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1. Company Snapshot

1.a. Company Description

ADMA Biologics, Inc., a biopharmaceutical company, engages in developing, manufacturing, and marketing specialty plasma-derived biologics for the treatment of immune deficiencies and infectious diseases in the United States and internationally.It offers BIVIGAM, an intravenous immune globulin (IVIG) product indicated for the treatment of primary humoral immunodeficiency (PI); ASCENIV, an IVIG product for the treatment of PI; and Nabi-HB for the treatment of acute exposure to blood containing Hepatitis B surface antigen and other listed exposures to Hepatitis B.The company also develops a pipeline of plasma-derived therapeutics, including products related to the methods of treatment and prevention of S.


pneumonia infection for an immunoglobulin.In addition, it operates source plasma collection facilities.The company sells its products through independent distributors, sales agents, specialty pharmacies, and other alternate site providers.


ADMA Biologics, Inc.was incorporated in 2004 and is headquartered in Ramsey, New Jersey.

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1.b. Last Insights on ADMA

ADMA Biologics' recent performance was negatively impacted by a decrease in holdings by AWM Investment Company Inc., which lowered its position by 9.3% during the second quarter. Additionally, the company's stock experienced a significant dip, with a -1.28% move from the previous day and a -4.24% move from the prior day. However, the company's Q4 2025 earnings report showed a 14% year-over-year increase in EPS and 18% revenue growth, driven by strong Asceniv performance. The company also announced a share repurchase program, which is expected to increase stockholder value. Zacks upgraded ADMA Biologics to a Strong Buy, citing growing optimism about the company's earnings prospects.

1.c. Company Highlights

2. ADMA Biologics' Record Quarter Drives Upward Revision in Guidance

ADMA Biologics reported a record-breaking quarter with total revenue reaching $134.2 million, marking a 10% quarter-over-quarter increase and 12% growth year-over-year. The company's GAAP net income stood at $36.4 million, up 6% quarter-over-quarter and 1% year-over-year. Adjusted EBITDA grew to $58.7 million, representing 16% quarter-over-quarter growth and a 29% increase year-over-year. Earnings per share (EPS) came in at $0.16, in line with analyst estimates. The strong financial performance was led by ASCENIV, which achieved record utilization driven by robust prescriber adoption and sustained patient demand.

Publication Date: Nov -10

📋 Highlights
  • Record Revenue Growth:: Total revenue reached $134.2 million, reflecting 10% quarter-over-quarter and 12% year-over-year growth.
  • Strong EBITDA Expansion:: Adjusted EBITDA surged to $58.7 million, up 16% quarter-over-quarter and 29% year-over-year.
  • ASCENIV Market Leadership:: ASCENIV achieved record utilization, supported by strong prescriber adoption and a 50%+ reduction in infection rates in clinical studies.
  • Yield-Enhanced Production:: FDA lot release for yield-enhanced batches is expected to boost per-batch output by 20%+, driving gross margin expansion to 63.7% in 3Q.
  • Revised Revenue Guidance:: Raised 2025 revenue target to $510 million (up 24% YoY) and 2026 to $630 million (51% YoY EBITDA growth, 61% YoY adjusted net income growth).

Operational Highlights and Future Outlook

The FDA's lot release of ADMA's first yield-enhanced production batches is expected to improve per-batch output by 20% or more, driving sustained gross margin expansion. The company raised its 2025 and 2026 financial outlook, expecting total revenue of $510 million in 2025 and at least $630 million in 2026, representing 24% year-over-year growth. For 2029, ADMA expects total annual revenue to exceed $1.1 billion. The confidence in raising revenue guidance stems from seeing product pull-through at record levels, exceeding internal expectations throughout the third quarter, and a strong fourth quarter.

Valuation and Growth Prospects

With a P/E Ratio of 16.78 and an EV/EBITDA of 21.15, the market appears to have priced in a significant portion of ADMA's growth prospects. However, the company's expected revenue growth of 24.3% next year and its robust pipeline, including the SG-001 program, which has the potential to contribute $300 million to $500 million in annual high-margin revenue, could justify further expansion in valuation multiples. ADMA's strong balance sheet, with an undrawn $225 million revolver, and its focus on creating stockholder value through disciplined capital allocation and share repurchases, add to its appeal.

Pipeline Advancements and Plasma Collection

The company continues to invest in innovation and pipeline advancement, with a focus on increasing plasma collection to support its growth plans. ADMA has partnerships with Grifols and Kedrion to access a wider group of collection centers and offers financial incentives for third-party suppliers to hit target collection goals. The hit rate for high-titer plasma collections is around 5%, but the company expects the amount of plasma collected to grow over time, supporting its goal of reaching $1.1 billion in revenue by 2029.

3. NewsRoom

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Adma Biologics (ADMA) Upgraded to Strong Buy: Here's Why

Mar -03

Source: zacks.com

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ADMA Q4 EPS Up 14% Y/Y, Revenues Gain From Strong Asceniv Performance

Feb -26

Source: zacks.com

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ADMA Biologics, Inc. (ADMA) Q4 2025 Earnings Call Transcript

Feb -25

Source: seekingalpha.com

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

Feb -25

Source: globenewswire.com

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Adma Biologics (ADMA) Ascends While Market Falls: Some Facts to Note

Feb -19

Source: zacks.com

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Adma Biologics (ADMA) Registers a Bigger Fall Than the Market: Important Facts to Note

Feb -12

Source: zacks.com

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Adma Biologics (ADMA) Exceeds Market Returns: Some Facts to Consider

Feb -02

Source: zacks.com

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ADMA Gains 13.8% in Three Months: More Upside Potential for 2026?

Jan -22

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.97%)

6. Segments

ADMA BioManufacturing

Expected Growth: 14%

ADMA BioManufacturing's 14% growth is driven by increasing demand for plasma-derived therapies, expansion of commercial partnerships, and investments in manufacturing capacity. Additionally, the growing need for life-saving treatments and rising awareness of rare diseases contribute to the segment's growth.

Plasma Collection Centers

Expected Growth: 13%

ADMA Biologics' Plasma Collection Centers' 13% growth is driven by increasing demand for life-saving plasma-derived therapies, expansion into new markets, and strategic partnerships. Additionally, advancements in plasma collection technology, growing awareness of rare diseases, and favorable regulatory environments contribute to the segment's growth.

Corporate Segment

Expected Growth: 12%

ADMA Biologics' Corporate Segment growth of 12% is driven by increasing demand for its immunoglobulin products, expansion into new markets, and strategic partnerships. Additionally, investments in research and development, as well as regulatory approvals for new products, contribute to the segment's growth.

7. Detailed Products

Nabi-HB

A hepatitis B immune globulin (HBIG) that provides protection against hepatitis B infection

Bivigam

An intravenous immune globulin (IVIG) that treats various autoimmune and inflammatory disorders

ASCENIV

An intravenous immune globulin (IVIG) that treats primary immunodeficiency diseases

8. ADMA Biologics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

ADMA Biologics, Inc. has a moderate threat of substitutes due to the availability of alternative treatments for immunodeficiency disorders.

Bargaining Power Of Customers

ADMA Biologics, Inc. has a low bargaining power of customers due to the lack of negotiating power of individual customers.

Bargaining Power Of Suppliers

ADMA Biologics, Inc. has a moderate bargaining power of suppliers due to the availability of multiple suppliers for raw materials.

Threat Of New Entrants

ADMA Biologics, Inc. has a high threat of new entrants due to the growing demand for immunodeficiency treatments and the relatively low barriers to entry.

Intensity Of Rivalry

ADMA Biologics, Inc. operates in a highly competitive industry with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 49.33%
Debt Cost 6.09%
Equity Weight 50.67%
Equity Cost 6.09%
WACC 6.09%
Leverage 97.36%

11. Quality Control: ADMA Biologics, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
BridgeBio Pharma

A-Score: 5.3/10

Value: 8.0

Growth: 5.1

Quality: 5.9

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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IDEAYA Biosciences

A-Score: 4.6/10

Value: 6.7

Growth: 2.9

Quality: 5.1

Yield: 0.0

Momentum: 9.0

Volatility: 3.7

1-Year Total Return ->

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Insmed

A-Score: 4.4/10

Value: 6.0

Growth: 3.3

Quality: 4.0

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
ADMA Biologics

A-Score: 4.0/10

Value: 1.3

Growth: 8.4

Quality: 8.5

Yield: 0.0

Momentum: 2.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Alpine Immune Sciences

A-Score: 4.0/10

Value: 6.0

Growth: 6.6

Quality: 4.2

Yield: 0.0

Momentum: 6.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Bio-Techne

A-Score: 3.5/10

Value: 0.9

Growth: 4.2

Quality: 6.3

Yield: 1.0

Momentum: 3.5

Volatility: 5.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

16.38$

Current Price

16.38$

Potential

-0.00%

Expected Cash-Flows