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ADMA Biologics
(NASDAQ:ADMA)
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Rating:70Outperform
Price Target:
$9.50
▲(14.87% Upside)
Action:Upgraded
Date:06/03/26
The score is driven primarily by strong financial performance (high margins and meaningful positive free cash flow) and a constructive earnings outlook supported by Q1 execution and 2026 guidance. These positives are tempered by weak technicals (downtrend with negative MACD and price below major moving averages) and near-term commercial uncertainty from standard IG competitive pressure and the withdrawal of longer-term guidance.
Positive Factors
Profitability & Cash Generation
ADMA’s TTM margins (net ~32%, gross ~61%) and sizable operating/free cash flow indicate durable cash generation. This strengthens the company’s ability to fund manufacturing, R&D, and debt service, while supporting strategic optionality like buybacks or reinvestment during cyclical periods.
Negative Factors
Product Concentration Risk (BIVIGAM decline)
A steep 54% decline in BIVIGAM illustrates product concentration and replacement risk: ASCENIV must offset heavy losses elsewhere. Persistent weakness in legacy products or distributor dislocation would reduce top-line resilience and make revenue dependent on continued ASCENIV momentum.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & Cash Generation
ADMA’s TTM margins (net ~32%, gross ~61%) and sizable operating/free cash flow indicate durable cash generation. This strengthens the company’s ability to fund manufacturing, R&D, and debt service, while supporting strategic optionality like buybacks or reinvestment during cyclical periods.
Read all positive factors
ADMA Biologics (ADMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.96B
Dividend YieldN/A
Average Volume (3M)3.22M
Price to Earnings (P/E)12.3
Beta (1Y)0.91
Revenue Growth10.99%
EPS Growth-20.91%
CountryUS
Employees647
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.69
Shares Outstanding231,772,720
10 Day Avg. Volume2,812,449
30 Day Avg. Volume3,218,944
Financial Highlights & Ratios
PEG Ratio-1.09
Price to Book (P/B)9.11
Price to Sales (P/S)8.52
P/FCF Ratio156.23
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$18.67Price Target Upside125.72% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.8
Revenue Forecast (FY)$534.20M
ADMA Biologics Business Overview & Revenue Model
Company Description
ADMA Biologics, Inc. functions as a biopharmaceutical company specializing in the development, manufacturing, and commercialization of advanced biologic therapies derived from blood plasma. These specialized products are engineered to address immu...
How the Company Makes Money
ADMA Biologics primarily makes money by selling plasma-derived immune globulin therapies to customers in the U.S. healthcare market. Its main revenue stream is product revenue from commercialized IG therapies (i.e., finished biologic products) sol...
ADMA Biologics Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed materially positive operational and financial momentum driven by ASCENIV — including strong revenue growth (+28% YoY), substantial margin expansion (71% gross margin vs 53% prior year), improved adjusted EBITDA (+24% YoY), and robust cash generation (~$58M in Q1) — alongside strategic balance sheet actions and pipeline progress (pediatric label expansion and SG-001 preclinical work). Offsetting these positives were significant near-term headwinds in the standard IG market: BIVIGAM revenue declined sharply (-54% YoY) due to distributor ordering disruption and aggressive competitor discounting (ASP erosion of ~15%–20%), elevated channel inventory and DSOs (~107 days), and withdrawal of longer-term guidance. Overall, the company appears financially resilient and operationally well-positioned, with the performance of ASCENIV and strong cash/margin metrics outweighing the transitory channel and pricing pressures in the standard IG segment.Positive Updates
Strong ASCENIV Revenue Growth
ASCENIV revenue was $97.5 million in Q1 2026, up approximately 28% year-over-year, with record end-market demand, record new patient starts, growing prescriber adoption, improved product pull-through and patient adherence. Management cites April run-rate in line with Q1 direct sales, indicating continuing momentum into Q2.
Negative Updates
BIVIGAM Revenue Decline
BIVIGAM revenue fell to $15.4 million in Q1 2026, down 54% year-over-year, disproportionately impacted by distributor ordering variability and aggressive discounting/rebating from new entrants in the standard IG market.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong ASCENIV Revenue Growth
ASCENIV revenue was $97.5 million in Q1 2026, up approximately 28% year-over-year, with record end-market demand, record new patient starts, growing prescriber adoption, improved product pull-through and patient adherence. Management cites April run-rate in line with Q1 direct sales, indicating continuing momentum into Q2.
Read all positive updates
Company Guidance
ADMA updated full-year 2026 guidance to total revenue of $530–$560 million, adjusted EBITDA of $265–$300 million and adjusted net income of $170–$200 million (while withdrawing longer‑term guidance), reflecting continued ASCENIV growth offset by sustained competitive pressure in standard IG and an expected step‑up in operating expenses for R&D (SG‑001) and SG&A. In Q1 the company reported $114.5 million of revenue (flat YoY), with ASCENIV $97.5 million (+~28% YoY) and BIVIGAM $15.4 million (‑54% YoY); gross profit was $80.8 million (71% margin vs. 53% prior), adjusted EBITDA $59.7 million (+24% YoY), adjusted net income $40.7 million and GAAP net income $45.3 million. ADMA generated ~$58 million of cash from operations in the quarter, ended with ~$138 million cash, pro forma net leverage below 0.5x (and ~ $100 million unused borrowing capacity), converted ~3.6% of shares into treasury stock, sold three plasma centers for $5 million, and noted DSOs of ~107 days with a target range of 90–105 days.ADMA Biologics Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
70
Positive
Cash Flow
77
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 509.86M | 510.17M | 426.45M | 258.21M | 154.08M | 80.94M |
| Gross Profit | 312.42M | 292.76M | 219.55M | 88.94M | 35.27M | 1.17M |
| EBITDA | 221.53M | 197.86M | 147.69M | 5.12M | -39.51M | -53.09M |
| Net Income | 165.35M | 146.93M | 197.67M | -28.24M | -65.90M | -71.65M |
Balance Sheet | ||||||
| Total Assets | 665.18M | 624.24M | 488.68M | 329.18M | 348.46M | 276.25M |
| Cash, Cash Equivalents and Short-Term Investments | 138.15M | 87.63M | 103.15M | 51.35M | 86.52M | 51.09M |
| Total Debt | 204.41M | 79.89M | 82.12M | 141.42M | 154.44M | 102.92M |
| Total Liabilities | 274.86M | 146.92M | 139.66M | 193.98M | 196.49M | 135.08M |
| Stockholders Equity | 390.32M | 477.32M | 349.02M | 135.21M | 151.97M | 141.17M |
Cash Flow | ||||||
| Free Cash Flow | 107.90M | 27.82M | 110.10M | 3.82M | -73.42M | -125.88M |
| Operating Cash Flow | 128.32M | 50.40M | 118.67M | 8.80M | -59.51M | -112.37M |
| Investing Cash Flow | -14.77M | -21.89M | -8.57M | -4.98M | -13.91M | -13.51M |
| Financing Cash Flow | -47.02M | -44.02M | -58.30M | -38.99M | 108.85M | 121.05M |
ADMA Biologics Technical Analysis
Negative
8.27
Price Trends
8.49
Negative
9.66
Negative
13.34
Negative
Market Momentum
-0.06
Positive
38.32
Neutral
11.94
Positive
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 8.27 is below the 20-day moving average (MA) of 8.77, below the 50-day MA of 8.49, and below the 200-day MA of 13.34, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 38.32 is Neutral, neither overbought nor oversold. The STOCH value of 11.94 is Positive, 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 58 risk factors in its most recent earnings report. ADMA Biologics reported the most risks in the "Legal & Regulatory" 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $1.96B | 12.26 | 38.97% | ― | 10.99% | -20.91% | |
59 Neutral | $8.79B | -75.83 | -17.76% | ― | -64.36% | -302.09% | |
54 Neutral | $1.55B | -4.75 | -85.61% | ― | ― | -68.11% | |
53 Neutral | $7.97B | -13.89 | -68.16% | ― | ― | -1.22% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $11.92B | -39.56 | -55.45% | ― | 14.09% | -58.14% |
* Healthcare Sector Average
ADMA
ADMA Biologics
8.46
-11.45
-57.51%
ARWR
Arrowhead Pharmaceuticals
84.65
68.19
414.12%
PTGX
Protagonist Therapeutics
136.64
82.81
153.84%
IMVT
Immunovant
38.62
22.53
140.02%
MLTX
MoonLake Immunotherapeutics
18.44
-34.88
-65.42%
ADMA Biologics Corporate Events
Executive/Board ChangesShareholder Meetings
ADMA Biologics Shareholders Back Board, Auditor and Pay
Positive
Jun 2, 2026
ADMA Biologics, Inc. held its 2026 Annual Meeting of Stockholders on June 2, 2026, where shareholders voted on director elections, the selection of the company’s independent auditor and executive compensation matters. A quorum was establishe...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
ADMA Biologics Gains FDA Approval for Expanded ASCENIV Label
Positive
May 4, 2026
On May 4, 2026, ADMA Biologics announced that the U.S. Food and Drug Administration approved a supplemental Biologics License Application to expand the label for its intravenous immune globulin product ASCENIV to include pediatric immune compromis...
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.