1. Think of ADMA as a focused version of a plasma biopharma giant like Grifols or CSL Behring, specializing in medicines made from human plasma for immune deficiencies.

2. It's like a highly specialized pharmaceutical company, similar to a niche division of Pfizer or Merck, but exclusively dedicated to creating critical treatments from donated human plasma.

• BIVIGAM: An intravenous immune globulin (IVIG) product used to treat primary humoral immunodeficiency (PI).
• ASCENIV: Another intravenous immune globulin (IVIG) product indicated for the treatment of primary humoral immunodeficiency (PI).
• Nabi-HB: Used for the treatment of acute exposure to blood containing Hepatitis B surface antigen and other listed Hepatitis B exposures.

ADMA Biologics (symbol: ADMA) sells its products primarily to other companies through various channels, rather than directly to individuals. The provided background information describes the categories of these customer entities, but does not identify specific company names for its major customers.

Based on the company description, ADMA Biologics sells its products to the following categories of customers:

• Independent distributors
• Sales agents
• Specialty pharmacies
• Other alternate site providers

Adam S. Grossman, President and Chief Executive Officer

Adam S. Grossman is a co-founder of ADMA Biologics and has served as its President and Chief Executive Officer since October 2011, and as Chief Operating Officer from 2007 to 2011. He also served as Interim CFO from April to July 2024. With over 30 years of experience in the blood and plasma industry, Mr. Grossman has been a driving force behind ADMA Biologics' mission to develop and commercialize plasma-derived products. Prior to founding ADMA, he was Executive Vice President of National Hospital Specialties and GenesisBPS from 1994 to 2011. GenesisBPS, co-owned by Mr. Grossman and his father, was acquired in September 2025. His earlier career included roles at MedImmune, Inc. focusing on marketing for RSV and CMV immunoglobulins, and at the American Red Cross in new product launches within the Biomedical Services division. Mr. Grossman led ADMA Biologics to go public in 2013, completed over $1.5 billion in financing, and spearheaded the 2017 acquisition of Biotest Therapy Business Unit, transforming ADMA into a vertically integrated plasma products manufacturer. He holds a B.S. in Business Administration from American University and an MBA from Columbia University.

Terry Kohler, Chief Financial Officer and Treasurer

Terry Kohler was appointed Chief Financial Officer and Treasurer of ADMA Biologics effective February 26, 2026, succeeding Brad Tade. He joined ADMA as Executive Financial Advisor in December 2025. Mr. Kohler is a seasoned public company executive with extensive experience in financial strategy, operations, and investor relations. Previously, he served as CFO of OptiNose Inc., where he played a key role in finance, investor relations, and business development, and helped guide the company through its acquisition by Paratek Pharmaceuticals. He also held the CFO position at Verrica Pharmaceuticals, a publicly traded biotechnology company. Mr. Kohler's background includes senior financial leadership roles at Endo International, such as Treasurer and Head of Corporate Development. He completed the Johnson & Johnson MBA Leadership Development program and worked at several investment banking firms. Mr. Kohler holds a B.A. in International Business and Management from Dickinson College and an M.B.A. in Finance & Entrepreneurship from the University of North Carolina.

Kaitlin Kestenberg, Chief Operating Officer & Senior Vice President of Compliance

As Chief Operating Officer and Senior Vice President of Compliance, Kaitlin Kestenberg is responsible for ensuring the company's adherence to regulations and governing body expectations. She also oversees company-wide project planning, management, and clinical program operations. Ms. Kestenberg was instrumental in the due diligence for the Biotest Therapy Business Unit acquisition and played a crucial role in integrating corporate operations, compliance, and FDA-regulated functions.

Jeffrey Janek, Vice President, Production Operations

Jeffrey Janek joined ADMA Biologics in May 2021 as Vice President, Production Operations. Before joining ADMA, he was a Site Head and a key member of the Plasma Leadership Team at Takeda. Mr. Janek began his career in 1994 at Alcon Laboratories, an ophthalmic pharmaceutical company, where he spent 20 years in roles of increasing management responsibility, including six years as a Site Head in Sao Paulo, Brazil.

Michael Space, Vice President, Long Range Planning & Analysis

Michael Space is the Vice President, Long Range Planning & Analysis at ADMA Biologics, having joined the company in September 2018. He brings over 30 years of diverse operational experience in the pharmaceutical industry. Prior to ADMA, Mr. Space held leadership positions at Hoffman-La Roche in areas such as process development, engineering, production, supply chain, finance, information technology, and site management across various national and international locations.

Here are the key risks to ADMA Biologics' business:

1. Operational and Manufacturing Execution Risks: A significant risk for ADMA Biologics is centered on the operational challenges and execution of scaling up its new, FDA-approved yield enhancement process at its Boca Raton facility. Any disruptions in this scale-up could directly impact expected efficiency improvements and gross margin expansion, which are crucial for the company's growth thesis. Furthermore, the complex manufacturing process for IVIG products carries inherent risks, including potential FDA scrutiny due to operational issues, and the company's reliance on third-party services for crucial manufacturing processes could lead to product delays and add uncertainty to financial stability.
2. Regulatory and Product Safety Risks: Operating in the biopharmaceutical sector, ADMA Biologics faces continuous and intense scrutiny from the U.S. Food and Drug Administration (FDA) regarding plasma center compliance and manufacturing standards. Changes in regulatory policies, adverse outcomes from inspections, or non-compliance with FDA standards could result in costly delays, fines, or even the suspension of product sales. Moreover, as a producer of plasma-derived biologics, there is an inherent, albeit low, risk of transmitting infectious agents, which remains a constant regulatory and safety consideration. Maintaining FDA licensure for its plasma collection facilities and products is critical to its operations and market presence.
3. Market Competition and Product Concentration: ADMA Biologics operates within a highly competitive intravenous immunoglobulin (IVIG) market, facing pressure from larger companies, new market entrants, and rapidly evolving technological advancements. The company's business is largely reliant on a concentrated portfolio of plasma-derived products, primarily BIVIGAM and ASCENIV. This concentration exposes ADMA to market volatility and the long-term competitive threat posed by the development of alternative, non-plasma-derived therapies for immune deficiencies, which could potentially displace or limit the growth of its traditional immunoglobulin products.

ADMA Biologics (NASDAQ: ADMA) operates in the markets for intravenous immune globulin (IVIG) products for primary humoral immunodeficiency (PI) and Hepatitis B immune globulin.

The addressable market sizes for ADMA Biologics' main products are as follows:

• BIVIGAM and ASCENIV (IVIG products for Primary Humoral Immunodeficiency): The global intravenous immunoglobulin (IVIG) market, which includes treatments for primary humoral immunodeficiency, reached a value of USD 13.4 billion across the top 7 markets (US, EU4, UK, and Japan) in 2024 and is expected to reach USD 25.0 billion by 2035. Another estimate indicates the global immunoglobulin market size was USD 22.15 billion in 2025 and is projected to grow to USD 43.68 billion by 2034. Specifically for Primary Immunodeficiency (PI), the global market was valued at USD 8.9 billion in 2024 and is projected to reach USD 14.0 billion by 2030. The U.S. intravenous immunoglobulin market size was estimated at US$ 6.21 billion in 2021 and is expected to reach US$ 12.24 billion by 2030. North America held a significant share of the IVIG market, with one report indicating USD 11.09 Billion in 2024. ADMA Biologics targets an immunoglobulin (IG) market that is projected to reach $20 billion by 2030.
• Nabi-HB (Hepatitis B Immune Globulin): The global Human Hepatitis B Immunoglobulin market size is projected to grow from USD 1.2 billion in 2023 to USD 2.4 billion by 2032. Another report projects the global Human Hepatitis B Immunoglobulin (HBIG) market to reach $13.11 billion by 2033, growing at a compound annual growth rate (CAGR) of 13.02% from 2025. The broader global Hepatitis B Treatment Market is projected at USD 16.23 billion in 2026 and is expected to reach USD 23.95 billion by 2035.

ADMA Biologics (NASDAQ: ADMA) anticipates several key drivers to fuel its revenue growth over the next two to three years:

1. Continued Growth and Market Penetration of ASCENIV: ADMA Biologics expects sustained revenue growth driven by the increasing adoption of ASCENIV, an intravenous immune globulin (IVIG) product for primary humoral immunodeficiency. The company projects ASCENIV is still in the early stages of its market penetration curve, with continued growth in prescriber, payer, and patient adoption.
2. Benefits from Yield-Enhanced Manufacturing Process: The FDA approval in April 2025 of a yield enhancement production process for both ASCENIV and BIVIGAM is expected to significantly boost production yields by 20% or more. Fiscal year 2026 is anticipated to be the first full year of monetizing these yield-enhanced products, contributing to increased output and expanded gross margins.
3. Expansion of Plasma Collection Network and Improved Supply: ADMA is actively expanding its plasma collection network to achieve greater plasma supply self-sufficiency. This vertical integration is a strategic initiative to ensure a reliable and durable supply of source plasma, which is crucial for the manufacturing of its immunoglobulin products, thereby supporting ongoing revenue growth and profitability.
4. Expanded Payer Access and Distribution Partnerships: The company is focused on broadening its commercial reach through expanded payer coverage and new distribution agreements. A partnership with McKesson Specialty, initiated in Q4 2025, is expected to open additional sites of care and patient populations, accelerating demand for both BIVIGAM and ASCENIV.
5. Potential Label Expansion for ASCENIV to Pediatric Patients: ADMA filed a supplemental Biologics License Application (sBLA) in June 2025 to extend ASCENIV's label to include pediatric patients aged two and older. Potential FDA approval in the first half of fiscal year 2026 would significantly expand the addressable patient population and generate additional revenue opportunities.

Share Repurchases

• ADMA Biologics announced a capital return initiative targeting approximately $200 million for 2026, which includes a $125 million accelerated share repurchase agreement.
• The company operates under an existing share repurchase program that authorizes up to $500 million for repurchases.
• Since the program's authorization in May 2025, ADMA has repurchased approximately $160 million of its common stock to date, encompassing prior repurchases and the accelerated share repurchase.

Inbound Investments

• ADMA Biologics secured a $300 million syndicated debt refinancing in August 2025, led by J.P. Morgan, which included a $75 million term loan and a $225 million unused revolving credit facility.

Capital Expenditures

• ADMA Biologics reported Capital Expenditure of USD -22.6 million in 2025.
• In July 2025, the company completed the purchase of a $12.5 million facility near its Boca Raton manufacturing campus, aimed at strengthening its U.S.-based supply chain and potentially expanding cGMP capacity by up to 30%. This facility expansion investment was approximately $12.6 million, settled during Q3 2025.
• The company's capital allocation focuses on improving supply, operating efficiencies, yields, and gross margins at its Boca Raton facility and ADMA BioCenters, with a yield enhancement initiative expected to increase production yields by approximately 20%.