ADMA Biologics Q4 Earnings Call Highlights
by Mitch Edgeman · The Markets DailyADMA Biologics (NASDAQ:ADMA) reported fourth-quarter and full-year 2025 results that management said reflected disciplined execution across its commercial, manufacturing, and financial operations, driven primarily by continued growth of its specialty immune globulin product Asceniv.
Full-year and fourth-quarter 2025 results
For full-year 2025, ADMA reported total revenue of $510.2 million, representing 20% year-over-year growth. The company said adjusted EBITDA was $231 million, up 40% year over year, while adjusted net income was $160.8 million, up 35%.
Gross margin expanded to 57.4% in 2025 from 51.5% in 2024. CFO Brad Tade attributed the improvement primarily to Asceniv’s increasing mix contribution and the transition of “yield-enhanced” production into routine commercial execution with continued FDA lot releases.
In the fourth quarter, ADMA reported total revenue of $139.2 million, up 18% year over year. The company said it exited the quarter with corporate gross margins of 63.8%, representing roughly a 10% year-over-year improvement. Fourth-quarter adjusted EBITDA grew 52% to $73.6 million, and adjusted net income increased 57% to $52.6 million.
Asceniv growth and mix shift expectations
Management emphasized Asceniv as the primary growth driver. CEO Adam Grossman said Asceniv generated $363 million in net revenue in 2025, representing 51% year-over-year growth, and exited the year at “record utilization levels” supported by demand and prescriber adoption.
During the Q&A, Grossman said 2025 product mix was “about a 70-30 split between Asceniv and Bivigam,” and he expects the mix shift toward Asceniv to continue. He added that the company forecasts Bivigam to be “flat to down” throughout 2026 as ADMA buys more high-titer plasma and makes more Asceniv.
Tade also highlighted that 2026 will be the first full year in which yield-enhanced product is sold for both Bivigam and Asceniv, which he said underpins confidence in the company’s margin profile alongside continued mix shift.
Manufacturing, plasma supply, and divestiture update
Grossman described 2025 as “a major inflection point” for manufacturing, as yield-enhanced production moved into routine commercial practice with continued FDA lot releases. He said this makes 2026 the first full year of yield-enhanced output, which management views as a structural improvement expected to support “meaningful gross margin growth” and increased earnings power.
On plasma sourcing, management said it repositioned its plasma collection network to improve capital efficiency while securing long-term high-titer plasma supply. Grossman noted the company entered into an agreement in December to monetize three plasma centers while retaining ownership of seven centers, and said the transaction remains on track to close during the first quarter of 2026.
Alongside the divestiture, ADMA said it executed a long-term supply agreement that further diversifies its high-titer plasma sourcing. Grossman said that with newly forged supply contracts with the purchaser of the three centers, the company now has access to more than 280 plasma collection centers, improving supply visibility through the late 2030s and beyond. In response to an analyst question, Grossman said the acquirer’s network adds “about 30 centers today” and includes plans to expand, with projections of “about 50 additional centers.”
Grossman also said third-party supply agreements have continued to perform “in good standing” and that ADMA is collecting more plasma each month. He reiterated that ADMA tests a large volume of samples and that fewer than 10% of the donor population has the antibody profile the company seeks.
Working capital commentary and distribution expansion
Management addressed working capital and accounts receivable dynamics, which Grossman said were influenced by the pace of Asceniv growth and the company’s revenue acceleration. He said ADMA expects accounts receivable and days sales outstanding to improve over the course of 2026, trending toward, and potentially improving beyond, industry benchmarks over time.
Grossman tied expected improvements to the ramp of the company’s McKesson distribution agreement and further anticipated diversification of the distribution network. In the Q&A, he said McKesson contributions could begin to appear in the first half of 2026 but are more likely to “materialize” in the back half of the year as ADMA works through steps such as formulary and pharmacy-and-therapeutics approvals at institutions and buying groups.
Grossman also noted that Asceniv carries a higher cost per infusion than standard immune globulin and said that the product’s rapid growth increased working capital requirements across distributors and certain customers. He said the company expects those dynamics to normalize during 2026.
Guidance and leadership transition
ADMA provided multi-year guidance, which Tade said reflects continued Asceniv strength, favorable product mix shift, full-year yield-enhanced production efficiencies, and sustained operating leverage. The company guided:
- 2026: total revenue expected to exceed $635 million; adjusted net income expected to exceed $255 million; adjusted EBITDA expected to exceed $360 million
- 2027: total revenue expected to exceed $775 million; adjusted net income expected to exceed $315 million; adjusted EBITDA expected to exceed $455 million
- 2029: total revenue expected to exceed $1.1 billion; adjusted EBITDA expected to exceed $700 million
Tade said these targets exclude potential contributions from SG-001 and future capacity expansion, which he characterized as potential long-term upside.
Grossman also discussed a CFO transition. Tade is retiring as CFO and Treasurer and will remain in a consulting capacity through a structured transition period extending through July. The company appointed Terry-Ann Kohler as incoming CFO and Treasurer. Grossman said there were no changes to previously issued financial statements or internal control conclusions, and that guidance remained unchanged. Kohler said his focus will include working capital performance and cash conversion as the company scales.
On the pipeline, Grossman said ADMA anticipates submitting a pre-IND package for SG-001 in 2026 and continues to view the asset as a potential $300 million to $500 million peak annual revenue opportunity.
About ADMA Biologics (NASDAQ:ADMA)
ADMA Biologics, Inc is a biopharmaceutical company headquartered in Ramsey, New Jersey, that focuses on the development, manufacturing and commercialization of specialty plasma-derived biologics for the treatment of primary immunodeficiency and infectious diseases. Leveraging an integrated model that spans plasma collection, fractionation, formulation and fill-finish operations, ADMA Biologics aims to address unmet needs in immune-compromised and high-risk patient populations.
The company’s marketed product portfolio includes BIVIGAM, a human immunoglobulin intravenous (IGIV) therapy approved by the U.S.