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Jun 30, 2025
ADMA Biologics Q2 2025 Earnings Report
ADMA Biologics announced its second quarter 2025 financial results, reporting significant year-over-year growth in revenue, GAAP net income, adjusted EBITDA, and adjusted net income, driven by increased ASCENIV utilization and the initiation of commercial-scale manufacturing with its FDA-approved yield enhancement process.
Key Takeaways
ADMA Biologics delivered a strong second quarter in 2025, with total revenue reaching $122.0 million, a 14% increase year-over-year. GAAP net income grew by 7% to $34.2 million, while Adjusted EBITDA surged to $50.8 million and Adjusted Net Income to $36.0 million, both showing substantial underlying growth when excluding a prior-year non-recurring item. The company also initiated commercial-scale manufacturing with its yield enhancement process, delivering a 20%+ increase in finished IG output, and completed a $300 million syndicated debt refinancing, significantly lowering borrowing costs.
Total revenue for Q2 2025 was $122.0 million, marking a 14% year-over-year increase, and a 29% increase excluding a prior-year non-recurring item.
GAAP Net Income for Q2 2025 was $34.2 million, a 7% increase year-over-year, while Adjusted Net Income reached $36.0 million, an 85% increase excluding a prior-year non-recurring item.
Adjusted EBITDA for Q2 2025 was $50.8 million, reflecting a 59% underlying growth after adjusting for a prior-year non-recurring item.
The company initiated commercial-scale manufacturing with its FDA-approved yield enhancement process, with initial batches delivering over 20% increase in finished IG output, and secured a $300 million syndicated debt refinancing to lower borrowing costs and enhance financial flexibility.
Forward Guidance
ADMA Biologics reaffirmed its full-year 2025 and 2026 financial guidance, anticipating accelerated growth in the second half of 2025 and beyond, with total annual revenue projected to reach $1.1 billion or more prior to 2030.
Positive Outlook
- Reaffirmed FY 2025 total revenue guidance of more than $500 million.
- Reaffirmed FY 2026 total revenue guidance of $625 million or more.
- Reaffirmed FY 2025 Adjusted Net Income guidance of more than $175 million.
- Reaffirmed FY 2026 Adjusted Net Income guidance of $245 million or more.
- Projected total annual revenue to reach $1.1 billion or more prior to 2030, with outsized earnings growth expected.
Challenges Ahead
- Potential upside from the FDA-approved yield enhancement process remains excluded from 2025 guidance.
- Commercial contributions from SG-001 are not yet factored into the $1.1B+ pre-2030 annual revenue outlook.
- Potential efficiencies resulting from the new building acquisition are not yet factored into the $1.1B+ pre-2030 annual revenue outlook.
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