ADMA Biologics (NasdaqGM:ADMA) Q4 2025 Earnings call February 25, 2026 04:30 PM ET Company ParticipantsAdam Grossman - President and CEOAnthony Petrone - MD and Equity ResearchBrad Tade - CFO and TreasurerKaitlin Kestenbaum - COO and SVP ComplianceRick Miller - MDTerry-Ann Kohler - CFO and TreasurerNone - Company RepresentativeOperatorGood afternoon. Welcome to the ADMA Biologics full year 2025 financial results and business update conference call on Wednesday, February 25, 2026. At this time, all participa ...

ADMA Biologics (NasdaqGM:ADMA) Q4 2025 Earnings call February 25, 2026 04:30 PM ET Company ParticipantsAdam Grossman - President and CEOAnthony Petrone - MD and Equity ResearchBrad Tade - CFO and TreasurerKaitlin Kestenbaum - COO and SVP ComplianceRick Miller - MDTerry-Ann Kohler - CFO and TreasurerNone - Company RepresentativeOperatorGood afternoon. Welcome to the ADMA Biologics full year 2025 financial results and business update conference call on Wednesday, February 25, 2026. At this time, all participa ...

ADMA Biologics (NasdaqGM:ADMA) Q4 2025 Earnings call February 25, 2026 04:30 PM ET Speaker4Good afternoon. Welcome to the ADMA Biologics full year 2025 financial results and business update conference call on Wednesday, February 25, 2026. At this time, all participants are in a listen-only mode. There will be a question and answer session to follow. Please be advised that this call is being recorded at the company's request and will be available on the company's website approximately two hours following the ...

Core Insights - ADMA Biologics' shares have increased by 13.8% over the past three months, outperforming the industry growth of 9% and the S&P 500 [1][8] - The stock's recovery is attributed to strong demand for its product Asceniv and a positive outlook for 2026 [4][19] Company Performance - ADMA Biologics specializes in plasma-derived biologics aimed at treating immune deficiencies and preventing certain infectious diseases [5][6] - The company's revenue is driven by three FDA-approved products: Bivigam, Asceniv, and Nabi-HB [5] - Asceniv, the lead product, is a plasma-derived IVIG that contains polyclonal antibodies to combat infections [6][7] Growth Drivers - Utilization of Asceniv has accelerated due to increased prescriber adoption, payer access, and confidence in product availability [8][9] - ADMA divested three plasma collection centers for $12 million and entered long-term plasma supply agreements, enhancing its sourcing model [9][10] - The company has successfully implemented yield-enhanced production, which is expected to improve gross margins starting in 2026 [10][11] Financial Outlook - ADMA raised its 2026 revenue forecast to approximately $635 million from $630 million, with adjusted EBITDA guidance increased to about $360 million [13] - Management projects revenues of approximately $775 million in 2027 and over $1.1 billion by fiscal 2029 [14] - The company's shares currently trade at a price/sales ratio of 7.96x, significantly higher than the industry average of 2.07x [15] Market Position - ADMA competes with Takeda and Grifols in the U.S. plasma-derived products market and is well-positioned for growth due to increasing demand for Asceniv [19]

Core Thesis - ADMA Biologics, Inc. is positioned as a differentiated biotech company with meaningful revenue growth and profitability, specializing in plasma-derived immunoglobulin therapies for patients with immune deficiencies [2][4] Financial Performance - In Q3 2025, ADMA reported revenue of $134.2 million, a 12% increase year over year, with trailing 12-month revenue rising nearly 28% to $488.6 million [3] - Profitability expanded significantly, with trailing twelve-month EPS increasing by over 200% and gross margins exceeding 54% [3] - Management raised full year 2025 revenue guidance to at least $510 million, with projections of $630 million in 2026 and over $1.1 billion by 2029 [3] Competitive Advantages - ADMA operates a fully vertically integrated model from plasma collection to manufacturing, enhancing supply reliability, scalability, and margin expansion [2] - A key catalyst for growth is the FDA approval of yield-enhanced production, expected to drive gross margin expansion towards 70% starting in 2026 [4] - The company has a pipeline that includes a preclinical hyperimmune globulin candidate, which could generate significant high-margin revenue [4] Market Position and Risks - ADMA's business has transitioned into a high-margin commercial stage, anchored by FDA-approved products like Asceniv [2] - Risks include product concentration, competitive pressure from larger players, and regulatory oversight, but the company is viewed as a compelling growth investment due to its durable fundamentals and expanding profitability [4]

Core Insights - ADMA Biologics, Inc. announced preliminary unaudited full-year 2025 revenue estimates of approximately $510-$511 million and ended the year with about $88 million in cash, including roughly $40 million in operating cash flow generated in Q4 2025 [1][7] - The company increased its 2026 revenue guidance to approximately $635 million from $630 million and raised its adjusted EBITDA outlook to approximately $360 million from $355 million, indicating growing confidence in margin expansion [3][7] - Management forecasts revenues of approximately $775 million in 2027, net income of approximately $315 million, and adjusted EBITDA of roughly $455 million, with expectations of over $1.1 billion in fiscal 2029 [8] Revenue and Financial Performance - ADMA's revenue for 2025 is estimated at $510-$511 million, with a cash balance of approximately $88 million at year-end [1][7] - The company raised its 2026 revenue outlook to approximately $635 million and adjusted EBITDA guidance to about $360 million, reflecting confidence in production scaling [3][7] - Forecasts for 2027 include revenues of approximately $775 million and adjusted EBITDA of roughly $455 million, with a long-term goal of exceeding $1.1 billion in revenues by 2029 [8] Product and Market Dynamics - ADMA's lead product, Asceniv, is a plasma-derived intravenous immune globulin for treating primary immunodeficiency disease, with record demand and expanding payer coverage expected to drive revenue growth [4][5][9] - The company divested three plasma collection centers for $12 million while retaining seven, and entered long-term plasma supply agreements, enhancing supply visibility and production capacity [10][11] - ADMA is also developing other candidates, including SG-001, which could represent a $300-$500 million peak annual revenue opportunity if successful [13] Strategic Initiatives - The company implemented a more flexible, capital-efficient sourcing model to improve long-term supply visibility and support increased production capacity of Asceniv [11] - A new authorized distribution agreement with McKesson Specialty was signed in Q4 2025, expanding access to additional care sites for Asceniv and Bivigam [12] - The shift towards yield-enhanced production is expected to deliver cost savings starting in 2026, with the first full year of monetizing these batches anticipated in 2026 [11]

Core Insights - ADMA Biologics has provided strong revenue guidance for 2025, 2026, and 2027, with expectations of over $510 million in revenue for 2025, $635 million for 2026, and $775 million for 2027, alongside significant EBITDA projections [2][6][19] Financial Performance - For 2025, ADMA anticipates revenue exceeding $510 million, with EBITDA around $235 million and net income greater than $158 million [2] - The company expects fourth-quarter 2025 revenue to surpass $139 million, with EBITDA between $77 million and $78 million, and net income around $50 million [2][6] - Long-term projections include a target of $1.1 billion in revenue and approximately $700 million in EBITDA by 2029 [1][6] Product and Market Focus - ADMA's primary product, Asceniv, is a respiratory-focused immune globulin, with the company holding three FDA-approved commercial products [3][7] - The IVIG market is projected to grow from over $13 billion in 2024 to more than $30 billion by 2033, with ADMA capturing about 3% of the U.S. immunoglobulin market [8] - The total addressable market for Asceniv is estimated at 25,000 patients, with ADMA currently serving over 1,000 patients [8] Manufacturing and Supply Chain Developments - ADMA is divesting three plasma centers for approximately $12 million, which will help reduce operating costs by $13 million to $15 million [4][14] - The company has secured long-term supply contracts and expanded third-party plasma collection to over 280 centers, ensuring a steady supply of raw materials for Asceniv [4][15] - An FDA-approved yield enhancement strategy allows ADMA to produce 20% more finished goods per plasma unit, which is expected to improve margins starting in 2026 [5][11] Pipeline and Future Opportunities - ADMA plans to pursue a pediatric label expansion for Asceniv and is developing the SG01 program, which could represent a revenue opportunity of $300 million to $500 million if successful [19] - The SG01 program is not included in the 2029 revenue guidance but has an intellectual property runway through 2037 [4][19]

Summary of ADMA Biologics FY Conference Call Company Overview - **Company Name**: ADMA Biologics - **Ticker Symbol**: ADMA (NASDAQ) - **Industry**: Biologics, specifically plasma-derived products - **Headquarters**: Ramsey, New Jersey; manufacturing in Boca Raton, Florida; plasma center operations in North Carolina - **Key Products**: IVIG products, including Asceniv and Bivigam Financial Performance - **Total Revenue**: Pre-announced $510 million for the fiscal year 2025, with Q4 revenue exceeding $139 million [2][3] - **EBITDA**: Expected to be between $77-$78 million for Q4 2025, with net income projected at over $50 million [3] - **2026 Guidance**: Forecasting $635 million in revenue and $360 million in EBITDA [24] - **2027 Guidance**: First-time guidance of $775 million in revenue and $455 million in EBITDA [24] Product and Market Insights - **Asceniv**: Unique polyclonal immunoglobulin targeting patients with primary immunodeficiency (PI) and respiratory syncytial virus (RSV) [12][13] - **Market Size**: The immunoglobulin market is projected to grow from over $13 billion in 2024 to over $30 billion by 2033 [10] - **Target Patient Population**: Approximately 250,000 patients with PI, with ADMA targeting about 25,000 patients who do not respond well to standard IG therapy [11][12] Strategic Developments - **Plasma Collection Network**: Currently operates 10 plasma centers, divesting three centers while expanding third-party plasma collection from 250 to 280 centers [4][5] - **Yield Enhancement Strategy**: Achieved a 20% increase in manufacturing yield, allowing for more finished goods from the same raw material [19][44] - **FDA Approval**: First company to receive FDA approval for yield enhancement manufacturing strategy [6][19] Growth Opportunities - **Pipeline Expansion**: Plans to submit a pre-IND package for SG01, a new product expected to generate $300-$500 million in revenue [22][23] - **Pediatric Market**: Anticipating label expansion for Asceniv to include pediatric patients aged 2 to 12 [21] - **Distribution Partnerships**: New agreement with McKesson Specialty to enhance distribution capabilities [18] Operational Efficiency - **Cost Management**: Divestiture of plasma centers expected to reduce operating costs by $13-$15 million [25][40] - **Production Mix**: Shift towards higher production of Asceniv, projected to account for 90% of revenue by 2029 [17] Competitive Landscape - **Market Position**: ADMA is the last U.S.-based producer of intravenous immune globulins, insulated from low-cost competition from emerging markets [6] - **Innovation**: Focus on capital-efficient R&D and leveraging proprietary technology for product differentiation [23][38] Conclusion - ADMA Biologics is positioned for significant growth with a strong financial outlook, innovative product offerings, and strategic operational efficiencies. The company is focused on expanding its market share in the U.S. while exploring future opportunities in pediatric care and new product development.

Core Insights - Adma Biologics has seen a 43.3% increase in share price since its last earnings report, outperforming the S&P 500 [1] - The company reported Q3 2025 adjusted EPS of 16 cents, matching estimates, with revenues of $134.2 million, a 12% year-over-year increase, surpassing expectations [2] - Asceniv, the lead product, has driven growth with record utilization due to strong prescriber adoption and patient demand [6] Financial Performance - Revenues for Q3 2025 were $134.2 million, exceeding the Zacks Consensus Estimate of $130 million [2] - Gross margin improved to 56.3% from 49.8%, attributed to a favorable mix of higher-margin immunoglobulin sales and operational efficiencies [6] - Research & Development expenses rose significantly to $1.5 million from $0.4 million year-over-year, while selling, general, and administrative expenses increased by 17.3% to $21.8 million [6] Product and Market Developments - ADMA's product lineup includes three FDA-approved products: Bivigam, Asceniv, and Nabi-HB [4] - The company received FDA lot release authorization for yield-enhanced commercial batches, expected to improve manufacturing efficiency and gross margin starting Q4 2025 [7] - ADMA is negotiating to onboard additional distribution partners to expand the reach of Bivigam and Asceniv [9] Future Guidance - ADMA has updated its revenue guidance for 2025 to over $510 million and for 2026 to $630 million [8] - Net income projections for 2025 have been adjusted to exceed $158 million due to a higher effective tax rate, while 2026 projections have increased to exceed $255 million [8] Research and Development - ADMA is advancing SG-001, a hyperimmune globulin targeting S. pneumonia, with a potential market opportunity of $300-$500 million annually if successful [10][11] - A CNPV application has been submitted for SG-001, which could accelerate FDA review by two quarters or more [11] Industry Context - Adma Biologics operates within the Zacks Medical - Biomedical and Genetics industry, which includes other players like Vertex Pharmaceuticals [16] - Vertex reported revenues of $3.08 billion for the last quarter, reflecting an 11% year-over-year increase, and is expected to post earnings of $4.98 per share for the current quarter, a 25.1% increase year-over-year [16][17]

Core Insights - ADMA Biologics reported third-quarter 2025 adjusted earnings per share (EPS) of 16 cents, matching the Zacks Consensus Estimate, and an increase from 15 cents in the same quarter last year [1] - Revenues reached $134.2 million, a 12% year-over-year increase, surpassing the Zacks Consensus Estimate of $130 million [1] - Despite positive earnings and revenue growth, ADMA's stock fell 2.9% in after-market trading, with shares down 12.9% year to date compared to the industry's growth of 10.3% [1] Financial Performance - Asceniv, a key product, achieved record utilization due to strong prescriber adoption and growing patient demand [5] - Gross margin improved to 56.3% from 49.8%, attributed to a favorable mix of higher-margin immunoglobulin sales and operational efficiencies [5] - Research & Development expenses increased significantly to $1.5 million from $0.4 million in the previous year, while selling, general, and administrative expenses rose 17.3% to $21.8 million [5] Product and Market Developments - ADMA's product lineup includes three FDA-approved products: Bivigam, Asceniv, and Nabi-HB, targeting immune deficiencies and infectious diseases [3] - The company received FDA lot release authorization for yield-enhanced commercial batches, expected to improve manufacturing efficiency and gross margin starting in Q4 2025 [8] - ADMA is actively negotiating to onboard additional distribution partners to expand the reach of Bivigam and Asceniv [10] Future Guidance - ADMA raised its revenue guidance for 2025 to over $510 million (previously $500 million) and for 2026 to $630 million (previously $625 million) [9] - Net income projections for 2025 were adjusted to exceed $158 million (previously $175 million) due to a higher effective tax rate, while 2026 net income is projected to exceed $255 million (previously $245 million) [9] Pipeline and Strategic Initiatives - ADMA is advancing SG-001, a hyperimmune globulin targeting S. pneumonia, with a CNPV application submitted that could accelerate FDA review [11] - If successful, SG-001 could represent a high-margin opportunity of approximately $300-$500 million annually, protected through at least 2037 [11] - The company anticipates constructive payer negotiations in 2026 to expand coverage and support growth [12]