ADMA Biologics (ADMA) Q2 2026 Earnings Report

The call conveyed a predominantly positive operational and financial story driven by strong ASCENIV revenue growth (+24% YoY), meaningful margin expansion (gross margin up to 69% from 55%), improved adjusted EBITDA (+22% YoY), solid cash generation and a healthy balance sheet with active share repurchases. Offsetting risks discussed include a significant decline in legacy BIVIGAM volumes (management expects ~40%–50% decline vs 2025), ongoing competitive pricing pressure in the standard IG market, elevated working capital (inventory and receivables) and a higher effective tax rate. Management reiterated full-year guidance and highlighted clinical evidence and pipeline progress (SG-001), supporting confidence in the company’s growth trajectory despite near-term market headwinds.

ADMA reiterated full‑year 2026 guidance of $530–$560 million in total revenue, $265–$300 million of adjusted EBITDA and $170–$200 million of adjusted net income, assuming continued pricing pressure in the standard IG market and ASCENIV as the principal growth driver. Q2 operating results supporting that outlook included revenue of $124.4M (+2% YoY) with ASCENIV $102.9M (+24% YoY) and BIVIGAM $19.4M, gross profit $86.3M and gross margin 69% (vs. 55% LY), adjusted EBITDA $61.8M (+22% YoY), adjusted net income $39M (+8% YoY) and GAAP net income $37.8M (+11% YoY). The balance sheet and operational metrics cited were cash of ~ $136M, net leverage <0.5x, ~$100M revolver capacity, cash from operations of ~$30M in the quarter, accounts receivable $138.2M with DSOs ~101 days (targeting 90–105 days in H2), inventory $239.3M, share repurchases of ~7.1M in Q2 (13.8M YTD, ~5.3% of shares) toward a $200M+ 2026 buyback target, and a normalized effective tax rate of ~24% (Q2 tax rate 24.7%); R&D was ~$6M in Q2 for SG‑001 with a modest step‑up expected in Q4 as conformance lots are produced and a pre‑IND package planned by year‑end.