Adma Biologics, Inc. (ADMA)

Price$9.62Cached quoteAs of 2026-09-06 13:35 UTC

AI: Undervalued

Price checkThe stock screens inexpensive on earnings, but the reset outlook deserves a meaningful risk discount.

At the latest confirmed close, ADMA carried roughly a $2.14 billion market value and traded near 13.6 times trailing earnings. Market-data estimates put forward earnings near 10–11 times, while management’s $170–200 million adjusted net-income outlook implies roughly 10.7–12.6 times that guidance. Those multiples are modest for a profitable specialty-biologics company still growing its lead product, but they also reflect a major 2026 forecast reset and uncertainty around standard immune-globulin pricing.

Big pictureASCENIV growth and manufacturing yields are lifting margins despite weak standard immune-globulin pricing.

Second-quarter revenue increased only 2%, yet gross margin reached 69.4% as ASCENIV sales rose 24% and lower-margin BIVIGAM sales fell 49%. Management reiterated 2026 revenue guidance of $530–560 million and adjusted EBITDA of $265–300 million. Demand for immune-globulin therapy is tied to chronic medical need, so it is not conventionally economic-cycle sensitive; however, distributor ordering, plasma supply, competitor capacity, and pricing can create meaningful industry cycles and quarter-to-quarter volatility.

Business strengthCash generation is strong, yet debt-funded buybacks make balance-sheet discipline more important.

ADMA ended June with $136.0 million of cash against about $196.6 million of debt and generated $87.8 million of operating cash during the first half. Liquidity looks adequate, and management said current resources should fund operations for the foreseeable future. Still, $125 million of revolver borrowing helped fund an accelerated repurchase, lifting interest expense; the facilities carried about a 6.12% rate at quarter-end. Buybacks reduced the share count, while ongoing stock awards create some offsetting dilution risk.

What could change the storyExecution against ASCENIV demand, BIVIGAM stabilization, and SG-001 progress will determine whether cheap stays cheap.

The bull case assumes ASCENIV can sustain roughly 20%-plus growth, gross margins remain in the high-60% area, BIVIGAM stops deteriorating, and SG-001 advances without consuming excessive capital; under those conditions, current earnings multiples look low. The bear case assumes standard immune-globulin pricing stays weak, ASCENIV growth slows materially, distributor ordering remains volatile, or development spending rises. Because buybacks have added leverage, a weaker operating path would also leave less financial flexibility and could justify a persistently discounted valuation.

AI: News

Q2 guidance heldSecond-quarter earnings improved sharply as ASCENIV growth offset BIVIGAM weakness, and management kept 2026 guidance.

On August 5, ADMA reported second-quarter revenue of $124.4 million, up 2% year over year, GAAP net income of $37.8 million, and adjusted EBITDA of $61.8 million. ASCENIV revenue increased 24% to $102.9 million, while BIVIGAM revenue fell 49% to $19.4 million but improved sequentially. Management reiterated its reduced 2026 ranges, citing accelerating ASCENIV demand, BIVIGAM stabilization, and continued cash generation.

Outlook reset lowerADMA cut 2026 expectations and withdrew long-term guidance amid tougher standard immune-globulin pricing.

On May 6, first-quarter results showed ASCENIV revenue up 28% but BIVIGAM down 54%, with total revenue roughly flat. ADMA lowered 2026 revenue guidance to $530–560 million from about $635 million previously and adjusted EBITDA guidance to $265–300 million from about $360 million, while withdrawing longer-term guidance. The reset reflected stronger competitive pressure, pricing weakness, and distributor-order variability in standard immune globulin, materially lowering the growth assumptions investors had been using.

ASCENIV label expandsFDA approval broadened ASCENIV's primary-immunodeficiency label to children aged two years and older.

On May 4, the FDA approved a supplemental biologics application expanding ASCENIV's primary humoral immunodeficiency indication to pediatric patients aged two and older, versus the prior restriction to patients aged 12 and older. The change broadens the eligible population for ADMA's highest-growth product and supports physician adoption over time. Commercial impact depends on how quickly prescribers, payers, and infusion channels translate the wider label into treated patients.

Buyback acceleratesADMA launched a large accelerated repurchase, signaling confidence while adding leverage to fund capital returns.

On March 2, ADMA announced a $125 million accelerated share repurchase with JPMorgan as part of a planned $200 million or greater 2026 buyback effort. Later filings show the company borrowed $125 million under its revolving facility to fund the transaction. The repurchase can increase per-share earnings by reducing shares outstanding, but using debt for buybacks also raises interest costs and makes future capital-allocation discipline more important if operating conditions weaken.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$510.2M	$426.5M	$258.2M	$154.1M	$80.9M	$42.2M	$29.3M	$17.0M	$22.8M	$10.7M	$7.2M	$5.9M	$3.1M	$1.1M	$761,042
Gross profit	$292.8M	$219.6M	$88.9M	$35.3M	$1.2M	−$19.1M	−$10.2M	−$25.2M	−$6.4M	$4.3M	$2.9M	$2.2M	$1.0M	$449,062	$553,472
Gross margin	57.39%	51.48%	34.44%	22.89%	1.45%	−45.17%	−34.60%	−148.42%	−28.14%	40.34%	39.93%	36.74%	34.04%	40.16%	72.73%
Research & development	$4.8M	$1.8M	$3.3M	$3.6M	$3.6M	$5.9M	$2.3M	$3.9M	$5.6M	$7.7M	$7.0M	$9.5M	$9.3M	$3.5M	$646,756
Operating expenses	$101.3M	$80.6M	$67.3M	$74.6M	$59.5M	$45.8M	$70.8M	$77.3M	$62.1M	$28.0M	$22.7M	$21.9M	$18.1M	$9.0M	$5.2M
Operating income	$191.4M	$139.0M	$21.6M	−$39.4M	−$58.4M	−$64.9M	−$41.4M	−$60.3M	−$39.3M	−$17.3M	−$15.5M	−$16.0M	−$15.0M	−$7.9M	−$4.6M
Operating margin	37.53%	32.59%	8.38%	−25.55%	−72.12%	−153.75%	−141.14%	−354.95%	−172.71%	−162.56%	−216.14%	−270.79%	−490.37%	−707.36%	−607.45%
EBITDA	$199.4M	$146.7M	$29.2M	−$33.0M	−$53.6M	−$61.7M	−$39.0M	−$57.7M	−$37.8M	−$16.9M	−$15.0M	−$15.8M	−$14.8M	−$7.7M	−$4.4M
EBITDA margin	39.09%	34.40%	11.32%	−21.39%	−66.19%	−146.18%	−132.97%	−339.64%	−166.12%	−158.81%	−209.60%	−266.60%	−483.50%	−691.08%	−578.60%
Net income	$146.9M	$197.7M	−$28.2M	−$65.9M	−$71.6M	−$75.7M	−$48.3M	−$65.7M	−$43.8M	−$19.5M	−$18.0M	−$16.8M	−$15.5M	−$7.3M	−$5.9M
Net profit margin	28.80%	46.35%	−10.94%	−42.77%	−88.52%	−179.41%	−164.50%	−387.06%	−192.26%	−183.05%	−250.36%	−284.22%	−506.17%	−653.00%	−775.71%
Basic EPSper basic share	$0.62	$0.85	-$0.13	-$0.33	-$0.51	-$0.88	-$0.89	-$1.45	-$1.91	-$1.61	-$1.73	-$1.81	-$2.38	-$1.39	-$16.72
Diluted EPSper diluted share	$0.60	$0.81	-$0.13	-$0.33	-$0.51	-$0.88	-$0.89	-$1.45	-$1.91	-$1.61	-$1.73	-$1.81	-$2.38	-$1.39	-$16.72

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

17.02%of listed shares

BlackRock, Inc.38.36M shares · Jun 30, 2026

View holders

Top 20 reported holders of ADMA
Holder	% owned
BlackRock, Inc.	17.02%38.36M shares
STATE STREET CORP	7.60%17.12M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.48%10.1M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.48%10.09M shares
Rubric Capital Management LP	4.14%9.34M shares
Capital Research Global Investors	3.89%8.76M shares
FIRST TRUST ADVISORS LP	3.46%7.8M shares
GEODE CAPITAL MANAGEMENT, LLC	2.69%6.06M shares
Caligan Partners LP	2.54%5.73M shares
D. E. Shaw & Co., Inc.	2.34%5.27M shares
Nantahala Capital Management, LLC	2.09%4.72M shares
DIMENSIONAL FUND ADVISORS LP	1.60%3.61M shares
GOLDMAN SACHS GROUP INC	1.56%3.51M shares
B Group, Inc.	1.45%3.26M shares
Nuveen, LLC	1.45%3.26M shares
Duquesne Family Office LLC	1.24%2.78M shares
NORTHERN TRUST CORP	1.07%2.42M shares
MORGAN STANLEY	1.01%2.27M shares
ELMS STEVE	≈0.95%2.14M shares
Ranger Investment Management, L.P.	0.94%2.12M shares

Percentages use 225.36M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys5$468.3K disclosed value

Sells (SEC code S)40$30.63M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 27, 2026Form 4	Grossman Jerrold BDirector	BuyCommon Stock	6.4K	$7.91	$50.6K	520.3K
May 12, 2026Form 4	Grossman Jerrold BDirector	BuyCommon Stock	12.5K	$8.01	$100.1K	513.9K
May 11, 2026Form 4	Grossman Jerrold BDirector	BuyCommon Stock	12.5K	$8.01	$100.1K	501.4K
Mar 16, 2026Form 4 · 10b5-1	Grossman Adam SPresident and CEO	SellCommon Stock	6.0K	$15.16	$91.0K	2.11M
Mar 16, 2026Form 4 · 10b5-1	Grossman Adam SPresident and CEO	SellCommon Stock	15.0K	$15.16	$227.4K	2.12M

Review ownership filings at SEC.gov ↗

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Adma Biologics, Inc. (ADMA)

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