Here are 1-2 brief analogies to describe ADMA Biologics:

1. A smaller, specialized Grifols, focusing on plasma-derived therapies like IVIG.
2. An integrated biopharmaceutical company that develops and manufactures plasma-derived medicines, similar to a specialized division of CSL Behring.

• BIVIGAM®: An immune globulin intravenous (human) used to treat primary humoral immunodeficiency (PI) in adults and pediatric patients.
• ASCENIV™: An immune globulin intravenous (human, liquid) indicated for the treatment of primary humoral immunodeficiency (PI) in adults and pediatric patients aged 12 years and older.
• NABI-HB®: A hepatitis B immune globulin (human) used for immediate and long-term protection against hepatitis B virus infection.

ADMA Biologics (ADMA) sells primarily to other companies, not directly to individuals.

ADMA's sales and distribution strategy involves marketing its specialized plasma-derived biologics (such as BIVIGAM, ASCENIV, and NABI-HB) through a direct sales force in the United States. Its direct customers, which facilitate the distribution and administration of its products to end-users, include:

• Wholesale drug distributors
• Specialty pharmacies
• Hospitals
• Alternate treatment sites (e.g., infusion centers)
• Physician offices
• Group Purchasing Organizations (GPOs)

Regarding its major customers, ADMA's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, states that the company depends on a limited number of specialty distributors and wholesale customers. The report indicates that two customers individually represented more than 10% of ADMA's total net product sales, accounting for approximately 42% and 15% of net product sales, respectively, for that year. However, ADMA Biologics does not explicitly name these specific customer companies in its public filings.

BPL Plasma Inc.

Adam S. Grossman, Founder, Director, President, & Chief Executive Officer
Mr. Grossman founded ADMA Biologics in 2007 and has served as President and Chief Executive Officer since October 2011. He was previously Executive Vice President of National Hospital Specialties and GenesisBPS from 1994 to 2011. GenesisBPS, a medical device firm, was acquired in September 2025. Mr. Grossman led ADMA's public offering in 2013 and has completed over $1.2 billion in equity capital markets financing and debt transactions. He also led the asset acquisition of the Biotest Therapy Business Unit in 2017. His career also includes roles at MedImmune, Inc. and the American Red Cross. He is the son of co-founder Dr. Jerrold B. Grossman.

Brad L. Tade, Chief Financial Officer & Treasurer
Mr. Tade joined ADMA Biologics in June 2023 as Vice President of Financial Operations and was appointed Chief Financial Officer & Treasurer. He brings over 20 years of experience in the medical device industry. Prior to ADMA, he served as Vice President of Finance for Commercial Packaging Technology and Development and Manufacturing at PCI Pharma Services, and previously held Vice President of Finance roles at Baxter and Becton Dickinson.

Kaitlin Kestenberg, Chief Operating Officer & Senior Vice President, Compliance
Ms. Kestenberg has been the Chief Operating Officer and Senior Vice President, Compliance of ADMA Biologics since April 2024. Her background includes quality and operational leadership positions at Merck, Charles River Laboratories, BioReliance, and ElevateBio.

Jerrold B. Grossman, D.P.S., Founder & Vice Chairman
Dr. Grossman is a co-founder of ADMA Biologics in 2007 and has over 35 years of experience in the blood and plasma industry. He is the founder and CEO of Technomed, Inc. (formerly National Hospital Specialties) since 1980, and was the founder and President of GenesisBPS from 1990 until its acquisition in September 2025. Dr. Grossman was also a founder and former director of Pascack Bancorp, Inc., which was acquired by Lakeland Bancorp, Inc. in January 2016.

Steven A. Elms, Chairman
Mr. Elms has served as a director of ADMA Biologics since 2007 and is the company's Chairman of the Board. He is a Managing Partner at Aisling Capital, a life sciences-focused private equity firm, which he joined in 2000. Previously, he was a Principal in the Life Sciences Investment Banking Group of Hambrecht & Quist, where he was involved in over 60 financing and merger and acquisition transactions. Mr. Elms also serves on the board of directors for other companies, including Elevation Oncology and Marker Therapeutics.

The emergence of curative gene therapies for specific types of primary immunodeficiency (PI) represents a clear emerging threat. ADMA Biologics' core products, BIVIGAM and ASCENIV, are plasma-derived intravenous immune globulins (IVIG) used for the chronic treatment of PI. Gene therapies, currently in various stages of clinical development and gaining increasing regulatory attention and approvals for certain rare genetic diseases, aim to provide a one-time, potentially curative solution by correcting the underlying genetic defect responsible for the immunodeficiency. Should these gene therapies prove safe, effective, and broadly applicable to a wider range of PI patients, they could significantly reduce or eliminate the long-term need for chronic immunoglobulin replacement therapy, thereby diminishing the market for ADMA's primary product offerings.

ADMA Biologics (ADMA) primarily focuses on specialty plasma-derived biologics, with its main commercial products being intravenous immune globulin (IVIG) therapies, ASCENIV and BIVIGAM, and a hyperimmune globulin product, Nabi-HB. The company is also developing SG-001, a pre-clinical hyperimmune globulin.

Addressable Markets for ADMA Biologics' Main Products:

Intravenous Immune Globulin (IVIG) Market:

• The U.S. intravenous immunoglobulin market was valued at approximately USD 7.27 billion in 2024 and is projected to reach USD 14.42 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 7.9% from 2024 to 2033. Another estimate places the U.S. IVIG market at USD 4.94 billion in 2025, growing to USD 9.28 billion by 2034, at a CAGR of 7.25%.
• Globally, the intravenous immunoglobulin market was valued at approximately USD 14.32 billion in 2024 and is projected to grow to USD 28.70 billion by 2034, at a CAGR of 7.20% from 2025 to 2034. Another report estimates the global market at USD 17.34 billion in 2025, expected to reach USD 34.92 billion by 2034, with an 8.10% CAGR from 2025 to 2034.

Hyperimmune Globulins Market:

• The global hyperimmune globulins market size was approximately USD 1.94 billion in 2024 and is projected to reach USD 3.56 billion by 2033, growing at a CAGR of 7% from 2025 to 2033. Other estimations value the global market at USD 1.7 billion in 2023, expected to reach USD 3.2 billion by 2033 at a CAGR of 6.2% from 2024 to 2033.
• The U.S. hyperimmune globulins market accounts for approximately 33% of the global demand. Hepatitis B Immunoglobulins, like ADMA's Nabi-HB, represent about 24% of the hyperimmune globulins market.

ADMA Biologics (ADMA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Growing Demand and Utilization of ASCENIV: The company anticipates continued revenue growth due to strong performance, increased prescriber adoption, and growing patient demand for its lead product, ASCENIV. This product achieved record utilization in recent quarters.
2. Yield-Enhancement Production Efficiencies: The FDA's approval of a new production process and yield-enhancement technology is projected to increase finished immunoglobulin (IG) output by 20% or more, using the same amount of starting plasma. This efficiency gain is expected to drive margin expansion and support revenue growth through 2026.
3. Expansion of Payer Coverage and Distribution Partnerships: Positive negotiations for 2026 payer coverage and ongoing efforts to onboard additional distribution partners are expected to broaden the reach and improve access for both Bivigam and ASCENIV, thereby accelerating growth.
4. New High-Titer Plasma Supply Contracts and Expanded Sourcing: ADMA has secured new high-titer plasma supply contracts and expanded its plasma sourcing. This strengthens the market potential of products like ASCENIV, de-risks the supply chain, and supports long-term revenue growth.
5. Potential Launch of Pipeline Product SG-001: Although currently excluded from official revenue guidance, the pipeline product SG-001 represents a significant upside opportunity. If approved, it has the potential to generate substantial high-margin annual revenue, estimated between $300 million and $500 million or more.

Share Repurchases

• ADMA Biologics announced a $500 million share repurchase program in the first quarter of 2025.
• Under this program, approximately $15 million of common stock was repurchased during the second quarter of 2025, with settlements occurring in July 2025.
• The share repurchase program does not have an expiration date.

Share Issuance

• The number of ADMA Biologics' outstanding shares increased by 3.49% in one year.

Capital Expenditures

• ADMA Biologics' latest trailing twelve months (TTM) Capital Expenditure % Average for three years is 14.07%.
• Over the past five years, the company's average Capital Expenditure % Average for three years has been 14.53%.
• A decrease in cash and cash equivalents from $103.1 million at the end of 2024 to $61.4 million as of September 30, 2025, indicates significant investments or expenditures during this period.