10-K · February 25, 2026
ADMA reported record Q4 2025 results with quarterly revenue of $139.163M and materially expanded margins (Q4 gross margin 63.8%, operating margin 45.1%). Management obtained FDA approval of a yield-enhancement PAS in…
Earnings analysis · 10-Q
ADMA earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
ADMA Biologics reported a slight revenue decline for Q1 2026, with total revenue of $114.5 million, down 0.3% year-over-year, missing estimates by approximately 18.2%. However, the company saw a notable net income…
Read full summary
ADMA Biologics reported a slight revenue decline for Q1 2026, with total revenue of $114.5 million, down 0.3% year-over-year, missing estimates by approximately 18.2%. However, the company saw a notable net income increase to $45.3 million, up from $26.9 million a year prior, attributed to improved gross margins driven by higher ASCENIV sales, which grew 27.7%.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.17
- Segment
- ASCENIV
- Segment
- BIVIGAM
- Segment
- Intermediates and other products
- Segment
- Plasma Collection Centers
What stood out
-
ASCENIV Revenue Growth
ASCENIV sales grew by 27.7% to $97.5 million, contributing significantly to gross profit.
-
Increased Net Income
Net income increased by 68.5% to $45.3 million for Q1 2026 compared to $26.9 million in Q1 2025.
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Improved Gross Margin
Gross profit rose to $80.8 million, leading to a gross margin of 70.5% in Q1 2026, up from 53.2% in Q1 2025.
-
Positive Cash Flow from Operations
Net cash provided by operating activities amounted to $58.2 million, an increase of $77.9 million from Q1 2025.
-
Significant Reduction in BIVIGAM Sales Losses
BIVIGAM experienced a revenue decline of 54%, attributed to competitive pressures.
-
Successful Plasma Center Divestiture
The company completed the sale of three plasma centers, realizing an $8 million gain.
What to watch
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Revenue Missed Estimates
Q1 2026 revenue was $114.5 million, missing estimates of $140 million by approximately 18.2%.
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Decline in BIVIGAM Sales
BIVIGAM revenue fell by $18.1 million, down 54% due to competitive pressures.
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Increased Competitive Pressures
The market for IVIG products is experiencing competitive pricing pressure, which may affect future sales.
Management's outlook
Management expects total revenue for FY 2026 to be between $530 million and $560 million.
Earlier filings 4
10-Q · November 5, 2025
ADMA reported Q3 revenue of $134,224,000, up $14,385,000 (≈12.0%) vs. $119,839,000 in Q3 2024, with gross profit rising to $75,626,000 and gross margin expanding to 56.3% from 49.8%. Income from operations increased to…
10-Q · November 7, 2024
ADMA reported a strong Q3 with revenue of $119,839,000 (Q3 2024) versus $67,275,000 (Q3 2023), driving operating income of $39,638,000 and net income of $35,909,000. Margins expanded (gross margin 49.8%, operating…
10-Q · August 8, 2024
ADMA reported a strong quarter: revenue of $107.191M in Q2 2024 (three months ended June 30, 2024) vs $60.123M in Q2 2023 and roughly $82M in the prior quarter, driving gross profit of $57.453M and GAAP net income of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.