{"success":true,"data":{"pressRelease":{"id":"24097","rtpr_id":"nGNX724Ts7","ticker":"ADMA","exchange":"NASDAQ","all_tickers":["ADMA"],"title":"ADMA Biologics Reports First Quarter 2026 Financial Results and Provides Business Update","author":"Globe Newswire","published_at":"2026-05-06T20:05:08.530Z","article_body":"1Q 2026 Total Revenue of $114.5 Million, Flat Year-Over-Year \n\n1Q 2026 ASCENIV Revenue +28% Year-Over-Year; BIVIGAM Revenue -54%\nYear-Over-Year\n\n1Q 2026 Adjusted Net Income(()(1)) of $40.7 Million, 22% Year-Over-Year Growth\n\n1Q 2026 Adjusted EBITDA(()(2)) of $59.7 Million, Representing 24%\nYear-Over-Year Growth\n\n1Q 2026 Cash from Operations of $58 Million Highlights Strong Cash Generation\n\nStrong Balance Sheet and Financial Flexibility Support Continued Execution\n\nReiterates Confidence in ASCENIV Growth Outlook Driven by Durable Demand\nFundamentals\n\nUpdates FY 2026 Outlook and Withdraws Long-Term Guidance to Reflect Evolving\nU.S. Plasma Products and IG Market Competitive Dynamics\n\nRAMSEY, N.J. and BOCA RATON, Fla., May 06, 2026 (GLOBE NEWSWIRE) -- ADMA\nBiologics, Inc. (Nasdaq: ADMA) (“ADMA” or the “Company”), a U.S.\nbased, end-to-end commercial biopharmaceutical company dedicated to\nmanufacturing, marketing and developing specialty biologics, today announced\nits first quarter 2026 financial results and provided a business update.\n\n“During the first quarter, the market for U.S. plasma derived therapies\n(PDT) and immunoglobulin (IG) experienced increased competitive dynamics\nwhich, along with variability in distributor ordering patterns, created\nnear-term topline pressures, particularly impacting BIVIGAM,” said Adam\nGrossman, President and Chief Executive Officer of ADMA. “Importantly, these\ndynamics were limited to distribution and inventory behavior and we believe do\nnot reflect any deterioration in underlying ASCENIV demand, where fundamentals\nremained strong and continue to improve – with record utilization growth\nthroughout the quarter, as illustrated by ASCENIV’s 28% year-over-year\nrevenue growth. We continue to see strength across key ASCENIV demand metrics,\nincluding record new patient starts, growing prescriber breadth, product\npull-through and patient adherence, and we are encouraged that the second\nquarter run rate based on April demand is in-line with the level of first\nquarter direct sales.”\n\nMr. Grossman continued, “We believe the first quarter results likely\nrepresent a trough revenue baseline driven by what we anticipate is a\ntemporary market dislocation, and we expect to drive growth over the coming\nquarters. Despite this backdrop, in the quarter ADMA delivered 22%\nyear-over-year Adjusted Net Income growth, 24% Adjusted EBITDA growth,\nexpanded gross margins to 71% and generated $58 million of operating cash flow\non revenue that was essentially flat – underscoring the resilience of our\nbusiness model in a challenging PDT and IG landscape. We believe the current\npricing environment and inventory dislocation in the U.S. IG and PDT market\nwill prove temporary, and ADMA has remained disciplined in its pricing\nstrategy. With ASCENIV demand at record levels, supported by durable and\nenduring fundamentals, and still forecasted to be early in its penetration\ncurve, we remain confident in our ability to drive growth from this baseline\nthrough expanding margins and increasing cash generation. We also see\nmeaningful long-term opportunity in SG-001, where our capital-efficient\ndevelopment approach and existing platform position us to leverage our\ncommercial infrastructure, if approved, for a potentially rapid commercial\nramp toward what we believe is a $300 to $500 million annual market\nopportunity.”\n\nUpdated Financial Guidance and Outlook\n* FY 2026 total revenue expected to be $530 million to $560 million\n* FY 2026 Adjusted Net Income expected to be $170 million to $200 million\n* FY 2026 Adjusted EBITDA expected to be $265 million to $300 million\n* Withdrawing previously provided long-term guidance due to current\ncompetitive dynamics in the PDT & IG market\nFY 2026 outlook reflects the rapidly changing competitive dynamics and\nsustained pressure with standard IG pricing throughout the balance of the\nyear. ASCENIV growth outlook remains strong, supported by durable underlying\ndemand fundamentals.\n\nCommercial and Operational Execution Supporting Long-Term ASCENIV Growth\n* ASCENIV Demand Remained Strong. ASCENIV delivered 28% year-over-year revenue\ngrowth in the first quarter of 2026, with underlying demand and utilization\nreaching record levels. The second quarter 2026 run rate based on April demand\nis in-line with the level of first quarter 2026 direct sales, reinforcing that\nend-market demand remains robust. ASCENIV’s differentiated product profile\nand positioning as a later-line therapy for the most complex and refractive\nimmunodeficient patients continues to support demand resilience and sustained\ngrowth despite broader competitive pressures currently facing the standard IG\ncomplex.\n\n\n* Strong Balance Sheet Provides Optionality. ADMA exited the first quarter of\n2026 with net leverage below 0.5x, driven by robust operating cash flow of $58\nmillion during the quarter and continued growth in Adjusted EBITDA. This\ncombination of strong cash generation and expanding earnings is expected to\nprovide the Company with significant financial flexibility to fund organic\ngrowth initiatives, support continued commercial expansion and execute on\ncapital allocation priorities. Additionally, the Company has been actively\nexecuting share repurchases through its Accelerated Share Repurchase (ASR)\nprogram and Rule 10b5-1 trading plan. Through March 31, 2026, this has\nresulted in ADMA converting approximately 3.7% of the outstanding share count\ninto treasury stock.\n\n\n* 1Q 2026 IG Market Reset Drove Near-Term Dislocation, with ASCENIV Remaining\nSubstantially Insulated. During the first quarter of 2026, the U.S. IG market\nexperienced a reset due to elevated raw material plasma supply, increased\ncompetitive PDT inventories across the distribution network and aggressive\ndiscounting and rebating in standard IG, creating what we believe is near-term\ndislocation. While these dynamics impacted the broader standard IG market,\nASCENIV remained relatively insulated. Given the rapid evolution of the market\ndynamics, ADMA, for guidance purposes, is conservatively assuming that\npressures in standard IG persist.\n\n\n* Reported 1Q 2026 Results Largely Reflect Timing and Inventory Dynamics.\nLate-quarter inventory dynamics shifted certain contractual purchase orders\nanticipated for March into early April, impacting reported revenue timing. We\nbelieve these timing dynamics were driven in part by temporary shortfalls in\ncontractual safety stock levels at certain of the Company’s customers and\nwere resolved within the applicable cure period. Separately, certain\nreceivables extended into April, impacting cash flow and Days Sales\nOutstanding (DSOs), and were subsequently collected during the first week of\nApril.\n\n\n* Early Signs of Normalization Emerging in 2Q 2026. ADMA is beginning to see\nnormalization in ordering patterns from its direct customers. The recently\nimplemented McKesson Specialty distribution agreement is expected to enhance\ndistribution reach, improve purchasing consistency, open new classes of trade\nand support working capital efficiency over time.\n\n\n* 1Q 2026 Earnings Growth and Cash Generation at a Trough Baseline. Despite\ntop-line variability, ADMA delivered Adjusted Net Income growth of 22%,\nexpanded corporate gross margins to 71% and generated approximately $58\nmillion of operating cash flow in the first quarter of 2026, demonstrating the\nresilience of the business at what management believes represents a trough\nrevenue baseline.\n\n\n* Successful Diversification of Plasma Sourcing & Monetization of Select\nCenters. During the first quarter of 2026, ADMA successfully closed the\ntransaction to monetize three of its plasma collection centers, while\ncontinuing to execute on plasma sourcing diversification through additional\nsupply agreements and targeted cost discipline initiatives to support\nprofitability and scalability. \n\n\n* SG-001 Expected to Add Long-Term Value. SG-001, the Company’s S.\npneumoniae hyperimmune globulin program, continues to advance through a\ncapital-efficient development pathway, with upcoming data expected to be\npresented through oral and poster presentations, further supporting its\ndevelopment strategy. Leveraging ADMA’s existing platform and commercial\ninfrastructure, the Company is positioned for a potentially rapid commercial\nramp-up toward an approximately $300 to $500 million market opportunity.\nAudit Committee Review Reinforces Confidence in Business Practices. Following\nallegations of illicit channel stuffing and undisclosed related party\ntransactions, the Audit Committee of the Company’s Board of Directors\ncompleted an internal review with the assistance of independent forensic\naccountants and external legal counsel, which concluded that ADMA has not\nengaged in any improper channel stuffing or any undisclosed related party\ntransactions. The investigation also concluded that there is no evidence of\nany illegal activity. ADMA’s audited consolidated financial statements, as\nfiled with the U.S. Securities and Exchange Commission in the Company’s\nAnnual Report on Form 10-K for the year ended December 31, 2025, remain\nunchanged and unadjusted from the date of filing, February 25, 2026, and the\nCompany remains confident in its internal controls, financial reporting and\ncommercial practices.\n\nFirst Quarter 2026 Financial Results:\n\nTotal revenue for the quarter ended March 31, 2026 was $114.5 million,\ncompared to $114.8 million for the quarter ended March 31, 2025. ASCENIV\nrevenue of $97.5 million in the quarter demonstrated 28% growth\nyear-over-year, while BIVIGAM revenue of $15.4 million declined by 54%\ncompared to the prior year period. Revenue from the sale of intermediates and\nother products also declined year-over-year by $3.0 million.\n\nGross profit for the quarter ended March 31, 2026 was $80.8 million, compared\nto $61.1 million in the prior-year period, resulting in gross margin of 71% in\n2026 compared to 53% in the prior-year period. The improved gross margins\nyear-over-year reflect the product mix shift towards the higher margin ASCENIV\nas well as the continued impact of the Company’s yield enhanced\nmanufacturing process approved in 2025.\n\nResearch and development expenses for the quarter ended March 31, 2026 were\n$2.6 million, compared to $0.8 million in the prior-year period, primarily due\nto the investments in the SG-001 development project.\n\nSelling, general and administrative expenses for the quarter ended March 31,\n2026 were $26.7 million, compared to $24.1 million in the prior-year period,\nprimarily driven by higher employee-related costs of $2.4 million, which\nincluded the impact of share-based compensation modification related to the\ndeparture of the Company’s former Chief Financial Officer and Treasurer in\nthe amount of $0.8 million, and increased headcount to support the business.\n\nGAAP net income for the quarter ended March 31, 2026 was $45.3 million,\ncompared to $26.9 million for the quarter ended March 31, 2025. The 68% growth\nin GAAP net income year-over-year was driven primarily by a shift in product\nmix from BIVIGAM to ASCENIV and also benefited from the divestiture of three\nplasma collection centers during the quarter.\n\nAdjusted Net Income for the quarter ended March 31, 2026 was $40.7 million,\nrepresenting 22% year-over-year growth.\n\nAdjusted EBITDA for the quarter ended March 31, 2026 was $59.7 million,\nrepresenting 24% year-over-year growth.\n\nConference Call Information\n\nTo access the conference call seamlessly, participants are required to\nregister for the call here\n(https://www.globenewswire.com/Tracker?data=tfJ0PVDUOYQxBcjblNiIZUkrskHRb1FjvjxfYa46FLgLc3sJLHPU35aawRtWbQ0fHEx7l2lxfhtkRpQhHeTf2VQOnAVNRvE5qlDJ3FVBZMP9TkB7XKUWKgN4nY7uXjKXdQo5ICCbvGPDKuoDdAz1UEwzxmW3CDAjYVTsKMcTu1s=)\nto receive the dial-in numbers and unique PIN. It is recommended that you join\napproximately 10 minutes prior to the event start (although you may dial in at\nany time during the call). Attendees who will not be asking a question during\nthe call are encouraged to listen in to the live webcast here\n(https://www.globenewswire.com/Tracker?data=tfJ0PVDUOYQxBcjblNiIZQSyMFkLFe1VDChMOM731txwBrN25ZmsUGvoahamyXdxwSvfp3Xxbhqp3KnsrkA5tMaQNZrQZvRgpdJFawAN5t8=).\nAn archived replay of the event will be available, located under “Events &\nWebcasts” in the investor section of the Company’s website at\nhttps://ir.admabiologics.com/events-webcasts.\n\nAbout ASCENIV™\n\nASCENIV (immune globulin intravenous, human – slra 10% liquid) is a\nplasma-derived, polyclonal, intravenous immune globulin (IVIG). ASCENIV was\napproved by the United States Food and Drug Administration (FDA) in April 2019\nand is indicated for the treatment of primary humoral immunodeficiency (PI),\nalso known as primary immune deficiency disease (PIDD), in adults and children\n(2 to 17 years of age). ASCENIV is manufactured using ADMA’s unique,\npatented plasma donor screening methodology and tailored plasma pooling\ndesign, which blends normal source plasma and respiratory syncytial virus\n(RSV) plasma obtained from donors tested using the Company’s proprietary\nmicroneutralization assay. ASCENIV contains naturally occurring polyclonal\nantibodies, which are proteins that are used by the body’s immune system to\nneutralize microbes such as bacteria and viruses that safeguard against\ninfection and disease. ASCENIV is protected by numerous issued patents in the\nUnited States and internationally and a wide range of patent applications\nworldwide. Certain data and other information about ASCENIV can be found by\nvisiting www.asceniv.com. Information about ADMA and its products can be found\non the Company’s website at www.admabiologics.com.\n\nAdditional Important Safety Information About ASCENIV™\n\n WARNING: THROMBOSIS, RENAL DYSFUNCTION AND ACUTE RENAL FAILURE \n \n Thrombosis may occur with immune globulin intravenous (IGIV) products, including ASCENIV. Risk factors may include: advanced age, prolonged immobilization, hypercoagulable conditions, history of venous or arterial thrombosis, use of estrogens, indwelling vascular catheters, hyperviscosity, and cardiovascular risk factors. Renal dysfunction, acute renal failure, osmotic nephrosis, and death may occur with the administration of IGIV products in predisposed patients. Such events require immediate medical \n intervention, if not recognized or managed appropriately, may result in persistent or significant disability or lead to fatal outcome. For patients at risk of thrombosis, renal dysfunction or renal failure, administer ASCENIV at the minimum dose and infusion rate practicable. Ensure adequate hydration in patients before administration. Monitor for signs and symptoms of thrombosis and assess blood viscosity in patients at risk for hyperviscosity. \n\nASCENIV™ Contraindications:\n\nHistory of anaphylactic or severe systemic reactions to human immunoglobulin.\n\nIgA deficient patients with antibodies to IgA and a history of\nhypersensitivity.\n\nASCENIV™ Warnings and Precautions:\n\nIgA-deficient patients with antibodies against IgA are at greater risk of\ndeveloping severe hypersensitivity and anaphylactic reactions. Have\nmedications such as epinephrine available to treat any acute severe\nhypersensitivity reactions. [4, 5.1]\n\nThrombotic events have occurred in patients receiving IGIV treatments. Monitor\npatients with known risk factors for thrombotic events; consider baseline\nassessment of blood viscosity for patients at risk of hyperviscosity. [5.2,\n5.4]\n\nIn patients at risk of developing acute renal failure, monitor renal function,\nincluding blood urea nitrogen (BUN), serum creatinine, and urine output. [5.3,\n5.9]\n\nHyperproteinemia, increased serum viscosity, and hyponatremia or\npseudohyponatremia can occur in patients receiving IGIV treatment.\n\nAseptic meningitis syndrome (AMS) has been reported with IGIV treatments,\nespecially with high doses or rapid infusion. [5.5]\n\nHemolytic anemia can develop subsequent to IGIV treatment. Monitor patients\nfor hemolysis and hemolytic anemia. [5.6]\n\nMonitor patients for pulmonary adverse reactions (Transfusion-related acute\nlung injury [TRALI]). If transfusion related acute lung injury is suspected,\ntest the product and patient for antineutrophil antibodies. [5.7]\n\nBecause this product is made from human blood, it may carry a risk of\ntransmitting infectious agents, e.g., viruses, and theoretically, the\nCreutzfeldt-Jakob disease (CJD) agent.\n\nASCENIV™ Adverse Reactions:\n\nThe most common adverse reactions to ASCENIV (≥5% of study subjects) were\nheadache, sinusitis, diarrhea, gastroenteritis viral, nasopharyngitis, upper\nrespiratory tract infection, bronchitis, and nausea.\n\nTo report SUSPECTED ADVERSE REACTIONS, contact ADMA Biologics at (800)\n458-4244 or the FDA at 1-800-FDA-1088 or http://www.fda.gov/medwatch.\n\nAbout ADMA Biologics, Inc. (ADMA)\n\nADMA Biologics is a U.S.-based, end-to-end commercial biopharmaceutical\ncompany dedicated to manufacturing, marketing and developing specialty\nbiologics for the treatment of immunodeficient patients at risk for infection\nand others at risk for certain infectious diseases. ADMA currently\nmanufactures and markets three United States Food and Drug Administration\n(FDA)-approved plasma-derived biologics for the treatment of immune\ndeficiencies and the prevention of certain infectious diseases: ASCENIV™\n(immune globulin intravenous, human – slra 10% liquid) for the treatment of\nprimary humoral immunodeficiency (PI); BIVIGAM(®) (immune globulin\nintravenous, human) for the treatment of PI; and NABI-HB(®) (hepatitis B\nimmune globulin, human) to provide enhanced immunity against the hepatitis B\nvirus. Additionally, ADMA is developing SG-001, a pre-clinical, investigative\nhyperimmune globulin targeting S. pneumonia. ADMA manufactures its immune\nglobulin products and product candidates at its FDA-licensed plasma\nfractionation and purification facility located in Boca Raton, Florida.\nThrough its ADMA BioCenters subsidiary, ADMA also operates as an FDA-approved\nsource plasma collector in the U.S., which provides its blood plasma for the\nmanufacture of its products and product candidates. ADMA’s mission is to\nmanufacture, market and develop specialty plasma-derived, human immune\nglobulins targeted to niche patient populations for the treatment and\nprevention of certain infectious diseases and management of immune compromised\npatient populations who suffer from an underlying immune deficiency, or who\nmay be immune compromised for other medical reasons. ADMA holds numerous U.S.\nand foreign patents related to and encompassing various aspects of its\nproducts and product candidates. For more information, please visit\nwww.admabiologics.com.\n\nUse of Non-GAAP Financial Measures\n\nThis press release includes certain non-GAAP financial measures that are not\nprepared in accordance with accounting principles generally accepted in the\nUnited States (“GAAP”). The Company believes Adjusted EBITDA and Adjusted\nNet Income are useful to investors in evaluating the Company’s financial\nperformance. The Company uses Adjusted EBITDA and Adjusted Net Income as key\nperformance measures because it believes that they facilitate operating\nperformance comparisons from period to period that exclude potential\ndifferences driven by the impact of variations of non-cash items such as\ndepreciation and amortization, as well as, in the case of Adjusted EBITDA,\nstock-based compensation or certain non-recurring items, and in the case of\nAdjusted Net Income, certain non-recurring items. The Company believes that\ninvestors should have access to the same set of tools used by its management\nand Board of Directors to assess its operating performance. Adjusted EBITDA\nand Adjusted Net Income should not be considered as measures of financial\nperformance under GAAP, and the items excluded from Adjusted EBITDA and\nAdjusted Net Income are significant components in understanding and assessing\nthe Company’s financial performance. Accordingly, these key business metrics\nhave limitations as an analytical tool. They should not be considered as an\nalternative to net income, cash flows from operations, or any other\nperformance measures derived in accordance with GAAP and may be different from\nsimilarly titled non-GAAP measures used by other companies. Please refer to\nthe tables below for the reconciliation of GAAP measures to these non-GAAP\nmeasures for applicable periods.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis press release contains “forward-looking statements” pursuant to the\nsafe harbor provisions of the Private Securities Litigation Reform Act of\n1995, about ADMA Biologics, Inc. (“we,” “our” or the “Company”).\nForward-looking statements include, without limitation, any statement that may\npredict, forecast, indicate, or imply future results, performance or\nachievements, and may contain such words as “confident,” “estimate,”\n“project,” “intend,” “forecast,” “target,” “anticipate,”\n“plan,” “planning,” “expect,” “believe,” “will,” “is\nlikely,” “will likely,” “position us,” “positioned,”\n“support,” “should,” “could,” “would,” “may,”\n“potential,” “opportunity” or, in each case, their negative, or words\nor expressions of similar meaning. These forward-looking statements include,\nbut are not limited to, statements about the Company’s total revenue\n(including baseline levels), Adjusted Net Income, Adjusted EBITDA, cash and\ncash flow, earnings and earnings potential, financial guidance in future\nperiods; our balance sheet and financial position; the current U.S. IG and PDT\nmarket, including competitive pressures; customer ordering patterns and\ninventory levels; expected benefits of the McKesson Specialty distribution\nagreement; our commercial execution initiatives and intended financial\nbenefits; ASCENIV revenue growth, margins, earnings power, cash generation,\naddressable market, demand and utilization; share repurchases and capital\nstructuring; internal controls, financial reporting and commercial practices;\nand SG-001, its data, regulatory filings and clinical trial timeline and\nrevenue potential. Actual events or results may differ materially from those\ndescribed in this press release due to a number of important factors. Current\nand prospective security holders are cautioned that there also can be no\nassurance that the forward-looking statements included in this press release\nwill prove to be accurate. Except to the extent required by applicable laws or\nrules, ADMA does not undertake any obligation to update any forward-looking\nstatements or to announce revisions to any of the forward-looking statements.\nForward-looking statements are subject to many risks, uncertainties and other\nfactors that could cause our actual results, and the timing of certain events,\nto differ materially from any future results expressed or implied by the\nforward-looking statements, including, but not limited to, the risks and\nuncertainties described in our filings with the SEC, including our most recent\nreports on Form 10-K, 10-Q and 8-K, and any amendments thereto.\n\n(1) Adjusted Net Income is a non-GAAP financial measure. For a reconciliation\nof Adjusted Net Income to the most comparable GAAP measure, see the\nreconciliation included in the financial tables. All non-GAAP adjustments are\npresented pre-tax.\n\n(2) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of\nAdjusted EBITDA to the most comparable GAAP measure, see the reconciliation\nincluded in the financial tables.\n\nINVESTOR RELATIONS CONTACT:\nArgot Partners | 212-600-1902 | ADMA@argotpartners.com\n\nMEDIA CONTACT:\nLongacre Square Partners | ADMABiologics@longacresquare.com\n\n ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS \n \n March 31, December 31, \n 2026 2025 \n (In thousands, except share and per share data) \n Unaudited \n ASSETS \n Current assets: \n Cash and cash equivalents 138,153 87,630 \n Accounts receivable, net 135,862 158,429 \n Inventories, net 222,098 206,465 \n Prepaid expenses and other current assets 15,060 7,458 \n Assets held for sale - 6,530 \n Total current assets 511,173 466,512 \n Property and equipment, net 65,010 65,057 \n Intangible assets, net 630 632 \n Goodwill 3,530 3,530 \n Deferred tax assets, net 69,969 73,261 \n Right-of-use assets 6,402 6,650 \n Deposits and other assets 8,470 8,600 \n TOTAL ASSETS $ 665,184 $ 624,242 \n \n LIABILITIES AND STOCKHOLDERS' EQUITY \n Current liabilities: \n Accounts payable $ 20,523 $ 22,519 \n Accrued expenses and other current liabilities 48,561 40,466 \n Current portion of long-term debt 3,281 2,813 \n Current portion of lease obligations 1,176 1,096 \n Liabilities held for sale - 2,647 \n Total current liabilities 73,541 69,541 \n Long-term debt 193,584 69,330 \n Deferred revenue, net of current portion 1,369 1,405 \n Lease obligations, net of current portion 6,365 6,646 \n TOTAL LIABILITIES $ 274,859 $ 146,922 \n \n COMMITMENTS AND CONTINGENCIES \n \n STOCKHOLDERS' EQUITY \n Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, \n no shares issued and outstanding - - \n Common Stock - voting, $0.0001 par value, 300,000,000 shares authorized, \n March 31, 2026: 240,962,203 issued and 232,288,977 outstanding; December 31, 2025: 239,793,566 issued and 237,874,496 outstanding 24 24 \n Treasury stock, at cost, 8,673,226 and 1,919,070 shares as of March 31, 2026 and December 31, 2025, respectively (143,170 ) (32,090 ) \n Additional paid-in capital 649,796 671,039 \n Accumulated deficit (116,325 ) (161,653 ) \n TOTAL STOCKHOLDERS' EQUITY 390,325 477,320 \n TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 665,184 $ 624,242 \n \n\n\n\n ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS \n \n Three Months ended March 31, \n 2026 2025 \n (In thousands, except share and per share data) \n Unaudited \n \n REVENUES $ 114,493 $ 114,802 \n Cost of product revenue 33,743 53,705 \n Gross profit 80,750 61,097 \n \n OPERATING EXPENSES: \n Research and development 2,597 826 \n Plasma center operating expenses 1,062 1,286 \n Amortization of intangible assets 55 25 \n Gain on sale of plasma centers (7,980 ) - \n Selling, general and administrative 26,742 24,079 \n Total operating expenses 22,476 26,216 \n \n INCOME FROM OPERATIONS 58,274 34,881 \n \n OTHER INCOME (EXPENSE): \n Interest and other income 1,093 608 \n Interest expense (2,100 ) (1,975 ) \n Other expense (140 ) (64 ) \n Other income (expense), net (1,147 ) (1,431 ) \n \n INCOME BEFORE INCOME TAXES 57,127 33,450 \n \n Provision for income taxes 11,799 6,546 \n \n NET INCOME $ 45,328 $ 26,904 \n \n BASIC EARNINGS PER COMMON SHARE $ 0.19 $ 0.11 \n DILUTED EARNINGS PER COMMON SHARE $ 0.19 $ 0.11 \n \n WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: \n Basic 236,072,751 237,775,476 \n Diluted 239,955,762 244,676,350 \n \n\n\n\n NON-GAAP RECONCILIATION RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (()(2)()) \n \n Three Months ended March 31, \n 2026 2025 \n (In thousands) \n Net income $ 45,328 $ 26,904 \n Depreciation 1,784 1,944 \n Amortization 55 25 \n Income taxes 11,799 6,546 \n Interest expense, net 983 1,975 \n EBITDA 59,949 37,393 \n Stock-based compensation 6,329 4,624 \n Voluntary Withdrawal and product replacements - 3,837 \n Yield enhancement 412 902 \n Gain on sale of plasma centers (7,980 ) - \n Non-recurring professional fees 942 1,182 \n Adjusted EBITDA $ 59,652 $ 47,939 \n \n\n\n\n NON-GAAP RECONCILIATION RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME (()(1)()) \n \n Three Months ended March 31, \n 2026 2025 \n (In thousands) \n Net income $ 45,328 $ 26,904 \n Stock-based compensation modifications 609 474 \n Voluntary Withdrawal and product replacements - 3,837 \n Yield Enhancement 327 902 \n Gain on sale of plasma centers (6,332 ) - \n Non-recurring professional fees 747 1,182 \n Adjusted net income ((a)) $ 40,679 $ 33,299 \n \n (a) Add-backs reflected during the three months ended March 31, 2025 exclude estimated tax effect of $1.3 million. Add-backs reflected during the three months ended March 31, 2026 were tax affected using the first quarter 2026 effective tax rate. \n \n\n\n\n PRODUCT-LEVEL TOTAL REVENUE \n \n Three Months Ended March 31, \n 2026 2025 Increase/ Increase/ \n (Decrease) (Decrease) % \n (in thousands) \n ASCENIV $ 97,486 $ 76,332 $ 21,154 27.7 % \n BIVIGAM 15,422 33,512 (18,090 ) -54.0 % \n Intermediates and other products ((1)) 833 3,872 (3,039 ) -78.5 % \n ADMA BioManufacturing 113,741 113,716 25 0.0 % \n \n Plasma Collection Centers 716 1,050 (334 ) -31.8 % \n License revenue 36 36 - 0.0 % \n Total Revenues $ 114,493 $ 114,802 $ (309 ) -0.3 % \n \n ((1))Due to Nabi-HB historically representing less than 10% of the Company's revenue within the ADMA BioManufacturing segment, it has been included under intermediates and other products. \n \n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/468b61b4-73b9-495e-a4be-f4823782b2fd)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX724Ts7","title":"ADMA Biologics Reports First Quarter 2026 Financial Results and Provides Business Update","author":"Globe Newswire","ticker":"ADMA","created":"2026-05-06T20:05:08.530Z","tickers":["ADMA"],"exchange":"NASDAQ","article_body":"1Q 2026 Total Revenue of $114.5 Million, Flat Year-Over-Year \n\n1Q 2026 ASCENIV Revenue +28% Year-Over-Year; BIVIGAM Revenue -54%\nYear-Over-Year\n\n1Q 2026 Adjusted Net Income(()(1)) of $40.7 Million, 22% Year-Over-Year Growth\n\n1Q 2026 Adjusted EBITDA(()(2)) of $59.7 Million, Representing 24%\nYear-Over-Year Growth\n\n1Q 2026 Cash from Operations of $58 Million Highlights Strong Cash Generation\n\nStrong Balance Sheet and Financial Flexibility Support Continued Execution\n\nReiterates Confidence in ASCENIV Growth Outlook Driven by Durable Demand\nFundamentals\n\nUpdates FY 2026 Outlook and Withdraws Long-Term Guidance to Reflect Evolving\nU.S. Plasma Products and IG Market Competitive Dynamics\n\nRAMSEY, N.J. and BOCA RATON, Fla., May 06, 2026 (GLOBE NEWSWIRE) -- ADMA\nBiologics, Inc. (Nasdaq: ADMA) (“ADMA” or the “Company”), a U.S.\nbased, end-to-end commercial biopharmaceutical company dedicated to\nmanufacturing, marketing and developing specialty biologics, today announced\nits first quarter 2026 financial results and provided a business update.\n\n“During the first quarter, the market for U.S. plasma derived therapies\n(PDT) and immunoglobulin (IG) experienced increased competitive dynamics\nwhich, along with variability in distributor ordering patterns, created\nnear-term topline pressures, particularly impacting BIVIGAM,” said Adam\nGrossman, President and Chief Executive Officer of ADMA. “Importantly, these\ndynamics were limited to distribution and inventory behavior and we believe do\nnot reflect any deterioration in underlying ASCENIV demand, where fundamentals\nremained strong and continue to improve – with record utilization growth\nthroughout the quarter, as illustrated by ASCENIV’s 28% year-over-year\nrevenue growth. We continue to see strength across key ASCENIV demand metrics,\nincluding record new patient starts, growing prescriber breadth, product\npull-through and patient adherence, and we are encouraged that the second\nquarter run rate based on April demand is in-line with the level of first\nquarter direct sales.”\n\nMr. Grossman continued, “We believe the first quarter results likely\nrepresent a trough revenue baseline driven by what we anticipate is a\ntemporary market dislocation, and we expect to drive growth over the coming\nquarters. Despite this backdrop, in the quarter ADMA delivered 22%\nyear-over-year Adjusted Net Income growth, 24% Adjusted EBITDA growth,\nexpanded gross margins to 71% and generated $58 million of operating cash flow\non revenue that was essentially flat – underscoring the resilience of our\nbusiness model in a challenging PDT and IG landscape. We believe the current\npricing environment and inventory dislocation in the U.S. IG and PDT market\nwill prove temporary, and ADMA has remained disciplined in its pricing\nstrategy. With ASCENIV demand at record levels, supported by durable and\nenduring fundamentals, and still forecasted to be early in its penetration\ncurve, we remain confident in our ability to drive growth from this baseline\nthrough expanding margins and increasing cash generation. We also see\nmeaningful long-term opportunity in SG-001, where our capital-efficient\ndevelopment approach and existing platform position us to leverage our\ncommercial infrastructure, if approved, for a potentially rapid commercial\nramp toward what we believe is a $300 to $500 million annual market\nopportunity.”\n\nUpdated Financial Guidance and Outlook\n* FY 2026 total revenue expected to be $530 million to $560 million\n* FY 2026 Adjusted Net Income expected to be $170 million to $200 million\n* FY 2026 Adjusted EBITDA expected to be $265 million to $300 million\n* Withdrawing previously provided long-term guidance due to current\ncompetitive dynamics in the PDT & IG market\nFY 2026 outlook reflects the rapidly changing competitive dynamics and\nsustained pressure with standard IG pricing throughout the balance of the\nyear. ASCENIV growth outlook remains strong, supported by durable underlying\ndemand fundamentals.\n\nCommercial and Operational Execution Supporting Long-Term ASCENIV Growth\n* ASCENIV Demand Remained Strong. ASCENIV delivered 28% year-over-year revenue\ngrowth in the first quarter of 2026, with underlying demand and utilization\nreaching record levels. The second quarter 2026 run rate based on April demand\nis in-line with the level of first quarter 2026 direct sales, reinforcing that\nend-market demand remains robust. ASCENIV’s differentiated product profile\nand positioning as a later-line therapy for the most complex and refractive\nimmunodeficient patients continues to support demand resilience and sustained\ngrowth despite broader competitive pressures currently facing the standard IG\ncomplex.\n\n\n* Strong Balance Sheet Provides Optionality. ADMA exited the first quarter of\n2026 with net leverage below 0.5x, driven by robust operating cash flow of $58\nmillion during the quarter and continued growth in Adjusted EBITDA. This\ncombination of strong cash generation and expanding earnings is expected to\nprovide the Company with significant financial flexibility to fund organic\ngrowth initiatives, support continued commercial expansion and execute on\ncapital allocation priorities. Additionally, the Company has been actively\nexecuting share repurchases through its Accelerated Share Repurchase (ASR)\nprogram and Rule 10b5-1 trading plan. Through March 31, 2026, this has\nresulted in ADMA converting approximately 3.7% of the outstanding share count\ninto treasury stock.\n\n\n* 1Q 2026 IG Market Reset Drove Near-Term Dislocation, with ASCENIV Remaining\nSubstantially Insulated. During the first quarter of 2026, the U.S. IG market\nexperienced a reset due to elevated raw material plasma supply, increased\ncompetitive PDT inventories across the distribution network and aggressive\ndiscounting and rebating in standard IG, creating what we believe is near-term\ndislocation. While these dynamics impacted the broader standard IG market,\nASCENIV remained relatively insulated. Given the rapid evolution of the market\ndynamics, ADMA, for guidance purposes, is conservatively assuming that\npressures in standard IG persist.\n\n\n* Reported 1Q 2026 Results Largely Reflect Timing and Inventory Dynamics.\nLate-quarter inventory dynamics shifted certain contractual purchase orders\nanticipated for March into early April, impacting reported revenue timing. We\nbelieve these timing dynamics were driven in part by temporary shortfalls in\ncontractual safety stock levels at certain of the Company’s customers and\nwere resolved within the applicable cure period. Separately, certain\nreceivables extended into April, impacting cash flow and Days Sales\nOutstanding (DSOs), and were subsequently collected during the first week of\nApril.\n\n\n* Early Signs of Normalization Emerging in 2Q 2026. ADMA is beginning to see\nnormalization in ordering patterns from its direct customers. The recently\nimplemented McKesson Specialty distribution agreement is expected to enhance\ndistribution reach, improve purchasing consistency, open new classes of trade\nand support working capital efficiency over time.\n\n\n* 1Q 2026 Earnings Growth and Cash Generation at a Trough Baseline. Despite\ntop-line variability, ADMA delivered Adjusted Net Income growth of 22%,\nexpanded corporate gross margins to 71% and generated approximately $58\nmillion of operating cash flow in the first quarter of 2026, demonstrating the\nresilience of the business at what management believes represents a trough\nrevenue baseline.\n\n\n* Successful Diversification of Plasma Sourcing & Monetization of Select\nCenters. During the first quarter of 2026, ADMA successfully closed the\ntransaction to monetize three of its plasma collection centers, while\ncontinuing to execute on plasma sourcing diversification through additional\nsupply agreements and targeted cost discipline initiatives to support\nprofitability and scalability. \n\n\n* SG-001 Expected to Add Long-Term Value. SG-001, the Company’s S.\npneumoniae hyperimmune globulin program, continues to advance through a\ncapital-efficient development pathway, with upcoming data expected to be\npresented through oral and poster presentations, further supporting its\ndevelopment strategy. Leveraging ADMA’s existing platform and commercial\ninfrastructure, the Company is positioned for a potentially rapid commercial\nramp-up toward an approximately $300 to $500 million market opportunity.\nAudit Committee Review Reinforces Confidence in Business Practices. Following\nallegations of illicit channel stuffing and undisclosed related party\ntransactions, the Audit Committee of the Company’s Board of Directors\ncompleted an internal review with the assistance of independent forensic\naccountants and external legal counsel, which concluded that ADMA has not\nengaged in any improper channel stuffing or any undisclosed related party\ntransactions. The investigation also concluded that there is no evidence of\nany illegal activity. ADMA’s audited consolidated financial statements, as\nfiled with the U.S. Securities and Exchange Commission in the Company’s\nAnnual Report on Form 10-K for the year ended December 31, 2025, remain\nunchanged and unadjusted from the date of filing, February 25, 2026, and the\nCompany remains confident in its internal controls, financial reporting and\ncommercial practices.\n\nFirst Quarter 2026 Financial Results:\n\nTotal revenue for the quarter ended March 31, 2026 was $114.5 million,\ncompared to $114.8 million for the quarter ended March 31, 2025. ASCENIV\nrevenue of $97.5 million in the quarter demonstrated 28% growth\nyear-over-year, while BIVIGAM revenue of $15.4 million declined by 54%\ncompared to the prior year period. Revenue from the sale of intermediates and\nother products also declined year-over-year by $3.0 million.\n\nGross profit for the quarter ended March 31, 2026 was $80.8 million, compared\nto $61.1 million in the prior-year period, resulting in gross margin of 71% in\n2026 compared to 53% in the prior-year period. The improved gross margins\nyear-over-year reflect the product mix shift towards the higher margin ASCENIV\nas well as the continued impact of the Company’s yield enhanced\nmanufacturing process approved in 2025.\n\nResearch and development expenses for the quarter ended March 31, 2026 were\n$2.6 million, compared to $0.8 million in the prior-year period, primarily due\nto the investments in the SG-001 development project.\n\nSelling, general and administrative expenses for the quarter ended March 31,\n2026 were $26.7 million, compared to $24.1 million in the prior-year period,\nprimarily driven by higher employee-related costs of $2.4 million, which\nincluded the impact of share-based compensation modification related to the\ndeparture of the Company’s former Chief Financial Officer and Treasurer in\nthe amount of $0.8 million, and increased headcount to support the business.\n\nGAAP net income for the quarter ended March 31, 2026 was $45.3 million,\ncompared to $26.9 million for the quarter ended March 31, 2025. The 68% growth\nin GAAP net income year-over-year was driven primarily by a shift in product\nmix from BIVIGAM to ASCENIV and also benefited from the divestiture of three\nplasma collection centers during the quarter.\n\nAdjusted Net Income for the quarter ended March 31, 2026 was $40.7 million,\nrepresenting 22% year-over-year growth.\n\nAdjusted EBITDA for the quarter ended March 31, 2026 was $59.7 million,\nrepresenting 24% year-over-year growth.\n\nConference Call Information\n\nTo access the conference call seamlessly, participants are required to\nregister for the call here\n(https://www.globenewswire.com/Tracker?data=tfJ0PVDUOYQxBcjblNiIZUkrskHRb1FjvjxfYa46FLgLc3sJLHPU35aawRtWbQ0fHEx7l2lxfhtkRpQhHeTf2VQOnAVNRvE5qlDJ3FVBZMP9TkB7XKUWKgN4nY7uXjKXdQo5ICCbvGPDKuoDdAz1UEwzxmW3CDAjYVTsKMcTu1s=)\nto receive the dial-in numbers and unique PIN. It is recommended that you join\napproximately 10 minutes prior to the event start (although you may dial in at\nany time during the call). Attendees who will not be asking a question during\nthe call are encouraged to listen in to the live webcast here\n(https://www.globenewswire.com/Tracker?data=tfJ0PVDUOYQxBcjblNiIZQSyMFkLFe1VDChMOM731txwBrN25ZmsUGvoahamyXdxwSvfp3Xxbhqp3KnsrkA5tMaQNZrQZvRgpdJFawAN5t8=).\nAn archived replay of the event will be available, located under “Events &\nWebcasts” in the investor section of the Company’s website at\nhttps://ir.admabiologics.com/events-webcasts.\n\nAbout ASCENIV™\n\nASCENIV (immune globulin intravenous, human – slra 10% liquid) is a\nplasma-derived, polyclonal, intravenous immune globulin (IVIG). ASCENIV was\napproved by the United States Food and Drug Administration (FDA) in April 2019\nand is indicated for the treatment of primary humoral immunodeficiency (PI),\nalso known as primary immune deficiency disease (PIDD), in adults and children\n(2 to 17 years of age). ASCENIV is manufactured using ADMA’s unique,\npatented plasma donor screening methodology and tailored plasma pooling\ndesign, which blends normal source plasma and respiratory syncytial virus\n(RSV) plasma obtained from donors tested using the Company’s proprietary\nmicroneutralization assay. ASCENIV contains naturally occurring polyclonal\nantibodies, which are proteins that are used by the body’s immune system to\nneutralize microbes such as bacteria and viruses that safeguard against\ninfection and disease. ASCENIV is protected by numerous issued patents in the\nUnited States and internationally and a wide range of patent applications\nworldwide. Certain data and other information about ASCENIV can be found by\nvisiting www.asceniv.com. Information about ADMA and its products can be found\non the Company’s website at www.admabiologics.com.\n\nAdditional Important Safety Information About ASCENIV™\n\n WARNING: THROMBOSIS, RENAL DYSFUNCTION AND ACUTE RENAL FAILURE \n \n Thrombosis may occur with immune globulin intravenous (IGIV) products, including ASCENIV. Risk factors may include: advanced age, prolonged immobilization, hypercoagulable conditions, history of venous or arterial thrombosis, use of estrogens, indwelling vascular catheters, hyperviscosity, and cardiovascular risk factors. Renal dysfunction, acute renal failure, osmotic nephrosis, and death may occur with the administration of IGIV products in predisposed patients. Such events require immediate medical \n intervention, if not recognized or managed appropriately, may result in persistent or significant disability or lead to fatal outcome. For patients at risk of thrombosis, renal dysfunction or renal failure, administer ASCENIV at the minimum dose and infusion rate practicable. Ensure adequate hydration in patients before administration. Monitor for signs and symptoms of thrombosis and assess blood viscosity in patients at risk for hyperviscosity. \n\nASCENIV™ Contraindications:\n\nHistory of anaphylactic or severe systemic reactions to human immunoglobulin.\n\nIgA deficient patients with antibodies to IgA and a history of\nhypersensitivity.\n\nASCENIV™ Warnings and Precautions:\n\nIgA-deficient patients with antibodies against IgA are at greater risk of\ndeveloping severe hypersensitivity and anaphylactic reactions. Have\nmedications such as epinephrine available to treat any acute severe\nhypersensitivity reactions. [4, 5.1]\n\nThrombotic events have occurred in patients receiving IGIV treatments. Monitor\npatients with known risk factors for thrombotic events; consider baseline\nassessment of blood viscosity for patients at risk of hyperviscosity. [5.2,\n5.4]\n\nIn patients at risk of developing acute renal failure, monitor renal function,\nincluding blood urea nitrogen (BUN), serum creatinine, and urine output. [5.3,\n5.9]\n\nHyperproteinemia, increased serum viscosity, and hyponatremia or\npseudohyponatremia can occur in patients receiving IGIV treatment.\n\nAseptic meningitis syndrome (AMS) has been reported with IGIV treatments,\nespecially with high doses or rapid infusion. [5.5]\n\nHemolytic anemia can develop subsequent to IGIV treatment. Monitor patients\nfor hemolysis and hemolytic anemia. [5.6]\n\nMonitor patients for pulmonary adverse reactions (Transfusion-related acute\nlung injury [TRALI]). If transfusion related acute lung injury is suspected,\ntest the product and patient for antineutrophil antibodies. [5.7]\n\nBecause this product is made from human blood, it may carry a risk of\ntransmitting infectious agents, e.g., viruses, and theoretically, the\nCreutzfeldt-Jakob disease (CJD) agent.\n\nASCENIV™ Adverse Reactions:\n\nThe most common adverse reactions to ASCENIV (≥5% of study subjects) were\nheadache, sinusitis, diarrhea, gastroenteritis viral, nasopharyngitis, upper\nrespiratory tract infection, bronchitis, and nausea.\n\nTo report SUSPECTED ADVERSE REACTIONS, contact ADMA Biologics at (800)\n458-4244 or the FDA at 1-800-FDA-1088 or http://www.fda.gov/medwatch.\n\nAbout ADMA Biologics, Inc. (ADMA)\n\nADMA Biologics is a U.S.-based, end-to-end commercial biopharmaceutical\ncompany dedicated to manufacturing, marketing and developing specialty\nbiologics for the treatment of immunodeficient patients at risk for infection\nand others at risk for certain infectious diseases. ADMA currently\nmanufactures and markets three United States Food and Drug Administration\n(FDA)-approved plasma-derived biologics for the treatment of immune\ndeficiencies and the prevention of certain infectious diseases: ASCENIV™\n(immune globulin intravenous, human – slra 10% liquid) for the treatment of\nprimary humoral immunodeficiency (PI); BIVIGAM(®) (immune globulin\nintravenous, human) for the treatment of PI; and NABI-HB(®) (hepatitis B\nimmune globulin, human) to provide enhanced immunity against the hepatitis B\nvirus. Additionally, ADMA is developing SG-001, a pre-clinical, investigative\nhyperimmune globulin targeting S. pneumonia. ADMA manufactures its immune\nglobulin products and product candidates at its FDA-licensed plasma\nfractionation and purification facility located in Boca Raton, Florida.\nThrough its ADMA BioCenters subsidiary, ADMA also operates as an FDA-approved\nsource plasma collector in the U.S., which provides its blood plasma for the\nmanufacture of its products and product candidates. ADMA’s mission is to\nmanufacture, market and develop specialty plasma-derived, human immune\nglobulins targeted to niche patient populations for the treatment and\nprevention of certain infectious diseases and management of immune compromised\npatient populations who suffer from an underlying immune deficiency, or who\nmay be immune compromised for other medical reasons. ADMA holds numerous U.S.\nand foreign patents related to and encompassing various aspects of its\nproducts and product candidates. For more information, please visit\nwww.admabiologics.com.\n\nUse of Non-GAAP Financial Measures\n\nThis press release includes certain non-GAAP financial measures that are not\nprepared in accordance with accounting principles generally accepted in the\nUnited States (“GAAP”). The Company believes Adjusted EBITDA and Adjusted\nNet Income are useful to investors in evaluating the Company’s financial\nperformance. The Company uses Adjusted EBITDA and Adjusted Net Income as key\nperformance measures because it believes that they facilitate operating\nperformance comparisons from period to period that exclude potential\ndifferences driven by the impact of variations of non-cash items such as\ndepreciation and amortization, as well as, in the case of Adjusted EBITDA,\nstock-based compensation or certain non-recurring items, and in the case of\nAdjusted Net Income, certain non-recurring items. The Company believes that\ninvestors should have access to the same set of tools used by its management\nand Board of Directors to assess its operating performance. Adjusted EBITDA\nand Adjusted Net Income should not be considered as measures of financial\nperformance under GAAP, and the items excluded from Adjusted EBITDA and\nAdjusted Net Income are significant components in understanding and assessing\nthe Company’s financial performance. Accordingly, these key business metrics\nhave limitations as an analytical tool. They should not be considered as an\nalternative to net income, cash flows from operations, or any other\nperformance measures derived in accordance with GAAP and may be different from\nsimilarly titled non-GAAP measures used by other companies. Please refer to\nthe tables below for the reconciliation of GAAP measures to these non-GAAP\nmeasures for applicable periods.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis press release contains “forward-looking statements” pursuant to the\nsafe harbor provisions of the Private Securities Litigation Reform Act of\n1995, about ADMA Biologics, Inc. (“we,” “our” or the “Company”).\nForward-looking statements include, without limitation, any statement that may\npredict, forecast, indicate, or imply future results, performance or\nachievements, and may contain such words as “confident,” “estimate,”\n“project,” “intend,” “forecast,” “target,” “anticipate,”\n“plan,” “planning,” “expect,” “believe,” “will,” “is\nlikely,” “will likely,” “position us,” “positioned,”\n“support,” “should,” “could,” “would,” “may,”\n“potential,” “opportunity” or, in each case, their negative, or words\nor expressions of similar meaning. These forward-looking statements include,\nbut are not limited to, statements about the Company’s total revenue\n(including baseline levels), Adjusted Net Income, Adjusted EBITDA, cash and\ncash flow, earnings and earnings potential, financial guidance in future\nperiods; our balance sheet and financial position; the current U.S. IG and PDT\nmarket, including competitive pressures; customer ordering patterns and\ninventory levels; expected benefits of the McKesson Specialty distribution\nagreement; our commercial execution initiatives and intended financial\nbenefits; ASCENIV revenue growth, margins, earnings power, cash generation,\naddressable market, demand and utilization; share repurchases and capital\nstructuring; internal controls, financial reporting and commercial practices;\nand SG-001, its data, regulatory filings and clinical trial timeline and\nrevenue potential. Actual events or results may differ materially from those\ndescribed in this press release due to a number of important factors. Current\nand prospective security holders are cautioned that there also can be no\nassurance that the forward-looking statements included in this press release\nwill prove to be accurate. Except to the extent required by applicable laws or\nrules, ADMA does not undertake any obligation to update any forward-looking\nstatements or to announce revisions to any of the forward-looking statements.\nForward-looking statements are subject to many risks, uncertainties and other\nfactors that could cause our actual results, and the timing of certain events,\nto differ materially from any future results expressed or implied by the\nforward-looking statements, including, but not limited to, the risks and\nuncertainties described in our filings with the SEC, including our most recent\nreports on Form 10-K, 10-Q and 8-K, and any amendments thereto.\n\n(1) Adjusted Net Income is a non-GAAP financial measure. For a reconciliation\nof Adjusted Net Income to the most comparable GAAP measure, see the\nreconciliation included in the financial tables. All non-GAAP adjustments are\npresented pre-tax.\n\n(2) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of\nAdjusted EBITDA to the most comparable GAAP measure, see the reconciliation\nincluded in the financial tables.\n\nINVESTOR RELATIONS CONTACT:\nArgot Partners | 212-600-1902 | ADMA@argotpartners.com\n\nMEDIA CONTACT:\nLongacre Square Partners | ADMABiologics@longacresquare.com\n\n ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS \n \n March 31, December 31, \n 2026 2025 \n (In thousands, except share and per share data) \n Unaudited \n ASSETS \n Current assets: \n Cash and cash equivalents 138,153 87,630 \n Accounts receivable, net 135,862 158,429 \n Inventories, net 222,098 206,465 \n Prepaid expenses and other current assets 15,060 7,458 \n Assets held for sale - 6,530 \n Total current assets 511,173 466,512 \n Property and equipment, net 65,010 65,057 \n Intangible assets, net 630 632 \n Goodwill 3,530 3,530 \n Deferred tax assets, net 69,969 73,261 \n Right-of-use assets 6,402 6,650 \n Deposits and other assets 8,470 8,600 \n TOTAL ASSETS $ 665,184 $ 624,242 \n \n LIABILITIES AND STOCKHOLDERS' EQUITY \n Current liabilities: \n Accounts payable $ 20,523 $ 22,519 \n Accrued expenses and other current liabilities 48,561 40,466 \n Current portion of long-term debt 3,281 2,813 \n Current portion of lease obligations 1,176 1,096 \n Liabilities held for sale - 2,647 \n Total current liabilities 73,541 69,541 \n Long-term debt 193,584 69,330 \n Deferred revenue, net of current portion 1,369 1,405 \n Lease obligations, net of current portion 6,365 6,646 \n TOTAL LIABILITIES $ 274,859 $ 146,922 \n \n COMMITMENTS AND CONTINGENCIES \n \n STOCKHOLDERS' EQUITY \n Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, \n no shares issued and outstanding - - \n Common Stock - voting, $0.0001 par value, 300,000,000 shares authorized, \n March 31, 2026: 240,962,203 issued and 232,288,977 outstanding; December 31, 2025: 239,793,566 issued and 237,874,496 outstanding 24 24 \n Treasury stock, at cost, 8,673,226 and 1,919,070 shares as of March 31, 2026 and December 31, 2025, respectively (143,170 ) (32,090 ) \n Additional paid-in capital 649,796 671,039 \n Accumulated deficit (116,325 ) (161,653 ) \n TOTAL STOCKHOLDERS' EQUITY 390,325 477,320 \n TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 665,184 $ 624,242 \n \n\n\n\n ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS \n \n Three Months ended March 31, \n 2026 2025 \n (In thousands, except share and per share data) \n Unaudited \n \n REVENUES $ 114,493 $ 114,802 \n Cost of product revenue 33,743 53,705 \n Gross profit 80,750 61,097 \n \n OPERATING EXPENSES: \n Research and development 2,597 826 \n Plasma center operating expenses 1,062 1,286 \n Amortization of intangible assets 55 25 \n Gain on sale of plasma centers (7,980 ) - \n Selling, general and administrative 26,742 24,079 \n Total operating expenses 22,476 26,216 \n \n INCOME FROM OPERATIONS 58,274 34,881 \n \n OTHER INCOME (EXPENSE): \n Interest and other income 1,093 608 \n Interest expense (2,100 ) (1,975 ) \n Other expense (140 ) (64 ) \n Other income (expense), net (1,147 ) (1,431 ) \n \n INCOME BEFORE INCOME TAXES 57,127 33,450 \n \n Provision for income taxes 11,799 6,546 \n \n NET INCOME $ 45,328 $ 26,904 \n \n BASIC EARNINGS PER COMMON SHARE $ 0.19 $ 0.11 \n DILUTED EARNINGS PER COMMON SHARE $ 0.19 $ 0.11 \n \n WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: \n Basic 236,072,751 237,775,476 \n Diluted 239,955,762 244,676,350 \n \n\n\n\n NON-GAAP RECONCILIATION RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (()(2)()) \n \n Three Months ended March 31, \n 2026 2025 \n (In thousands) \n Net income $ 45,328 $ 26,904 \n Depreciation 1,784 1,944 \n Amortization 55 25 \n Income taxes 11,799 6,546 \n Interest expense, net 983 1,975 \n EBITDA 59,949 37,393 \n Stock-based compensation 6,329 4,624 \n Voluntary Withdrawal and product replacements - 3,837 \n Yield enhancement 412 902 \n Gain on sale of plasma centers (7,980 ) - \n Non-recurring professional fees 942 1,182 \n Adjusted EBITDA $ 59,652 $ 47,939 \n \n\n\n\n NON-GAAP RECONCILIATION RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME (()(1)()) \n \n Three Months ended March 31, \n 2026 2025 \n (In thousands) \n Net income $ 45,328 $ 26,904 \n Stock-based compensation modifications 609 474 \n Voluntary Withdrawal and product replacements - 3,837 \n Yield Enhancement 327 902 \n Gain on sale of plasma centers (6,332 ) - \n Non-recurring professional fees 747 1,182 \n Adjusted net income ((a)) $ 40,679 $ 33,299 \n \n (a) Add-backs reflected during the three months ended March 31, 2025 exclude estimated tax effect of $1.3 million. Add-backs reflected during the three months ended March 31, 2026 were tax affected using the first quarter 2026 effective tax rate. \n \n\n\n\n PRODUCT-LEVEL TOTAL REVENUE \n \n Three Months Ended March 31, \n 2026 2025 Increase/ Increase/ \n (Decrease) (Decrease) % \n (in thousands) \n ASCENIV $ 97,486 $ 76,332 $ 21,154 27.7 % \n BIVIGAM 15,422 33,512 (18,090 ) -54.0 % \n Intermediates and other products ((1)) 833 3,872 (3,039 ) -78.5 % \n ADMA BioManufacturing 113,741 113,716 25 0.0 % \n \n Plasma Collection Centers 716 1,050 (334 ) -31.8 % \n License revenue 36 36 - 0.0 % \n Total Revenues $ 114,493 $ 114,802 $ (309 ) -0.3 % \n \n ((1))Due to Nabi-HB historically representing less than 10% of the Company's revenue within the ADMA BioManufacturing segment, it has been included under intermediates and other products. \n \n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/468b61b4-73b9-495e-a4be-f4823782b2fd)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-06T20:05:08.591915462Z","server_sent_at_ms":1778097908591},"received_at":"2026-05-06T20:05:08.657Z","source_url":null},"analysis":{"id":"18725","press_release_id":"24097","analysis_json":{"industry":{"label":"Pharmaceuticals, Biotechnology & Life Sciences","sector":"Health Care"},"redFlags":["BIVIGAM revenue declined 54% year-over-year","Withdrawing previously provided long-term guidance due to competitive dynamics","Certain receivables extended into April, impacting cash flow and Days Sales Outstanding"],"eventType":"earnings","narrative":"ADMA reported Q1 total revenue of $114.5 million, flat year-over-year, driven by a 28% increase in ASCENIV revenue to $97.5 million which offset a 54% decline in BIVIGAM.\n\nAdjusted Net Income grew 22% to $40.7 million and Adjusted EBITDA rose 24% to $59.7 million, supported by gross margin expansion to 71%. The company generated $58 million in operating cash flow and repurchased approximately 3.7% of its outstanding shares.\n\nThe Audit Committee concluded an internal review finding no evidence of improper channel stuffing or undisclosed related party transactions. ADMA updated FY 2026 guidance to $530-$560 million in revenue and withdrew long-term guidance citing competitive dynamics.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"ASCENIV growth and margin expansion offset BIVIGAM decline; audit committee clears company of channel stuffing allegations."},"keyFigures":{"eps":0.19,"revenue":114500000,"guidance":"FY 2026 revenue $530 million to $560 million; Adjusted Net Income $170 million to $200 million; Adjusted EBITDA $265 million to $300 million","revenueYoy":"Flat","customDimensions":{"gross_margin":"71%","adjusted_ebitda":"$59.7 million","asceniv_revenue":"$97.5 million","adjusted_net_income":"$40.7 million","asceniv_revenue_yoy":"28%","bivigam_revenue_yoy":"-54%","operating_cash_flow":"$58 million"}},"quotedText":"We believe the first quarter results likely represent a trough revenue baseline driven by what we anticipate is a temporary market dislocation, and we expect to drive growth over the coming quarters.","namedEntities":{"people":[{"name":"Adam Grossman","role":"President and Chief Executive Officer"}],"products":["ASCENIV","BIVIGAM","SG-001"],"companies":[{"name":"ADMA Biologics, Inc.","ticker":"ADMA"},{"name":"McKesson Specialty","relationship":"partner"}],"dollarAmounts":[{"amount":"$114.5 million","context":"Q1 2026 Total Revenue"},{"amount":"$97.5 million","context":"Q1 2026 ASCENIV Revenue"},{"amount":"$40.7 million","context":"Q1 2026 Adjusted Net Income"},{"amount":"$59.7 million","context":"Q1 2026 Adjusted EBITDA"},{"amount":"$58 million","context":"Q1 2026 Cash from Operations"},{"amount":"$530 million to $560 million","context":"FY 2026 Revenue Guidance"}]},"materialImpact":{"score":4,"reasoning":"Significant product mix shift with ASCENIV growing 28% and BIVIGAM declining 54%, leading to gross margin expansion to 71% and strong cash generation. The clearance of the audit committee investigation regarding channel stuffing removes a major overhang. However, the withdrawal of long-term guidance adds uncertainty."},"tickerRelevance":{"others":[],"primary":"ADMA"},"globalImportance":25,"audienceRelevance":35,"eventTypeSecondary":["guidance_update"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"earnings-with-investigation-clearance","sectorWeight":"biotech","productMixShift":"significant"}},"event_type":"earnings","event_type_secondary":["guidance_update"],"sentiment":"bullish","material_impact_score":4,"narrative":"ADMA reported Q1 total revenue of $114.5 million, flat year-over-year, driven by a 28% increase in ASCENIV revenue to $97.5 million which offset a 54% decline in BIVIGAM.\n\nAdjusted Net Income grew 22% to $40.7 million and Adjusted EBITDA rose 24% to $59.7 million, supported by gross margin expansion to 71%. The company generated $58 million in operating cash flow and repurchased approximately 3.7% of its outstanding shares.\n\nThe Audit Committee concluded an internal review finding no evidence of improper channel stuffing or undisclosed related party transactions. ADMA updated FY 2026 guidance to $530-$560 million in revenue and withdrew long-term guidance citing competitive dynamics.","key_figures":{"eps":0.19,"revenue":114500000,"guidance":"FY 2026 revenue $530 million to $560 million; Adjusted Net Income $170 million to $200 million; Adjusted EBITDA $265 million to $300 million","revenueYoy":"Flat","customDimensions":{"gross_margin":"71%","adjusted_ebitda":"$59.7 million","asceniv_revenue":"$97.5 million","adjusted_net_income":"$40.7 million","asceniv_revenue_yoy":"28%","bivigam_revenue_yoy":"-54%","operating_cash_flow":"$58 million"}},"named_entities":{"people":[{"name":"Adam Grossman","role":"President and Chief Executive Officer"}],"products":["ASCENIV","BIVIGAM","SG-001"],"companies":[{"name":"ADMA Biologics, Inc.","ticker":"ADMA"},{"name":"McKesson Specialty","relationship":"partner"}],"dollarAmounts":[{"amount":"$114.5 million","context":"Q1 2026 Total Revenue"},{"amount":"$97.5 million","context":"Q1 2026 ASCENIV Revenue"},{"amount":"$40.7 million","context":"Q1 2026 Adjusted Net Income"},{"amount":"$59.7 million","context":"Q1 2026 Adjusted EBITDA"},{"amount":"$58 million","context":"Q1 2026 Cash from Operations"},{"amount":"$530 million to $560 million","context":"FY 2026 Revenue Guidance"}]},"model_name":"glm-4.7","prompt_hash":"sha256:6c7fa2f5e3b62e83","schema_hash":"sha256:ee8f711bc9bfba0d","created_at":"2026-05-07T11:53:31.842Z","global_importance":25,"audience_relevance":35,"importance_components":{"tickerTier":"mid-cap","eventGravity":"earnings-with-investigation-clearance","sectorWeight":"biotech","productMixShift":"significant"}},"durationMs":null,"modelName":"glm-4.7"}}