ADMA Biologics (ADMA) Q4 2025 earnings summary

Executive summary

• Achieved record FY 2025 revenue of $510 million, up 20% year-over-year, with adjusted EBITDA of $231 million (+40%) and adjusted net income of $161 million (+35%), driven by strong ASCENIV sales and operational execution.

• ASCENIV revenue grew 51% year-over-year to $363 million, with robust demand, record utilization, and expanding prescriber adoption.

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

• Strategic plasma network actions, including divestiture of three centers and expanded supply agreements, enhanced supply visibility and working capital efficiency.

• Leadership transition announced: Brad Tade retiring as CFO, succeeded by Terry Kohler, with successful onboarding of KPMG as independent auditor.

Financial highlights

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

• Gross margin for 2025 expanded to 57.4% from 51.5% in 2024, driven by ASCENIV mix and yield-enhanced production.

• Q4 2025 revenue was $139.2 million (+18% year-over-year), with Q4 gross margin at 63.8% (+10% year-over-year).

• Q4 adjusted EBITDA grew 52% to $73.6 million; Q4 adjusted net income grew 57% to $52.6 million.

• Ended 2025 with $88 million in cash, excluding proceeds from plasma center divestiture; total stockholders’ equity at $477.3 million.

Outlook and guidance

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

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

• 2029 revenue expected to exceed $1.1 billion; adjusted EBITDA to exceed $700 million.

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

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