Full Press Release Details
ADMA Biologics Announces First Quarter 2025 Financial Results and Provides Business Update
1Q 2025 Total Revenue of $114.8 Million (Adjusted Total Revenue(1) of $118.6 Million), a 40% YoY Increase
1Q 2025 GAAP Net Income of $26.9 Million, a 51% YoY Increase
1Q 2025 Adjusted EBITDA(2) of $47.9 Million, an 81% YoY Increase
1Q 2025 Adjusted Net Income(3) of $33.3 Million, an 87% YoY Increase
1Q 2025 Total Cash and Receivables Grew to Approximately $171 Million
FDA Approved Yield Enhancement Process Anticipated to Provide 20% Production Output Enhancement from Same Starting Plasma Volume, and Support
Revenue Growth and Margin Expansion Opportunity
FY 2025 and 2026 Total Revenue Guidance Increased to More than $500 Million and $625 Million, Respectively
FY 2025 Adjusted Net Income Guidance Reiterated to be $175 Million or More and 2026 Adjusted Net Income Guidance Increased to $245 Million
FY 2025 and 2026 Adjusted EBITDA Guidance Increased to More Than $235 Million and $340 Million, Respectively
Authorization of $500 Million Share Repurchase Program
Debt Reorganization Reduces ADMA's Cost of Debt Capital by 1.1% Nominally
Total Annual Revenues Expected to be Realized Prior to 2030 Now Increased to $1.1 Billion or More, with Anticipated Outsized Earnings Growth from
Current Margin Levels
RAMSEY, N.J. and BOCA RATON, FL, May 07, 2025 -
ADMA Biologics, Inc. (Nasdaq: ADMA) ("ADMA" or the "Company"), a U.S. based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics, today announced its first quarter 2025
financial results and provided a business update.
"The start to 2025 has been a transformational period for ADMA, with the recent U.S. Food and Drug Administration (FDA) approval of our yield enhancement production
process, which we believe paves the way for meaningful forward looking revenue growth and margin expansion, ultimately creating durable stockholder value. ADMA delivered outstanding financial and operational results in the first quarter of 2025,
with total reported revenues and Adjusted EBITDA growing by 40% and 81% year-over-year, respectively," said Adam Grossman, President and CEO. "We believe this strong performance underscores the leverageable foundation and capabilities of our
business model, driven by a robust portfolio of immunoglobulin (IG) therapies and a deeply embedded commercial footprint within the immunocompromised patient population."
Mr. Grossman continued, "We believe our U.S.-based manufacturing footprint and fully controlled, end-to-end
supply chain provide substantial insulation from geopolitical and global trade challenges potentially impacting multi-national pharma competitors. With long-term, high-titer plasma supply agreements in place and record internal plasma collections,
we believe the Company is well-positioned to scale efficiently and deliver on the upwardly revised near- and long-term financial guidance. ADMA's strong balance sheet, including approximately $171 million in cash and receivables, as well as the
reduced cost of debt and significant forecasted cash generation, should further protect the Company from broader equity and credit market volatility. Additionally, we are pleased to announce that our Board of
Directors has authorized a share repurchase program, providing for up to $500 million in total common stock repurchases, accounting for approximately 8% of ADMA's current market capitalization. We believe this repurchase program represents a
value-enhancing deployment of capital in the context of ADMA's top-tier growth outlook and the Company's forecasted terminal earnings power. The Company will utilize this repurchase program opportunistically to maximize stockholder value."
"We anticipate meaningful forward-looking financial uplift from our recently approved yield enhancement production process, which is expected to increase finished IG
output by 20% from the same starting plasma volume. We think these advancements should further de-risk our growth outlook and enhance our ability to expand new patient starts, deepen penetration into the complex and refractory primary
immunodeficiency market, and advance our R&D pipeline from a position of strength. We believe ADMA is purpose-built for long-term value creation, powered by proprietary innovation, operational scalability, and an unwavering commitment to
uninterrupted patient care," Mr. Grossman concluded.
Potential benefits and accretion from the FDA approval of ADMA's yield enhancement production process remain excluded from the upwardly revised 2025
guidance ranges and are conservatively contemplated in the increased 2026 guidance ranges.
Recent 1Q 2025 Business Updates & Objectives:
First Quarter 2025 Financial Results:
Total reported revenue was $114.8 million for the quarter ended March 31, 2025, as compared to $81.9 million for the quarter ended March 31, 2024, an increase of $32.9
million, translating to 40% year-over year growth. Adjusting for the one-time, voluntary product withdrawals during the quarter, total first quarter 2025 revenues would have been $118.6 million, representing
approximately 45% year-over-year growth. This increase is primarily related to increased sales of ASCENIV, as we continue to experience increased physician, payer and patient acceptance and utilization of this product.
Gross profit was $61.1 million for the quarter ended March 31, 2025, as compared to $39.1 million for the quarter ended March 31, 2024. This gross profitability for the
first quarter of 2025 translates to 53.2% compared to 47.8% for the comparable 2024 quarter. Adjusting for the aforementioned voluntary product withdrawals, first quarter 2025 adjusted gross margins would have been 54.7%. The improvement in gross
margin is primarily driven by a significantly more favorable mix of higher margin IG sales in the first quarter of 2025 as compared to the first quarter of 2024, along with the operational efficiencies achieved resulting in a reduction in other
manufacturing costs.
GAAP Net Income was $26.9 million for the quarter ended March 31, 2025, compared to GAAP net income of $17.8 million for the quarter ended March 31, 2024. The increase
was primarily due to the increase in operating income and lower interest expense.
Adjusted Net Income was $33.3 million for the quarter ended March 31, 2025, as compared to Adjusted Net Income of $17.8 million for the quarter ended March 31, 2024,
translating to 87% year-over-year growth.
Adjusted EBITDA was $47.9 million for the quarter ended March 31, 2025, as compared to Adjusted EBITDA of $26.4 million for the quarter ended March 31, 2024, translating
to 81% year-over-year growth. Adjusted EBITDA for the quarter includes all non-GAAP reconciliation items, including stock-based compensation, depreciation, amortization, and interest expense.
Conference Call Information:
To access the conference call seamlessly, participants are required to register for the call here
to receive the dial-in numbers and unique PIN. It is recommended that you join approximately 10 minutes prior to the event start (although you may dial in at any time during the call). Attendees who will not be asking a question during the call are
encouraged to listen in to the live webcast here. An archived replay of the event will be available, located under "Events & Webcasts" in the investor section of
the Company's website at https://ir.admabiologics.com/events-webcasts.
About ADMA Biologics, Inc. (ADMA)
ADMA Biologics is a U.S.-based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment
of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. ADMA currently manufactures and markets three United States Food and Drug Administration (FDA)-approved plasma-derived biologics for the treatment
of immune deficiencies and the prevention of certain infectious diseases: ASCENIV (immune globulin intravenous, human - slra 10% liquid) for the treatment of primary humoral immunodeficiency (PI); BIVIGAM
(immune globulin intravenous, human) for the treatment of PI; and NABI-HB (hepatitis B immune globulin, human) to provide enhanced immunity against the hepatitis B virus. Additionally, ADMA is developing SG-001, a pre-clinical, investigative
hyperimmune globulin targeting S. pneumonia. ADMA manufactures its immune globulin products and product candidates at its FDA-licensed plasma fractionation and purification
facility located in Boca Raton, Florida. Through its ADMA BioCenters subsidiary, ADMA also operates as an FDA-approved source plasma collector in the U.S., which provides its blood plasma for the manufacture of its products. ADMA's mission is to
manufacture, market and develop specialty plasma-derived, human immune globulins targeted to niche patient populations for the treatment and prevention of certain infectious diseases and management of immune compromised patient populations who
suffer from an underlying immune deficiency, or who may be immune compromised for other medical reasons. ADMA holds numerous U.S. and foreign patents related to and encompassing various aspects of its products and product candidates. For more
information, please visit www.admabiologics.com.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States
("GAAP"). The Company believes Adjusted Total Revenue, Adjusted EBITDA and Adjusted Net Income are useful to investors in evaluating the Company's financial performance. The Company uses Adjusted Total Revenue, Adjusted EBITDA and Adjusted Net
Income as key performance measures because we believe that they facilitate operating performance comparisons from period to period that exclude potential differences driven by the impact of variations of non-cash items such as depreciation and
amortization, as well as, in the case of Adjusted Total Revenue, certain non-recurring items, in the case of Adjusted EBITDA, stock-based compensation or certain non-recurring items, and in the case of Adjusted Net Income, certain non-recurring
items. The Company believes that investors should have access to the same set of tools used by our management and board of directors to assess our operating performance. Adjusted Total Revenue, Adjusted EBITDA and Adjusted Net Income should not be
considered as measures of financial performance under GAAP, and the items excluded from Adjusted Total Revenue, Adjusted EBITDA and Adjusted Net Income are significant components in understanding and assessing the Company's financial performance.
Accordingly, these key business metrics have limitations as an analytical tool. They should not be considered as an alternative to net income/loss, cash flows from
operations, or any other performance measures derived in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Please refer to the tables below for the reconciliation of GAAP measures to these
non-GAAP measures for applicable periods.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995, about ADMA Biologics, Inc. ("we," "our" or the "Company"). Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply
future results, performance or achievements, and may contain such words as "confident," "estimate," "project," "intend," "forecast," "target," "anticipate," "plan," "planning," "expect," "believe," "will," "is likely," "will likely," "position
us," "should," "could," "would," "may," "potential," "opportunity" or, in each case, their negative, or words or expressions of similar meaning. These forward-looking statements include, but are not limited to, statements about the Company's
financial performance; total revenue, GAAP Net Income, Adjusted Net Revenue, Adjusted EBITDA, Adjusted Net Income and margins guidance in future periods and related timing in connection therewith; revenue growth, margin expansion and production output capacity as a result of FDA approval of the yield enhancement process, and timing related thereto, as well as
commercial and R&D program benefits as a result of such approval; the Company's insulation from broader equity and credit market volatility; the expected benefits of our newly approved stock repurchase program; the impact of tariffs on the Company's supply chain or production operations, and the benefits of being U.S. based; ASCENIV's total revenue share and growth; ADMA's
senior credit facility and plans to further pay down its outstanding debt; our balance sheet; the benefits of our long-term, high-titer plasma supply agreements and impact on ASCENIV growth and financial performance; ability to deliver
stockholder value; statements regarding SG-001 and revenue potential; and ASCENIV's intellectual property estate. Actual events or results may differ materially from those described in this press release due to a number of important factors.
Current and prospective security holders are cautioned that there also can be no assurance that the forward-looking statements included in this press release will prove to be accurate. Except to the extent required by applicable laws or rules,
ADMA does not undertake any obligation to update any forward-looking statements or to announce revisions to any of the forward-looking statements. Forward-looking statements are subject to many risks, uncertainties and other factors that could
cause our actual results, and the timing of certain events, to differ materially from any future results expressed or implied by the forward-looking statements, including, but not limited to, the risks and uncertainties described in our filings
with the SEC, including our most recent reports on Form 10-K, 10-Q and 8-K, and any amendments thereto.
INVESTOR RELATIONS CONTACT:
Argot Partners | 212-600-1902 | ADMA@argotpartners.com
ADMA BIOLOGICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | ||||||||
| (In thousands, except share data) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 71,625 | $ | 103,147 | ||||
| Accounts receivable, net | 99,412 | 49,999 | ||||||
| Inventories | 172,188 | 170,235 | ||||||
| Prepaid expenses and other current assets | 8,589 | 8,029 | ||||||
| Total current assets | 351,814 | 331,410 | ||||||
| Property and equipment, net | 57,710 | 54,707 | ||||||
| Intangible assets, net | 452 | 460 | ||||||
| Goodwill | 3,530 | 3,530 | ||||||
| Deferred tax assets, net | 80,855 | 84,280 | ||||||
| Right-to-use assets | 8,020 | 8,634 | ||||||
| Deposits and other assets | 8,188 | 5,657 | ||||||
| TOTAL ASSETS | $ | 510,569 | $ | 488,678 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 20,607 | $ | 20,219 | ||||
| Accrued expenses and other current liabilities | 31,560 | 33,962 | ||||||
| Current portion of deferred revenue | 143 | 143 | ||||||
| Current portion of lease obligations | 1,188 | 1,218 | ||||||
| Total current liabilities | 53,498 | 55,542 | ||||||
| Senior notes payable, net of discount | 72,527 | 72,337 | ||||||
| Deferred revenue, net of current portion | 1,512 | 1,547 | ||||||
| End of term fee | 1,313 | 1,313 | ||||||
| Lease obligations, net of current portion | 8,298 | 8,561 | ||||||
| Other non-current liabilities | 2 | 360 | ||||||
| TOTAL LIABILITIES | 137,150 | 139,660 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding | ||||||||
| Common Stock - voting, $0.0001 par value, 300,000,000 shares authorized, 238,532,252 and 236,620,545 shares issued and outstanding at March 31, 2025 and December 31, 2024 | ||||||||
| 24 | 24 | |||||||
| Additional paid-in capital | 655,074 | 657,577 | ||||||
| Accumulated deficit | (281,679 | ) | (308,583 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 373,419 | 349,018 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 510,569 | $ | 488,678 |
ADMA BIOLOGICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| (Unaudited, in thousands, except share and per share data) | ||||||||
| REVENUES | $ | 114,802 | $ | 81,875 | ||||
| Cost of product revenue | 53,705 | 42,767 | ||||||
| Gross profit | 61,097 | 39,108 | ||||||
| OPERATING EXPENSES: | ||||||||
| Research and development | 826 | 450 | ||||||
| Plasma center operating expenses | 1,286 | 1,005 | ||||||
| Amortization of intangible assets | 25 | 193 | ||||||
| Selling, general and administrative | 24,079 | 15,639 | ||||||
| Total operating expenses | 26,216 | 17,287 | ||||||
| INCOME FROM OPERATIONS | 34,881 | 21,821 | ||||||
| OTHER INCOME (EXPENSE): | ||||||||
| Interest income | 608 | 384 | ||||||
| Interest expense | (1,975 | ) | (3,769 | ) | ||||
| Other expense | (64 | ) | (35 | ) | ||||
| Other expense, net | (1,431 | ) | (3,420 | ) | ||||
| INCOME BEFORE INCOME TAXES | 33,450 | 18,401 | ||||||
| Provision for income taxes | 6,546 | 595 | ||||||
| NET INCOME | $ | 26,904 | $ | 17,806 | ||||
| BASIC EARNINGS PER COMMON SHARE | $ | 0.11 | $ | 0.08 | ||||
| DILUTED EARNINGS PER COMMON SHARE | $ | 0.11 | $ | 0.08 | ||||
| WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | ||||||||
| Basic | 237,775,476 | 228,874,847 | ||||||
| Diluted | 244,676,350 | 236,414,374 |
NON-GAAP RECONCILIATION
RECONCILIATION OF GAAP TOTAL REVENUE TO ADJUSTED TOTAL REVENUE (1)
| Three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| (In thousands) | ||||||||
| Revenues | $ | 114,802 | $ | 81,875 | ||||
| Customer credits related to the Voluntary Withdrawal | 3,837 | - | ||||||
| Adjusted Revenues | $ | 118,639 | $ | 81,875 |
NON-GAAP RECONCILIATION
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (2)