ADMA's Q3 Earnings Match Estimates, Revenues Beat on Strong Asceniv Sales

ADMA Biologics ADMA reported third-quarter 2025 adjusted earnings per share (EPS) of 16 cents, which were in line with the Zacks Consensus Estimate. In the year-ago quarter, the company reported adjusted EPS of 15 cents. 

Revenues of $134.2 million (up 12% year over year) beat the Zacks Consensus Estimate of $130 million.

However, the stock was down 2.9% in after-market trading following the announcement. Year to date, shares of ADMA have lost 12.9% against the industry’s growth of 10.3%.

Asceniv’s Performance Fuels ADMA’s Growth in Q3

ADMA Biologics markets plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases.

The company’s top line currently comprises sales of three FDA-approved products — Bivigam (an Intravenous Immune Globulin [“IVIG”] product to treat primary humoral immunodeficiency), Asceniv (to treat primary immunodeficiency disease or PIDD) and Nabi-HB (to treat and provide enhanced immunity against the hepatitis B virus).

Asceniv, its lead product, is a plasma-derived IVIG that contains naturally occurring polyclonal antibodies. It is indicated for the treatment of PIDD or inborn errors of immunity in adults and adolescents. The product is manufactured using ADMA’s unique, patented plasma donor screening methodology and tailored plasma pooling design, which blends normal source plasma with respiratory syncytial virus plasma obtained from donors tested using the company’s proprietary microneutralization assay.

Asceniv achieved record utilization during the quarter, driven by strong prescriber adoption and growing patient demand.

Gross margin improved to 56.3% from 49.8%, driven by a favorable mix of higher-margin immunoglobulin (IG) sales and operational efficiencies that reduced manufacturing costs.

Research & Development expenses skyrocketed to $1.5 million from $0.4 million in the year-ago quarter. Selling, general and administrative expenses increased 17.3% to $21.8 million.

ADMA received FDA lot release authorization for its first yield-enhanced commercial batches. These lots are expected to significantly improve manufacturing efficiency and drive gross margin expansion beginning in the fourth quarter of 2025, with continued gains through 2026 and beyond.

However, ADMA stated that year-over-year net income growth was tempered by a higher effective tax rate and temporary competitive dynamics in standard IVIG markets, mainly impacting Bivigam.

ADMA Updates 2025 Guidance

ADMA now expects revenues of more than $510 million in 2025 (previous guidance: $500 million) and $630 million (previous guidance: $625 million) in 2026. Net income is now projected to exceed $158 million (previous guidance: $175 million) in 2025 due to a higher effective tax rate. Net income is now projected to exceed $255 million (previous guidance: $245 million) in 2026.

ADMA is in active negotiations to onboard additional distribution partners over the coming quarters, which would, if successful, broaden both Bivigam and Asceniv’s reach and support continued growth.

ADMA’s Progress With Another Candidate

ADMA continues to advance SG-001, a hyperimmune globulin targeting S. pneumonia.

A CNPV application has been submitted, and if accepted, could accelerate FDA review by two quarters or more. SG-001 demonstrated preclinical efficacy, and if successfully advanced to market, it could represent an approximately $300-$500 million annual high-margin opportunity protected through at least 2037.

Other Updates From ADMA

ADMA expects constructive 2026 payer negotiations to expand coverage next year, further supporting growth.

ADMA’s Zacks Rank & Stocks to Consider

ADMA currently has a Zacks Rank #3 (Hold).

A couple of better-ranked stocks in the biotech sector are Alkermes ALKS and Amicus Therapeutics FOLD, both carrying a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Alkermes’ EPS estimates for 2025 have increased to $1.96 from $1.82, while those for 2026 have risen from $1.70 to $1.77 in the past 30 days. The stock has gained nearly 7.9% year to date.

Alkermes’ earnings beat estimates in three of the trailing four quarters and missed the mark in one, delivering an average surprise of 4.58%.

In the past 60 days, estimates for Amicus Therapeutics’ 2025 EPS have remained constant at 31 cents. During the same time, EPS estimates for 2026 have increased from 69 cents to 70 cents. Year to date, shares of FOLD have lost 2.5%.

 

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This article originally published on Zacks Investment Research (zacks.com).

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