Logo

ADMA

ADMA Biologics, Inc.

ADMA

ADMA Biologics, Inc. • NASDAQ
$19.16 ▲ 0.13% (+0.03)
Market Cap $4.56 B
52w High $25.67
52w Low $13.50
Dividend Yield 0%
P/E 22.28
Volume 1.26M
Outstanding Shares 238.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $134.224M ▲ $24.614M ▲ $36.428M ▲ 27.14% ▼ $0.15 ▲ $51.213M ▲
Q2-2025 $121.984M ▲ $24.429M ▼ $34.219M ▲ 28.052% ▲ $0.14 ▲ $43.989M ▲
Q1-2025 $114.802M ▼ $26.216M ▲ $26.904M ▼ 23.435% ▼ $0.11 ▼ $37.394M ▼
Q4-2024 $117.549M ▼ $25.01M ▲ $111.896M ▲ 95.191% ▲ $0.47 ▲ $39.536M ▼
Q3-2024 $119.839M $20.021M $35.909M 29.964% $0.15 $42.188M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $61.385M ▼ $568.687M ▲ $137.501M ▼ $431.186M ▲
Q2-2025 $90.285M ▲ $558.38M ▲ $160.055M ▲ $398.325M ▲
Q1-2025 $71.625M ▼ $510.569M ▲ $137.15M ▼ $373.419M ▲
Q4-2024 $103.147M ▲ $488.678M ▲ $139.66M ▼ $349.018M ▲
Q3-2024 $86.707M $390.618M $158.728M $231.89M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $36.428M ▲ $13.293M ▼ $-14.368M ▼ $-27.825M ▼ $-28.9M ▼ $-1.075M ▼
Q2-2025 $34.218M ▲ $21.139M ▲ $-2.527M ▲ $48K ▲ $18.66M ▲ $18.717M ▲
Q1-2025 $26.904M ▼ $-19.675M ▼ $-4.72M ▼ $-7.127M ▲ $-31.522M ▼ $-24.376M ▼
Q4-2024 $111.896M ▲ $50.216M ▲ $-2.75M ▼ $-31.026M ▼ $16.44M ▲ $47.459M ▲
Q3-2024 $35.909M $25.028M $-1.098M $-25.467M $-1.537M $23.972M

Revenue by Products

Product Q1-2024Q2-2024Q3-2024Q4-2024
ADMA BioManufacturing Segment
ADMA BioManufacturing Segment
 $80.00M ▲$110.00M ▲$110.00M ▲$120.00M ▲
Plasma Collection Centers Segment
Plasma Collection Centers Segment
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Corporate Segment
Corporate Segment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement ADMA’s income statement has improved dramatically over the past five years. Revenue has climbed steadily from a very small base to a meaningful level, showing that its products are gaining traction. At the same time, the company has moved from persistent operating losses to a solid operating profit, with gross margins turning from negative to clearly positive. Net results have flipped from notable losses to a healthy profit, and earnings per share have swung from deeply negative to clearly positive. The story here is one of a young, commercial-stage biotech that has successfully scaled its revenue while bringing costs under control, though its reliance on a relatively narrow product set still concentrates risk.

Balance Sheet

Balance Sheet The balance sheet has strengthened. Total assets have grown steadily, reflecting investment in manufacturing, plasma centers, and working capital to support higher sales. Shareholders’ equity has expanded significantly, shifting the company from a thin capital base to a more solid footing as accumulated losses have been worked off. Debt, while still present, is now more manageable relative to the size of the business than it was a few years ago. Cash balances have improved versus earlier years, but they are not excessive, so careful capital allocation and continued access to financing remain important, especially in a capital‑intensive, regulated industry.

Cash Flow

Cash Flow Cash flow has moved from consistently negative to clearly healthier territory. Operating cash flow has turned positive, indicating that the core business is now generating cash rather than consuming it. Free cash flow has also shifted from a pattern of ongoing outflows to roughly breakeven and then positive, even after continued, modest capital spending. This is a notable milestone for a biotech transitioning from development to commercialization. The key watchpoint is whether this positive cash generation is durable through industry cycles and as ADMA continues to invest in capacity and new programs.

Competitive Edge

Competitive Edge ADMA operates in a specialized corner of the plasma‑derived therapeutics market, focused on immunoglobulin products for immunocompromised patients. Its main edge comes from several sources: FDA‑approved manufacturing facilities, a vertically integrated model with its own plasma collection centers, and proprietary methods for producing differentiated products like ASCENIV. High regulatory barriers and complex manufacturing processes make it hard for new entrants to replicate its setup quickly. However, ADMA still competes with much larger global plasma and biologics companies that enjoy scale, broader portfolios, and stronger distribution networks. ADMA’s position is therefore best described as a narrow but defensible niche: strong in its chosen segments, but exposed to pricing, reimbursement, and competitive pressure from larger players.

Innovation and R&D

Innovation and R&D Innovation is a key part of ADMA’s strategy, but its pipeline remains focused rather than broad. On the technology side, the company has developed an FDA‑approved process that boosts immunoglobulin yields from a given volume of plasma, which should improve efficiency and margins over time. Its use of the ADMAlytics AI platform to optimize manufacturing and plasma pooling is another differentiator, potentially supporting both quality and cost advantages. Product-wise, ASCENIV stands out as a targeted immunoglobulin with a tailored antibody profile, supported by specialized manufacturing know‑how. Looking ahead, label expansion into pediatric use for ASCENIV and the early‑stage SG‑001 hyperimmune program represent important growth options. The opportunity is meaningful, but there is also concentration risk, since much of the value hinges on a small number of products and regulatory successes.

Summary

Overall, ADMA looks like a maturing commercial‑stage biotech that has successfully made the shift from heavy losses to profitable growth. Revenue and margins have improved substantially, the balance sheet is much healthier than in the past, and cash flows have turned positive, which is a major de‑risking step. The company’s vertically integrated model, specialized immunoglobulin products, and manufacturing innovations give it a real, if focused, competitive edge in a tightly regulated market. At the same time, its fortunes are tied to a relatively narrow product portfolio, ongoing regulatory and reimbursement dynamics, and the need to keep investing in capacity and pipeline assets. The trajectory has clearly been upward, but sustaining that progress will depend on continued execution in commercialization, supply management, regulatory approvals, and innovation.

NEWS

November 5, 2025 · 4:05 PM UTC

ADMA Biologics Announces Third Quarter 2025 Financial Results and Provides Business Update

Read more

October 29, 2025 · 7:00 AM UTC

ADMA Biologics to Report Third Quarter 2025 Financial Results on November 5, 2025

Read more