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

ADMA Biologics ADMA reported fourth-quarter 2025 adjusted earnings per share (EPS) of 21 cents, (excluding stock-based compensation modifications, yield enhancement expense up, voluntary withdrawal and product replacements and non-recurring professional fees), up from 14 cents recorded in the year-ago quarter.

On a reported basis, EPS was 20 cents, down from 46 cents reported in the year-ago quarter.  

Revenues of $139.2 million were up 18% year over year.

In the past year, shares of ADMA have risen 1.5% compared with the industry’s growth of 20.4%.

Asceniv’s Performance Fuels ADMA’s Growth in Q4

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 revenues are driving top-line growth.

Gross margin improved to 63.8% from 54%, driven by a favorable mix of higher-margin immunoglobulin (IG) sales and operational efficiencies that reduced manufacturing costs.

Research & Development expenses increased to $1.4 million from $0.4 million in the year-ago quarter. Selling, general and administrative expenses rose 0.84% to $23.5 million.

ADMA ended 2025 with roughly $88 million in cash, excluding expected proceeds from the plasma center divestiture slated to be closed in the first quarter of 2026.

In December 2025, ADMA reached an agreement to divest three plasma centers for $12 million while retaining seven plasma collection centers.

ADMA’s 2025 Results

Revenues of $510.2 million were up 20% from 2024, driven by higher Asceniv sales due to continued growth in physician, payer and patient adoption, partially offset by lower Bivigam and intermediates sales.

Asceniv delivered record utilization in 2025, with revenues climbing 51% year over year to $362.5 million on strong demand and growing prescriber adoption.

Adjusted EPS was 65 cents, up from 49 cents in 2024.

ADMA’s Guidance

ADMA expects 2026 revenues to exceed $635 million. Net income is forecasted to exceed $255 million.

In fiscal 2026, ADMA expects continued mix shift toward higher-margin IVIG products and further gross margin improvement, reflecting the first full year of yield-enhanced production.

Asceniv momentum is expected to continue into 2026, driven by broader payer coverage, a growing body of real-world evidence and increasing confidence in long-term supply continuity.

Yield-enhanced production was fully integrated into routine commercial operations in 2025, supported by continued FDA lot releases. 2026 marks the first full year of yield-enhanced output, positioning the company for sustained gross margin expansion and meaningful earnings growth.

Third-party suppliers outperformed expectations in 2025, and newly executed agreements now provide access to more than 280 plasma collection centers, significantly strengthening Asceniv’s long-term supply outlook. These initiatives are expected to create a more flexible, capital-efficient supply model that should generate cost savings beginning in 2026, expand production capacity and support reliable supply into the late 2030s and beyond.

Management forecasts revenues to exceed $775 million in 2027 and net income to surpass $315 million.

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

ADMA Advances Another Pipeline Candidate

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

The company plans to submit a pre-Investigational New Drug (IND) meeting package to the FDA in 2026, potentially enabling direct progression into a registrational trial. Management estimates peak annual sales of $300-$500 million, adding meaningful long-term optionality beyond its IVIG products.

Our Take on ADMA’s Performance

ADMA delivered a strong performance in 2025 on the back of strong Asceniv growth.

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.

Management believes Asceniv remains in the early stages of penetrating a large total addressable market and represents a key long-term growth driver for ADMA (supported by a differentiated, patented supply and manufacturing platform).

ADMA’s Zacks Rank & Other Stocks to Consider

ADMA currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the biotech sector are Castle Biosciences CSTL, ANI Pharmaceuticals ANIP and Allogene Therapeutics ALLO. While CSTL sports a Zacks Rank #1 (Strong Buy) at present, both ANIP and ALLO carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Castle Biosciences’ 2026 loss per share have narrowed from $1.06 to 96 cents. CSTL shares have surged 38.3% over the past six months.

Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 66.11%.

In the past 60 days, estimates for ANI Pharmaceuticals’ 2026 earnings per share (EPS) have risen from $8.08 to $8.22. In the past year, shares of ANIP have risen nearly 39.8%.

ANIP’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 21.24%.

In the past 60 days, Allogene Therapeutics’ 2026 loss per share estimates have remained unchanged at 86 cents. In the past year, shares of ALLO have risen nearly 29.8%.

Allogene Therapeutics’ earnings beat estimates in three of the trailing four quarters and met the same in one, delivering an average surprise of 13.23%.

 

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