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ADMA Beats on Q2 Earnings and Revenues, Asceniv Drives Momentum
ZACKS· 2025-08-07 13:21
Core Insights - ADMA Biologics reported better-than-expected Q2 results with adjusted earnings per share of 15 cents, beating the Zacks Consensus Estimate by a penny, and revenues of $122 million, up 14% year over year, also surpassing the estimate of $121 million [1][8] - Despite the positive results, ADMA's stock fell 7.4% in after-market trading, and year-to-date shares have decreased by 4.4% compared to the industry's growth of 0.2% [1] Financial Performance - The company's revenue growth was primarily driven by the strong adoption of its lead product, Asceniv, which contributed to a 29% year-over-year growth in underlying revenues, excluding a $12.6 million Medicaid rebate accrual reversal [6][8] - Gross margin improved to 55.1% from 53.6%, with underlying gross margin expanding by 7.7% year over year due to a favorable mix of higher-margin immunoglobulin sales and operational efficiencies [7] - Research & Development expenses increased by 84% to $1 million, while selling, general, and administrative expenses rose by 33.7% to $22.2 million [7] Product and Market Developments - ADMA's product portfolio includes three FDA-approved products: Bivigam, Asceniv, and Nabi-HB, with Asceniv being the lead product for treating primary immunodeficiency disease [4][5] - The company anticipates significant growth rates in the second half of 2025, with a revenue potential exceeding $1.1 billion from plasma products before 2030 [10][12] - ADMA is initiating SG-001, a hyperimmune globulin targeting S. pneumonia, with promising initial pilot testing results showing no clinical signs of pneumonia in treated animals [13][14] Strategic Investments - In July, ADMA completed the purchase of a $12.5 million facility adjacent to its Boca Raton manufacturing campus, enhancing its U.S.-based vertically integrated supply chain and potentially increasing future cGMP capacity by up to 30% [15]
ADMA vs Takeda: Which Plasma Therapy Stock Is the Better Buy Today?
ZACKS· 2025-06-25 13:56
Core Insights - ADMA Biologics and Takeda are prominent players in the plasma-derived immunoglobulin sector, with ADMA focusing on treatments for immune deficiencies and Takeda having a diversified portfolio across various therapeutic areas [1][8]. ADMA Biologics - ADMA markets three FDA-approved plasma-derived products: Bivigam, Asceniv, and Nabi-HB, targeting immune deficiencies and infectious diseases [3][10]. - Asceniv, ADMA's lead product, is a plasma-derived IVIG that contains polyclonal antibodies, crucial for neutralizing microbes [4][5]. - Record demand for Asceniv was noted in Q1, with expectations for revenue growth through 2025 and plans for a pediatric label expansion filing by mid-2025 [6][10]. - ADMA anticipates proof-of-concept data for its pipeline program SG-001 by the end of 2025, with potential annual revenues of $300-500 million [7]. Takeda - Takeda's plasma-derived therapies (PDT) business unit has shown 9% growth in 2024, supported by a broad immunoglobulin portfolio including Hyqvia, Cuvitru, and Gammagard [8][10]. - Hyqvia is notable for being the only subcutaneous IG treatment for primary immunodeficiencies, requiring fewer infusions [11]. - Takeda is actively developing next-generation immunoglobulin products and has partnered with other companies to enhance its pipeline [13][14]. Financial Estimates and Performance - The Zacks Consensus Estimate for ADMA's 2025 sales indicates an 18.61% year-over-year increase, while EPS estimates have shown mixed movements [15]. - In contrast, Takeda's 2025 sales estimates suggest a 2.80% decrease, with EPS showing a 6.21% improvement [16]. - Year-to-date, Takeda's stock has outperformed ADMA, with gains of 13.91% compared to ADMA's 4.1% [18]. - Valuation metrics indicate ADMA is trading at 21.79X forward earnings, significantly higher than Takeda's 9.03X [18]. Investment Considerations - Takeda is recognized for its stability and broad portfolio, making it a safer investment choice, while ADMA's growth potential is tied to the expansion of Asceniv [21][22]. - Despite Takeda's current ranking as a "Sell," ADMA's revenue potential from Asceniv positions it as a more attractive investment opportunity at present [22][23].
ADMA Stock Gains 17% in Three Months: Buy, Sell or Hold?
ZACKS· 2025-06-06 15:41
Core Viewpoint - ADMA Biologics has shown strong market performance, with a 17.2% increase in shares over the past three months, outperforming the industry and the S&P 500 [1][3]. Company Overview - ADMA Biologics specializes in plasma-derived biologics aimed at treating immune deficiencies and preventing certain infectious diseases [4]. - The company's lead product, Asceniv, is an Intravenous Immune Globulin (IVIG) that contains polyclonal antibodies to help neutralize microbes [5]. Financial Performance - Despite lower-than-expected first-quarter results, ADMA raised its revenue guidance for 2025 to over $500 million and for 2026 to $625 million, up from previous estimates of over $490 million and $605 million respectively [10]. - Projected net income is expected to exceed $175 million in 2025 and increase to $245 million or more in 2026 [10]. Growth Prospects - Demand for Asceniv reached record highs in the first quarter, with expectations for revenue share to expand throughout 2025 and beyond [7]. - ADMA plans to file for a supplemental Biologics License Application in mid-2025 to expand Asceniv's label to include pediatric patients aged two years and older, which could increase the target patient population [8][9]. Valuation - Currently, ADMA's shares are considered expensive, trading at a price/sales ratio of 8.44x forward sales, significantly higher than its historical mean of 3.33x and the industry average of 1.69x [11]. Market Position - ADMA competes with Takeda and Grifols in the U.S. plasma-derived products market and is expected to maintain momentum in the upcoming quarters [15]. - The targeted market for ADMA's products has significant growth potential, particularly among underserved immune-compromised and co-morbid patient populations [16].
ADMA Biologics vs. Grifols: Which Plasma Therapy Stock Is the Better Buy?
ZACKS· 2025-05-28 15:06
Core Viewpoint - ADMA Biologics and Grifols are prominent players in the plasma-derived therapies market, each with unique strengths and growth prospects, making stock selection challenging [1][2]. Company Overview ADMA Biologics - ADMA specializes in plasma-derived biologics for treating immune deficiencies and preventing infectious diseases, with three FDA-approved products: Bivigam, Asceniv, and Nabi-HB [3][6]. - Asceniv, the lead product, is a plasma-derived IVIG that contains polyclonal antibodies to neutralize microbes [4][5]. - The company anticipates significant revenue growth from Asceniv, driven by record demand and plans for a new R&D program, SG-001, which could generate $300-500 million in annual revenues [6]. Grifols - Grifols is a global leader in plasma-derived medicines, developing a wide range of biological therapies targeting various immunological conditions [7][8]. - The company reported sales of €7.2 billion in 2024, reflecting a 10.3% increase, and is recognized as the largest producer of A1PI [9][10]. - Grifols has a diverse portfolio and is positioned for consistent growth due to strong demand and operational execution [11]. Financial Estimates ADMA Biologics - The Zacks Consensus Estimate for ADMA's 2025 sales indicates an 18.61% year-over-year increase, with EPS expected to improve by 36.73% [12]. - Recent estimate revisions show a decline in EPS estimates for 2025 but an increase for 2026 [13]. Grifols - The Zacks Consensus Estimate for Grifols' 2025 sales suggests a 3.78% increase, with EPS expected to rise by 296% [12]. - EPS estimates for both 2025 and 2026 have seen upward revisions in the past 60 days [15]. Price Performance and Valuation - Year-to-date, ADMA shares have increased by 15.9%, outperforming Grifols' 10.6% rise, while the industry has declined by 4.1% [16]. - In terms of valuation, ADMA trades at 25.48X forward earnings, significantly higher than Grifols' 7.19X [16]. Investment Recommendation - ADMA shows steady growth driven by Asceniv demand, while Grifols, with a broader portfolio and better valuation, is considered a more favorable investment choice at present [20][21][22].
ADMA's Q1 Earnings and Revenues Miss: Buy, Sell or Hold the Stock?
ZACKS· 2025-05-08 18:30
Core Viewpoint - ADMA Biologics reported lower-than-expected first-quarter results, with adjusted earnings per share of 14 cents missing the consensus estimate of 16 cents, and revenues of $114.8 million, up 40% year over year, also falling short of the expected $119 million. Despite this, the company raised its revenue guidance for 2025 and 2026 [1][8]. Group 1: Financial Performance - The first-quarter adjusted earnings per share were 14 cents, missing the Zacks Consensus Estimate of 16 cents [1]. - Revenues for the first quarter were $114.8 million, which is a 40% increase year over year but below the expected $119 million [1]. - ADMA updated its revenue guidance, now expecting over $500 million in 2025 and $625 million in 2026, an increase from previous estimates of over $490 million and $605 million respectively [8]. Group 2: Product and Market Insights - ADMA markets plasma-derived biologics, including three FDA-approved products: Bivigam, Asceniv, and Nabi-HB, targeting immune deficiencies and infectious diseases [3]. - Asceniv, the lead product, is a plasma-derived IVIG that contains polyclonal antibodies to treat primary immunodeficiency disease (PIDD) [4][5]. - Demand for Asceniv was record high in the first quarter, with expectations for revenue share to expand throughout 2025 and beyond due to new patient starts and increased penetration in existing institutions [6]. Group 3: Growth Prospects - ADMA is developing SG-001, a hyperimmune globulin targeting S. pneumonia, with potential annual revenues of $300-500 million expected by 2025 [7]. - The company anticipates significant growth opportunities in the underserved immune-compromised and co-morbid patient population, despite competition from standard-of-care therapies [19]. - The recent FDA approval for an innovative yield enhancement production process supports revenue growth and margin expansion opportunities [21]. Group 4: Stock Performance and Valuation - ADMA's shares have surged 37.7% year to date, outperforming the industry, which has declined by 7.4% [11]. - The current price/sales ratio for ADMA is 10.46x forward sales, significantly higher than its historical mean of 3.32x and the industry average of 1.65x, indicating a high valuation [14].
Should ADMA Biologics Stock Be in Your Portfolio Pre-Q1 Earnings?
ZACKS· 2025-05-01 18:25
Core Viewpoint - ADMA Biologics is expected to report first-quarter 2025 results on May 7, with sales estimated at $119.1 million and earnings at 16 cents per share, reflecting a positive trend in earnings estimates for 2025 and 2026 [1][2][16]. Financial Performance - The earnings estimate for 2025 has increased to 71 cents from 69 cents per share over the past 60 days, while the estimate for 2026 has improved to 93 cents from 87 cents [1][2]. - ADMA has a mixed earnings surprise history, beating estimates in three of the last four quarters with an average surprise of 32.8%, although it missed estimates by 6.67% in the most recent quarter [2][3]. Product Overview - ADMA markets plasma-derived biologics, including three FDA-approved products: Bivigam, Asceniv, and Nabi-HB, aimed at treating immune deficiencies and preventing infectious diseases [6][17]. - Asceniv, the lead product, is a plasma-derived IVIG that contains polyclonal antibodies to neutralize microbes and prevent infections [7][8]. Sales and Growth Drivers - Increased sales of Asceniv are expected to drive revenue growth in the first quarter, supported by a favorable mix of high-margin immunoglobulin sales [9]. - ADMA anticipates significant growth in revenues, projecting over $490 million in 2025 and $605 million in 2026, with net income expected to exceed $175 million in 2025 [16]. Market Position and Strategy - ADMA has entered into long-term high-titer plasma supply contracts, increasing access to raw materials and potentially achieving $1 billion in annual revenues by 2030 [14]. - The company competes with Takeda and Grifols in the U.S. plasma-derived products market and is positioned for substantial growth in the underserved immune-compromised patient population [17][18]. Valuation - ADMA's shares currently trade at a price/sales ratio of 10.59x forward sales, significantly higher than its historical mean of 3.32x and the industry average of 1.76x, indicating a premium valuation [12]. Price Performance - ADMA's stock has surged 38.8% year-to-date, outperforming the industry, which has declined by 2.7% [10].