ADMA Biologics, Inc. (ADMA) Earnings

Management highlights

### Commercial Product Updates - Ascentive demand accelerated through Q2 2026, with June delivering the strongest sequential end-user utilization growth since H1 2024. Growth is driven by increasing physician adoption, broader provider engagement, new patient starts, and higher patient utilization. - Ascentive remains early in its penetration of the later-line refractory primary immunodeficiency (PI) market, with current inventory levels aligned to underlying demand. - A new real-world evidence abstract analyzing outcomes for 127 medically complex PI patients switching to Ascentive was submitted to the 2026 ACAAI Annual Scientific Meeting. The study found statistically significant reductions in infection-related hospitalizations, emergency room visits, outpatient utilization, oral antibiotic use, and corticosteroid use after switching to Ascentive, further supporting the product's differentiated clinical profile and value proposition for payers. - BIVIGAM demand stabilized in Q2 2026 after sequential declines, delivering improved utilization and revenue versus Q1 2026. ### Operational and Manufacturing Updates - The yield-enhanced manufacturing process is fully embedded in commercial production, supporting consistent product availability, improved manufacturing efficiency, and higher margin performance. - ADMA's diversified plasma sourcing strategy delivers reliable access to high-titer plasma, and existing supply infrastructure is sufficient to support projected Ascentive demand growth. ### Pipeline Progress - Pipeline candidate SG-001, designed for pneumococcal disease prevention in immunocompromised patients with limited vaccine protection, continues to progress through a capital-efficient development pathway. - The company is on track to complete CGMP conformance batch production in H2 2026 and submit a pre-IND meeting package to the FDA by the end of 2026. Management estimates SG-001 could generate $300-$500 million in annual revenue if approved, leveraging ADMA's existing manufacturing and commercial infrastructure. ### Capital Allocation - The company repurchased 7.1 million shares of common stock in Q2 2026, bringing year-to-date repurchases to 13.8 million shares (approximately 5.3% of outstanding common stock as of June 30, 2026). ADMA remains on track to meet its target of $200 million or more in share repurchases for full-year 2026, with repurchases funded by internal cash generation.

Guidance

• Management reaffirmed its full-year 2026 financial guidance, with no upward or downward revisions from prior guidance. • Full-year 2026 total revenue is projected between $530 million and $560 million, adjusted EBITDA between $265 million and $300 million, and adjusted net income between $170 million and $200 million. • Guidance assumes ongoing competitive dynamics and pricing pressure in the U.S. standard immune globulin market for the remainder of 2026, and counts Ascentive as the primary driver of total revenue growth. • Guidance incorporates planned investments for commercial expansion, manufacturing improvements, and SG-001 development, while retaining sufficient financial flexibility to continue share repurchases. • Management expects BIVIGAM full-year 2026 revenue to be 40% to 50% lower than 2025 levels, with Ascentive full-year 2026 revenue growth projected in the upper 20% to low 30% year-over-year range.

Segment performance

Total company revenue for Q2 2026 was $124.4 million, a 2% year-over-year increase from the prior year period's $122 million. - Ascentive: Q2 2026 revenue was $102.9 million, representing 82.7% of total company revenue, with 24% year-over-year growth. It is the company's primary growth driver, with accelerating end-user demand and penetration in its target market. - BIVIGAM: Q2 2026 revenue was $19.4 million, representing 15.6% of total company revenue. Revenue saw sequential improvement from Q1 2026 as demand stabilized amid ongoing competitive pricing and supply pressure in the standard immune globulin market, but remains significantly down year-over-year.

Risks & headwinds

• Ongoing competitive supply and pricing pressure, including unsustainable discounting and rebating, in the U.S. standard immune globulin market continues to pressure BIVIGAM revenue. • Approximately 70% of immunoglobulin prescriptions require prior authorization, creating ongoing access-related barriers that could limit Ascentive adoption growth. • Forward-looking statements related to SG-001 development, Ascentive penetration growth, and BIVIGAM stabilization are subject to inherent uncertainties that could cause actual results to differ materially from projections, as detailed in ADMA's SEC filings.

Analyst Q&A

• Q: How quickly will demand from the new McKesson distribution deal grow, how much customer overlap exists with existing distribution partners, and how do McKesson's payment terms compare to other partners? /

  A: The McKesson partnership is a core part of ADMA's strategy to expand Ascentive penetration. GPO buying groups that purchase exclusively through McKesson focus on secondary immunodeficiency, which has no overlap with ADMA's existing customer call points for Ascentive. Initial conversations with these groups have been positive, and McKesson has slightly faster payment terms than ADMA's other distribution partners, with the partnership expected to drive growth through the second half of 2026 and into 2027.

• Q: Have there been any recent shifts in Ascentive reimbursement dynamics amid ongoing market dislocation, and what should we expect for R&D spending over the next few quarters as SG-001 advances? /

  A: There are no significant negative shifts in reimbursement: Ascentive and BIVIGAM already have broad commercial access, and utilization continues to grow, supported by ADMA's expanding body of real-world evidence. Standard IG market competitive supply and pricing pressure persist, but BIVIGAM demand stabilized in Q2 and Ascentive continues to deliver strong growth. R&D spending was $6 million in Q2 2026, and this run rate is expected to hold for the remainder of the year, with a smaller step up in Q4 as conformance batch production for SG-001 begins.

• Q: When do you expect the standard IG market competitive dynamics to normalize, and could BIVIGAM return to modest growth in 2027? /

  A: BIVIGAM demand has stabilized at current market levels, and competitive dynamics are expected to persist. ADMA is still guiding for full-year 2026 BIVIGAM revenue to be 40% to 50% lower than 2025 levels, and is not projecting a return to growth for 2027 at this time. While BIVIGAM has secured preferred status on some new GPO contracts and there is upside potential if conditions improve, this is not baked into current guidance.

• Q: Was June's accelerated Ascentive end-user growth above the prior 2% to 4% projected monthly growth range, and do you expect the acceleration to continue? Are you developing data for secondary immunodeficiency to drive longer-term uptake? /

  A: June's sequential growth was outsized above the 2% to 4% smoothed monthly target that remains in full-year guidance. The acceleration is driven by ADMA's expanding real-world evidence base and ongoing medical education outreach, which has increased clinician confidence in Ascentive's differentiated benefits. Investigator-initiated studies in secondary immunodeficiency (organ transplant and oncology settings) are ongoing. While near-term growth remains focused on the large underpenetrated on-label primary refractory PI market, secondary immunodeficiency (the fastest growing IG segment in the U.S.) represents a large long-term growth opportunity for Ascentive starting in 2027 and beyond.