ADMA Biologics disclosed that its preliminary unaudited full‑year 2025 revenue will be approximately $510 million to $511 million, a figure that meets or exceeds the company’s prior guidance and represents a 20% year‑over‑year increase from the $426.5 million reported in 2024. The company’s cash balance at year‑end 2025 rose to about $88 million, down from just over $100 million at the end of 2024, while operating cash flow in the fourth quarter of 2025 was estimated at roughly $40 million, slightly below the $45‑48 million generated in Q4 2024.
The revenue mix was driven by a 15% rise in ASCENIV sales to $45.6 million in Q3 2025, offset by an 8% decline in BIVIGAM revenue to $12.3 million. Gross margin expanded to 56.3% from 49.8% YoY, a lift largely attributable to the higher mix of ASCENIV and early benefits of the yield‑enhanced production process.
ADMA’s FDA‑approved yield‑enhanced production process, slated to be fully operational in 2026, is expected to increase bulk immunoglobulin output by more than 20% and drive sustained margin expansion. The company’s guidance for 2026 revenue was raised to $635 million from $630 million, and adjusted EBITDA guidance was increased to $360 million from $355 million, reflecting confidence in the scalability of the new process and the continued momentum of ASCENIV. Management also reiterated a 2027 revenue target of $775 million and highlighted progress in the SG‑001 pipeline program, while noting that a $500 million share‑repurchase program authorized on May 7 2025 remains in place.
CEO Adam Grossman emphasized that the company’s “record ASCENIV utilization and ongoing constructive negotiations with payers for enhanced 2026 reimbursement and access underscore the durable and growing demand for our differentiated plasma‑derived biologics portfolio.” He added that the FDA lot release of the first yield‑enhanced batches marks a pivotal milestone expected to drive sustained gross‑margin expansion beginning in Q4 2025 and through 2026 and beyond. Analysts highlighted the revenue beat of $3.01 million (2.29% above consensus) and the guidance upgrade as key drivers of the positive market reaction.
Headwinds remain in the standard IVIG market, where intensified competition in BIVIGAM could pressure pricing. Nevertheless, the company’s secured long‑term plasma supply agreements, reduced debt, and robust cash generation position it to continue transitioning from a growth‑stage manufacturer to a profitable, margin‑expanding specialty biologics company.
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