Full Press Release Details
ADMA Biologics Announces Second Quarter 2025 Financial Results and Provides Business Update
2Q 2025 Total Revenue of $122.0 Million, a 14% YoY Increase, and a 29% YoY Increase Excluding a Prior Year Non-Recurring Item
2Q 2025 GAAP Net Income of $34.2 Million, a 7% YoY Increase
2Q 2025 Adjusted EBITDA(1) of $50.8 Million, a 59% YoY Increase Excluding a Prior-Year Non-Recurring Item
2Q 2025 Adjusted Net Income(2) of $36.0 Million, an 85% YoY Increase Excluding a Prior-Year Non-Recurring Item
Initiated Commercial-Scale Manufacturing with FDA-Approved Yield Enhancement Process; Initial Batches Delivering 20%+ Increase in Finished IG
Secured $300 Million Syndicated Debt Refinancing Led by J.P. Morgan, Consisting of a
$75 Million Term Loan Drawn at Closing to Replace Existing Debt and a $225 Million Unused Revolving Credit Facility; Significantly Lowers Borrowing Costs and Enhances Strategic Optionality
Expanded Production Operations Infrastructure with the Acquisition of a New Boca Raton Operating Site to Strengthen Vertically Integrated U.S.
Supply Chain, with Potential to Expand cGMP Manufacturing Space by up to 30% at Peak
Reaffirmed FY 2025-2026 Total Revenue, Adjusted EBITDA, and Adjusted Net Income Guidance, with Accelerated Growth Expected in Second Half of 2025
Projected Total Annual Revenue to Reach $1.1 Billion or More Prior to 2030, with Outsized Earnings Growth from Current Margin Levels Expected
RAMSEY, N.J. and BOCA RATON, FL, Aug 6, 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 second quarter 2025
financial results and provided a business update.
"The second quarter was another highly productive period for ADMA, highlighted by strong year-over-year underlying revenue and earnings growth, adjusting for a
prior-year non-recurring item," said Adam Grossman, President and CEO. "We are confidently reaffirming all previously issued financial guidance, with growth rates anticipated to accelerate significantly in the second half of 2025 and beyond.
Importantly, we commenced commercial-scale manufacturing with our FDA-approved yield enhancement process, and initial production batches are delivering the anticipated 20%+ increase in finished IG output. The successful initiation of yield-enhanced
manufacturing marks a key inflection point-driving expected gross margin expansion, reinforcing ADMA's forecasted growth trajectory, and positioning the Company for an accelerating pace of revenue and earnings growth in the periods ahead.
"ASCENIV utilization reached new highs in the second quarter and continues to expand across all key demand metrics. With robust high-titer plasma collections and
yield-enhanced production batches now progressing through the supply chain, we believe we are well positioned to meet or exceed all forward-looking financial projections."
Mr. Grossman concluded, "In parallel, and following completion of the second quarter, we further optimized our capital structure through a syndicated debt refinancing led by J.P. Morgan, which should meaningfully reduce our borrowing costs while enhancing liquidity and strategic optionality
through a new $225 million revolving credit facility. Combined with anticipated strong cash generation, this enhanced financial flexibility supports our ability to invest in growth, advance our supply chain initiatives, and deliver sustainable
long-term value. We also strengthened our fully U.S.-based supply chain with an infrastructure expansion by acquiring a facility and land adjacent to our Boca Raton campus, which we believe will create operational efficiencies and ultimately
support up to a 30% increase in cGMP manufacturing footprint. Supported by these strategic achievements, ADMA repurchased approximately $15 million of common stock during the second quarter-demonstrating conviction in the Company's long-term value
creation potential. We believe ADMA is well-positioned to accelerate both revenue and earnings growth in the second half of 2025 and to potentially unlock substantial additional upside that is not yet reflected in our longer-term guidance."
Potential upside from the FDA-approved yield enhancement process remains excluded from 2025 guidance and is conservatively reflected in 2026 projections. Commercial
contributions from SG-001 and potential efficiencies resulting from the new building acquisition are also not yet factored into the $1.1B+ pre-2030 annual revenue outlook.
Recent Business Updates & 2H 2025+ Objectives:
Second Quarter 2025 Financial Results:
Total revenue for the quarter ended June 30, 2025 was $122.0 million, up 14% from $107.2 million in the same period of 2024. Excluding the $12.6 million Medicaid rebate
accrual reversal benefit recorded in the second quarter of 2024, underlying revenue grew approximately 29% year-over-year. This growth was driven primarily by continued adoption and utilization of ASCENIV by physicians, payers, and patients.
Gross profit rose to $67.2 million compared to $57.5 million in the prior-year period, with gross margin improving to 55.1% from 53.6%. Adjusted for the prior-year
Medicaid rebate accrual benefit, underlying gross margin expanded 7.7% year-over-year, reflecting a more favorable mix of higher-margin immunoglobulin (IG) sales and operational efficiencies that reduced manufacturing costs.
GAAP net income was $34.2 million versus $32.1 million in the second quarter of 2024, primarily driven by higher operating income and lower interest expense. Adjusted net
income increased to $36.0 million from $32.1 million, representing 85% underlying growth when normalizing for the prior-year Medicaid rebate accrual.
Adjusted EBITDA rose to $50.8 million compared to $44.5 million in the same period of 2024, reflecting 59% underlying growth after adjusting for the Medicaid rebate
accrual benefit. Adjusted EBITDA includes non-GAAP reconciliation items such as 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 EBITDA and Adjusted Net Income are useful to investors in evaluating the Company's financial performance. The Company uses 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
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 EBITDA and Adjusted Net Income should not be considered as measures of financial performance under GAAP, and the items excluded from 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 EBITDA, Adjusted Net Income, cash and margins guidance in future periods and related timing in connection therewith, as well as certain potential upside to such guidance; revenue and earnings growth, gross margin expansion and increased production output as a result of FDA approval of the yield enhancement process, and
timing related thereto; the Company's new senior credit facility with J.P. Morgan and benefits thereof; the Company's insulation from global trade
disruptions and tariffs and supply chain stability; our newly acquired site in Boca Raton, FL, potential expansion of cGMP manufacturing space
as a result of such expansion, potential efficiencies and operating flexibility and other benefits from such site, and required capital expenditure requirements; ASCENIV's market penetration and new patient growth; and statements regarding
SG-001 and its development and revenue potential. 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
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | ||||||||
| (In thousands, except share data) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 90,285 | $ | 103,147 | ||||
| Accounts receivable, net | 109,726 | 49,999 | ||||||
| Inventories | 191,464 | 170,235 | ||||||
| Prepaid expenses and other current assets | 8,088 | 8,029 | ||||||
| Total current assets | 399,563 | 331,410 | ||||||
| Property and equipment, net | 57,501 | 54,707 | ||||||
| Intangible assets, net | 527 | 460 | ||||||
| Goodwill | 3,530 | 3,530 | ||||||
| Deferred tax assets, net | 79,235 | 84,280 | ||||||
| Right-to-use assets | 8,961 | 8,634 | ||||||
| Deposits and other assets | 9,063 | 5,657 | ||||||
| TOTAL ASSETS | $ | 558,380 | $ | 488,678 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 29,769 | $ | 20,219 | ||||
| Accrued expenses and other current liabilities | 43,902 | 33,962 | ||||||
| Current portion of deferred revenue | 143 | 143 | ||||||
| Current portion of lease obligations | 1,127 | 1,218 | ||||||
| Total current liabilities | 74,941 | 55,542 | ||||||
| Senior notes payable, net of discount | 73,397 | 72,337 | ||||||
| Deferred revenue, net of current portion | 1,476 | 1,547 | ||||||
| End of term fee | 938 | 1,313 | ||||||
| Lease obligations, net of current portion | 9,301 | 8,561 | ||||||
| Other non-current liabilities | 2 | 360 | ||||||
| TOTAL LIABILITIES | 160,055 | 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, June 30, 2025: 239,383,545 issued and 238,567,308 outstanding; December 31, 2024: 236,620,545 issued and outstanding | 24 | 24 | ||||||
| Treasury stock, at cost, 816,237 and 0 shares as of June 30, 2025 and December 31, 2024, respectively | (15,148 | ) | - | |||||
| Additional paid-in capital | 660,909 | 657,577 | ||||||
| Accumulated deficit | (247,460 | ) | (308,583 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 398,325 | 349,018 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 558,380 | $ | 488,678 |
ADMA BIOLOGICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months ended June 30, | Six Months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| REVENUES | $ | 121,984 | $ | 107,191 | $ | 236,786 | $ | 189,066 | ||||||||
| Cost of product revenue | 54,757 | 49,738 | 108,463 | 92,505 | ||||||||||||
| Gross profit | 67,227 | 57,453 | 128,323 | 96,561 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development | 1,031 | 560 | 1,858 | 1,010 | ||||||||||||
| Plasma center operating expenses | 1,152 | 942 | 2,438 | 1,947 | ||||||||||||
| Amortization of intangible assets | 32 | 142 | 57 | 335 | ||||||||||||
| Selling, general and administrative | 22,214 | 16,608 | 46,292 | 32,247 | ||||||||||||
| Total operating expenses | 24,429 | 18,252 | 50,645 | 35,539 | ||||||||||||
| INCOME FROM OPERATIONS | 42,798 | 39,201 | 77,678 | 61,022 | ||||||||||||
| OTHER INCOME (EXPENSE): | ||||||||||||||||
| Interest income | 400 | 449 | 1,008 | 833 | ||||||||||||
| Interest expense | (1,834 | ) | (3,783 | ) | (3,809 | ) | (7,552 | ) | ||||||||
| Loss on extinguishment of debt | (1,159 | ) | - | (1,159 | ) | - | ||||||||||
| Other expense | (108 | ) | (16 | ) | (172 | ) | (51 | ) | ||||||||
| Other expense, net | (2,701 | ) | (3,350 | ) | (4,132 | ) | (6,770 | ) | ||||||||
| INCOME BEFORE INCOME TAXES | 40,097 | 35,851 | 73,546 | 54,252 | ||||||||||||
| Provision for income taxes | 5,878 | 3,789 | 12,424 | 4,384 | ||||||||||||
| NET INCOME | $ | 34,219 | $ | 32,062 | $ | 61,122 | $ | 49,868 | ||||||||
| BASIC EARNINGS PER COMMON SHARE | $ | 0.14 | $ | 0.14 | $ | 0.26 | $ | 0.22 | ||||||||
| DILUTED EARNINGS PER COMMON SHARE | $ | 0.14 | $ | 0.13 | $ | 0.25 | $ | 0.21 | ||||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||||
| Basic | 241,490,715 | 232,417,645 | 238,309,156 | 230,646,246 | ||||||||||||
| Diluted | 248,608,460 | 242,167,072 | 245,750,155 | 239,645,940 |
NON-GAAP RECONCILIATION
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (1)
| Three Months ended June 30, | Six Months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (In thousands) | ||||||||||||||||
| Net income | $ | 34,219 | $ | 32,062 | $ | 61,122 | $ | 49,868 | ||||||||
| Depreciation | 2,027 | 1,906 | 3,970 | 3,826 | ||||||||||||
| Amortization | 32 | 142 | 57 | 335 | ||||||||||||
| Income taxes | 5,878 | 3,789 | 12,424 | 4,384 | ||||||||||||
| Interest expense | 1,834 | 3,783 | 3,809 | 7,552 | ||||||||||||
| EBITDA | 43,990 | 41,682 | 81,382 | 65,965 | ||||||||||||
| Stock-based compensation | 4,963 | 2,863 | 9,587 | 5,004 | ||||||||||||
| Customer credits related to the Voluntary Withdrawal | 164 | - | 4,001 | - | ||||||||||||
| Yield enhancement | 493 | - | 1,395 | - | ||||||||||||
| Loss on extinguishment of debt | 1,159 | - | 1,159 | - | ||||||||||||
| Non-recurring professional fees (a) | - | - | 1,182 | - | ||||||||||||
| Adjusted EBITDA | $ | 50,769 | $ | 44,545 | $ | 98,706 | $ | 70,969 |
NON-GAAP RECONCILIATION
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME (2)
| Three Months ended June 30, | Six Months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| Net income (loss) | $ | 34,219 | $ | 32,062 | $ | 61,122 | $ | 49,868 | ||||||||
| Stock-based compensation modifications (pre-tax) | - | - | 474 | - | ||||||||||||
| Customer credits related to the Voluntary Withdrawal (pre-tax) | 164 | - | 4,001 | - | ||||||||||||
| Loss on extinguishment of debt (pre-tax) | 1,159 | - | 1,159 | - | ||||||||||||
| Yield Enhancement (pre-tax) | 493 | - | 1,395 | - | ||||||||||||
| Non-recurring professional fees (pre-tax) (a) | - | - | 1,182 | - | ||||||||||||
| Adjusted net income (b) | $ | 36,035 | $ | 32,062 | $ | 69,333 | $ | 49,868 |