ADMA Biologics (NASDAQ:ADMA) raised its minimum full-year earnings expectations after third-quarter profit rose on stronger sales of ASCENIV and improved manufacturing yields, even as competitive pressure weighed on its BIVIGAM product.
The company reported third-quarter revenue of $141.1 million, up 5% from $134.2 million a year earlier and 13% from the second quarter. ASCENIV revenue increased 31% year over year to $124.7 million, while BIVIGAM revenue fell to $15.4 million from $23.8 million.
ADMA reiterated its 2026 revenue guidance of at least $530 million. It raised its minimum adjusted EBITDA forecast to $275 million from $265 million and its minimum adjusted net income forecast to $180 million from $170 million.
“Our outlook reflects continued ASCENIV momentum and prudent assumptions for the competitive standard IG market,” Chief Financial Officer and Treasurer Terry Kohler said. He added that the guidance does not depend on a broad recovery in the standard immunoglobulin market.
ASCENIV Growth Drives Margins
President and CEO Adam Grossman attributed ASCENIV’s growth to broader physician adoption, new patient starts and increasing end-user utilization. He said favorable distributor-reported pull-through continued into the fourth quarter.
Grossman said patients with primary immunodeficiency remain the main driver of ASCENIV growth. Adoption among secondary immunodeficiency patients has been slower than the company hoped, but he described that population as a potential growth opportunity.
On the analyst call, Grossman said monthly end-user demand growth remained within the previously discussed range of 2% to 4%, though it varied by month. He said ASCENIV revenue could grow about 25%, or slightly more, for the full year.
Grossman also said the company saw no third-quarter changes in ASCENIV reimbursement and that the product remained largely insulated from pressures affecting standard immunoglobulin products. Internal data showed the average ASCENIV patient remained on therapy for a year or longer, he said.
Gross profit rose to $99.9 million from $75.6 million a year earlier. Gross margin reached 71%, compared with 56% a year earlier, driven principally by a favorable ASCENIV mix and yield-enhanced manufacturing, Kohler said.
GAAP net income increased 37% year over year to $49.9 million, or $0.22 per basic share. Adjusted EBITDA rose 32% to $77.3 million, while adjusted net income reached $51.1 million, or $0.23 per basic share.
BIVIGAM Faces Pricing Pressure
BIVIGAM revenue declined from $19.4 million in the second quarter as pricing and channel pressures persisted. Grossman said underlying end-user utilization showed signs of stabilization entering the fourth quarter, but cautioned that competition and discounting had not ended.
ADMA is prioritizing sustainable participation rather than matching aggressive competitor rebates and discounts, he said. Grossman estimated that the U.S. immunoglobulin market could grow at a low- to mid-single-digit rate, while noting that larger market participants have greater visibility.
Grossman said ADMA plans to present real-world outcomes data at the November ACAAI Annual Conference involving 127 medically complex primary immunodeficiency patients, most of whom had previously received other immunoglobulin therapies. Comparing the 12 months before and after ASCENIV initiation, the analysis found statistically significant reductions in infection-related hospitalizations, outpatient healthcare utilization, oral antibiotic use and corticosteroid use.
The CEO also pointed to published research on thrombosis-related product attributes as part of ADMA’s effort to differentiate BIVIGAM in the standard immunoglobulin market.
Pipeline and Capital Allocation
ADMA received what Grossman described as constructive FDA feedback in late October on its pre-investigational new drug meeting package for SG-001, an investigational pneumococcal hyperimmune globulin candidate. The feedback addressed the proposed clinical development strategy, and the FDA indicated that the proposed product-testing assay would be acceptable subject to appropriate validation, he said.
Grossman did not provide a timeline for an IND submission, but said the company would work to file as quickly as possible and anticipated providing firmer development timelines sometime next year. He said ADMA believes a potential registrational Phase 3 study could be abbreviated. The company continues to estimate a potential annual revenue opportunity of $300 million to $500 million for SG-001.
Kohler said fourth-quarter research and development spending could be close to $10 million, up from $4.5 million in the third quarter, as ADMA collects additional plasma and manufactures conformance lots.
Through September, ADMA repurchased 16.5 million shares for $181.4 million, equivalent to approximately 6.3% of shares outstanding at the end of 2025. The company continues to target at least $200 million in repurchases for 2026.
Cash and equivalents totaled $124.6 million at quarter-end. Accounts receivable stood at $169.2 million, and days sales outstanding rose to 110 days, above the company’s target range of 90 to 105 days. Kohler attributed the increase primarily to distributor order timing and said ADMA was continuing to collect receivables. He said distribution through McKesson could help reduce the measure over time, though he did not expect a major impact during the rest of 2026.
About ADMA Biologics (NASDAQ:ADMA)
ADMA Biologics, Inc is a biopharmaceutical company focused on developing, manufacturing and commercializing plasma-derived biologic products for people with compromised or weakened immune systems. The company’s activities include collecting human plasma, developing immune globulin therapies and manufacturing products for use in the prevention and treatment of certain infectious diseases.
ADMA’s portfolio includes Asceniv, an intravenous immune globulin indicated for primary humoral immunodeficiency disease, and Bivigam, an intravenous immune globulin used for the treatment of primary humoral immunodeficiency.
