ADMA Biologics (ADMA) investor relations material

Executive summary

• Q2 2026 results featured strong ASCENIV growth, robust cash generation, and margin expansion, with June marking the highest sequential ASCENIV utilization since early 2024.

• ASCENIV demand was driven by increased physician adoption, broader provider engagement, new patient starts, and higher patient utilization, while BIVIGAM stabilized sequentially despite ongoing competitive pressures.

• Real-world evidence for ASCENIV demonstrated significant reductions in infection-related hospitalizations and healthcare resource utilization among medically complex and PI patients.

• Net income for Q2 2026 was $37.8 million, up 11% year-over-year, and for the first half of 2026 reached $83.2 million, driven by ASCENIV sales and margin expansion.

• Operational and financial strength supported continued investment in commercial expansion, manufacturing, and pipeline development.

Financial highlights

• Q2 2026 revenue was $124.4 million, up 2% year-over-year; ASCENIV revenue grew 24% to $102.9 million, BIVIGAM revenue was $19.4 million.

• Gross profit for Q2 2026 was $86.3 million with a 69% margin, up from 55% in the prior year; gross margin for H1 2026 was 69.9%.

• Adjusted EBITDA for Q2 2026 was $61.8 million, up 22% year-over-year; for H1 2026, adjusted EBITDA was $121.5 million.

• Cash and cash equivalents stood at $136 million as of June 30, 2026; net leverage less than 0.5x.

• Working capital increased to $452.4 million, with inventory at $239.3 million.

Outlook and guidance

• Full-year 2026 guidance reiterated: total revenue of $530–$560 million, adjusted EBITDA of $265–$300 million, and adjusted net income of $170–$200 million.

• Guidance assumes continued competitive and pricing pressures in the IG market, with ASCENIV as the main growth driver.

• No anticipated need for additional capital in the foreseeable future, assuming current market conditions persist.

• Planned investments in commercial expansion, manufacturing, and SG-001 advancement are incorporated while maintaining capital return flexibility.