Will Strong Asceniv Sales Drive ADMA Biologics Further?

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

ADMA’s lead product, Asceniv, is a plasma-derived Intravenous Immune Globulin that contains naturally occurring polyclonal antibodies. It is indicated for the treatment of primary immunodeficiency disease or inborn errors of immunity in adults and adolescents.

The company recorded revenues of $114.8 million in the first quarter, driven by record-high Asceniv sales.

The recent FDA approval of ADMA’s yield enhancement production process is expected to pave the way for solid revenue growth and margin expansion. This approval is expected to increase finished immunoglobulin (IG) output by 20%.

ADMA expects to generate revenues of more than $500 million in 2025 and $625 million in 2026.

An acceleration in new patient starts and further penetration in existing markets should significantly expand Asceniv's sales.

Asceniv’s robust intellectual property estate, encompassing proprietary plasma screening assays, unique plasma pooling methods and innovative IG use, secures brand protection through at least 2035, with potential IP extensions beyond 2035.

Competition in the Plasma Therapy Market

ADMA Biologics competes with Grifols GRFS and Takeda TAK for plasma-derived products.

GRFS is a leading producer of plasma derivatives globally, ranking among the three largest producers in the industry in terms of total sales, alongside Takeda and CSL Group. Its main plasma products are IG, Factor VIII, Alpha 1 (A1PI) and albumin. Grifols also manufactures intramuscular (hyperimmune) immunoglobulins (IGs), ATIII, Factor IX and plasma thromboplastin component.

GRFS has a strong presence in various segments of the plasma derivatives industry, including A1PI, IG and albumin. It also has dominance in plasma collection centers and fractionation capacity.

Takeda’s broad immunoglobulin portfolio includes Hyqvia, Cuvitru, Gammagard Liquid and Gammagard S/D. The company is developing next-generation IG products with 20% facilitated SCIG (TAK-881) and liquid low IgA IG (TAK-880). It is also pursuing other early-stage opportunities (e.g., hypersialylated Immunoglobulin [hsIgG]) that would diversify its portfolio further.

ADMA’s Price Performance, Valuation & Estimates

Shares of ADMA have gained 7.3% year to date against the industry’s decline of 2.6%.  

From a valuation perspective, ADMA is expensive at this moment. Going by the price/sales ratio, ADMA’s shares currently trade at 7.68x forward sales, higher than its mean of 3.33x and the industry’s 1.64x.

The Zacks Consensus Estimate for ADMA’s 2025 and 2026 earnings per share has moved southward in the past 60 days.

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


 

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

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