ADMA Biologics (ADMA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 5.1% YoY to $141.1M; ASCENIV growth and yield-enhanced production lifted gross margin to 70.8%, net income to $49.9M and Adjusted EBITDA to $77.3M.

• FY26 revenue guidance was maintained at at least $530M, while minimum Adjusted EBITDA and Adjusted Net Income guidance increased to $275M and $180M, respectively.

Financial highlights

• Q3 gross profit was $99.9M vs. $75.6M a year earlier; operating income was $67.8M vs. $51.0M.

• Q3 GAAP net income was $49.9M vs. $36.4M; diluted EPS was $0.22 vs. $0.15. Adjusted net income was $51.1M and Adjusted basic EPS was $0.23.

• 9M revenue rose 2.4% to $380.0M; net income was $133.0M vs. $97.6M, and Adjusted EBITDA was $198.8M vs. $157.4M.

• 9M operating cash flow was $105.2M vs. $14.8M; cash and equivalents were $124.6M at September 30, 2026.

Outlook and guidance

• FY26 revenue guidance remained at least $530M; minimum Adjusted EBITDA guidance increased to $275M from $265M and Adjusted Net Income to $180M from $170M.

• Guidance assumes continued ASCENIV momentum and prudent standard IG market assumptions, without relying on a broad standard IG recovery; ASCENIV demand continued into Q4.

• Management expected Q4 R&D spending near $10M, including additional plasma collections and conformance-lot manufacturing; 2027 R&D guidance was not provided.

• SG-001 IND preparation is advancing following FDA feedback; firmer clinical and regulatory timelines are expected next year, and management is preparing for a potentially abbreviated registrational Phase III study.