ADMA Biologics (ADMA) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 revenue of $510 million, up 20% year-over-year, driven by strong ASCENIV sales and operational execution.

• ASCENIV revenue grew 51% year-over-year to $363 million, now representing about 70% of product mix, with robust demand and expanding prescriber adoption.

• Adjusted EBITDA for 2025 was $231 million, up 40% year-over-year; adjusted net income rose 35% to $160.8 million.

• Yield-enhanced production fully integrated, improving margins and supporting future earnings growth.

• Leadership transition: Brad Tade retiring as CFO, succeeded by Terry Kohler, with focus on financial strategy and working capital optimization.

Financial highlights

• FY 2025 total revenue: $510.2 million, up 20% from $426.5 million in 2024.

• Gross margin expanded to 57.4% for 2025 and reached 63.8% in Q4 2025.

• Adjusted net income for 2025: $160.8 million, up 35% year-over-year; Q4 adjusted net income: $52.6 million, up 57%.

• Adjusted EBITDA for 2025: $231 million, up 40% year-over-year; Q4 2025: $73.6 million, up 52%.

• Ended 2025 with $87.6 million in cash and $477.3 million in stockholders’ equity.

Outlook and guidance

• 2026 revenue expected to exceed $635 million, adjusted net income to exceed $255 million, and adjusted EBITDA to exceed $360 million.

• 2027 revenue expected to exceed $775 million, adjusted net income to exceed $315 million, and adjusted EBITDA to exceed $455 million.

• 2029 revenue projected to exceed $1.1 billion, with adjusted EBITDA over $700 million.

• Guidance excludes potential contributions from pipeline asset SG-001 and future capacity expansion.

• Reiterated 2026-2029 guidance, projecting 20%+ compound annual revenue growth.