ADMA Biologics (ADMA)


Market Price (10/5/2026): $9.72 | Market Cap: $2.2 BilSector: Health Care | Industry: Biotechnology

ADMA Biologics (ADMA)


Market Price (10/5/2026): $9.72
Market Cap: $2.2 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, FCF Yield is 5.2%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 42%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Plasma-Derived Therapies, Targeted Therapies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -84%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.81, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%

Key risks
ADMA key risks include [1] its history of substantial operating losses and a $506.3 million accumulated deficit, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, FCF Yield is 5.2%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 42%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%
3 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Plasma-Derived Therapies, Targeted Therapies, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -84%
5 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.81, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
6 Key risks
ADMA key risks include [1] its history of substantial operating losses and a $506.3 million accumulated deficit, Show more.

ADMA in ETFs

Weight = ADMA's share of each fund

VTI0.00%
ITOT0.00%
IWM0.08%
IJR0.12%
VB0.01%
XBI0.42%
SLYG0.25%
IJT0.25%
+12 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

ADMA Biologics (ADMA) stock has gained about 15% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Performance Driven by ASCENIV Growth and Margin Expansion. ADMA Biologics reported robust financial results for the fiscal second quarter ended June 30, 2026. Total revenue reached $124.4 million, reflecting a 2% year-over-year increase. Notably, revenue from ASCENIV, a key product, surged by 24% year-over-year to $102.9 million. This favorable product mix, coupled with manufacturing efficiencies, led to a significant expansion in gross margin to 69% in fiscal Q2 2026, up from 55% in the prior-year period. The company also achieved an 11% year-over-year increase in GAAP net income to $37.8 million and a 22% year-over-year rise in Adjusted EBITDA to $61.8 million for the quarter.

2. Reiterated and Confident Full-Year 2026 Financial Guidance. Following its strong performance in fiscal Q2 2026, ADMA Biologics reiterated its full-year 2026 financial guidance, projecting total revenue between $530 million and $560 million, adjusted net income of $170 million to $200 million, and adjusted EBITDA of $265 million to $300 million. This reiteration signaled management's confidence in sustained growth and operational execution, particularly highlighting accelerating ASCENIV demand and stabilizing BIVIGAM revenue despite competitive pressures in the U.S. immune globulin market.

Show more
Updated on 10/1/2026

ADMA Biologics (ADMA) stock has gained about 15% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Performance Driven by ASCENIV Growth and Margin Expansion. ADMA Biologics reported robust financial results for the fiscal second quarter ended June 30, 2026. Total revenue reached $124.4 million, reflecting a 2% year-over-year increase. Notably, revenue from ASCENIV, a key product, surged by 24% year-over-year to $102.9 million. This favorable product mix, coupled with manufacturing efficiencies, led to a significant expansion in gross margin to 69% in fiscal Q2 2026, up from 55% in the prior-year period. The company also achieved an 11% year-over-year increase in GAAP net income to $37.8 million and a 22% year-over-year rise in Adjusted EBITDA to $61.8 million for the quarter.

2. Reiterated and Confident Full-Year 2026 Financial Guidance. Following its strong performance in fiscal Q2 2026, ADMA Biologics reiterated its full-year 2026 financial guidance, projecting total revenue between $530 million and $560 million, adjusted net income of $170 million to $200 million, and adjusted EBITDA of $265 million to $300 million. This reiteration signaled management's confidence in sustained growth and operational execution, particularly highlighting accelerating ASCENIV demand and stabilizing BIVIGAM revenue despite competitive pressures in the U.S. immune globulin market.

3. Significant Share Repurchase Program Enhancing Shareholder Value. ADMA Biologics actively engaged in capital allocation strategies aimed at enhancing shareholder value, repurchasing approximately 7.1 million shares of common stock during fiscal Q2 2026. Cumulatively, as of June 30, 2026, the company had repurchased approximately 13.8 million shares year-to-date, accounting for about 5.3% of its outstanding common stock. The company also maintained its target to repurchase $200 million or more in shares for fiscal year 2026.

4. Positive Analyst Sentiment and Upgraded Price Targets. The positive financial results and outlook were met with favorable reception from Wall Street analysts. Following the fiscal Q2 2026 earnings report, several analysts maintained "Buy" ratings on ADMA Biologics stock. The consensus 12-month price target for ADMA Biologics from polled analysts ranged between $15.67 and $18.67, with an average target of $17.00, suggesting a significant potential upside of approximately 75% to 84% from the stock's price around the end of September 2026.

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Stock Movement Drivers

Fundamental Drivers

The 16.1% change in ADMA stock from 6/30/2026 to 10/4/2026 was primarily driven by a 9.9% change in the company's P/E Multiple.
(LTM values as of)630202610042026Change
Stock Price ($)8.379.7216.1%
Change Contribution By: 
Total Revenues ($ Mil)5105120.5%
Net Income Margin (%)32.4%33.0%1.7%
P/E Multiple11.913.19.9%
Shares Outstanding (Mil)2362283.4%
Cumulative Contribution16.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/4/2026
ReturnCorrelation
ADMA16.1% 
Market (SPY)3.1%6.2%
Sector (XLV)4.7%37.4%

Fundamental Drivers

The 7.9% change in ADMA stock from 3/31/2026 to 10/4/2026 was primarily driven by a 14.5% change in the company's Net Income Margin (%).
(LTM values as of)331202610042026Change
Stock Price ($)9.019.727.9%
Change Contribution By: 
Total Revenues ($ Mil)5105120.4%
Net Income Margin (%)28.8%33.0%14.5%
P/E Multiple14.613.1-10.0%
Shares Outstanding (Mil)2382284.3%
Cumulative Contribution7.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/4/2026
ReturnCorrelation
ADMA7.9% 
Market (SPY)18.6%6.6%
Sector (XLV)13.8%32.9%

Fundamental Drivers

The -33.7% change in ADMA stock from 9/30/2025 to 10/4/2026 was primarily driven by a -25.1% change in the company's Net Income Margin (%).
(LTM values as of)930202510042026Change
Stock Price ($)14.669.72-33.7%
Change Contribution By: 
Total Revenues ($ Mil)4745128.0%
Net Income Margin (%)44.1%33.0%-25.1%
P/E Multiple16.913.1-22.5%
Shares Outstanding (Mil)2412285.8%
Cumulative Contribution-33.7%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/4/2026
ReturnCorrelation
ADMA-33.7% 
Market (SPY)16.5%18.6%
Sector (XLV)20.9%28.9%

Fundamental Drivers

The 171.5% change in ADMA stock from 9/30/2023 to 10/4/2026 was primarily driven by a 146.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310042026Change
Stock Price ($)3.589.72171.5%
Change Contribution By: 
Total Revenues ($ Mil)208512146.2%
P/S Multiple3.84.313.0%
Shares Outstanding (Mil)223228-2.4%
Cumulative Contribution171.5%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/4/2026
ReturnCorrelation
ADMA171.5% 
Market (SPY)86.2%30.7%
Sector (XLV)35.2%30.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ADMA Return-28%175%16%279%6%-45%414%
Peers Return5%-38%-23%159%9%-21%10%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
ADMA Win Rate50%83%42%75%50%56% 
Peers Win Rate50%38%38%62%54%39% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
ADMA Max Drawdown-63%-33%-33%-25%-43%-60% 
Peers Max Drawdown-41%-54%-56%-42%-48%-46% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CSL, EBS. See ADMA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/2/2026 (YTD)

How Low Can It Go

EventADMAS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-17.0%-9.5%
  % Gain to Breakeven20.5%10.5%
  Time to Breakeven17 days24 days
2023 SVB Regional Banking Crisis
  % Loss-17.8%-6.7%
  % Gain to Breakeven21.6%7.1%
  Time to Breakeven50 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-12.9%-24.5%
  % Gain to Breakeven14.8%32.4%
  Time to Breakeven13 days427 days
2020 COVID-19 Crash
  % Loss-61.2%-33.7%
  % Gain to Breakeven158.0%50.9%
  Time to Breakeven1017 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-64.5%-19.2%
  % Gain to Breakeven182.0%23.8%
  Time to Breakeven1897 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-58.7%-3.7%
  % Gain to Breakeven142.2%3.9%
  Time to Breakeven2514 days6 days

Compare to CSL, EBS

In The Past

ADMA Biologics's stock fell -3.9% during the 2025 US Tariff Shock. Such a loss loss requires a 4.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventADMAS&P 500
2020 COVID-19 Crash
  % Loss-61.2%-33.7%
  % Gain to Breakeven158.0%50.9%
  Time to Breakeven1017 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-64.5%-19.2%
  % Gain to Breakeven182.0%23.8%
  Time to Breakeven1897 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-58.7%-3.7%
  % Gain to Breakeven142.2%3.9%
  Time to Breakeven2514 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-56.1%-12.2%
  % Gain to Breakeven127.7%13.9%
  Time to Breakeven3007 days62 days
2014-2016 Oil Price Collapse
  % Loss-53.6%-6.8%
  % Gain to Breakeven115.4%7.3%
  Time to Breakeven3021 days15 days
2013 Taper Tantrum
  % Loss-20.5%-0.2%
  % Gain to Breakeven25.7%0.2%
  Time to Breakeven35 days1 days

Compare to CSL, EBS

In The Past

ADMA Biologics's stock fell -3.9% during the 2025 US Tariff Shock. Such a loss loss requires a 4.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About ADMA Biologics (ADMA)

ADMA Biologics is a biopharmaceutical company dedicated to the development, manufacturing, and commercialization of specialized plasma-derived biologics. These essential therapies are designed to treat a range of immune deficiencies and infectious diseases, serving patients both in the United States and internationally. The company also supports its operations by owning and managing source plasma collection facilities, which are critical for its manufacturing processes.

The company's primary product offerings include BIVIGAM and ASCENIV, both of which are intravenous immune globulin (IVIG) products specifically indicated for the treatment of primary humoral immunodeficiency (PI). ADMA Biologics also provides Nabi-HB, a specialized biologic used for the treatment of acute exposure to blood containing Hepatitis B surface antigen. In addition to these marketed products, the company maintains a pipeline of new plasma-derived therapeutics, including potential treatments related to S. pneumonia infection.

ADMA Biologics primarily targets the market of patients suffering from immune deficiencies, such as primary humoral immunodeficiency, and individuals requiring treatment following exposure to Hepatitis B. The company distributes its products through a diversified network that includes independent distributors, sales agents, specialty pharmacies, and other alternate site providers, ensuring its life-saving treatments are accessible to those who need them.

AI Analysis | Feedback

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.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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

AI Analysis | Feedback

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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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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%.

Better Bets vs. ADMA Biologics (ADMA)

Peer Outperformance in Biotechnology

ADMA has outperformed 99% of its 361 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that ADMA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
39%
of 453 industry peers · -33.7% return
3Y
85%
of 401 industry peers · 183.4% return
5Y
99%
of 361 industry peers · 752.6% return
No Biotechnology peer with a comparable growth profile has beaten ADMA by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is ADMA's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 12.8%43.2%91.3% CAH 414% · MCK 366% · COR 175%
Health Care Services 20 18.8%36.3%9.1% HIMS 295% · RDNT 144% · DGX 81%
Managed Health Care 8 25.4%-8.6%4.2% OSCR 92% · HQY 38% · ELV 11%
Health Care Facilities 24 -2.1%5.0%-3.6% THC 291% · NHC 272% · ENSG 131%
Health Care Equipment 50 -8.9%-0.2%-16.2% POCI 11050% · UFPT 374% · GKOS 253%
Pharmaceuticals 62 -7.4%-2.8%-30.9% INDV 1117% · ETON 1046% · LQDA 953%
Health Care Supplies 12 21.5%-4.9%-37.5% LNTH 296% · HAE 52% · MMSI 19%
Life Sciences Tools & Services 109 -5.7%-11.3%-66.7% SNWV 1867% · NTRA 269% · MEDP 210%
Health Care Technology 21 -35.8%-55.3%-79.1% SPOK 79% · HSTM 10% · VEEV -2%
Biotechnology ← 362 -18.3%-24.6%-79.3% CELZ 1252% · ELVN 1139% · DNTH 1108%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ADMACSLEBSMedian
NameADMA Bio.Carlisle.Emergent. 
Mkt Price9.72329.486.339.72
Mkt Cap2.213.20.32.2
Rev LTM5125,097742742
Op Inc LTM2171,017138217
FCF LTM11686786116
FCF 3Y Avg839249393
CFO LTM1371,01098137
CFO 3Y Avg951,053115115

Growth & Margins

ADMACSLEBSMedian
NameADMA Bio.Carlisle.Emergent. 
Rev Chg LTM8.0%1.9%-8.6%1.9%
Rev Chg 3Y Avg36.8%1.7%-9.7%1.7%
Rev Chg Q2.0%8.3%74.1%8.3%
QoQ Delta Rev Chg LTM0.5%2.4%14.9%2.4%
Op Inc Chg LTM39.1%-4.0%29.1%29.1%
Op Inc Chg 3Y Avg242.8%2.6%63.9%63.9%
Op Mgn LTM42.3%19.9%18.5%19.9%
Op Mgn 3Y Avg33.5%21.5%4.2%21.5%
QoQ Delta Op Mgn LTM1.7%-0.1%7.2%1.7%
CFO/Rev LTM26.7%19.8%13.2%19.8%
CFO/Rev 3Y Avg21.7%21.0%13.7%21.0%
FCF/Rev LTM22.7%17.0%11.6%17.0%
FCF/Rev 3Y Avg18.8%18.5%11.4%18.5%

Valuation

ADMACSLEBSMedian
NameADMA Bio.Carlisle.Emergent. 
Mkt Cap2.213.20.32.2
P/S4.32.60.42.6
P/Op Inc10.213.02.410.2
P/EBIT9.812.6-3.49.8
P/E13.118.3-1.813.1
P/CFO16.213.13.313.1
Total Yield7.6%6.9%-54.1%6.9%
Dividend Yield0.0%1.4%0.0%0.0%
FCF Yield 3Y Avg2.8%5.6%25.1%5.6%
D/E0.10.21.80.2
Net D/E0.00.21.40.2

Returns

ADMACSLEBSMedian
NameADMA Bio.Carlisle.Emergent. 
1M Rtn1.0%-6.4%2.0%1.0%
3M Rtn8.6%-9.8%-23.5%-9.8%
6M Rtn5.8%0.2%-23.0%0.2%
12M Rtn-33.7%1.8%-30.8%-30.8%
3Y Rtn183.4%32.0%113.3%113.3%
1M Excs Rtn1.5%-4.4%-2.7%-2.7%
3M Excs Rtn3.7%-12.4%-25.0%-12.4%
6M Excs Rtn-11.6%-17.1%-40.4%-17.1%
12M Excs Rtn-50.5%-14.4%-46.2%-46.2%
3Y Excs Rtn90.1%-47.1%11.2%11.2%

FDA Approved Drugs Data

Expand for More
FDA-Licensed Biologics (CBER · Purple Book)
Post-Approval Fwd Returns
FDA
BLA #
Brand
Name
Generic
Name
License
Type
First
Approval
Latest
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
125590  Ascenivimmune globulin intravenous, human-slra351(a)4/1/20194/1/2019-9.3%9.3%-29.2%-56.8%138.8%
125389  Bivigamimmune globulin intravenous (human)351(a)12/19/201212/19/2012     
Collapse to Preview
FDA-Licensed Biologics (CBER · Purple Book)
Post-Approval Fwd Returns
FDA
BLA #
Brand
Name
Generic
Name
License
Type
First
Approval
Latest
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
125590  Ascenivimmune globulin intravenous, human-slra351(a)4/1/20194/1/2019-9.3%9.3%-29.2%-56.8%138.8%
125389  Bivigamimmune globulin intravenous (human)351(a)12/19/201212/19/2012     

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
ADMA BioManufacturing49341625014475
Plasma Collection Centers17118106
License revenue0000 
Corporate    0
Total51042625815481


Operating Income by Segment
$ Mil20232022202120202019
ADMA BioManufacturing481-29-47-29
Plasma Collection Centers-4-18-12-4-1
Corporate-22-22-17-14-11
Total22-39-58-65-41


Net Income by Segment
$ Mil20232022202120202019
ADMA BioManufacturing470-30-48-30
Plasma Collection Centers-4-18-12-410
Corporate-71-48-30-23-28
Total-28-66-72-76-48


Assets by Segment
$ Mil20252024202320222021
ADMA BioManufacturing442289247238208
Corporate154169487343
Plasma Collection Centers2830353725
Total624489329348276


Price Behavior

Price Behavior
Market Price$9.72 
Market Cap ($ Bil)2.2 
First Trading Date10/17/2013 
Distance from 52W High-52.3% 
   50 Days200 Days
DMA Price$9.40$11.79
DMA Trenddownup
Distance from DMA3.4%-17.6%
 3M1YR
Volatility40.8%54.3%
Downside Capture-32.01116.87
Upside Capture16.2648.91
Correlation (SPY)8.4%18.8%
ADMA Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.540.510.300.260.791.16
Up Beta3.201.420.781.020.680.91
Down Beta-0.771.391.41-0.030.881.11
Up Capture76%66%32%15%41%295%
Bmk +ve Days6162766132424
Stock +ve Days11213062123383
Down Capture-47%-101%-83%-8%110%106%
Bmk -ve Days16263760120328
Stock -ve Days11213462126356

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ADMA
ADMA-35.5%54.2%-0.61-
Sector ETF (XLV)17.4%15.7%0.8228.5%
Equity (SPY)16.2%13.0%0.8818.6%
Gold (GLD)6.8%29.6%0.2212.5%
Commodities (DBC)44.9%20.8%1.67-5.7%
Real Estate (VNQ)1.5%13.6%-0.1518.4%
Bitcoin (BTCUSD)-28.9%44.3%-0.6419.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ADMA
ADMA51.2%59.2%0.93-
Sector ETF (XLV)6.4%15.2%0.2330.3%
Equity (SPY)13.1%17.2%0.5833.4%
Gold (GLD)18.4%18.9%0.798.5%
Commodities (DBC)10.3%19.6%0.412.0%
Real Estate (VNQ)0.7%18.8%-0.0729.3%
Bitcoin (BTCUSD)14.6%52.2%0.4518.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ADMA
ADMA3.1%68.3%0.34-
Sector ETF (XLV)10.4%16.7%0.5020.8%
Equity (SPY)15.3%17.9%0.7224.1%
Gold (GLD)11.5%16.4%0.576.5%
Commodities (DBC)8.2%18.1%0.378.2%
Real Estate (VNQ)4.2%20.7%0.1619.2%
Bitcoin (BTCUSD)64.1%66.2%1.049.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity24.2 Mil
Short Interest: % Change Since 83120261.4%
Average Daily Volume2.2 Mil
Days-to-Cover Short Interest10.8 days
Basic Shares Quantity228.2 Mil
Short % of Basic Shares10.6%

Earnings Returns History

Updated 9/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20268.6%5.6%3.5%
5/6/2026-16.0%-15.7%-20.9%
2/25/2026-3.2%5.5%-47.1%
11/5/2025-8.7%7.1%26.2%
8/6/2025-9.7%-7.2%-9.0%
5/7/2025-10.2%-17.5%-12.7%
3/3/20257.5%4.9%22.7%
1/13/2025-11.2%-13.7%-14.4%
...
SUMMARY STATS   
# Positive182218
# Negative11711
Median Positive8.7%8.3%21.2%
Median Negative-9.5%-13.7%-9.3%
Max Positive30.9%44.3%51.2%
Max Negative-16.0%-18.5%-47.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20268.6%5.6%3.5%
5/6/2026-16.0%-15.7%-20.9%
2/25/2026-3.2%5.5%-47.1%
11/5/2025-8.7%7.1%26.2%
8/6/2025-9.7%-7.2%-9.0%
5/7/2025-10.2%-17.5%-12.7%
3/3/20257.5%4.9%22.7%
1/13/2025-11.2%-13.7%-14.4%
11/7/202414.7%2.4%-3.6%
8/8/202430.9%44.3%50.8%
5/9/202427.1%30.7%51.2%
2/28/2024-0.4%13.8%22.7%
1/8/20249.3%13.4%19.8%
11/8/20235.8%5.0%2.5%
8/9/20236.2%9.4%-5.4%
5/10/202310.9%15.1%7.0%
3/23/20236.8%1.6%10.6%
1/17/20230.6%0.0%5.6%
11/9/202227.5%27.9%43.7%
8/10/20225.2%15.6%34.4%
5/11/202217.5%40.6%35.7%
3/24/20228.7%22.0%31.3%
1/19/20223.6%7.3%19.7%
11/10/202113.6%7.1%-5.0%
8/12/2021-1.3%-18.5%-21.9%
5/12/2021-3.0%5.4%9.0%
3/25/2021-11.7%-10.7%-9.3%
1/19/20216.2%9.8%17.9%
11/5/2020-9.5%-10.0%-7.1%
SUMMARY STATS   
# Positive182218
# Negative11711
Median Positive8.7%8.3%21.2%
Median Negative-9.5%-13.7%-9.3%
Max Positive30.9%44.3%51.2%
Max Negative-16.0%-18.5%-47.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202403/18/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/28/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/23/202310-K
09/30/202211/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202403/18/202510-K
09/30/202411/07/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/28/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/23/202310-K
09/30/202211/09/202210-Q
06/30/202208/10/202210-Q
03/31/202205/11/202210-Q
12/31/202103/24/202210-K
09/30/202111/10/202110-Q
06/30/202108/11/202110-Q
03/31/202105/12/202110-Q
12/31/202003/25/202110-K
09/30/202011/05/202010-Q
06/30/202008/05/202010-Q
03/31/202005/06/202010-Q
12/31/201903/13/202010-K
09/30/201911/06/201910-Q

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported530.00 Mil545.00 Mil560.00 Mil0 AffirmedGuidance: 545.00 Mil for 2026
2026 Adjusted EBITDAReported265.00 Mil282.50 Mil300.00 Mil0 AffirmedGuidance: 282.50 Mil for 2026
2026 Adjusted Net IncomeReported170.00 Mil185.00 Mil200.00 Mil0 AffirmedGuidance: 185.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported530.00 Mil545.00 Mil560.00 Mil-14.2% LoweredGuidance: 635.00 Mil for 2026
2026 Adjusted EBITDAReported265.00 Mil282.50 Mil300.00 Mil-21.5% LoweredGuidance: 360.00 Mil for 2026
2026 Adjusted Net IncomeReported170.00 Mil185.00 Mil200.00 Mil-27.5% LoweredGuidance: 255.00 Mil for 2026

Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported 635.00 Mil 0.8% RaisedGuidance: 630.00 Mil for 2026
2026 Adjusted EBITDAReported 360.00 Mil 1.4% RaisedGuidance: 355.00 Mil for 2026
2026 Adjusted Net IncomeReported 255.00 Mil 0 AffirmedGuidance: 255.00 Mil for 2026
2027 RevenueReported 775.00 Mil    
2027 Adjusted EBITDAReported 455.00 Mil    
2027 Adjusted Net IncomeReported 315.00 Mil    
2029 RevenueReported 1.10 Bil 0 AffirmedGuidance: 1.10 Bil for 2029
2029 SG-001 Peak Annual RevenueReported300.00 Mil400.00 Mil500.00 Mil   
2029 Adjusted EBITDAReported 700.00 Mil    

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Total RevenueReported 510.00 Mil 2.0% RaisedGuidance: 500.00 Mil for 2025
2025 Adjusted EBITDAReported 235.00 Mil 0 AffirmedGuidance: 235.00 Mil for 2025
2025 Adjusted Net IncomeReported 158.00 Mil -9.7% LoweredGuidance: 175.00 Mil for 2025
2026 Total RevenueReported 630.00 Mil 0.8% RaisedGuidance: 625.00 Mil for 2026
2026 Adjusted EBITDAReported 355.00 Mil 4.4% RaisedGuidance: 340.00 Mil for 2026
2026 Adjusted Net IncomeReported 255.00 Mil 4.1% RaisedGuidance: 245.00 Mil for 2026
2029 Total Annual RevenueReported 1.10 Bil 0 AffirmedGuidance: 1.10 Bil for 2029

Insider Activity

Updated 7/28/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Grossman, Jerrold B DirectBuy52820267.916,40050,6244,115,446Form
2Grossman, Jerrold B DirectBuy51420268.0112,500100,1254,116,211Form
3Grossman, Jerrold B DirectBuy51220268.0112,500100,1254,016,086Form
4Grossman, Adam SPresident and CEODirectSell317202615.1621,000318,36032,029,699Form
5Elms, Steve See footnoteBuy309202615.397,000107,73031,483,785Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Grossman, Jerrold B DirectBuy52820267.916,40050,6244,115,446Form
2Grossman, Jerrold B DirectBuy51420268.0112,500100,1254,116,211Form
3Grossman, Jerrold B DirectBuy51220268.0112,500100,1254,016,086Form
4Grossman, Adam SPresident and CEODirectSell317202615.1621,000318,36032,029,699Form
5Elms, Steve See footnoteBuy309202615.397,000107,73031,483,785Form
6Elms, Steve See footnoteBuy309202615.677,000109,69031,946,899Form
7Grossman, Adam SPresident and CEODirectSell217202616.0821,000337,68036,732,814Form
8Grossman, Adam SPresident and CEODirectSell1216202519.7921,000415,59039,735,352Form
9Grossman, Adam SPresident and CEODirectSell1121202516.0021,000336,00032,221,600Form
10Grossman, Adam SPresident and CEODirectSell1024202516.0021,000336,00032,317,600Form
11Grossman, Adam SPresident and CEODirectSell916202516.1321,000338,73032,676,960Form
12Grossman, Adam SPresident and CEODirectSell815202516.8821,000354,48034,297,628Form
13Grossman, Adam SPresident and CEODirectSell716202518.6621,000391,86038,026,281Form

Investor Activity (13F)

Updated Oct 5, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Caligan Partners LP$42.9 Mil3.0%24ADD +57.9%13F
Fundsmith LLP$14.9 Mil0.1%34TRIM -21.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Caligan Partners LP$42.9 Mil3.0%24ADD +57.9%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Sachem Head Capital Management LP$207.5 Mil4.9%20ExitedDec 31, 202513F
Catalio Capital Management, LP$10.3 Mil1.8%45ExitedDec 31, 202513F
Findell Capital Management LLC$5.5 Mil1.8%15ExitedDec 31, 202513F
Fundsmith LLP$14.9 Mil0.1%34TRIM -21.5%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Caligan Partners LP$42.9 Mil3.0%24ADD +57.9%13F
Fundsmith LLP$14.9 Mil0.1%34TRIM -21.5%13F
Core Cache Last Updated: 10/4/2026