Adma Biologics responds to short seller report by Culper Research

Adma Biologics (ADMA) responded to a report issued on March 24 by short seller Culper Research. The company said, “Following a detailed review of the Short Report, ADMA wishes to refute key allegations to alleviate confusion in the marketplace concerning the Company’s business practices and operations. ADMA believes that by providing, on a non-recurring basis, additional details concerning the Company’s immune globulin product portfolio – including inventory days on hand at its distribution partners and direct customers, and end user demand pull-through data – it refutes the key false and misleading allegations contained in the Short Report. Demand for ASCENIV is real and growing. As shown through data provided directly from ADMA’s distribution partners and direct customers, end-user demand for ASCENIV has increased over the past two-plus years. Allegations of channel stuffing illustrate a misunderstanding of the commercial dynamics of the IVIG market… The Short Report misrepresents and conflates ASCENIV’s utility and competitive positioning in the IVIG market… ADMA has received unqualified opinions in its audits for FY 2024 and FY2025… There have never been any undisclosed related party transactions in violation of U.S. securities laws.”