| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 114.49 | 0.3% |
| Total Income | 114.49 | 0.3% |
| Expenditure | 56.22 | 29.6% |
| PBT | 57.13 | 70.8% |
| Net Profit | 45.33 | 68.5% |
| OPM | 50.90% | 20.51pp |
| NPM | 39.59% | 16.16pp |
| EPS | 0.19 | 72.7% |
ADMA Biologics Reports Q1 2026 Revenue of $114.5 Million
07 May 2026 · 7 May, 1:48 am
Summary
ADMA Biologics announced its Q1 2026 financial results, with total revenue of $114.5 million, flat compared to the same period last year. ASCENIV revenue grew by 28%, offsetting a decline in BIVIGAM revenue. The company reported adjusted net income of $40.7 million, a 22% increase year-over-year, and adjusted EBITDA of $59.7 million, up 24% year-over-year. ADMA updated its FY 2026 revenue guidance to $530 million to $560 million and withdrew its long-term guidance due to competitive pressures.
Key Highlights
- 1
ADMA Biologics reported total revenue of $114.5 million for Q1 2026, remaining flat year-over-year.
- 2
ASCENIV revenue increased by 28% year-over-year in Q1 2026, while BIVIGAM revenue decreased by 54% year-over-year.
- 3
The company's adjusted net income for Q1 2026 was $40.7 million, representing a 22% year-over-year growth.
- 4
Adjusted EBITDA for Q1 2026 reached $59.7 million, a 24% increase year-over-year.
- 5
Cash from operations for Q1 2026 was $58 million, highlighting strong cash generation.
- 6
The company updated its FY 2026 outlook, expecting total revenue between $530 million and $560 million.
- 7
ADMA is withdrawing previously provided long-term guidance due to current competitive dynamics in the PDT & IG market.
Management Comments
Adam Grossman
“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. 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.” “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.”
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