved significantly, reaching 56.3% overall and 63.7% for products, driven by ASCENIV mix and early yield enhancement benefits.
ASCENIV Success: ASCENIV posted record utilization and demonstrated over 50% reduction in infections compared to standard IG, with strong real-world demand and positive payer negotiations.
Raised Guidance: 2025 revenue guidance increased to $510 million (from $500 million+), and 2026 guidance raised to at least $630 million, reflecting confidence in ASCENIV growth and yield enhancements.
Yield Enhancement Inflection: FDA release of yield-enhanced batches is expected to boost per-batch output by 20%+, supporting sustained margin expansion into Q4 and 2026.
Robust Pipeline Progress: SG-001 program advancing as planned, with potential for $300–500 million annual high-margin revenue if successful, though not included in current guidance.
Strong Balance Sheet: Maintains undrawn $225 million revolver, ongoing share repurchases funded by free cash flow, and a disciplined capital allocation strategy.
