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ADMA Biologics (ADMA)
NASDAQ:ADMA
US Market

ADMA Biologics (ADMA) AI Stock Analysis

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ADMA

ADMA Biologics

(NASDAQ:ADMA)

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Outperform 72 (OpenAI - 5.2)
Rating:72Outperform
Price Target:
$17.50
▲(15.28% Upside)
Action:ReiteratedDate:02/26/26
The score is driven primarily by strong fundamental improvement (revenue/margin scale-up and lower leverage) and upbeat guidance/margin expansion drivers from the latest call. This is tempered by weakening 2025 cash conversion and clearly bearish technical signals with the stock below major moving averages and negative MACD.
Positive Factors
Revenue & margin scale-up
ADMA has grown revenue from roughly $42M (2020) to ~$510M (2025) while gross margin expanded to ~57% and net margin to ~29%. This multi-year operating improvement indicates durable operating leverage and structural profitability that support sustainable cash generation and reinvestment capacity.
ASCENIV clinical adoption
Real-world evidence of >50% fewer infections for patients switching to ASCENIV demonstrates clinical differentiation and value to payers and providers. Durable clinical advantage supports sustained demand, pricing resilience, and lower downstream healthcare costs that underpin long-term product adoption and revenue visibility.
Manufacturing yield & supply/distribution actions
Integration of yield-enhanced production (≈20% higher output) plus divestiture of plasma centers and long-term third-party supply improves capital efficiency, scale and supply visibility. Combined with expanded distribution, these structural moves lower unit costs and support sustainable margin expansion and commercial reach.
Negative Factors
Weakened cash conversion
Despite reported profitability, 2025 cash conversion weakened: operating cash flow covered only ~72% of net income and free cash flow fell ~32% YoY. This suggests elevated working-capital needs or reinvestment intensity that could constrain free cash generation and financial flexibility over the medium term.
Historical balance-sheet stress & volatility
Leverage materially improved and equity expanded, but the company has recent history of high leverage and negative returns. That track record means current balance-sheet strength is relatively recent and could reverse if growth or margins stumble, making sustained credit stability and returns less certain.
Competitive/spot-supply margin risk
Management executed a $13.8M plasma spot sale at a negative margin to shore up cash/working capital, and cited temporary IVIG competitive dynamics. Reliance on opportunistic spot sales and market pricing pressure pose structural risks to margin durability and supply economics if competition or supply imbalances persist.

ADMA Biologics (ADMA) vs. SPDR S&P 500 ETF (SPY)

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 generates revenue primarily through the sales of its immunoglobulin products, including its flagship product, ASCENIV, which is marketed for the treatment of primary immunodeficiency diseases. The company also derives income from the sale of other plasma-derived therapies, which are distributed through specialty pharmacies and healthcare providers. Key revenue streams include direct product sales, partnerships with healthcare facilities, and contracts with distributors. Additionally, ADMA has engaged in collaborations and strategic partnerships that enhance its market reach and provide financial support for its product development initiatives, contributing to its overall earnings.

ADMA Biologics Earnings Call Summary

Earnings Call Date:Nov 05, 2025
(Q3-2025)
|
% Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The earnings call reflects a strong overall performance with record revenue growth, successful product utilization, and promising future prospects. Despite some temporary challenges in the IVIG market and a negative margin plasma sale, the company's strategic initiatives and financial outlook are positive.
Q3-2025 Updates
Positive Updates
Record Revenue Growth
ADMA Biologics reported a total revenue of $134.2 million for Q3 2025, representing a 10% quarter-over-quarter increase and 12% growth year-over-year.
ASCENIV Utilization and Clinical Data
ASCENIV showed record utilization and a greater than 50% reduction in infection rates in patients transitioning from standard IG therapy, suggesting enhanced protection against infections.
Yield Enhanced Production
FDA's release of yield enhanced production batches is expected to improve batch output by 20%, driving sustained gross margin expansion starting in Q4 2025.
Strong Financial Outlook
ADMA raised its 2025 revenue guidance to $510 million and expects 2026 revenue to be at least $630 million, highlighting strong future growth expectations.
SG-001 Program Progress
The SG-001 program is advancing with potential to address unmet medical needs and is expected to be a key value driver with IP protection through at least 2037.
Negative Updates
Temporary Competitive Dynamics
GAAP net income growth was tempered by a higher effective tax rate and temporary competitive dynamics in the standard IVIG markets, impacting BIVIGAM.
Negative Margin Plasma Sale
ADMA completed a $13.8 million plasma sale on the spot market at a negative margin contribution to optimize working capital and cash flow.
Company Guidance
During the ADMA Biologics third quarter 2025 conference call, the company reported record revenue of $134.2 million, marking a 10% increase quarter-over-quarter and a 12% rise year-over-year. GAAP net income was $36.4 million, up 6% from the previous quarter. Adjusted EBITDA grew by 16% sequentially to $58.7 million, reflecting a 29% increase compared to the prior year. The growth was driven by the strong performance of ASCENIV, with record utilization and a significant reduction in infection rates for patients transitioning from standard IG therapy, experiencing 0.9 infections per year compared to 2.1 previously. The company also highlighted yield-enhanced production batches that promise over 20% improvement in output per batch, aiming for sustained gross margin expansion into 2026. ADMA revised its revenue guidance upwards to $510 million for 2025 and at least $630 million for 2026, with a long-term target of exceeding $1.1 billion by 2029.

ADMA Biologics Financial Statement Overview

Summary
Strong multi-year scale-up with major margin expansion and profitability, plus materially improved leverage and equity growth. The key offset is weaker cash conversion in 2025 (free cash flow down year-over-year and below net income), raising durability/working-capital questions despite solid reported earnings.
Income Statement
83
Very Positive
ADMA shows a strong multi-year turnaround with revenue scaling from ~$42M (2020) to ~$510M (2025) and profitability inflecting meaningfully. Gross margin expanded sharply (negative in 2020 to ~57% in 2025), and 2025 profitability remains solid with ~29% net margin and ~38% EBITDA margin. The key weakness is volatility: net margin was exceptionally high in 2024 (~46%) but stepped down in 2025, and revenue growth slowed in 2024 before re-accelerating in 2025, suggesting earnings power may be less steady year-to-year than the longer-term trend implies.
Balance Sheet
78
Positive
Leverage has improved materially versus 2022–2023, with debt-to-equity declining to ~0.17 in 2025 (from ~1.0+ in 2022–2023), indicating a healthier capital structure. Equity has expanded meaningfully (to ~$477M in 2025 from ~$135M in 2023), and returns on equity are strong in 2025 (~31%). The main risk is historical balance-sheet stress and return volatility (negative returns and high leverage in earlier years), which suggests the current strength is relatively recent and should be monitored for durability.
Cash Flow
64
Positive
Cash generation is positive and improving versus the loss-making period (operating cash flow was negative in 2020–2022 but positive in 2023–2025). However, cash conversion weakened in 2025: operating cash flow (~$50M) covered only ~72% of net income and free cash flow was ~55% of net income, while free cash flow fell ~32% year-over-year despite higher revenue. 2024 was notably stronger (free cash flow roughly tracking earnings), so the 2025 step-down raises questions around working capital needs, reinvestment intensity, or normalization effects.
BreakdownDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue510.17M426.45M258.21M154.08M80.94M
Gross Profit292.76M219.55M88.94M35.27M1.17M
EBITDA191.44M147.69M5.12M-39.51M-53.09M
Net Income146.93M197.67M-28.24M-65.90M-71.65M
Balance Sheet
Total Assets624.24M488.68M329.18M348.46M276.25M
Cash, Cash Equivalents and Short-Term Investments87.63M103.15M51.35M86.52M51.09M
Total Debt79.89M82.12M141.42M154.44M102.92M
Total Liabilities146.92M139.66M193.98M196.49M135.08M
Stockholders Equity477.32M349.02M135.21M151.97M141.17M
Cash Flow
Free Cash Flow27.82M110.10M3.82M-73.42M-125.88M
Operating Cash Flow50.40M118.67M8.80M-59.51M-112.37M
Investing Cash Flow-21.89M-8.57M-4.98M-13.91M-13.51M
Financing Cash Flow-44.02M-58.30M-38.99M108.85M121.05M

ADMA Biologics Technical Analysis

Technical Analysis Sentiment
Negative
Last Price15.18
Price Trends
50DMA
17.54
Negative
100DMA
16.91
Negative
200DMA
17.47
Negative
Market Momentum
MACD
-0.45
Negative
RSI
39.62
Neutral
STOCH
32.09
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 15.18 is below the 20-day moving average (MA) of 16.35, below the 50-day MA of 17.54, and below the 200-day MA of 17.47, indicating a bearish trend. The MACD of -0.45 indicates Negative momentum. The RSI at 39.62 is Neutral, neither overbought nor oversold. The STOCH value of 32.09 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
72
Outperform
$3.69B18.4163.17%27.62%202.89%
69
Neutral
$8.92B40.0665.14%23258.15%99.12%
64
Neutral
$6.58B-29.03-47.18%-76.96%-425.41%
62
Neutral
$5.46B137.51-20.18%-35.39%-72.97%
62
Neutral
$5.57B-10.15-69.35%-27.70%
55
Neutral
$1.30B-5.17-60.51%-157.74%
51
Neutral
$7.86B-0.30-43.30%2.27%22.53%-2.21%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
ADMA
ADMA Biologics
15.18
-0.26
-1.68%
ARWR
Arrowhead Pharmaceuticals
63.39
44.45
234.69%
PTGX
Protagonist Therapeutics
88.39
52.05
143.23%
IMVT
Immunovant
27.41
7.16
35.36%
MLTX
MoonLake Immunotherapeutics
17.68
-24.09
-57.67%
ACLX
Arcellx Inc
113.88
52.49
85.50%

ADMA Biologics Corporate Events

Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A Transactions
ADMA Biologics Announces CFO Transition and Leadership Change
Positive
Feb 25, 2026

In 2025, ADMA Biologics delivered record financial results, with total revenue reaching $510 million, up 20% year over year, driven largely by a 51% surge in ASCENIV sales to $363 million and resulting in adjusted net income of $161 million and adjusted EBITDA of $231 million. On February 25, 2026, the company announced the retirement of Chief Financial Officer and Treasurer Brad Tade, effective February 25, 2026, with his transition to a paid consulting role through July 31, 2026, while veteran industry executive Terry Kohler assumes the CFO and Treasurer roles from February 26, 2026, under an employment agreement that includes equity grants, incentive compensation and change-of-control protections.

ADMA reiterated long-term financial guidance, forecasting 2026 revenue above $635 million and 2027 revenue above $775 million, and targeting more than $1.1 billion in annual revenue and at least $700 million in adjusted EBITDA in 2029, underscoring expectations for sustained double-digit growth and expanding margins. Operationally, the company highlighted yield-enhanced production now fully integrated into commercial operations, divestiture of three plasma centers for $12 million while securing long-term supply from over 280 third-party centers, and an expanded distribution agreement with McKesson Specialty, all aimed at improving capital efficiency, supply visibility and working capital.

Record ASCENIV utilization, supported by broad payer coverage, growing real-world evidence of reduced infections and hospitalizations, and ongoing medical education and direct-to-patient initiatives, is expected to continue driving demand and operating leverage beyond 2026. ADMA ended 2025 with about $88 million in cash, excluding pending plasma-center divestiture proceeds, and expects stronger cash generation and cost savings in 2026 to support growth investments, balance-sheet optimization and shareholder returns.

The most recent analyst rating on (ADMA) stock is a Buy with a $18.50 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.Date of analysis: Feb 26, 2026