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ADMA Biologics (ADMA)
NASDAQ:ADMA
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ADMA Biologics
(NASDAQ:ADMA)
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Rating:78Outperform
Price Target:
$21.00
▲(14.88% Upside)
ADMA Biologics scores well due to its strong financial performance and positive earnings call, which highlight robust revenue growth and strategic initiatives for future expansion. The technical analysis suggests bullish momentum, though caution is advised due to overbought signals. Valuation is reasonable, supporting the overall positive outlook.
Positive Factors
Revenue Growth
ADMA's consistent revenue growth indicates strong market demand and effective product adoption, supporting long-term financial health.
Yield Enhancement
The yield enhancement process is expected to significantly expand gross margins, enhancing profitability and competitive positioning.
Debt Refinancing
Refinancing reduces financial costs and increases liquidity, providing ADMA with greater flexibility for strategic investments and growth.
Negative Factors
Free Cash Flow Decline
A decline in free cash flow growth can limit ADMA's ability to reinvest in its business, potentially impacting future expansion and innovation.
Reimbursement Challenges
Reimbursement hurdles could slow ASCENIV's market penetration, affecting revenue growth and necessitating increased resources for payer negotiations.
Conservative Revenue Guidance
Conservative revenue guidance may indicate potential challenges in realizing expected benefits from new processes, affecting investor confidence.
ADMA Biologics (ADMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.35B
Dividend YieldN/A
Average Volume (3M)2.21M
Price to Earnings (P/E)21.5
Beta (1Y)0.87
Revenue Growth27.62%
EPS Growth202.89%
CountryUS
Employees685
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.16
Shares Outstanding237,997,770
10 Day Avg. Volume2,321,917
30 Day Avg. Volume2,207,994
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)11.45
Price to Sales (P/S)9.37
P/FCF Ratio36.31
Enterprise Value/Market Cap0.00
Enterprise Value/Revenue0.00
Enterprise Value/Gross Profit0.00
Enterprise Value/Ebitda0.00
Forecast
1Y Price Target
$30.00Price Target Upside64.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.88
Revenue Forecast (FY)$631.85M
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:Mar 19, 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
ADMA Biologics demonstrates strong financial performance with robust revenue growth and profitability improvements. The company maintains a solid balance sheet with low leverage and high return on equity. While there are concerns regarding the recent decline in free cash flow growth, the overall financial health of the company is positive, supported by efficient operations and a stable capital structure.Income Statement
ADMA Biologics has shown strong revenue growth with a TTM revenue increase of 3.03% and a significant improvement in profitability. The gross profit margin improved to 53%, and the net profit margin is robust at 44.06%. The EBIT and EBITDA margins are also strong at 32.73% and 34.40%, respectively, indicating efficient operations. These metrics reflect a positive trajectory in revenue and profitability, although the growth rate has slightly decelerated compared to previous years.85
Very Positive
Balance Sheet
The balance sheet of ADMA Biologics shows a healthy debt-to-equity ratio of 0.21, indicating low leverage and financial stability. The return on equity is impressive at 61.78%, reflecting strong profitability relative to shareholder equity. The equity ratio stands at 75.80%, suggesting a solid capital structure. However, the company has experienced fluctuations in debt levels over the years, which could pose potential risks if not managed carefully.78
Positive
Cash Flow
The cash flow statement reveals a decline in free cash flow growth by 38.37% in the TTM period, which is a concern. However, the operating cash flow to net income ratio is slightly above 1, indicating that operating cash flows are covering net income. The free cash flow to net income ratio is strong at 86.16%, suggesting efficient cash generation relative to net income. Despite the recent decline in free cash flow, the overall cash flow position remains relatively stable.70
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 488.56M | 426.45M | 258.21M | 154.08M | 80.94M | 42.22M |
| Gross Profit | 267.28M | 219.55M | 88.94M | 35.27M | 1.17M | -19.07M |
| EBITDA | 172.13M | 147.69M | 5.12M | -39.51M | -53.09M | -59.82M |
| Net Income | 209.45M | 197.67M | -28.24M | -65.90M | -71.65M | -75.75M |
Balance Sheet | ||||||
| Total Assets | 568.69M | 488.68M | 329.18M | 348.46M | 276.25M | 207.67M |
| Cash, Cash Equivalents and Short-Term Investments | 61.38M | 103.15M | 51.35M | 86.52M | 51.09M | 55.92M |
| Total Debt | 83.12M | 82.12M | 141.42M | 154.44M | 102.92M | 97.67M |
| Total Liabilities | 137.50M | 139.66M | 193.98M | 196.49M | 135.08M | 119.42M |
| Stockholders Equity | 431.19M | 349.02M | 135.21M | 151.97M | 141.17M | 88.25M |
Cash Flow | ||||||
| Free Cash Flow | 40.73M | 110.10M | 3.82M | -73.42M | -125.88M | -114.73M |
| Operating Cash Flow | 64.97M | 118.67M | 8.80M | -59.51M | -112.37M | -102.00M |
| Investing Cash Flow | -24.36M | -8.57M | -4.98M | -13.91M | -13.51M | -12.72M |
| Financing Cash Flow | -65.93M | -58.30M | -38.99M | 108.85M | 121.05M | 143.90M |
ADMA Biologics Technical Analysis
Positive
18.28
Price Trends
17.99
Positive
16.81
Positive
18.11
Positive
Market Momentum
-0.13
Positive
48.39
Neutral
62.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ADMA, the sentiment is Positive. The current price of 18.28 is below the 20-day moving average (MA) of 18.66, above the 50-day MA of 17.99, and above the 200-day MA of 18.11, indicating a neutral trend. The MACD of -0.13 indicates Positive momentum. The RSI at 48.39 is Neutral, neither overbought nor oversold. The STOCH value of 62.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $4.35B | 21.47 | 63.17% | ― | 27.62% | 202.89% | |
62 Neutral | $8.96B | -980.80 | -0.50% | ― | 23258.15% | 99.12% | |
61 Neutral | $5.33B | 134.56 | 7.80% | ― | -35.39% | -72.97% | |
56 Neutral | $5.51B | -9.67 | -95.93% | ― | ― | -27.70% | |
55 Neutral | $1.24B | -5.23 | -54.17% | ― | ― | -157.74% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
40 Underperform | $4.04B | -17.83 | -47.18% | ― | -76.96% | -425.41% |
* Healthcare Sector Average
ADMA
ADMA Biologics
18.28
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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.