ADMA Biologics vs. Grifols: Which Plasma Therapy Stock Is the Better Buy?

ADMA Biologics ADMA and Grifols GRFS are leading producers of plasma-derived therapies, specializing in immunoglobulin treatments for immunodeficiencies and other conditions.

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

Grifols is a leader in essential plasma-derived medicines and transfusion medicine. The company develops, produces, and provides innovative healthcare services and solutions in more than 110 countries.

Both of these biotech giants have established strong footholds in their respective target markets. In such a scenario, choosing one stock over another can be challenging. Let us delve into their fundamentals, potential growth prospects, challenges and valuation levels to make a prudent choice.

The Case for ADMA Biologics

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. These antibodies are proteins used by the body’s immune system to neutralize microbes, such as bacteria and viruses, and prevent infection and disease.

Asceniv is indicated for the treatment of PIDD or inborn errors of immunity in adults and adolescents. It 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.

Demand was record high in the first quarter. Consequently, ADMA expects Asceniv’s total revenue share to expand throughout 2025 and beyond.

ADMA expects to generate initial, proof-of-concept animal data before 2025-end for its lead R&D pipeline program, SG-001, a hyperimmune globulin targeting S. pneumonia.

ADMA believes that SG-001 has the potential to generate $300-500 million or more in high-margin annual revenues, with IP protection through at least 2037.

The Case for GRFS

Grifols, a leading global specialty plasma therapeutics company, is developing, manufacturing and distributing a broad range of biological medicines based on plasma-derived proteins.

These protein-based therapies target primary and secondary immunological deficiencies, chronic Inflammatory Demyelinating Polyneuropathy (“CIDP”), A1PI deficiency and related emphysema, immune-mediated ITP, Guillain Barré syndrome, Kawasaki disease, allogeneic bone marrow transplants, hemophilia A and B, von Willebrand disease, traumatic or hemorrhagic shock and severe burns.

The main plasma products GRFS manufactures are IG, Factor VIII, Alpha 1 (A1PI) and albumin. Grifols also manufactures intramuscular (hyperimmune) immunoglobulins (IGs), ATIII, Factor IX and plasma thromboplastin component.

GRFS is a leading plasma derivatives producer globally, ranking among the three largest producers in the industry in terms of total sales, along with Takeda and CSL Group.  Sales reached €7.2 billion in 2024, up 10.3%. Per GRFS, it is the world’s largest producer of A1PI, which is used for the treatment of A1PI deficiency-related emphysema.

GRFS boasts a market in various segments of the plasma derivatives industry, including A1PI, IG and albumin, as well as in terms of plasma collection centers and fractionation capacity.

GRFS also built a diagnostic business focused on researching, developing, manufacturing and marketing in vitro diagnostics products for use in clinical and blood bank laboratories. The company also specializes in providing infusion solutions, nutrition products and medical devices for use in hospitals and clinics.

GRFS is set to record consistent growth, driven by healthy underlying demand across all parts of the business, coupled with strong operational execution.

A Look at Estimates: ADMA versus GRFS

The Zacks Consensus Estimate for ADMA’s 2025 sales implies a year-over-year increase of 18.61%, and that for earnings per share (EPS) suggests an improvement of 36.73%.  However, EPS estimates for 2025 have moved south in the past 60 days. However, the metric for 2026 has moved north during the same time frame.

ADMA’s Estimate Movement

The Zacks Consensus Estimate for GRFS’ 2025 sales implies a year-over-year increase of 3.78% while that for EPS suggests an improvement of 296%. EPS estimates for both 2025 and 2026 have moved north in the past 60 days.

GRFS’ Estimate Movement

Price Performance and Valuation of ADMA and GRFS

From a price-performance perspective, ADMA has fetched better returns than GRFS so far this year. Shares of ADMA have gained 15.9%, while those of GRFS have risen 10.6%. The industry has declined 4.1% in the said period.

From a valuation standpoint, ADMA is more expensive than GRFS. ADMA’s shares currently trade at 25.48X forward earnings, higher than 7.19X for GRFS.

Image Source: Zacks Investment Research

Which Stock Is a Better Pick for Now?

Large biotech companies are generally considered safe havens for investors interested in this sector.

ADMA’s top line is witnessing steady growth on the back of robust Asceniv demand.  It anticipates accelerating new patient starts and further penetrating existing institutions, which would significantly expand its peak revenue potential due to the ramp-up of long-term high-titer plasma supply contracts and continued benefit in real-world patient outcomes.

ADMA currently carries a Zacks #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

On the other hand, GRFS has a much wider portfolio and is one of the three largest producers of plasma derivatives in terms of total sales. Given the expansive portfolio offerings, GRFS is poised to maintain momentum in the top line.

GRFS currently carries a Zacks Rank #2 (Buy).

While ADMA has recorded better returns in terms of price so far in 2025, we believe GRFS is a better pick at present, given its cheaper valuation, solid fundamentals and recent positive estimate revisions.


 

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

Zacks Investment Research