Business Description
ADMA Biologics, Inc. is a commercial biopharmaceutical company that develops, manufactures, and markets specialty plasma-derived biologics. Operating primarily in the United States, the company focuses on treatments for patients with compromised immune systems and those at risk for certain infectious diseases. Its vertically integrated business model includes operating its own FDA-approved plasma collection centers to secure the raw materials needed for its therapies.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 510,173 | 426,454 | 258,215 | 154,080 |
| Cost of Sales | 217,408 | 206,901 | 169,273 | 118,815 |
| Gross Profit | 292,765 | 219,553 | 88,942 | 35,265 |
| Selling, General & Administrative Expenses | 91,580 | 74,124 | 59,020 | 52,458 |
| Depreciation & Amortization Expenses | 144 | 388 | 724 | 715 |
| Research & Development Expenses | 4,762 | 1,813 | 3,300 | 3,614 |
| Other Operating Expenses | 4,836 | 4,245 | 4,266 | 17,843 |
| Operating Profit | 191,443 | 138,983 | 21,632 | (39,365) |
| Interest and Investment Income | 1,871 | 2,097 | 1,617 | 45 |
| Interest Expense | (7,110) | (13,930) | (25,027) | (19,279) |
| Non-Operating Income | (12,335) | (14,705) | (76,332) | (33,844) |
| Total Non-Operating Income | (17,574) | (26,538) | (99,742) | (53,078) |
| Income Before Provision for Income Taxes | 182,656 | 125,714 | (28,239) | (65,904) |
| Provision for Income Taxes | 35,726 | (71,959) | — | — |
| Consolidated Net Income | 146,930 | 197,673 | (28,239) | (65,904) |
| Net Income Attributable to Common Shareholders | 146,930 | 197,673 | (28,239) | (65,904) |
| Basic EPS | 0.62 | 0.85 | -0.13 | -0.33 |
| Diluted EPS | 0.60 | 0.81 | -0.13 | -0.33 |
| Basic Weighted Average Shares Outstanding | 238,299 | 233,084 | 223,977 | 197,875 |
| Diluted Weighted Average Shares Outstanding | 244,905 | 243,342 | 223,977 | 197,875 |
| Shares Outstanding | 237,874 | 236,621 | 226,063 | 221,817 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 87,630 | 103,147 | 51,352 | 86,522 |
| Total Cash and Cash Equivalents | 87,630 | 103,147 | 51,352 | 86,522 |
| Accounts Receivable | 158,429 | 49,999 | 27,421 | 15,505 |
| Total Trade Receivables | 158,429 | 49,999 | 27,421 | 15,505 |
| Inventories | 206,465 | 170,235 | 172,906 | 163,280 |
| Other Current Assets | 13,988 | 8,029 | 5,334 | 5,095 |
| Total Current Assets | 466,512 | 331,410 | 257,013 | 270,402 |
| Net Property, Plant & Equipment | 71,707 | 63,341 | 63,470 | 68,746 |
| Net Intangible Assets | 632 | 460 | 499 | 1,013 |
| Goodwill | 3,530 | 3,530 | 3,530 | 3,530 |
| Other Long-Term Assets | 81,861 | 89,937 | 4,670 | 4,770 |
| Total Assets | 624,242 | 488,678 | 329,182 | 348,461 |
| Accounts Payable | 22,519 | 20,219 | 15,660 | 13,229 |
| Accrued Expenses | 40,466 | 34,105 | 32,919 | 24,990 |
| Current Portion of Long-Term Debt | 2,813 | — | — | — |
| Current Portion of Leases | 1,096 | 1,218 | 1,045 | 905 |
| Unearned Revenue | — | — | 182 | 143 |
| Other Current Liabilities | 2,647 | — | — | — |
| Total Current Liabilities | 69,541 | 55,542 | 49,806 | 39,267 |
| Long-Term Debt | 69,330 | 73,650 | 132,282 | 144,333 |
| Leases | 6,646 | 8,561 | 9,779 | 10,704 |
| Other Long-Term Liabilities | 1,405 | 1,907 | 2,109 | 2,183 |
| Total Long-Term Liabilities | 77,381 | 84,118 | 144,170 | 157,220 |
| Total Liabilities | 146,922 | 139,660 | 193,976 | 196,487 |
| Common Stock | 24 | 24 | 23 | 22 |
| Treasury Stock | (32,090) | — | — | — |
| Additional Paid-in Capital | 671,039 | 657,577 | 641,439 | 629,969 |
| Retained Earnings | (161,653) | (308,583) | (506,256) | (478,017) |
| Total Common Shareholders' Equity | 477,320 | 349,018 | 135,206 | 151,974 |
| Total Shareholders' Equity | 477,320 | 349,018 | 135,206 | 151,974 |
| Total Liabilities and Shareholders' Equity | 624,242 | 488,678 | 329,182 | 348,461 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 146,930 | 197,673 | (28,239) | (65,904) |
| Depreciation & Amortization | 8,096 | 8,045 | 8,332 | 7,113 |
| Share-Based Compensation Expense | 20,026 | 13,616 | 6,187 | 5,215 |
| Other Adjustments | 14,939 | (82,123) | 32,643 | 12,354 |
| Changes in Trade Receivables | (108,430) | (22,578) | (11,916) | 13,072 |
| Changes in Inventories | (36,230) | 2,671 | (9,626) | (38,556) |
| Changes in Accounts Payable | 2,330 | 4,150 | 3,839 | 800 |
| Changes in Accrued Expenses | 5,212 | 1,042 | 7,530 | 7,534 |
| Changes in Other Operating Activities | (2,477) | (3,824) | 50 | (1,136) |
| Cash from Operating Activities | 50,396 | 118,672 | 8,800 | (59,508) |
| Capital Expenditure | (22,575) | (8,226) | (4,771) | (13,911) |
| Purchases of Intangible Assets | (316) | (349) | (210) | — |
| Proceeds from Business Divestments | 1,000 | — | — | — |
| Cash from Investing Activities | (21,891) | (8,575) | (4,981) | (13,911) |
| Issuance of Short-Term Debt | 30,000 | — | — | — |
| Repayments of Short-Term Debt | (72,500) | — | — | — |
| Net Issuance / (Repayments) of Short-Term Debt | (42,500) | — | — | — |
| Issuance of Long-Term Debt | 75,000 | — | 135,000 | 151,750 |
| Repayments of Long-Term Debt | (33,438) | (60,000) | (158,584) | (100,000) |
| Net Issuance / (Repayments) of Long-Term Debt | 41,562 | (60,000) | (23,584) | 51,750 |
| Issuance of Common Shares | 2,984 | 7,494 | 1,104 | 64,820 |
| Repurchases of Common Shares | (41,487) | (4,971) | (1,415) | (2,899) |
| Net Issuance / (Repurchases) of Common Shares | (38,503) | 2,523 | (311) | 61,921 |
| Other Financing Activities | (4,581) | (825) | (15,094) | (4,819) |
| Cash from Financing Activities | (44,022) | (58,302) | (38,989) | 108,852 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (15,517) | 51,795 | (35,170) | 35,433 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $4.34B |
| P/E | 30.40x |
| P/S | 8.50x |
| EV/EBITDA | 21.71x |
| Return on Equity | 35.6% |
| Return on Invested Capital | 38.4% |
| Current Ratio | 6.71x |
| Free Cash Flow Margin | 5.5% |
Margins
Gross margin
57.4%
Operating margin
37.5%
Net margin
28.8%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $124M | +2.0% | 42.2% | $52M |
| Q1 2026 | $114M | -0.3% | 50.9% | $58M |
| Q4 2025 | $139M | +18.4% | 45.1% | $63M |
| Q3 2025 | $134M | +12.0% | 38.0% | $51M |
| Q2 2025 | $122M | — | 35.1% | $43M |
| Q1 2025 | $115M | — | 30.4% | $35M |
| Q4 2024 | $118M | — | 32.6% | $38M |
| Q3 2024 | $120M | — | 33.1% | $40M |
More on ADMA Biologics, Inc.
Figures compiled from public company filings.
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