Adma Biologics — Financial Results
ASCENIV Is the Growth Engine, With Revenue Up 51% in 2025
| Product | 2025 Revenue | 2024 Revenue | Change |
|---|---|---|---|
| ASCENIV | $362.5M | $239.6M | +51% |
| BIVIGAM | $122.0M | $142.4M | -14% |
| Total Company | $510.2M | $426.5M | +20% |
ASCENIV (the company's flagship immune treatment) is doing the heavy lifting, with revenue nearly quadrupling from $92.6M in 2023 to $362.5M in 2025. BIVIGAM declined 14%, partly due to a voluntary recall of three product lots that reduced revenue by $4M, though ADMA says that issue is resolved. The overall revenue picture is strong, but it is increasingly dependent on one product.
Gross Margins Are Expanding Rapidly, Reaching 57% in 2025
| Year | Gross Profit | Gross Margin |
|---|---|---|
| 2023 | $88.9M | 34.4% |
| 2024 | $219.6M | 51.5% |
| 2025 | $292.8M | 57.4% |
Gross margin (the percentage of revenue left after manufacturing costs) has jumped dramatically over three years. Revenue grew 20% in 2025 while production costs grew only 5%, meaning the company is keeping far more of each dollar it earns. This improvement is driven by selling a higher share of premium-priced IVIG products rather than lower-margin intermediates.
FDA-Approved Yield Enhancement Could Add Meaningfully to Future Profits
In April 2025, the FDA approved a new manufacturing process that produces 20% or more ASCENIV and BIVIGAM output from the same volume of raw plasma. Since the cost of source plasma is one of the biggest inputs, getting more finished product from the same material directly improves profitability. Management says 2026 will be the first full year under this process, and expects continued margin expansion as a result.
ADMA Refinanced to a Much Cheaper Credit Facility, Cutting Interest Costs Nearly in Half
| 2023 | 2024 | 2025 | |
|---|---|---|---|
| Interest Expense | $25.0M | $13.9M | $7.1M |
The company replaced a high-cost loan (carrying roughly 13.9% interest in 2023) with a new JPMorgan facility at approximately 6.42% as of year-end 2025. The debt burden has shrunk substantially, and lower interest payments directly feed through to the bottom line.
Operating Cash Flow Dropped Sharply in 2025 Despite Higher Profits
| Year | Operating Cash Flow |
|---|---|
| 2023 | $8.8M |
| 2024 | $118.7M |
| 2025 | $50.4M |
Despite recording $146.9M in net income (profit after all expenses and taxes), cash generated from operations fell to $50.4M. The gap is explained by a $108.4M increase in accounts receivable (money owed by customers but not yet collected) and a $36.2M build-up in inventory. This is worth watching — strong profits that are not yet converting to cash can signal timing issues or collection risk.
Pipeline Progress: Pediatric Label Expansion and a New Drug Candidate
ADMA filed for FDA approval to expand ASCENIV's approved use to children aged two and older in June 2025, with a decision potentially coming in the first half of 2026. Separately, the company is advancing SG-001, an experimental treatment targeting pneumococcal (bacterial lung) infections, with plans to submit a pre-trial package to the FDA in 2026. These initiatives could expand the addressable patient population and diversify revenue beyond the current product set.