ADMA Biologics Reports Preliminary 2025 Results, Ups 2026 Outlook

ADMA Biologics, Inc. ADMA announced preliminary unaudited full-year 2025 revenue numbers and provided a business update.

The company estimates total revenues of approximately $510-$511 million for 2025. ADMA exited 2025 with approximately $88 million in cash, including roughly $40 million in operating cash flow generated in the fourth quarter of 2025.

Shares of ADMA have gained 8.7% compared with the industry’s growth of 19.6%.

ADMA Ups 2026 Guidance

ADMA increased its 2026 revenue outlook to approximately $635 million from the prior guidance of $630 million, while reiterating adjusted net income forecast of approximately $255 million.

It also raised its adjusted EBITDA guidance for 2026 to approximately $360 million from $355 million, reflecting growing confidence in margin expansion as yield-enhanced production scales.

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

Asceniv, its lead product, is a plasma-derived intravenous immune globulin that contains naturally occurring polyclonal antibodies. It is indicated for the treatment of primary immunodeficiency disease (PIDD) or inborn errors of immunity in adults and adolescents.

Record demand for Asceniv, expected expansion in payer coverage, and growing confidence in long-term plasma supply are providing clear visibility into accelerating revenues in 2026.

ADMA Provides 2027 Guidance

Management forecasts revenues of approximately $775 million in 2027, net income of approximately $315 million and adjusted EBITDA of roughly $455 million.

ADMA anticipates revenues of more than $1.1 billion in fiscal 2029, translating to at least $700 million in adjusted EBITDA.

Asceniv Demand Momentum Anchors ADMA

Utilization accelerated at the end of 2025, supported by expanding prescriber adoption, strong payer access, and increasing confidence in long-term product availability.

The company divested three plasma collection centers for $12 million, while retaining ownership of seven internal centers. More importantly, it entered into long-term plasma supply agreements with the buyer and expanded relationships with third-party suppliers, now accessing 280+ plasma collection centers.

This shift toward a more flexible, capital-efficient sourcing model improves long-term supply visibility through the late 2030s, supports increased production capacity of Asceniv, and is expected to deliver accretive cost savings starting in 2026.

ADMA successfully implemented yield-enhanced production at commercial scale. While 2025 saw initial FDA lot releases, 2026 will mark the first full year of monetizing yield-enhanced batches, driving meaningful gross margin expansion.

On the distribution front, ADMA signed a new authorized distribution agreement with McKesson Specialty in the fourth quarter of 2025, for both Asceniv and Bivigam, expanding access to additional sites of care.

ADMA Looks to Expand Portfolio

ADMA is developing other candidates as well. The preclinical program for SG-001 advanced during 2025, with a pre-IND submission to the FDA anticipated in 2026. If successful, SG-001 could potentially move directly into a registrational study and represent a $300-$500 million peak annual revenue opportunity, offering meaningful upside beyond current guidance.

Our Take on ADMA

With accelerating Asceniv demand, expanding margins from yield-enhanced production, improved capital efficiency and a clear long-term path to $1 billion-plus revenues, ADMA looks well positioned.

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 Amicus Therapeutics FOLD and Krystal Biotech KRYS, both carrying a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

In the past 60 days, estimates for Amicus Therapeutics’ 2026 earnings per share (EPS) have decreased to 67 cents from 70 cents. Shares of FOLD have gained 54.7% in a year.

Krystal Biotech’s EPS estimates for 2025 have increased to $6.45 from $6.18, while those for 2026 have risen to $8.46 from $8.34 in the past 60 days. The stock has surged 81.1% in a year.



 

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