Key Highlights

  • ADMA Biologics (NASDAQ:ADMA) reported third-quarter Revenue of USD 141.1 million, up 5.1% from USD 134.2 million, as ASCENIV sales climbed 30.7% to USD 124.7 million.
  • Gross Margin widened to 70.8% from 56.3%, lifting Gross Profit to USD 99.9 million, while Net Income rose to USD 49.9 million, or USD 0.22 per diluted share, from USD 0.15.
  • BIVIGAM sales fell 35.2% to USD 15.4 million and intermediates and other products dropped to USD 0.9 million from USD 15.0 million, including lower normal source plasma sales.
  • Adjusted EBITDA reached USD 77.3 million against USD 58.7 million, and adjusted net income was USD 51.1 million versus USD 38.9 million a year earlier.

ASCENIV Growth Outweighs the BIVIGAM Decline

ADMA Biologics (NASDAQ:ADMA), a manufacturer of plasma-derived immune globulin products for immune-deficient patients, filed its Quarterly Report on November 4, 2026. Total revenue grew USD 6.9 million, but the mix shifted sharply: ASCENIV added USD 29.3 million, while BIVIGAM lost USD 8.4 million and normal source plasma sales shrank by USD 14.1 million. The company attributes the BIVIGAM drop to non-ADMA immune globulin products that entered the market from the second half of 2025 with aggressive pricing, extended payment terms, rebates and discounts. It warns that if this competitive pricing continues, future results and adoption may be hurt. Nine-month revenue was USD 380.0 million, up 2.4% (calculated).

Yield Enhancement and Mix Lift Margins to 70.8%

Cost of product revenue fell to USD 41.2 million from USD 58.6 million, mainly because normal source plasma sales, a lower-margin line, stopped and BIVIGAM Volume declined. Management also credits the Yield enhancement process approved by the FDA in April 2025, which it says raises ASCENIV and BIVIGAM output by 20% or more from the same plasma. Operating Income rose to USD 67.8 million from USD 51.0 million. Costs also climbed: Research and Development reached USD 4.5 million from USD 1.5 million on the SG-001 pneumococcal program, and selling, general and administrative spending rose 21.9% to USD 26.6 million, partly on legal fees tied to ongoing litigation. The effective tax rate was 24.0%.

Cash Generation, Buybacks and Debt After the ASR

Cash from operations for nine months was USD 105.2 million, against USD 14.8 million, and cash stood at USD 124.6 million. The company funded a USD 125.0 million accelerated share repurchase in March 2026 with borrowing under its JPMorgan Credit facility, with USD 197.2 million outstanding, and interest expense doubled to USD 3.4 million for the quarter. It bought 2.72 million more shares in the third quarter at an average USD 9.22, with about USD 287.8 million left on its program. Diluted shares fell to 225.8 million from 244.7 million. Inventory rose to USD 266.1 million from USD 206.5 million at year-end. In October, the FDA gave constructive feedback on the pre-IND package for SG-001.

Where Things Stand

Margin expansion, not top-line growth, explains the jump. ADMA Biologics (NASDAQ:ADMA) grew revenue only 5.1%, but a richer ASCENIV mix, yield gains and the absence of source plasma sales lifted gross margin to 70.8% and Earnings to USD 0.22 a share. The cost is concentration: BIVIGAM is shrinking under pricing pressure and the company relies on ASCENIV. Watch competitive pricing across immune globulins, rising inventory, litigation expenses, interest cost on the Facility and the SG-001 clinical path, since the filing says pricing pressure has been felt broadly across immune globulins. The filing contains no guidance for the coming quarters.