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ADMA Biologics (ADMA)
NASDAQ:ADMA
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ADMA Biologics
(NASDAQ:ADMA)
78Outperform
Positive Factors
Financial Performance
ADMA's underlying performance is strong, as evidenced by improved guidance for 2025 and 2026 following their earnings report.
Growth Potential
Expansion of collection centers from 50-70 to over 250 increases raw plasma acquisition capabilities.
Supply Chain
The recent long-term plasma contracts have alleviated supply concerns, supporting the growth potential for ASCENIV.
Negative Factors
Guidance
Key triggers behind the sell-off were a more modest than expected 2025 guide, ambiguity on bullish implications of the enhanced supply agreements, and valuation friction.
Regulatory Filing
ADMA stated it would be unable to file its 2024 10-K within the prescribed timeframe.
ADMA Biologics (ADMA) vs. S&P 500 (SPY)
Market Cap
$5.61B
Dividend YieldN/A
Average Volume (3M)3.56M
Price to Earnings (P/E)29.3
Beta (1Y)1.10
Revenue Growth62.22%
EPS GrowthN/A
CountryUS
Employees685
SectorHealthcare
Sector Strength54
IndustryBiotechnology
Share Statistics
EPS (TTM)0.14
Shares Outstanding238,563,610
10 Day Avg. Volume3,641,711
30 Day Avg. Volume3,559,235
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap0.75
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit19.11
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$30.67Price Target Upside53.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
ADMA Biologics Business Overview & Revenue Model
Company DescriptionADMA Biologics, Inc., a biopharmaceutical company, engages in developing, manufacturing, and marketing specialty plasma-derived biologics for the treatment of immune deficiencies and infectious diseases in the United States and internationally. It offers BIVIGAM, an intravenous immune globulin (IVIG) product indicated for the treatment of primary humoral immunodeficiency (PI); ASCENIV, an IVIG product for the treatment of PI; and Nabi-HB for the treatment of acute exposure to blood containing Hepatitis B surface antigen and other listed exposures to Hepatitis B. The company also develops a pipeline of plasma-derived therapeutics, including products related to the methods of treatment and prevention of S. pneumonia infection for an immunoglobulin. In addition, it operates source plasma collection facilities. The company sells its products through independent distributors, sales agents, specialty pharmacies, and other alternate site providers. ADMA Biologics, Inc. was incorporated in 2004 and is headquartered in Ramsey, New Jersey.
How the Company Makes MoneyADMA Biologics generates revenue primarily through the sale of its plasma-derived products. The company's flagship products include ASCENIV and BIVIGAM, which are used to treat immune deficiencies and other related conditions. ADMA operates plasma collection centers, which provide the raw materials necessary for these biologics. The company has established distribution networks and partnerships with healthcare providers and specialty pharmacies to reach its target markets. Additionally, ADMA may engage in strategic collaborations and licensing agreements to expand its product offerings and market reach, contributing to its overall revenue.
ADMA Biologics Financial Statement Overview
Summary
ADMA Biologics has demonstrated remarkable financial improvement across income, balance sheet, and cash flow metrics. The company exhibits strong revenue and profit growth, improved operational efficiency, reduced leverage, and robust cash flow generation. These factors collectively signal a positive financial trajectory, positioning ADMA well for future growth and stability in the biotechnology industry.Income Statement
ADMA Biologics has shown significant improvement in its income statement metrics over the years. The gross profit margin for 2024 is approximately 51.5%, reflecting efficient cost management. The net profit margin turned positive to 46.3% in 2024, a substantial improvement from negative figures in previous years, indicating successful turnaround efforts. The revenue growth rate from 2023 to 2024 is impressive at 65.1%, showcasing strong business expansion. Both EBIT and EBITDA margins have improved to 32.6% in 2024, highlighting operational efficiency. These improvements reflect robust financial health in the income statement.85
Very Positive
Balance Sheet
The balance sheet of ADMA Biologics shows an improved financial position. The debt-to-equity ratio has decreased to 0.24 in 2024, demonstrating reduced leverage compared to prior years. The return on equity (ROE) has increased to 56.6%, indicating efficient use of equity capital to generate profits. The equity ratio stands at 71.4% in 2024, indicating strong equity financing and financial stability. Overall, the balance sheet metrics reflect a healthier and more stable financial structure.80
Positive
Cash Flow
ADMA Biologics has achieved a strong turnaround in cash flow metrics. The free cash flow growth rate is notable, with free cash flow turning positive to $118.67 million in 2024 from negative figures in prior years. The operating cash flow to net income ratio is favorable at 0.60, indicating that the company's net income is well-supported by cash operations. The free cash flow to net income ratio matches the operating cash flow, indicating efficient cash generation relative to net income. These positive cash flow trends enhance the company's liquidity position.75
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 426.45M | 258.21M | 154.08M | 80.94M | 42.22M | Gross Profit |
| 219.55M | 88.94M | 35.27M | 1.17M | -19.07M | EBIT |
| 138.98M | 21.63M | -39.37M | -58.37M | -64.91M | EBITDA |
| 147.69M | 5.12M | -39.72M | -53.33M | -59.82M | Net Income Common Stockholders |
| 197.67M | -28.24M | -85.18M | -84.45M | -87.61M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 103.15M | 51.35M | 86.52M | 51.09M | 55.92M | Total Assets |
| 488.68M | 329.18M | 348.46M | 276.25M | 207.67M | Total Debt |
| 82.12M | 141.42M | 154.44M | 102.92M | 97.67M | Net Debt |
| -21.03M | 90.07M | 67.92M | 51.83M | 41.75M | Total Liabilities |
| 139.66M | 193.98M | 196.49M | 135.08M | 119.42M | Stockholders Equity |
| 349.02M | 135.21M | 151.97M | 141.17M | 88.25M |
| Cash Flow | Free Cash Flow | |||
| 118.67M | 3.82M | -73.42M | -125.88M | -114.73M | Operating Cash Flow |
| 118.67M | 8.80M | -59.51M | -112.37M | -102.00M | Investing Cash Flow |
| -8.57M | -4.98M | -13.91M | -13.51M | -12.72M | Financing Cash Flow |
| -58.30M | -38.99M | 108.85M | 121.05M | 143.90M |
ADMA Biologics Technical Analysis
Neutral
19.98
Price Trends
20.04
Negative
18.46
Positive
18.15
Positive
Market Momentum
0.66
Positive
43.06
Neutral
35.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ADMA, the sentiment is Neutral. The current price of 19.98 is below the 20-day moving average (MA) of 22.14, below the 50-day MA of 20.04, and above the 200-day MA of 18.15, indicating a neutral trend. The MACD of 0.66 indicates Positive momentum. The RSI at 43.06 is Neutral, neither overbought nor oversold. The STOCH value of 35.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ADMA.
ADMA Biologics Risk Analysis
ADMA Biologics disclosed 55 risk factors in its most recent earnings report. ADMA Biologics reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ADMA Biologics Peers Comparison
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $5.61B | 29.29 | 78.45% | ― | 62.22% | ― | |
68 Neutral | $5.97B | ― | -72.73% | ― | ― | -157.53% | |
52 Neutral | $5.21B | 3.55 | -41.91% | 2.83% | 15.12% | 0.42% | |
52 Neutral | $5.07B | ― | -118.53% | ― | -7.65% | -11.81% | |
51 Neutral | $3.36B | ― | -31.41% | ― | 43.72% | 28.63% | |
50 Neutral | $3.77B | ― | -19.66% | ― | ― | 7.75% | |
35 Underperform | $4.05B | ― | 435.49% | ― | 412.21% | 1.75% |
* Healthcare Sector Average
Performance Comparison
ADMA
ADMA Biologics
19.98
11.17
126.79%
CYTK
Cytokinetics
31.70
-30.40
-48.95%
IONS
Ionis Pharmaceuticals
32.26
-6.82
-17.45%
VRNA
Verona Pharma
63.32
48.47
326.40%
ZLAB
Zai Lab
29.24
9.16
45.62%
PCVX
Vaxcyte
31.16
-34.03
-52.20%
ADMA Biologics Earnings Call Summary
Earnings Call Date:May 07, 2025
(Q1-2025)
| % Change Since: -15.37%|
Next Earnings Date:Aug 06, 2025
Earnings Call Sentiment Positive
The earnings call for ADMA Biologics reflected strong financial growth and operational achievements, notably with the FDA approval for a new production process and raised financial guidance. However, challenges such as voluntary product withdrawals and high operating expenses were also evident. Overall, the sentiment remains optimistic, supported by strategic initiatives and financial strength.Q1-2025 Updates
Positive Updates
Strong Financial Growth
Total revenues reached $114.8 million, a $32.9 million increase year-over-year, marking a growth rate of approximately 40%. Adjusted EBITDA grew by approximately 81% year-over-year. Adjusted net income increased by 87% year-over-year.
FDA Approval for Yield Enhancement Process
ADMA received FDA approval for a novel yield enhancement production process, which is expected to provide 20% more bulk IG from the same starting plasma volumes.
Raised Financial Guidance
Guidance for 2025 and 2026 was raised, with 2025 total revenue guidance increased to $500 million or more, and 2026 total revenue guidance increased to $625 million or more.
Stock Repurchase Program
The Board authorized a stock repurchase program allowing ADMA to purchase up to $500 million of its common stock, approximately 8% of the company’s total current market cap.
Debt Reorganization
Debt reorganization with Ares Capital Management was completed, reducing the total cost of debt by 1.1%.
Negative Updates
Voluntary Product Withdrawals
The company faced voluntary product withdrawals during the first quarter, affecting revenues. This involved a $3.8 million impact due to adverse events experienced by patients.
Ongoing High Operating Expenses
The company expects a normalization in operating expenses as it progresses through 2025, which were elevated due to strategic increases in medical education and promotion activities.
Company Guidance
During ADMA Biologics' first quarter 2025 conference call, the company announced a significant financial and operational upturn, with total revenues reaching $114.8 million, reflecting an impressive 40% year-over-year growth. The adjusted net income and adjusted EBITDA surged by approximately 87% and 81% year-over-year, respectively. In light of these robust results, ADMA revised its 2025 guidance, projecting total revenues of $500 million or more, adjusted EBITDA of at least $235 million, and reaffirmed adjusted net income guidance of at least $175 million. For 2026, expectations were increased to $625 million in total revenue, $340 million or more in adjusted EBITDA, and adjusted net income of at least $245 million. The company also anticipates reaching $1.1 billion in total annual revenue before 2030. Additionally, ADMA announced a $500 million stock repurchase program, emphasizing its strategic capital allocation and commitment to enhancing shareholder value. The company's confidence is further bolstered by its FDA-approved yield enhancement production process, enabling a 20% increase in bulk IG production from the same plasma volumes, positioning ADMA as a leader in the plasma-derived therapies market.ADMA Biologics Corporate Events
Stock BuybackBusiness Operations and StrategyFinancial Disclosures
ADMA Biologics Announces $500M Share Repurchase Program
Positive
May 7, 2025
In the first quarter of 2025, ADMA Biologics reported a significant financial performance with a 40% increase in total revenue and an 81% rise in adjusted EBITDA year-over-year. The company announced a $500 million share repurchase program and a debt reorganization that reduced its cost of debt by 1.1%. Additionally, the FDA approved ADMA’s yield enhancement production process, expected to boost production output by 20%, supporting revenue growth and margin expansion. The company has increased its revenue guidance for 2025 and 2026, projecting total annual revenues to exceed $1.1 billion by 2030.
Spark’s Take on ADMA Stock
According to Spark, TipRanks’ AI Analyst, ADMA is a Outperform.
ADMA Biologics showcases strong financial performance with significant revenue and profit growth, improved operational efficiency, and robust cash flow generation, positioning it well for future growth. Technical indicators support a bullish outlook, though caution is advised due to overbought signals. Valuation is on the higher side with a P/E ratio suggesting potential overvaluation. The recent earnings call further highlights strong growth prospects, though pending regulatory approvals and audit delays present risks.
To see Spark’s full report on ADMA stock, click here.
Executive/Board Changes
ADMA Biologics Approves 2025 Executive Compensation Package
Neutral
Feb 21, 2025
On February 19, 2025, ADMA Biologics’ Board of Directors approved the 2025 executive compensation package, which includes base salaries, cash bonuses for 2024 performance, and equity awards for top executives Adam S. Grossman, Kaitlin Kestenberg, and Brad Tade. These awards were based on the achievement of the company’s 2024 corporate goals. The Board also amended the equity grant policy for non-employee directors, increasing the annual equity grants and retainers for committee chairs and members, effective January 1, 2025, to enhance long-term incentive alignment.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.