ADMA Biologics, Inc.

What ADMA Biologics does

ADMA Biologics makes plasma-derived medicines at its Boca Raton, Florida facility. ASCENIV and BIVIGAM treat primary immune deficiency; Nabi-HB provides immunity against hepatitis B following certain exposures. The company also sells intermediate products and operates seven U.S. plasma collection centers. Its Nasdaq shares trade as ADMA.

Product mix and profitability

Management attributes higher margins to ASCENIV's greater share of sales and enhanced manufacturing yields. BIVIGAM remains under pressure from pricing and distributor inventory. August's report described stabilization, but Q3 revenue fell again sequentially. Three wholesale customers accounted for 86% of Q3 consolidated revenue.

Earlier expectations and November's outlook

In August, ADMA expected 2026 revenue of $530 million to $560 million, adjusted net income of $170 million to $200 million and adjusted EBITDA of $265 million to $300 million. On November 4, it gave minimums of $530 million, $180 million and $275 million respectively. The profit floors increased by $10 million; the company no longer printed the prior upper bounds.

Q3 adjusted net income was $51.1 million, versus $38.9 million a year earlier. This measure removes specified professional fees and yield-enhancement costs but retains ordinary stock compensation. Adjusted EBITDA was $77.3 million versus $58.7 million; it also excludes interest, taxes, depreciation, amortization and stock compensation.

Cash, inventory and capital returns

First-nine-month operating cash flow rose to $105.2 million from $14.8 million in 2025. First-half statements show that Q3 alone generated $17.4 million, versus $13.3 million a year earlier, while GAAP profit was $49.9 million. In Q3, inventory absorbed $26.8 million and receivables $31.0 million.

At September 30, cash was $124.6 million, inventory $266.1 million and net customer receivables $169.2 million. June balances were $136.0 million, $239.3 million and $138.2 million respectively. Raw-material procurement through finished-product release can take seven to 12 months or longer.

Nine-month cash share repurchases were $180.3 million. This includes the $125 million accelerated repurchase funded by a March 2 revolver draw and settled on May 7. The 2026 target is at least $200 million. Accounting repurchase cost of $181.6 million includes excise-tax accruals.

Debt principal was $197.2 million, compared with an accounting carrying value of $195.9 million. The $225 million revolver had $125 million drawn, leaving $100 million undrawn. A separate request for up to $100 million in additional commitments is conditional. The facilities mature August 5, 2028; ADMA reported covenant compliance at September 30.

Completed transactions and development

ADMA completed the sale of its Maryville, Knoxville and Laurel plasma centers in Q1 2026 under a December 2025 agreement. The $12 million consideration comprises $6 million in cash, including $1 million received in December 2025 and $5 million in 2026, plus $6 million of one-year secured notes bearing 10% interest. The $8.0 million accounting gain is excluded from adjusted results.

In July 2025, ADMA bought Boca Raton real estate for $12.6 million to support production and storage. Its SG-001 candidate remains in development. November's update said the company had received FDA feedback on its pre-IND package and was preparing a clinical protocol and investigational-drug submission.

The next results can test whether ASCENIV growth and higher margins translate into stronger quarterly cash collection, whether finished goods move into sales and whether BIVIGAM revenue stabilizes.