ADMA Biologics, Inc.
- Open
- 8.56
- Day high
- 8.76
- Day low
- 8.52
- Prev close
- 8.37
- Volume
- 1.6M
- Mkt cap
- $1.9B
- P/E (TTM)
- 12.1
- EPS (TTM)
- $0.71
- P/B
- 5.0
- P/S
- 3.8
- Yield
- —
- Per share
- —
- ▲Insiders net buying $251K over the last 3 months (3 open-market buys, 0 sales)
- 🏛Institutions mixed (13F)
ADMA Biologics, Inc. (ADMA) is a Healthcare company listed on NASDAQ. The stock is down 54% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4).
ADMA Biologics, Inc. (ADMA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ADMA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.19 | $0.19 | -1.7% | $114M | -18.2% |
| Nov 5, 2025 | $0.16 | $0.16 | +0.0% | $134M | -4.0% |
| Aug 6, 2025 | $0.14 | $0.15 | +7.1% | $122M | -6.4% |
| Mar 3, 2025 | $0.15 | $0.14 | -6.7% | $118M | +8.2% |
| Nov 7, 2024 | $0.13 | $0.15 | +15.4% | $120M | +5.7% |
| Aug 8, 2024 | $0.08 | $0.13 | +62.5% | $107M | +24.0% |
| May 9, 2024 | $0.06 | $0.08 | +33.3% | $82M | +6.0% |
| Feb 28, 2024 | $-0.01 | $0.04 | +420.0% | $74M | +2.4% |
| Mar 23, 2023 | $-0.07 | $-0.06 | +14.3% | $50M | +8.8% |
| Nov 9, 2022 | $-0.08 | $-0.08 | +0.0% | $41M | +19.2% |
| Aug 10, 2022 | $-0.09 | $-0.07 | +22.2% | $34M | +6.6% |
| May 11, 2022 | $-0.08 | $-0.10 | -25.0% | $29M | +12.4% |
ADMA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 28, 2026 | Grossman Jerrold Bdirector | Buy | 6,400 | $7.91 |
| May 14, 2026 | Grossman Jerrold Bdirector | Buy | 12,500 | $8.01 |
| May 12, 2026 | Grossman Jerrold Bdirector | Buy | 12,500 | $8.01 |
| Apr 3, 2026 | Kestenberg-Messina Kaitlin M.officer: COO and SVP, Compliance | Tax | 20,362 | $9.11 |
| Mar 17, 2026 | Grossman Adam Sdirector, officer: President and CEO | Option | 15,000 | $5.40 |
| Mar 17, 2026 | Guiheen Lawrence P.director | Option | 30,000 | $3.66 |
| Mar 17, 2026 | Grossman Adam Sdirector, officer: President and CEO | Sell | 15,000 | $15.16 |
| Mar 17, 2026 | Grossman Adam Sdirector, officer: President and CEO | Sell | 6,000 | $15.16 |
| Mar 10, 2026 | Grossman Adam Sdirector, officer: President and CEO | Tax | 56,438 | $15.39 |
| Mar 10, 2026 | Kestenberg-Messina Kaitlin M.officer: COO and SVP, Compliance | Sell | 10,096 | $15.63 |
| Mar 10, 2026 | Kestenberg-Messina Kaitlin M.officer: COO and SVP, Compliance | Option | 1,525 | $2.35 |
| Mar 10, 2026 | Kestenberg-Messina Kaitlin M.officer: COO and SVP, Compliance | Option | 2,646 | $2.83 |
| Mar 10, 2026 | Kestenberg-Messina Kaitlin M.officer: COO and SVP, Compliance | Tax | 4,235 | $15.39 |
| Mar 10, 2026 | Kestenberg-Messina Kaitlin M.officer: COO and SVP, Compliance | Tax | 10,059 | $15.39 |
| Mar 10, 2026 | Kestenberg-Messina Kaitlin M.officer: COO and SVP, Compliance | Option | 2,175 | $1.55 |
Source: ADMA SEC Form 4 filings, latest May 28, 2026. For informational purposes only — not investment advice.
See the full ADMA insider & 13F page →ADMA Biologics, Inc. company profile
Overview
ADMA Biologics, Inc. (NASDAQ:ADMA) is a biopharmaceutical company founded in 2004 and headquartered in Ramsey, New Jersey. The company went public in 2013 and has evolved from a development-stage biotechnology firm into a profitable manufacturer of specialty plasma-derived biologics. ADMA operates as the last remaining 100% U.S.-domiciled plasma therapeutics company, maintaining a vertically integrated supply chain from plasma collection through manufacturing and distribution. The company has transformed significantly over the past few years, achieving profitability and substantial revenue growth driven primarily by its flagship product ASCENIV.
Business
ADMA Biologics operates in the specialized field of plasma-derived therapeutics, which involves collecting human blood plasma and processing it into life-saving medications. The company focuses on treating patients with primary immunodeficiency diseases - rare genetic conditions where patients' immune systems cannot produce adequate antibodies to fight infections, leaving them vulnerable to serious and potentially fatal illnesses. The company's core products include ASCENIV, an intravenous immune globulin (IVIG) product that represents over 50% of total revenue and targets complex, treatment-refractory immunodeficient patients. ASCENIV is formulated from plasma donors with high levels of antibodies against respiratory syncytial virus (RSV), providing enhanced protection for the most vulnerable patients. BIVIGAM, the company's original IVIG product, treats general primary humoral immunodeficiency and historically comprised the majority of revenues. Nabi-HB is a hepatitis B immune globulin used for post-exposure prophylaxis. The plasma therapeutics industry operates on a complex supply chain model. Companies must first collect plasma from qualified donors at specialized collection centers, then process this plasma through sophisticated manufacturing techniques to extract and purify specific antibodies. The resulting products are then distributed through specialty pharmacies and healthcare providers to treat patients with rare diseases. ADMA's vertical integration - owning both plasma collection facilities and manufacturing capabilities - distinguishes it from competitors who may rely on third-party suppliers for raw materials. ADMA also operates a growing network of plasma collection centers and has developed partnerships with third-party collectors to secure high-titer plasma supplies. The company is advancing a pipeline program called SG-001, a hyperimmune globulin targeting strep pneumonia infections, which could potentially generate $300-500 million in annual revenue if successfully developed.
Revenue model
ADMA generates revenue primarily through product sales of its plasma-derived therapeutics to specialty pharmacies, distributors, and healthcare providers. The company's business model centers on manufacturing high-margin, specialty biologics from collected plasma and selling them at premium prices due to their life-saving nature and limited competition in niche patient populations. The company's revenue streams include direct sales of ASCENIV (contributing over 50% of total revenue with gross margins of 80-85%), BIVIGAM sales, and Nabi-HB sales. ASCENIV commands premium pricing because it serves a highly specialized patient population of 20,000-30,000 complex immunodeficient patients in the U.S., with current market penetration below 3%. The paying customers are primarily specialty pharmacies, hospitals, and infusion centers that serve immunocompromised patients. Several factors significantly impact ADMA's margins and profitability. Plasma supply costs represent a major variable expense, as the company must compete for donors and pay competitive compensation rates. The company has implemented donor retention programs and partnerships with third-party collectors to secure adequate supplies. Manufacturing scale and efficiency drive margin expansion - ADMA has developed yield enhancement processes that could increase production output by 20%, directly improving profitability. Product mix heavily influences margins, as ASCENIV generates much higher margins than BIVIGAM. Regulatory approval processes can impact revenue timing, as seen with the company's pending yield enhancement approval from the FDA. Competition from larger pharmaceutical companies with deeper resources could pressure pricing, though ADMA's specialized formulations and patient populations provide some protection. Healthcare reimbursement policies and insurance coverage decisions significantly affect demand, as these expensive therapies require coverage approval for patient access.
Competitive moat
ADMA's competitive moat appears moderately strong but faces potential challenges from larger competitors. The company's primary moat stems from its specialized product formulations, particularly ASCENIV's unique high-titer RSV antibody composition that serves treatment-refractory patients who have failed on standard therapies. This creates a defensible niche with limited direct competition and high switching costs for patients who achieve clinical success. The company's vertical integration as the last 100% U.S.-domiciled plasma therapeutics company provides supply chain advantages and insulation from global trade disruptions. ADMA's plasma collection network and donor relationships create barriers to entry, as establishing collection centers requires significant regulatory approval, time, and capital investment. The company's intellectual property portfolio extending into the mid-2030s provides patent protection for its key products and manufacturing processes. However, the moat faces meaningful threats. Large pharmaceutical companies like Takeda, CSL Behring, and Grifols possess substantially greater resources and could develop competing products or acquire smaller players. The plasma therapeutics industry has experienced consolidation, and ADMA's relatively small scale makes it vulnerable to competitive pressure. Regulatory risks pose ongoing challenges, as FDA approval processes can delay product launches or manufacturing improvements. The company's dependence on a limited number of products creates concentration risk. While ASCENIV serves a specialized patient population, the total addressable market remains relatively small compared to broader therapeutic areas. Biosimilar competition could eventually emerge as patents expire, though the complex manufacturing requirements for plasma-derived products create some barriers to generic competition.
Risks & safety
ADMA demonstrates a strong financial position with improving fundamentals and low solvency risk. • **Cash and Liquidity**: $71.6 million in cash and short-term investments as of Q1 2025, with strong current ratio of 6.58x indicating excellent short-term liquidity • **Debt Levels**: Moderate debt-to-equity ratio of 0.22x, significantly improved from previous years, with net leverage ratio of approximately 0.26x • **Cash Generation**: Positive free cash flow of $110.1 million for FY 2024, though Q1 2025 showed negative $24.4 million due to timing of working capital investments • **Profitability**: Strong EBITDA of $34.9 million in Q1 2025, with adjusted EBITDA margins expanding significantly • **Valuation Metrics**: - P/E ratio of 43.8x appears elevated but reflects rapid earnings growth - EV/EBITDA of 33.9x is high but declining as EBITDA grows - Price-to-book ratio of 12.6x reflects asset-light business model • **Other Considerations**: Authorized $500 million stock repurchase program demonstrates management confidence; vertically integrated U.S. supply chain reduces operational risks; strong revenue growth guidance provides earnings visibility
Recent development
ADMA has undergone a dramatic transformation over the past few years, evolving from a loss-making development company to a profitable, rapidly growing biopharmaceutical manufacturer. The most significant development has been the commercial success of ASCENIV, which launched as a niche product but now contributes over 50% of total revenue and drives the company's profitability. The company has made substantial manufacturing improvements, developing a yield enhancement process that could increase production output by 20% and is awaiting FDA approval. ADMA has scaled ASCENIV production to 4,400-liter manufacturing capacity and achieved gross margins of 80-85% on the product. The company has also expanded its plasma collection capabilities significantly, growing from a limited collection network to operating 10 FDA-licensed centers and establishing partnerships with third-party collectors to secure high-titer plasma supplies. Strategic positioning has been a key focus, with management emphasizing ADMA's unique status as the last 100% U.S.-domiciled plasma therapeutics company. This positioning has become increasingly valuable amid global supply chain disruptions and trade tensions. The company has also invested in technology, implementing an AI platform called ADMAlytics to optimize commercial operations and plasma collection efficiency. ADMA has advanced its pipeline development, particularly the SG-001 program targeting strep pneumonia, which completed pilot-scale manufacturing and is progressing toward animal studies. The company is also pursuing label expansions, including pediatric indications for ASCENIV and exploring additional therapeutic applications for its existing products. Financial guidance has been consistently raised, reflecting accelerating business momentum, with revenue targets increasing from initial projections of $300 million to current targets exceeding $1 billion by 2030.
ADMA company profile · for informational purposes only — not investment advice.
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