ADMA Biologics (ADMA) investor relations material

Executive summary

• Q1 2026 delivered strong earnings and margin expansion, with adjusted net income up 22% to $40.7 million and gross margin reaching 71%, driven by ASCENIV's 28% revenue growth and robust fundamentals, while BIVIGAM revenue declined 54% amid industry oversupply and aggressive discounting.

• Total revenue was $114.5 million, essentially flat year-over-year, as ASCENIV growth offset BIVIGAM and intermediates declines.

• Monetized three plasma centers for $12 million, enhancing liquidity and shifting to a more capital-efficient supply model.

• ASCENIV fundamentals remain robust, with record demand, new patient starts, prescriber adoption, and payer access, and is insulated from standard IG pricing pressures.

• FDA approved ASCENIV pediatric label expansion in May 2026, opening new commercial opportunities.

Financial highlights

• Q1 2026 total revenue was $114.5 million; ASCENIV revenue $97.5 million (+28%), BIVIGAM $15.4 million (–54%).

• Gross profit was $80.8 million, gross margin 71% (up from 53% prior year).

• Adjusted EBITDA $59.7 million (+24% year-over-year); adjusted net income $40.7 million; GAAP net income $45.3 million (+68%).

• Generated $58 million in operating cash flow and ended Q1 with $138 million in cash and equivalents.

• Share repurchases reduced outstanding share count by approximately 3.7% through March 31.

Outlook and guidance

• 2026 revenue guidance set at $530–$560 million, reflecting continued ASCENIV growth and ongoing BIVIGAM pressure.

• Adjusted EBITDA expected at $265–$300 million; adjusted net income $170–$200 million.

• Longer-term guidance withdrawn due to evolving competitive dynamics and uncertainty in the IG market.

• ASCENIV growth outlook remains strong, supported by robust demand fundamentals.