ADMA Biologics (ADMA) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Business overview and differentiation

• Focuses on specialty plasma-derived biologics, producing immunoglobulin products Asceniv and Bivigam for immunodeficient patients.

• Asceniv targets complex, refractory patients and uses high-titer plasma, differentiating it from standard products.

• Holds about 2% of the US immunoglobulin market, with a unique IP-protected process for identifying high-antibody plasma donors.

• Manufacturing process takes 7–12 months, with every batch FDA-tested and released.

• Real-world data shows Asceniv significantly improves patient quality of life.

Financial performance and guidance

• Recently reported strong results and raised guidance for 2025 and 2026.

• Guidance is based on conservative assumptions, with high visibility due to long production cycles.

• Demand trends and plasma collection have exceeded internal forecasts, supporting confidence in future performance.

• Yield enhancement from new manufacturing processes is not included in 2025 guidance and only partially in 2026.

• Targeting $1 billion in revenue before 2030, viewing it as a milestone with further growth potential.

Supply chain and production strategy

• Expanded plasma supply contracts, now accessing up to 250 collection centers, exceeding plant capacity.

• VIP donor programs and a new donor app incentivize high-titer plasma donations.

• Production is shifting more toward Asceniv, reducing Bivigam output as high-titer plasma availability increases.

• Internal and third-party collection centers are financially incentivized to meet plasma needs.

• Confident in scaling back some centers as supply stabilizes and inventory builds.