ADMA Biologics reported fourth‑quarter and full‑year 2025 results that set new company records. Total revenue rose 20% year‑over‑year to $510.2 million, while adjusted earnings per share climbed to $0.65, up from $0.49 in 2024. Adjusted EBITDA reached $231 million, a 40% increase from the prior year. The company also raised its 2026 revenue guidance to exceed $635 million, up from a previous minimum of $630 million.
Quarterly revenue of $139.2 million represented an 18% increase from $115.3 million in Q4 2024. ASCENIV, the company’s flagship plasma‑derived product, generated $363 million in net revenue, a 51% year‑over‑year gain that drove the majority of the top‑line growth. Lower sales of Bivigam and intermediates offset the ASCENIV lift, causing the quarterly revenue to fall slightly below analyst consensus of $139.8–$142.2 million.
Adjusted EPS of $0.21 beat consensus estimates of $0.19–$0.20, a $0.01 or 5% lift. The beat was largely driven by a 9.8‑percentage‑point improvement in gross margin to 63.8% in Q4, up from 54% a year earlier, and by a shift toward higher‑margin ASCENIV sales. Operating costs were contained through yield‑enhanced production and disciplined spending, allowing the company to translate revenue growth into stronger earnings.
Management highlighted confidence in continued momentum, citing the raised 2026 revenue outlook and the expansion of ASCENIV’s market share. The company also noted working‑capital challenges, including increased accounts receivable and a need to normalize days sales outstanding, but expects improvements as new distribution agreements, such as the McKesson deal, ramp up. The retirement of CFO Brad Tade and appointment of Terry Kohler, who brings expertise in working‑capital optimization, signal a focus on strengthening cash conversion.
Adam Grossman, Co‑Founder, President, CEO & Director, said, “ADMA delivered a strong finish to 2025, reflecting disciplined execution across our commercial, manufacturing and financial platforms.” Brad Tade, CFO & Treasurer, added, “Our full‑year 2025 financial results demonstrate ADMA’s consistent execution, expanding profitability and earnings power.” Terry Kohler, incoming CFO & Treasurer, noted, “The company has built a differentiated platform with high demand, increasing margins and a clear path to increasing cash generation. My focus will be on supporting disciplined execution, strengthening working‑capital performance and cash conversion and enhancing financial strategy as we scale.”
Investors viewed the raised guidance and ASCENIV’s robust growth as key drivers of the positive market reaction, underscoring confidence in the company’s execution and future growth trajectory.
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