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Sep 30
ADMA Biologics Q3 2025 Earnings Report
ADMA Biologics announced its third quarter 2025 financial results, reporting significant revenue and adjusted EBITDA growth, alongside key operational milestones and an optimistic outlook for future expansion.
Key Takeaways
ADMA Biologics delivered a strong third quarter in 2025, with total revenue increasing by 12% year-over-year to $134.2 million and adjusted EBITDA surging by 29% to $58.7 million. The company achieved a pivotal milestone with FDA lot release of its first yield-enhanced production batches, positioning for significant gross margin expansion. Record demand for ASCENIV and progress in its SG-001 pipeline further underscore a positive growth trajectory.
Total revenue for Q3 2025 reached $134.2 million, marking a 12% increase year-over-year, driven by strong ASCENIV adoption.
Adjusted EBITDA grew by 29% year-over-year to $58.7 million, reflecting improved operational efficiencies and a favorable product mix.
The FDA lot release of the first yield-enhanced production batches is a significant operational milestone, expected to accelerate gross margin expansion from Q4 2025 onwards.
Record ASCENIV demand and positive real-world health outcomes data, coupled with advancing payer negotiations, support sustained and accelerating revenue growth.
ADMA Biologics
ADMA Biologics
Forward Guidance
ADMA Biologics has raised its full-year 2025 and 2026 total revenue guidance, reaffirmed and raised adjusted EBITDA guidance, and revised adjusted net income guidance to reflect a higher effective tax rate. The company projects total annual revenue to exceed $1.1 billion in FY 2029, with anticipated outsized earnings growth.
Positive Outlook
- Raised FY 2025 total revenue guidance to at least $510 million, up from over $500 million previously.
- Raised FY 2026 total revenue guidance to at least $630 million, up from $625 million or more previously.
- Reaffirmed FY 2025 Adjusted EBITDA guidance at $235 million and raised FY 2026 Adjusted EBITDA guidance to more than $355 million.
- Increased FY 2026 Adjusted Net Income guidance to more than $255 million, up from $245 million or more previously.
- Projecting total annual revenue to exceed $1.1 billion in FY 2029 with anticipated outsized earnings growth and operational momentum.
Challenges Ahead
- Revised FY 2025 Adjusted Net Income guidance to approximately $158 million, down from over $175 million previously, due to a higher effective tax rate.
- Year-over-year net income growth was tempered by a higher effective tax rate.
- Temporary competitive dynamics in standard IVIG markets, mainly impacting BIVIGAM, affected growth.
- Opportunistic sale of normal source plasma on the spot market at a negative margin contribution to optimize working capital.
- SG-001 and potential capacity expansion are excluded from current guidance, representing upside opportunities rather than guaranteed figures.