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ADMA Biologics
(NASDAQ:ADMA)
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Rating:76Outperform
Price Target:
$10.50
▲(26.96% Upside)
Action:Reiterated
Date:08/06/26
ADMA scores well primarily on improving financial performance, with strong margins and cash generation supporting earnings quality. The earnings call reinforces this strength via ASCENIV-led momentum and solid liquidity, but is tempered by standard IG competitive pressure, working-capital headwinds (DSOs), and withdrawn long-term guidance. Technicals are only moderately supportive given the weak longer-term trend, while valuation is reasonable on a ~12x P/E.
Positive Factors
Strong cash generation & FCF conversion
ADMA’s recent multi-hundred-million dollar operating and free cash flow, with FCF roughly 85% of net income, indicates durable cash-generation capacity. This supports reinvestment in pipeline, opportunistic buybacks, and debt service, improving resilience through business cycles.
Negative Factors
Aggressive pricing in standard IG market
Sustained competitor discounting and rebating in the standard IG segment can permanently compress realized prices and margins for legacy products. That structural pricing pressure risks long-term revenue and volume for BIVIGAM and similar SKUs absent durable differentiation or cost offset.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & FCF conversion
ADMA’s recent multi-hundred-million dollar operating and free cash flow, with FCF roughly 85% of net income, indicates durable cash-generation capacity. This supports reinvestment in pipeline, opportunistic buybacks, and debt service, improving resilience through business cycles.
Read all positive factors
ADMA Biologics (ADMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.11B
Dividend YieldN/A
Average Volume (3M)3.22M
Price to Earnings (P/E)13.2
Beta (1Y)0.99
Revenue Growth8.04%
EPS Growth-18.53%
CountryUS
Employees644
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.72
Shares Outstanding223,984,680
10 Day Avg. Volume2,812,449
30 Day Avg. Volume3,218,944
Financial Highlights & Ratios
PEG Ratio-1.09
Price to Book (P/B)9.11
Price to Sales (P/S)8.52
P/FCF Ratio156.23
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$17.00Price Target Upside105.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.79
Revenue Forecast (FY)$534.36M
ADMA Biologics Business Overview & Revenue Model
Company Description
ADMA Biologics, Inc. functions as a biopharmaceutical company specializing in the development, manufacturing, and commercialization of advanced biologic therapies derived from blood plasma. These specialized products are engineered to address immu...
How the Company Makes Money
ADMA Biologics primarily makes money by selling plasma-derived immune globulin therapies to customers in the U.S. healthcare market. Its main revenue stream is product revenue from commercialized IG therapies (i.e., finished biologic products) sol...
ADMA Biologics Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
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.Positive Updates
Strong ASCENIV Revenue Growth
ASCENIV revenue was $102.9M, up 24% year-over-year. Company reported accelerating ASCENIV end-user utilization with June delivering the strongest sequential month-over-month growth since H1 2024, driven by increased physician adoption, new patient starts and higher patient utilization.
Negative Updates
BIVIGAM Revenue Decline and Uncertainty
BIVIGAM revenue was $19.4M and while demand stabilized sequentially, BIVIGAM remains substantially down year-over-year. Management continues to plan assuming BIVIGAM will be down roughly 40%–50% versus 2025, leaving a meaningful shortfall to be offset by ASCENIV growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong ASCENIV Revenue Growth
ASCENIV revenue was $102.9M, up 24% year-over-year. Company reported accelerating ASCENIV end-user utilization with June delivering the strongest sequential month-over-month growth since H1 2024, driven by increased physician adoption, new patient starts and higher patient utilization.
Read all positive updates
Company Guidance
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.ADMA Biologics Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
74
Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 512.27M | 510.17M | 426.45M | 258.21M | 154.08M | 80.94M |
| Gross Profit | 331.47M | 292.76M | 219.55M | 88.94M | 35.27M | 1.17M |
| EBITDA | 234.83M | 197.86M | 147.69M | 5.12M | -39.51M | -53.09M |
| Net Income | 168.96M | 146.93M | 197.67M | -28.24M | -65.90M | -71.65M |
Balance Sheet | ||||||
| Total Assets | 684.21M | 624.24M | 488.68M | 329.18M | 348.46M | 276.25M |
| Cash, Cash Equivalents and Short-Term Investments | 136.02M | 87.63M | 103.15M | 51.35M | 86.52M | 51.09M |
| Total Debt | 203.84M | 79.89M | 82.12M | 141.42M | 154.44M | 102.92M |
| Total Liabilities | 276.00M | 146.92M | 139.66M | 193.98M | 196.49M | 135.08M |
| Stockholders Equity | 408.21M | 477.32M | 349.02M | 135.21M | 151.97M | 141.17M |
Cash Flow | ||||||
| Free Cash Flow | 116.47M | 27.82M | 110.10M | 3.82M | -73.42M | -125.88M |
| Operating Cash Flow | 136.72M | 50.40M | 118.67M | 8.80M | -59.51M | -112.37M |
| Investing Cash Flow | -14.50M | -21.89M | -8.57M | -4.98M | -13.91M | -13.51M |
| Financing Cash Flow | -76.49M | -44.02M | -58.30M | -38.99M | 108.85M | 121.05M |
ADMA Biologics Technical Analysis
Neutral
8.27
Price Trends
8.75
Positive
9.14
Positive
13.10
Negative
Market Momentum
0.28
Negative
55.69
Neutral
65.40
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 8.27 is below the 20-day moving average (MA) of 8.99, below the 50-day MA of 8.75, and below the 200-day MA of 13.10, indicating a neutral trend. The MACD of 0.28 indicates Negative momentum. The RSI at 55.69 is Neutral, neither overbought nor oversold. The STOCH value of 65.40 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 58 risk factors in its most recent earnings report. ADMA Biologics reported the most risks in the "Legal & Regulatory" 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.11B | 13.15 | 39.59% | ― | 8.04% | -18.53% | |
70 Outperform | $9.80B | 127.33 | 12.03% | ― | 34.81% | 44.59% | |
60 Neutral | $8.64B | -14.83 | -69.59% | ― | ― | 1.28% | |
58 Neutral | $12.09B | -38.68 | -60.54% | ― | 16.85% | -80.39% | |
54 Neutral | $1.40B | -4.28 | -82.68% | ― | ― | -37.48% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
ADMA
ADMA Biologics
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ADMA Biologics Corporate Events
Executive/Board ChangesShareholder Meetings
ADMA Biologics Shareholders Back Board, Auditor and Pay
Positive
Jun 2, 2026
ADMA Biologics, Inc. held its 2026 Annual Meeting of Stockholders on June 2, 2026, where shareholders voted on director elections, the selection of the company’s independent auditor and executive compensation matters. A quorum was establishe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.