ADMA Raises 2026 Adjusted Earnings Floors After ASCENIV Accelerates

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter revenue was $141.1 million and the company now expects at least $180 million of adjusted net income for 2026.

ADMA Biologics, Inc. (ADMA), a U.S.-based commercial biopharmaceutical company, reported third-quarter 2026 revenue of $141.1 million, up 5% from a year earlier after 2% year-over-year growth in the second quarter.

The sequential inflection was sharper: total revenue rose 13% from $124.4 million in the second quarter. The company attributed the lift to ASCENIV, its plasma-derived intravenous immune globulin for primary humoral immunodeficiency, which reached $124.7 million, up 31% year-over-year after 24% growth in the prior quarter and 21% sequentially from $102.9 million. President and Chief Executive Officer Adam Grossman said ASCENIV growth was driven by expanding physician adoption, new patient starts and growing end-user utilization, and that favorable demand trends continued into the fourth quarter.

BIVIGAM, the company’s other marketed immune globulin, contributed $15.4 million, down from $19.4 million in the second quarter after a sequential improvement in that period. ADMA said the decline reflected competitive pricing and channel-inventory pressure in the standard immune globulin market, and that underlying end-user utilization showed signs of stabilization entering the fourth quarter. The company said it remains focused on disciplined commercial participation rather than matching aggressive competitor rebating.

Gross margin expanded to 71% from 69% in the second quarter, after already reaching 71% in the first quarter, and from 56% a year earlier. ADMA said the expansion reflected favorable ASCENIV mix and yield-enhanced manufacturing. Gross profit was $99.9 million.

GAAP net income was $49.9 million, up 37% year-over-year after 11% growth in the second quarter. GAAP basic earnings were $0.22 a share. Adjusted net income was $51.1 million, up 31% year-over-year after 8% growth in the second quarter. Adjusted EBITDA was $77.3 million, up 32% year-over-year after 22% growth in the second quarter, and 25% sequentially from $61.8 million.

Selling, general and administrative expenses were about $26.6 million. ADMA said the year-over-year increase primarily reflected additional personnel and professional fees, as well as legal fees associated with ongoing litigation-related matters. Research and development expenses were about $4.5 million.

The company reiterated full-year 2026 revenue guidance of at least $530 million, replacing its prior $530 million to $560 million range. It raised its minimum outlook for adjusted net income to at least $180 million from a $170 million to $200 million range, and for adjusted EBITDA to at least $275 million from $265 million to $300 million. ADMA said the outlook reflects continued ASCENIV commercial momentum and conservative assumptions for competitive conditions in the U.S. standard immune globulin market.

In the third quarter the company repurchased 2.7 million shares. Year-to-date through September 30, 2026, repurchases totaled 16.5 million shares, or 6.3% of shares outstanding as of December 31, 2025. ADMA said it is on track to complete a previously stated $200 million or more 2026 repurchase target.

ADMA also said it received constructive FDA feedback on its SG-001 pre-IND meeting package, including the proposed clinical development strategy and acceptability of the proposed assay subject to validation. The company said it intends to incorporate the recommendations into a final clinical protocol and advance preparations for an IND submission.