ADMA 8-K
Adma Biologics, Inc. (ADMA)
8-K
2026-05-06
For: 2026-05-06
View Original
Added on
May 06, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 6, 2026
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (201 )
478-5552
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(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 |
Results of Operations and Financial Condition.
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On May 6, 2026, ADMA Biologics, Inc. issued a press release announcing its financial results for the three months ended March 31, 2026,
and provided a business update. A copy of the press release is furnished herewith as Exhibit 99.1.*
| Item 9.01 |
Exhibits.
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(d) Exhibits
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Exhibit
No.
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Description
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ADMA Biologics, Inc. Press Release, dated as of May 6, 2026
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104
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Cover Page Interactive Data File (embedded with the Inline XBRL document)
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* The information in Item 2.02 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly
set forth by specific reference in such a filing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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May 6, 2026
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ADMA Biologics, Inc.
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By:
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/s/ Adam S. Grossman
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Name:
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Adam S. Grossman
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Title:
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President and Chief Executive Officer
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Exhibit 99.1
ADMA Biologics Reports First Quarter 2026 Financial Results and Provides Business Update
1Q 2026 Total Revenue of $114.5 Million, Flat Year-Over-Year
1Q 2026 ASCENIV Revenue +28% Year-Over-Year; BIVIGAM Revenue -54% Year-Over-Year
1Q 2026 Adjusted Net Income(1) of $40.7 Million, 22% Year-Over-Year Growth
1Q 2026 Adjusted EBITDA(2) of $59.7 Million, Representing 24% Year-Over-Year Growth
1Q 2026 Cash from Operations of $58 Million Highlights Strong Cash Generation
Strong Balance Sheet and Financial Flexibility Support Continued Execution
Reiterates Confidence in ASCENIV Growth Outlook Driven by Durable Demand Fundamentals
Updates FY 2026 Outlook and Withdraws Long-Term Guidance to Reflect Evolving U.S. Plasma Products and IG Market Competitive Dynamics
RAMSEY, N.J. and BOCA RATON, FL, May 6, 2026 -
ADMA Biologics, Inc. (Nasdaq: ADMA) (“ADMA” or the “Company”), a U.S. based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics, today announced its first quarter 2026
financial results and provided a business update.
“During the first quarter, the market for U.S. plasma derived therapies (PDT) and immunoglobulin (IG) experienced increased competitive dynamics which, along with
variability in distributor ordering patterns, created near-term topline pressures, particularly impacting BIVIGAM,” said Adam Grossman, President and Chief Executive Officer of ADMA. “Importantly, these dynamics were limited to distribution and
inventory behavior and we believe do not reflect any deterioration in underlying ASCENIV demand, where fundamentals remained strong and continue to improve – with record utilization growth throughout the quarter, as illustrated by ASCENIV’s 28%
year-over-year revenue growth. We continue to see strength across key ASCENIV demand metrics, including record new patient starts, growing prescriber breadth, product pull-through and patient adherence, and we are encouraged that the second quarter
run rate based on April demand is in-line with the level of first quarter direct sales.”
Mr. Grossman continued, “We believe the first quarter results likely represent a trough revenue baseline driven by what we anticipate is a temporary market
dislocation, and we expect to drive growth over the coming quarters. Despite this backdrop, in the quarter ADMA delivered 22% year-over-year Adjusted Net Income growth, 24% Adjusted EBITDA growth, expanded gross margins to 71% and generated $58
million of operating cash flow on revenue that was essentially flat – underscoring the resilience of our business model in a challenging PDT and IG landscape. We believe the current pricing environment and inventory dislocation in the U.S. IG and
PDT market will prove temporary, and ADMA has remained disciplined in its pricing strategy. With ASCENIV demand at record levels, supported by durable and enduring fundamentals, and still forecasted to be early in its penetration curve, we remain
confident in our ability to drive growth from this baseline through expanding margins and increasing cash generation. We also see meaningful long-term opportunity in SG-001, where our capital-efficient development approach and existing platform
position us to leverage our commercial infrastructure, if approved, for a potentially rapid commercial ramp toward what we believe is a $300 to $500 million annual market opportunity.”
Updated Financial Guidance and Outlook
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FY 2026 total revenue expected to be $530 million to $560 million
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FY 2026 Adjusted Net Income expected to be $170 million to $200 million
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FY 2026 Adjusted EBITDA expected to be $265 million to $300 million
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Withdrawing previously provided long-term guidance due to current competitive dynamics in the PDT & IG market
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FY 2026 outlook reflects the rapidly changing competitive dynamics and sustained pressure with standard IG pricing throughout the balance of the year. ASCENIV growth
outlook remains strong, supported by durable underlying demand fundamentals.
Commercial and Operational Execution Supporting Long-Term ASCENIV Growth
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ASCENIV Demand Remained Strong. ASCENIV delivered 28%
year-over-year revenue growth in the first quarter of 2026, with underlying demand and utilization reaching record levels. The second quarter 2026 run rate based on April demand is in-line with the level of first quarter 2026 direct
sales, reinforcing that end-market demand remains robust. ASCENIV’s differentiated product profile and positioning as a later-line therapy for the most complex and refractive immunodeficient patients continues to support demand resilience
and sustained growth despite broader competitive pressures currently facing the standard IG complex.
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Strong Balance Sheet Provides Optionality. ADMA exited the
first quarter of 2026 with net leverage below 0.5x, driven by robust operating cash flow of $58 million during the quarter and continued growth in Adjusted EBITDA. This combination of strong cash generation and expanding earnings is
expected to provide the Company with significant financial flexibility to fund organic growth initiatives, support continued commercial expansion and execute on capital allocation priorities. Additionally, the Company has been actively
executing share repurchases through its Accelerated Share Repurchase (ASR) program and Rule 10b5-1 trading plan. Through March 31, 2026, this has resulted in ADMA converting approximately 3.7% of the outstanding share count into treasury
stock.
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1Q 2026 IG Market Reset Drove Near-Term Dislocation, with ASCENIV Remaining Substantially
Insulated. During the first quarter of 2026, the U.S. IG market experienced a reset due to elevated raw material plasma supply, increased competitive PDT inventories across the distribution network
and aggressive discounting and rebating in standard IG, creating what we believe is near-term dislocation. While these dynamics impacted the broader standard IG market, ASCENIV remained relatively insulated. Given the rapid evolution of
the market dynamics, ADMA, for guidance purposes, is conservatively assuming that pressures in standard IG persist.
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Reported 1Q 2026 Results Largely Reflect Timing and Inventory Dynamics. Late-quarter inventory dynamics shifted certain contractual purchase orders anticipated for March into early April, impacting reported revenue timing. We believe these timing dynamics were driven in part by
temporary shortfalls in contractual safety stock levels at certain of the Company’s customers and were resolved within the applicable cure period. Separately, certain receivables extended into April, impacting cash flow and Days Sales
Outstanding (DSOs), and were subsequently collected during the first week of April.
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Early Signs of Normalization Emerging in 2Q 2026. ADMA is
beginning to see normalization in ordering patterns from its direct customers. The recently implemented McKesson Specialty distribution agreement is expected to enhance distribution reach, improve purchasing consistency, open new classes
of trade and support working capital efficiency over time.
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1Q 2026 Earnings Growth and Cash Generation at a Trough Baseline. Despite top-line variability, ADMA delivered Adjusted Net Income growth of 22%, expanded corporate gross margins to 71% and generated approximately $58 million of operating cash flow in the first quarter of 2026, demonstrating the
resilience of the business at what management believes represents a trough revenue baseline.
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Successful Diversification of Plasma Sourcing & Monetization of Select Centers. During the first quarter of 2026, ADMA successfully closed the transaction to monetize three of its plasma collection centers, while continuing to execute on plasma sourcing diversification through additional
supply agreements and targeted cost discipline initiatives to support profitability and scalability.
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SG-001 Expected to Add Long-Term Value. SG-001, the
Company’s S. pneumoniae hyperimmune globulin program, continues to advance through a capital-efficient development pathway, with upcoming data expected to be
presented through oral and poster presentations, further supporting its development strategy. Leveraging ADMA’s existing platform and commercial infrastructure, the Company is positioned for a potentially rapid commercial ramp-up toward
an approximately $300 to $500 million market opportunity.
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Audit Committee Review Reinforces Confidence in Business Practices. Following allegations of illicit channel stuffing and undisclosed related party transactions, the Audit Committee of the Company’s Board of Directors completed an internal review with the assistance of independent
forensic accountants and external legal counsel, which concluded that ADMA has not engaged in any improper channel stuffing or any undisclosed related party transactions. The investigation also concluded that there is no evidence of any illegal
activity. ADMA’s audited consolidated financial statements, as filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, remain unchanged and unadjusted from the date
of filing, February 25, 2026, and the Company remains confident in its internal controls, financial reporting and commercial practices.
First Quarter 2026 Financial Results:
Total revenue for the quarter ended March 31, 2026 was $114.5 million, compared to $114.8 million for
the quarter ended March 31, 2025. ASCENIV revenue of $97.5 million in the quarter demonstrated 28% growth year-over-year, while BIVIGAM revenue of $15.4 million declined by 54% compared
to the prior year period. Revenue from the sale of intermediates and other products also declined year-over-year by $3.0 million.
Gross profit for the quarter ended March 31, 2026 was $80.8 million, compared to $61.1 million in the prior-year period, resulting in gross margin of 71% in 2026
compared to 53% in the prior-year period. The improved gross margins year-over-year reflect the product mix shift towards the higher margin ASCENIV as well as the continued impact of the Company’s yield enhanced manufacturing process approved in
2025.
Research and development expenses for the quarter ended March 31, 2026 were $2.6 million, compared to $0.8 million in the prior-year period, primarily due to the
investments in the SG-001 development project.
Selling, general and administrative expenses for the quarter ended March 31, 2026 were $26.7 million, compared to $24.1 million in the prior-year period, primarily
driven by higher employee-related costs of $2.4 million, which included the impact of share-based compensation modification related to the departure of the Company’s former Chief Financial Officer and Treasurer in the amount of $0.8 million, and
increased headcount to support the business.
GAAP net income for the quarter ended March 31, 2026 was $45.3 million, compared to $26.9 million for the quarter ended March 31, 2025. The 68% growth in GAAP net
income year-over-year was driven primarily by a shift in product mix from BIVIGAM to ASCENIV and also benefited from the divestiture of three plasma collection centers during the quarter.
Adjusted Net Income for the quarter ended March 31, 2026 was $40.7 million, representing 22% year-over-year growth.
Adjusted EBITDA for the quarter ended March 31, 2026 was $59.7 million, representing 24% year-over-year growth.
Conference Call Information
To access the conference call seamlessly, participants are required to register for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join approximately 10 minutes prior to the event start (although you may dial in at any time during the call). Attendees who will not be
asking a question during the call are encouraged to listen in to the live webcast here. An archived replay of the event will be available, located under
“Events & Webcasts” in the investor section of the Company’s website at https://ir.admabiologics.com/events-webcasts.
About ASCENIV™
ASCENIV (immune globulin intravenous, human – slra 10% liquid) is a plasma-derived, polyclonal, intravenous immune globulin (IVIG). ASCENIV was approved by the United
States Food and Drug Administration (FDA) in April 2019 and is indicated for the treatment of primary humoral immunodeficiency (PI), also known as primary immune deficiency disease (PIDD), in adults and children (2 to 17 years of age). ASCENIV is
manufactured using ADMA’s unique, patented plasma donor screening methodology and tailored plasma pooling design, which blends normal source plasma and respiratory syncytial virus (RSV) plasma obtained from donors tested using the Company’s
proprietary microneutralization assay. ASCENIV contains naturally occurring polyclonal antibodies, which are proteins that are used by the body’s immune system to neutralize microbes such as bacteria and viruses that safeguard against infection and
disease. ASCENIV is protected by numerous issued patents in the United States and internationally and a wide range of patent applications worldwide. Certain data and other information about ASCENIV can be found by visiting www.asceniv.com.
Information about ADMA and its products can be found on the Company’s website at www.admabiologics.com.
Additional Important Safety Information About ASCENIV™
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WARNING: THROMBOSIS, RENAL DYSFUNCTION AND ACUTE RENAL FAILURE
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Thrombosis may occur with immune globulin intravenous (IGIV) products, including ASCENIV. Risk factors may include: advanced age, prolonged immobilization,
hypercoagulable conditions, history of venous or arterial thrombosis, use of estrogens, indwelling vascular catheters, hyperviscosity, and cardiovascular risk factors.
Renal dysfunction, acute renal failure, osmotic nephrosis, and death may occur with the administration of IGIV products in predisposed patients. Such events require immediate medical intervention, if not recognized or managed appropriately, may result in persistent or significant disability or lead to fatal outcome.
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For patients at risk of thrombosis, renal dysfunction or renal failure, administer ASCENIV at the minimum dose and infusion rate practicable. Ensure adequate
hydration in patients before administration. Monitor for signs and symptoms of thrombosis and assess blood viscosity in patients at risk for hyperviscosity.
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ASCENIV™ Contraindications:
History of anaphylactic or severe systemic reactions to human immunoglobulin.
IgA deficient patients with antibodies to IgA and a history of hypersensitivity.
ASCENIV™ Warnings and Precautions:
IgA-deficient patients with antibodies against IgA are at greater risk of developing severe hypersensitivity and anaphylactic reactions. Have medications such as
epinephrine available to treat any acute severe hypersensitivity reactions. [4, 5.1]
Thrombotic events have occurred in patients receiving IGIV treatments. Monitor patients with known risk factors for thrombotic events; consider baseline assessment of
blood viscosity for patients at risk of hyperviscosity. [5.2, 5.4]
In patients at risk of developing acute renal failure, monitor renal function, including blood urea nitrogen (BUN), serum creatinine, and urine output. [5.3, 5.9]
Hyperproteinemia, increased serum viscosity, and hyponatremia or pseudohyponatremia can occur in patients receiving IGIV treatment.
Aseptic meningitis syndrome (AMS) has been reported with IGIV treatments, especially with high doses or rapid infusion. [5.5]
Hemolytic anemia can develop subsequent to IGIV treatment. Monitor patients for hemolysis and hemolytic anemia. [5.6]
Monitor patients for pulmonary adverse reactions (Transfusion-related acute lung injury [TRALI]). If transfusion related acute lung injury is suspected, test the
product and patient for antineutrophil antibodies. [5.7]
Because this product is made from human blood, it may carry a risk of transmitting infectious agents, e.g., viruses, and theoretically, the Creutzfeldt-Jakob disease
(CJD) agent.
ASCENIV™ Adverse Reactions:
The most common adverse reactions to ASCENIV (≥5% of study subjects) were headache, sinusitis, diarrhea, gastroenteritis viral, nasopharyngitis, upper respiratory
tract infection, bronchitis, and nausea.
To report SUSPECTED ADVERSE REACTIONS, contact ADMA Biologics at (800) 458-4244 or the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.http://www.fda.gov/medwatch
About ADMA Biologics, Inc. (ADMA)
ADMA Biologics is a U.S.-based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the
treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. ADMA currently manufactures and markets three United States Food and Drug Administration (FDA)-approved plasma-derived biologics for the
treatment of immune deficiencies and the prevention of certain infectious diseases: ASCENIV™ (immune globulin intravenous, human – slra 10% liquid) for the treatment of primary humoral immunodeficiency (PI); BIVIGAM® (immune globulin
intravenous, human) for the treatment of PI; and NABI-HB® (hepatitis B immune globulin, human) to provide enhanced immunity against the hepatitis B virus. Additionally, ADMA is developing SG-001, a pre-clinical, investigative hyperimmune
globulin targeting S. pneumonia. ADMA manufactures its immune globulin products and product candidates at its FDA-licensed plasma fractionation and purification facility
located in Boca Raton, Florida. Through its ADMA BioCenters subsidiary, ADMA also operates as an FDA-approved source plasma collector in the U.S., which provides its blood plasma for the manufacture of its products and product candidates. ADMA’s
mission is to manufacture, market and develop specialty plasma-derived, human immune globulins targeted to niche patient populations for the treatment and prevention of certain infectious diseases and management of immune compromised patient
populations who suffer from an underlying immune deficiency, or who may be immune compromised for other medical reasons. ADMA holds numerous U.S. and foreign patents related to and encompassing various aspects of its products and product
candidates. For more information, please visit www.admabiologics.com.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States
(“GAAP”). The Company believes Adjusted EBITDA and Adjusted Net Income are useful to investors in evaluating the Company’s financial performance. The Company uses Adjusted EBITDA and Adjusted Net Income as key performance measures because it
believes that they facilitate operating performance comparisons from period to period that exclude potential differences driven by the impact of variations of non-cash items such as depreciation and amortization, as well as, in the case of Adjusted
EBITDA, stock-based compensation or certain non-recurring items, and in the case of Adjusted Net Income, certain non-recurring items. The Company believes that investors should have access to the same set of tools used by its management and Board
of Directors to assess its operating performance. Adjusted EBITDA and Adjusted Net Income should not be considered as measures of financial performance under GAAP, and the items excluded from Adjusted EBITDA and Adjusted Net Income are significant
components in understanding and assessing the Company’s financial performance. Accordingly, these key business metrics have limitations as an analytical tool. They should not be considered as an alternative to net income, cash flows from
operations, or any other performance measures derived in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Please refer to the tables below for the reconciliation of GAAP measures to these
non-GAAP measures for applicable periods.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, about ADMA
Biologics, Inc. (“we,” “our” or the “Company”). Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain such words as
“confident,” “estimate,” “project,” “intend,” “forecast,” “target,” “anticipate,” “plan,” “planning,” “expect,” “believe,” “will,” “is likely,” “will likely,” “position us,” “positioned,” “support,” “should,” “could,” “would,” “may,” “potential,”
“opportunity” or, in each case, their negative, or words or expressions of similar meaning. These forward-looking statements include, but are not limited to, statements about the Company’s total revenue (including baseline levels), Adjusted Net
Income, Adjusted EBITDA, cash and cash flow, earnings and earnings potential, financial guidance in future periods; our balance sheet and financial position; the current U.S. IG and PDT market, including competitive pressures; customer ordering
patterns and inventory levels; expected benefits of the McKesson Specialty distribution agreement; our commercial execution initiatives and intended financial benefits; ASCENIV revenue growth, margins, earnings power, cash generation, addressable
market, demand and utilization; share repurchases and capital structuring; internal controls, financial reporting and commercial practices; and SG-001, its data, regulatory filings and clinical trial timeline and revenue potential. Actual events or
results may differ materially from those described in this press release due to a number of important factors. Current and prospective security holders are cautioned that there also can be no assurance that the forward-looking statements included
in this press release will prove to be accurate. Except to the extent required by applicable laws or rules, ADMA does not undertake any obligation to update any forward-looking statements or to announce revisions to any of the forward-looking
statements. Forward-looking statements are subject to many risks, uncertainties and other factors that could cause our actual results, and the timing of certain events, to differ materially from any future results expressed or implied by the
forward-looking statements, including, but not limited to, the risks and uncertainties described in our filings with the SEC, including our most recent reports on Form 10-K, 10-Q and 8-K, and any amendments thereto.
(1) Adjusted Net Income is a non-GAAP financial measure. For a reconciliation of Adjusted Net Income to the most comparable GAAP measure, see the reconciliation included
in the financial tables. All non-GAAP adjustments are presented pre-tax.
(2) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, see the reconciliation included in the
financial tables.
INVESTOR RELATIONS CONTACT:
Argot Partners | 212-600-1902 | [email protected]
MEDIA CONTACT:
Longacre Square Partners | [email protected]
ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
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March 31,
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December 31,
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|||||||
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2026
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2025
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|||||||
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(In thousands, except share and per share data)
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Unaudited
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||||||||
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ASSETS
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Current assets:
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||||||||
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Cash and cash equivalents
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138,153
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87,630
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||||||
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Accounts receivable, net
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135,862
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158,429
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||||||
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Inventories, net
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222,098
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206,465
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Prepaid expenses and other current assets
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15,060
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7,458
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Assets held for sale
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-
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6,530
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||||||
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Total current assets
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511,173
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466,512
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||||||
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Property and equipment, net
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65,010
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65,057
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||||||
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Intangible assets, net
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630
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632
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||||||
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Goodwill
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3,530
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3,530
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||||||
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Deferred tax assets, net
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69,969
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73,261
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||||||
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Right-of-use assets
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6,402
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6,650
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||||||
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Deposits and other assets
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8,470
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8,600
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||||||
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TOTAL ASSETS
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$
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665,184
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$
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624,242
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||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
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Current liabilities:
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||||||||
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Accounts payable
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$
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20,523
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$
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22,519
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||||
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Accrued expenses and other current liabilities
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48,561
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40,466
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||||||
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Current portion of long-term debt
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3,281
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2,813
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||||||
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Current portion of lease obligations
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1,176
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1,096
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||||||
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Liabilities held for sale
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-
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2,647
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||||||
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Total current liabilities
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73,541
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69,541
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||||||
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Long-term debt
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193,584
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69,330
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||||||
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Deferred revenue, net of current portion
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1,369
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1,405
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Lease obligations, net of current portion
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6,365
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6,646
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||||||
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TOTAL LIABILITIES
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$
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274,859
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$
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146,922
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||||
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COMMITMENTS AND CONTINGENCIES
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||||||||
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STOCKHOLDERS’ EQUITY
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||||||||
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Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding
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-
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-
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||||||
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Common Stock - voting, $0.0001 par value, 300,000,000 shares authorized, March 31, 2026: 240,962,203 issued and 232,288,977 outstanding;
December 31, 2025: 239,793,566 issued and 237,874,496 outstanding
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24
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24
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Treasury stock, at cost, 8,673,226 and 1,919,070 shares as of March 31, 2026 and December 31, 2025, respectively
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(143,170
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)
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(32,090
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)
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||||
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Additional paid-in capital
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649,796
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671,039
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||||||
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Accumulated deficit
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(116,325
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)
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(161,653
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)
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||||
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TOTAL STOCKHOLDERS’ EQUITY
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390,325
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477,320
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||||||
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$
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665,184
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$
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624,242
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ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
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Three Months ended March 31,
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||||||||
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2026
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2025
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(In thousands, except share and per share data)
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Unaudited
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||||||||
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REVENUES
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$
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114,493
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$
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114,802
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||||
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Cost of product revenue
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33,743
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53,705
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||||||
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Gross profit
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80,750
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61,097
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||||||
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OPERATING EXPENSES:
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||||||||
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Research and development
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2,597
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826
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||||||
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Plasma center operating expenses
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1,062
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1,286
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||||||
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Amortization of intangible assets
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55
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25
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||||||
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Gain on sale of plasma centers
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(7,980
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)
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-
|
|||||
|
Selling, general and administrative
|
26,742
|
24,079
|
||||||
|
Total operating expenses
|
22,476
|
26,216
|
||||||
|
INCOME FROM OPERATIONS
|
58,274
|
34,881
|
||||||
|
OTHER INCOME (EXPENSE):
|
||||||||
|
Interest and other income
|
1,093
|
608
|
||||||
|
Interest expense
|
(2,100
|
)
|
(1,975
|
)
|
||||
|
Other expense
|
(140
|
)
|
(64
|
)
|
||||
|
Other income (expense), net
|
(1,147
|
)
|
(1,431
|
)
|
||||
|
INCOME BEFORE INCOME TAXES
|
57,127
|
33,450
|
||||||
|
Provision for income taxes
|
11,799
|
6,546
|
||||||
|
NET INCOME
|
$
|
45,328
|
$
|
26,904
|
||||
|
BASIC EARNINGS PER COMMON SHARE
|
$
|
0.19
|
$
|
0.11
|
||||
|
DILUTED EARNINGS PER COMMON SHARE
|
$
|
0.19
|
$
|
0.11
|
||||
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
|
||||||||
|
Basic
|
236,072,751
|
237,775,476
|
||||||
|
Diluted
|
239,955,762
|
244,676,350
|
||||||
NON-GAAP RECONCILIATION
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA(2)
|
Three Months ended March 31,
|
||||||||
|
2026
|
2025
|
|||||||
|
(In thousands)
|
||||||||
|
Net income
|
$
|
45,328
|
$
|
26,904
|
||||
|
Depreciation
|
1,784
|
1,944
|
||||||
|
Amortization
|
55
|
25
|
||||||
|
Income taxes
|
11,799
|
6,546
|
||||||
|
Interest expense, net
|
983
|
1,975
|
||||||
|
EBITDA
|
59,949
|
37,393
|
||||||
|
Stock-based compensation
|
6,329
|
4,624
|
||||||
|
Voluntary Withdrawal and product replacements
|
-
|
3,837
|
||||||
|
Yield enhancement
|
412
|
902
|
||||||
|
Gain on sale of plasma centers
|
(7,980
|
)
|
-
|
|||||
|
Non-recurring professional fees
|
942
|
1,182
|
||||||
|
Adjusted EBITDA
|
$
|
59,652
|
$
|
47,939
|
||||
NON-GAAP RECONCILIATION
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME(1)
|
Three Months ended March 31,
|
||||||||
|
2026
|
2025
|
|||||||
|
(In thousands)
|
||||||||
|
Net income
|
$
|
45,328
|
$
|
26,904
|
||||
|
Stock-based compensation modifications
|
609
|
474
|
||||||
|
Voluntary Withdrawal and product replacements
|
-
|
3,837
|
||||||
|
Yield Enhancement
|
327
|
902
|
||||||
|
Gain on sale of plasma centers
|
(6,332
|
)
|
-
|
|||||
|
Non-recurring professional fees
|
747
|
1,182
|
||||||
|
Adjusted net income (a)
|
$
|
40,679
|
$
|
33,299
|
||||
(a) Add-backs reflected during the three months ended March 31, 2025 exclude estimated tax effect of $1.3 million. Add-backs reflected during the three months ended March
31, 2026 were tax affected using the first quarter 2026 effective tax rate.
PRODUCT-LEVEL TOTAL REVENUE
|
Three Months Ended March 31,
|
||||||||||||||||
|
2026
|
2025
|
Increase/
(Decrease)
|
Increase/
(Decrease) %
|
|||||||||||||
|
(in thousands)
|
||||||||||||||||
|
ASCENIV
|
$
|
97,486
|
$
|
76,332
|
$
|
21,154
|
27.7
|
%
|
||||||||
|
BIVIGAM
|
15,422
|
33,512
|
(18,090
|
)
|
-54.0
|
%
|
||||||||||
|
Intermediates and other products (1)
|
833
|
3,872
|
(3,039
|
)
|
-78.5
|
%
|
||||||||||
|
ADMA BioManufacturing
|
113,741
|
113,716
|
25
|
0.0
|
%
|
|||||||||||
|
|
||||||||||||||||
|
Plasma Collection Centers
|
716
|
1,050
|
(334
|
)
|
-31.8
|
%
|
||||||||||
|
License revenue
|
36
|
36
|
-
|
0.0
|
%
|
|||||||||||
|
Total Revenues
|
$
|
114,493
|
$
|
114,802
|
$
|
(309
|
)
|
-0.3
|
%
|
|||||||
(1) Due to Nabi-HB historically representing less than 10% of the Company’s revenue within the ADMA BioManufacturing segment, it has been included under
intermediates and other products.