ADMA Biologics (ADMA) 44th Annual J.P. Morgan Healthcare Conference summary

Key business updates and financial performance

• Pre-announced 2025 revenue of over $510 million, with Q4 revenue exceeding $139 million and EBITDA of $77–78 million; net income above $50 million, a significant increase from Q3 2025.

• 2026 revenue guidance is $635 million, with $360 million EBITDA; 2027 guidance is $775 million revenue and $455 million EBITDA.

• 2029 revenue target is $1.1 billion, with $700 million EBITDA, not including potential from pipeline product SG01.

• 2025 preliminary unaudited financials show $88 million in cash and over $40 million in operating cash flow; ongoing share buybacks.

• Divestiture of three plasma centers for $12 million gross proceeds, reducing operating costs by $13–15 million.

Product innovation and market strategy

• ASCENIV, a unique polyclonal immunoglobulin, is protected by IP through 2035 and targets about 10% of the PI population, with current penetration at 4%.

• Yield enhancement manufacturing strategy approved in April 2025 enables 20% more finished goods from the same plasma, driving margin and revenue growth.

• 100% of ASCENIV sold in Q4 2025 was yield-enhanced; 2026 will be the first full year of yield-enhanced production.

• Real-world evidence shows significant reductions in infections and hospitalizations for ASCENIV users, supporting further market penetration.

• Direct-to-patient education and advocacy programs are expanding ASCENIV's reach.

Supply chain, operations, and partnerships

• Operates 10 plasma centers, with 85% of raw material sourced from third parties; new long-term supply contracts expand collection network to over 280 centers.

• End-to-end U.S. supply chain control insulates from tariffs and import/export risks; all products sold domestically.

• New distribution agreement with McKesson Specialty broadens reach in immunology and oncology settings.

• Strategic divestiture of plasma centers optimizes inventory and cost structure while maintaining access to high-titer donors.