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ADMA Biologics (ADMA)
NASDAQ:ADMA
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ADMA Biologics
(NASDAQ:ADMA)
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Rating:74Outperform
Price Target:
$19.50
▲(22.03% Upside)
ADMA Biologics' strong financial performance and positive earnings call sentiment are the most significant factors driving its score. The company's robust revenue growth and strategic advancements, such as yield enhancement and debt refinancing, are key strengths. However, technical analysis indicates a bearish trend, and valuation metrics suggest moderate attractiveness, which slightly tempers the overall score.
Positive Factors
Revenue Growth
Strong revenue growth indicates robust market demand and effective product distribution, supporting long-term financial stability and expansion.
Yield Enhancement Process
The yield enhancement process will drive significant gross margin expansion, improving profitability and competitive positioning in the immunoglobulin market.
Financial Flexibility
Refinancing enhances financial flexibility, allowing for strategic investments and growth initiatives, strengthening long-term financial health.
Negative Factors
Free Cash Flow Decline
A decline in free cash flow growth may indicate potential liquidity challenges, affecting the company's ability to invest in growth and manage debt.
Potential Reimbursement Hurdles
Reimbursement hurdles could limit product accessibility and slow revenue growth, impacting market penetration and financial performance.
No Immediate Yield Enhancement Revenue
Conservative revenue guidance due to delayed monetization of yield enhancements may limit short-term financial performance, affecting investor confidence.
ADMA Biologics (ADMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.83B
Dividend YieldN/A
Average Volume (3M)3.30M
Price to Earnings (P/E)18.8
Beta (1Y)0.95
Revenue Growth43.58%
EPS Growth491.01%
CountryUS
Employees685
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.15
Shares Outstanding238,630,720
10 Day Avg. Volume3,657,731
30 Day Avg. Volume3,295,592
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap1.18
Enterprise Value/Revenue9.53
Enterprise Value/Gross Profit17.99
Enterprise Value/Ebitda27.72
Forecast
1Y Price Target
$32.00Price Target Upside100.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
ADMA Biologics Business Overview & Revenue Model
Company DescriptionADMA Biologics, Inc., a biopharmaceutical company, engages in developing, manufacturing, and marketing specialty plasma-derived biologics for the treatment of immune deficiencies and infectious diseases in the United States and internationally. It offers BIVIGAM, an intravenous immune globulin (IVIG) product indicated for the treatment of primary humoral immunodeficiency (PI); ASCENIV, an IVIG product for the treatment of PI; and Nabi-HB for the treatment of acute exposure to blood containing Hepatitis B surface antigen and other listed exposures to Hepatitis B. The company also develops a pipeline of plasma-derived therapeutics, including products related to the methods of treatment and prevention of S. pneumonia infection for an immunoglobulin. In addition, it operates source plasma collection facilities. The company sells its products through independent distributors, sales agents, specialty pharmacies, and other alternate site providers. ADMA Biologics, Inc. was incorporated in 2004 and is headquartered in Ramsey, New Jersey.
How the Company Makes MoneyADMA Biologics generates revenue primarily through the sale of its immunoglobulin products to hospitals, clinics, and specialty distributors. The company benefits from a diverse revenue model that includes direct sales to healthcare providers and potentially through partnerships with other pharmaceutical companies for distribution and co-marketing of its products. Additionally, ADMA may receive revenue from government contracts or grants aimed at supporting its research and development efforts. Strategic partnerships and collaborations with other healthcare organizations are also key contributors to its earnings, as these can provide access to new markets and enhance product distribution capabilities.
ADMA Biologics Earnings Call Summary
Earnings Call Date:Aug 06, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 05, 2025
Earnings Call Sentiment Positive
The earnings call highlighted substantial growth in revenue and operational achievements, alongside successful yield enhancement and ASCENIV utilization. While there are some challenges with reimbursement and conservative guidance regarding yield enhancement revenue, the overall sentiment is largely positive due to strong financial results and strategic advancements.Q2-2025 Updates
Positive Updates
Record Revenue and Growth
Total revenue reached $122 million, up 14% year-over-year, or approximately 29% when adjusting for a nonrecurring Medicaid rebate accrual reversal. Adjusted net income and adjusted EBITDA grew approximately 85% and 59% year-over-year, respectively.
Yield Enhancement Success
Commercial scale production utilizing FDA-approved yield enhancement process is underway, achieving a 20% or greater increase in bulk IG output. This is expected to drive significant gross margin expansion.
ASCENIV Utilization
ASCENIV utilization reached record highs with expanded availability of high-titer plasma and strong forward demand indicators, indicating deepened market penetration and broadened patient access.
Debt Refinancing and Financial Flexibility
Completed a JPMorgan-led debt refinancing, reducing borrowing costs and enhancing liquidity with a new $300 million credit agreement.
Facility and Infrastructure Expansion
Acquisition of a facility and adjacent land near Boca Raton campus for expanded cold storage, warehousing, and potential manufacturing space increase by up to 30%.
Negative Updates
No Immediate Yield Enhancement Revenue
Revenue guidance for 2025 does not include potential accretion from the monetization of products using the enhanced yield process, reflecting conservative assumptions regarding production ramp-up.
Potential Reimbursement Hurdles
Some payer pushback exists with ASCENIV, requiring prior authorization, though this is being managed with expanded field reimbursement efforts.
Company Guidance
During ADMA Biologics' second quarter 2025 financial results call, the company provided a comprehensive update on its performance and future guidance. Key metrics highlighted include total revenues reaching $122 million, marking a 29% year-over-year growth after adjustments. Adjusted net income and adjusted EBITDA saw substantial increases of 85% and 59%, respectively. The company reaffirmed its guidance for 2025, anticipating $500 million or more in total revenue, with adjusted EBITDA of at least $235 million and adjusted net income of $175 million or more. Looking ahead to 2026, ADMA expects $625 million in total revenue, adjusted EBITDA of $340 million, and adjusted net income of at least $245 million. Operational advancements include an FDA-approved yield enhancement process that boosts bulk immunoglobulin production by 20%, expected to drive meaningful gross margin expansion starting in early 2026. The company also completed a $300 million debt refinancing, reducing borrowing costs and enhancing financial flexibility. Additionally, ADMA expanded its infrastructure with the acquisition of a new facility to support future growth, potentially increasing cGMP manufacturing space by up to 30%. The company remains focused on innovation and operational excellence to achieve its long-term growth target of $1.1 billion in annual revenue prior to 2030.ADMA Biologics Financial Statement Overview
Summary
ADMA Biologics demonstrates strong financial health with significant improvements in revenue growth and profitability. The company maintains a solid balance sheet with low leverage and high equity ratios, minimizing financial risk. Strong cash flow management supports its operations, although careful monitoring of cash reserves is advisable.Income Statement
ADMA Biologics has shown impressive revenue growth, with a TTM increase in Total Revenue of 7.72% compared to the previous annual report. The company has achieved a Gross Profit Margin of 52.54% and a Net Profit Margin of 45.00% in the TTM period, indicating strong profitability. The EBIT and EBITDA margins at 33.08% and 34.46% respectively, further demonstrate efficient operational management. Overall, the income statement reflects a solid turnaround from previous losses, showcasing strong growth and profitability.85
Very Positive
Balance Sheet
ADMA Biologics has a strong equity position, with Stockholders' Equity accounting for 73.13% of Total Assets in the TTM period. The Debt-to-Equity Ratio is 0.22, indicating a low reliance on debt financing, which mitigates financial risk. However, the decreasing cash and short-term investments over time warrant attention. The Return on Equity of 55.39% in the TTM period is exceptionally high, reflecting strong profitability relative to equity.78
Positive
Cash Flow
The company has shown strong cash flow management with a Free Cash Flow to Net Income Ratio of 0.44 in the TTM period, indicating efficient conversion of income to cash. While Operating Cash Flow decreased slightly from the previous period, it remains robust and supports the company's operations. The Free Cash Flow Growth Rate shows a decrease compared to previous years, highlighting the need for cautious cash management in future periods.70
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 474.17M | 426.45M | 258.21M | 154.08M | 80.94M | 42.22M |
| Gross Profit | 251.32M | 219.55M | 88.94M | 35.27M | 1.17M | -19.07M |
| EBITDA | 163.11M | 147.69M | 5.12M | -39.72M | -53.33M | -59.82M |
| Net Income | 208.93M | 197.67M | -28.24M | -85.18M | -84.45M | -87.61M |
Balance Sheet | ||||||
| Total Assets | 558.38M | 488.68M | 329.18M | 348.46M | 276.25M | 207.67M |
| Cash, Cash Equivalents and Short-Term Investments | 90.28M | 103.15M | 51.35M | 86.52M | 51.09M | 55.92M |
| Total Debt | 83.83M | 82.12M | 141.42M | 154.44M | 102.92M | 97.67M |
| Total Liabilities | 160.06M | 139.66M | 193.98M | 196.49M | 135.08M | 119.42M |
| Stockholders Equity | 398.32M | 349.02M | 135.21M | 151.97M | 141.17M | 88.25M |
Cash Flow | ||||||
| Free Cash Flow | 66.09M | 110.10M | 3.82M | -73.42M | -125.88M | -114.73M |
| Operating Cash Flow | 76.71M | 118.67M | 8.80M | -59.51M | -112.37M | -102.00M |
| Investing Cash Flow | -11.10M | -8.57M | -4.98M | -13.91M | -13.51M | -12.72M |
| Financing Cash Flow | -63.57M | -58.30M | -38.99M | 108.85M | 121.05M | 143.90M |
ADMA Biologics Technical Analysis
Negative
15.98
Price Trends
17.10
Negative
18.42
Negative
18.34
Negative
Market Momentum
-0.42
Negative
39.40
Neutral
50.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ADMA, the sentiment is Negative. The current price of 15.98 is below the 20-day moving average (MA) of 16.34, below the 50-day MA of 17.10, and below the 200-day MA of 18.34, indicating a bearish trend. The MACD of -0.42 indicates Negative momentum. The RSI at 39.40 is Neutral, neither overbought nor oversold. The STOCH value of 50.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ADMA.
ADMA Biologics Risk Analysis
ADMA Biologics disclosed 53 risk factors in its most recent earnings report. ADMA Biologics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ADMA Biologics Peers Comparison
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $3.83B | 18.82 | 71.23% | ― | 43.58% | 491.01% | |
60 Neutral | 4.10B | 92.55 | 40.75% | ― | -34.45% | -69.75% | |
57 Neutral | 4.54B | -25.99 | -323.27% | ― | 2816.21% | 73.33% | |
51 Neutral | 4.37B | -23.07 | -23.60% | ― | -60.63% | -216.87% | |
45 Neutral | 2.69B | -5.43 | ― | ― | ― | -48.38% | |
41 Neutral | 3.46B | -19.34 | ― | ― | ― | -208.46% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
Performance Comparison
ADMA
ADMA Biologics
15.66
-3.78
-19.44%
ARWR
Arrowhead Pharmaceuticals
32.83
13.21
67.33%
PTGX
Protagonist Therapeutics
65.95
21.02
46.78%
IMVT
Immunovant
15.46
-12.85
-45.39%
MLTX
MoonLake Immunotherapeutics
53.94
2.57
5.00%
ACLX
Arcellx Inc
78.75
-5.39
-6.41%
ADMA Biologics Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresPrivate Placements and Financing
ADMA Biologics Secures $300M Credit Agreement with JPMorgan
Positive
Aug 6, 2025
On August 5, 2025, ADMA Biologics entered into a $300 million credit agreement with JPMorgan Chase Bank, which includes a $75 million term loan and a $225 million revolving credit facility. This refinancing replaces existing debt, lowers borrowing costs, and enhances strategic financial flexibility. Additionally, ADMA reported strong financial results for the second quarter of 2025, with a 14% year-over-year revenue increase and significant earnings growth. The company also initiated commercial-scale manufacturing with an FDA-approved process, acquired a new facility to expand its U.S. supply chain, and repurchased $15 million in common stock, positioning itself for accelerated growth in the latter half of 2025 and beyond.
The most recent analyst rating on (ADMA) stock is a Buy with a $18.00 price target. To see the full list of analyst forecasts on ADMA Biologics stock, see the ADMA Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.