ADMA Biologics Inc (ADMA)
NASDAQ:ADMA
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ADMA Biologics
(NASDAQ:ADMA)
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Rating:69Neutral
Price Target:
$9.00
▼(-18.26% Downside)
Action:Reiterated
Date:05/09/26
The score is supported primarily by strong financial performance (high profitability and solid free cash flow) and a reasonable earnings multiple, reinforced by generally positive earnings-call operating momentum in ASCENIV. It is held back most by very weak technicals (clear downtrend/oversold conditions) and near-term uncertainty from standard IG competitive pressure, flat total revenue, and withdrawal of longer-term guidance.
Positive Factors
Profitability & Cash Generation
Sustained high margins and meaningful free cash flow indicate the business converts earnings into cash, supporting reinvestment, buybacks and R&D. Over 2–6 months this underpins financial resilience even if top-line growth slows, enabling strategic flexibility and capital returns.
Negative Factors
Standard IG Competitive Pressure
Sharp BIVIGAM declines reflect structural pricing and distributor-channel shifts in the standard IG market. If aggressive discounting and ordering variability persist, legacy product volumes and pricing could remain challenged, pressuring aggregate revenue and margin durability absent offsetting ASCENIV gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & Cash Generation
Sustained high margins and meaningful free cash flow indicate the business converts earnings into cash, supporting reinvestment, buybacks and R&D. Over 2–6 months this underpins financial resilience even if top-line growth slows, enabling strategic flexibility and capital returns.
Read all positive factors
ADMA Biologics (ADMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.91B
Dividend YieldN/A
Average Volume (3M)6.80M
Price to Earnings (P/E)11.7
Beta (1Y)0.94
Revenue Growth10.99%
EPS Growth-20.91%
CountryUS
Employees685
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.69
Shares Outstanding231,772,720
10 Day Avg. Volume4,539,727
30 Day Avg. Volume6,796,107
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 Cap1.03
Enterprise Value/Revenue3.88
Enterprise Value/Gross Profit6.33
Enterprise Value/Ebitda9.29
Forecast
1Y Price Target
$23.67Price Target Upside114.96% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.84
Revenue Forecast (FY)$570.08M
ADMA Biologics Business Overview & Revenue Model
Company Description
ADMA 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...
How the Company Makes Money
ADMA Biologics makes money primarily by selling its FDA-approved, plasma-derived therapeutic products to the healthcare market (e.g., via specialty distributors and other commercial channels). Its key revenue stream is product sales of immune glob...
ADMA Biologics Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 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 | 212.60M | 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
11.01
Price Trends
10.41
Negative
13.58
Negative
15.13
Negative
Market Momentum
-0.70
Negative
32.74
Neutral
57.59
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 11.01 is above the 20-day moving average (MA) of 9.22, above the 50-day MA of 10.41, and below the 200-day MA of 15.13, indicating a bearish trend. The MACD of -0.70 indicates Negative momentum. The RSI at 32.74 is Neutral, neither overbought nor oversold. The STOCH value of 57.59 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 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $1.91B | 11.73 | 38.97% | ― | 10.99% | -20.91% | |
62 Neutral | $7.01B | -8.96 | -65.80% | ― | ― | -1.22% | |
54 Neutral | $10.56B | -16.82 | -55.45% | ― | 14.09% | -58.14% | |
54 Neutral | $1.34B | -4.76 | -85.61% | ― | ― | -68.11% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $6.38B | 453.36 | -17.76% | ― | -64.36% | -302.09% |
* Healthcare Sector Average
ADMA
ADMA Biologics
8.24
-11.65
-58.57%
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IMVT
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MLTX
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18.19
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ADMA Biologics Corporate Events
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...
Business Operations and StrategyRegulatory Filings and Compliance
ADMA Biologics Issues Rebuttal to Short-Seller Allegations
Neutral
Mar 27, 2026
On March 27, 2026, ADMA Biologics issued a detailed rebuttal to a March 24, 2026 short-seller report from Culper Research, rejecting allegations about artificial demand creation, channel stuffing and mischaracterization of ASCENIV’s competit...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
ADMA Biologics Launches Major 2026 Capital Return Plan
Positive
Mar 2, 2026
ADMA Biologics, a U.S.-based commercial biopharmaceutical company specializing in plasma-derived biologics for immunodeficient and infection-risk patients, manufactures three FDA-approved immune globulin products and operates its own plasma collec...
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 ad...
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.