Key Highlights

  • ADMA Biologics (NASDAQ:ADMA) generated third-quarter Revenue of USD 141.1 million, up 5.1% from USD 134.2 million, with ASCENIV contributing USD 124.7 million after a 30.7% climb.
  • Gross Margin widened to 70.8% from 56.3%, lifting Gross Profit to USD 99.9 million and Net Income to USD 49.9 million, or USD 0.22 per diluted share, from USD 0.15.
  • BIVIGAM sales dropped 35.2% to USD 15.4 million, and intermediates and other products fell to USD 0.9 million from USD 15.0 million as normal source plasma sales shrank.
  • Adjusted EBITDA came to USD 77.3 million versus USD 58.7 million, and adjusted net income reached USD 51.1 million against USD 38.9 million a year earlier.

ASCENIV Expansion Outpaces the BIVIGAM Retreat

ADMA Biologics (NASDAQ:ADMA), which manufactures plasma-derived immune globulin products for immune-deficient patients, lodged its Quarterly Report on November 4, 2026. Overall revenue advanced USD 6.9 million, yet the mix changed sharply: ASCENIV contributed USD 29.3 million more, while BIVIGAM lost USD 8.4 million and normal source plasma sales fell by USD 14.1 million. The company traces the BIVIGAM decline to competing immune globulin products that reached the market from the second half of 2025, priced aggressively and supported by extended payment terms, rebates and discounts. It cautions that if such pricing persists, future results and adoption could suffer. Nine-month revenue stood at USD 380.0 million, up 2.4% (calculated).

Richer Product Mix and Yield Gains Push Margin Higher

Cost of product revenue fell to USD 41.2 million from USD 58.6 million, mainly because the lower-margin normal source plasma Business ended and BIVIGAM Volume declined. Management also credits a yield enhancement process cleared by the FDA in April 2025, which it says lifts ASCENIV and BIVIGAM output by 20% or more from the same plasma. Operating Income climbed to USD 67.8 million from USD 51.0 million. Some costs moved the other way: Research and Development reached USD 4.5 million from USD 1.5 million on the SG-001 pneumococcal program, and SG&A rose 21.9% to USD 26.6 million, partly due to legal fees from ongoing litigation. The effective tax rate was 24.0%.

Debt-Funded Buybacks, Rising Inventory and FDA Feedback

Nine-month Operating Cash Flow reached USD 105.2 million, compared with USD 14.8 million, and cash stood at USD 124.6 million. The company funded a USD 125.0 million accelerated share repurchase in March 2026 by borrowing under its JPMorgan facility, leaving USD 197.2 million outstanding, and quarterly interest expense doubled to USD 3.4 million. It repurchased another 2.72 million shares in the third quarter at an average USD 9.22, leaving about USD 287.8 million on its program. Diluted shares fell to 225.8 million from 244.7 million, while inventory climbed to USD 266.1 million from USD 206.5 million at year-end. In October the FDA offered constructive feedback on the pre-IND package for SG-001. Together, the borrowing and Buybacks show how the company has been funding its Capital program.

Where Things Stand

For now, largely. ASCENIV's richer mix, yield gains and the exit from low-margin plasma sales outweighed BIVIGAM's decline, lifting gross margin to 70.8% and Earnings to USD 0.22 a share, even though revenue rose only 5.1%. The cost is concentration: BIVIGAM is shrinking under pricing pressure, leaving the company reliant on ASCENIV. Watch competitive pricing across immune globulins, rising inventory, litigation expenses, Facility interest costs and the SG-001 path. The filing contains no guidance for coming quarters.