ADMA · ADMA Biologics, Inc.

ADMA Biologics announced Q1 2026 results showing total revenue stable at $114.5 million despite heightened competitive dynamics in the U.S. plasma-derived therapies and immunoglobulin markets, which pressured BIVIGAM sales down 54% year-over-year due to distributor inventory patterns and aggressive discounting in standard IG. ASCENIV, however, demonstrated resilience with 28% revenue growth to $97.5 million, driven by record utilization, new patient starts, prescriber breadth, and strong end-market demand, with April run rates aligning with Q1 direct sales levels. This product mix shift, combined with yield-enhanced manufacturing processes approved in 2025, expanded gross margins to 71% from 53%, enabling robust profitability: GAAP net income rose 68% to $45.3 million, Adjusted Net Income grew 22% to $40.7 million, and Adjusted EBITDA increased 24% to $59.7 million. Management views Q1 as a trough baseline from temporary dislocations, expecting normalization in Q2 via new McKesson distribution and diversified plasma sourcing, including monetization of three collection centers. The strong balance sheet, with net leverage below 0.5x and $58 million operating cash flow, supported 3.7% share repurchases. Updated FY 2026 guidance reflects sustained IG pricing pressure but reaffirms ASCENIV growth fundamentals, projecting total revenue $530-560 million, Adjusted Net Income $170-200 million, and Adjusted EBITDA $265-300 million, while withdrawing long-term guidance amid evolving market dynamics. An Audit Committee review conclusively cleared prior allegations of channel stuffing and undisclosed related party transactions, affirming financial reporting integrity.