Third Quarter 2026
Filed Nov 4, 20263Q 2026 Total Revenue of $141.1 Million, Increasing 5% Year-over-Year; 3Q 2026 ASCENIV Revenue of $124.7 Million, Increasing 31% Year-over-Year; 3Q 2026 GAAP Net Income of $49.9 Million, Increasing 37% Year-over-Year
ASCENIV growth, gross-margin expansion, earnings growth, operating cash generation and an increased adjusted earnings outlook offset slower total revenue growth and continued BIVIGAM revenue pressure.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30, 2026GAAP | $141.1M | 13% | 5% |
| Gross profit, three months ended September 30, 2026GAAP | $99.9M | – | – |
| Gross margin, three months ended September 30, 2026GAAP | 71% | – | Expanding Approximately 1,450 Basis Points Year-over-Year |
| Research and development expenses, three months ended September 30, 2026GAAP | approximately $4.5 million | – | – |
| Plasma center operating expenses, three months ended September 30, 2026GAAP | $1.05M | – | – |
| Amortization of intangible assets, three months ended September 30, 2026GAAP | $60K | – | – |
| Selling, general and administrative expenses, three months ended September 30, 2026GAAP | approximately $26.6 million | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $32.16M | – | – |
| Income from operations, three months ended September 30, 2026GAAP | $67.76M | – | – |
| Income before income taxes, three months ended September 30, 2026GAAP | $65.60M | – | – |
| Provision for income taxes, three months ended September 30, 2026GAAP | $15.72M | – | – |
| Net income, three months ended September 30, 2026GAAP | $49.9M | 32% | approximately 37% |
| Basic earnings per common share, three months ended September 30, 2026GAAP | $0.22 | 29% | approximately 47% |
| Diluted earnings per common share, three months ended September 30, 2026GAAP | $0.22 | – | – |
| Adjusted Net Income, three months ended September 30, 2026non-GAAP | $51.1M | approximately 31% | approximately 31% |
| Adjusted Basic EPS, three months ended September 30, 2026non-GAAP | $0.23 | – | approximately 44% |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $77.3M | 25% | 32% |
| Total revenue, nine months ended September 30, 2026GAAP | $380M | – | 2% |
| Gross profit, nine months ended September 30, 2026GAAP | $266.9M | – | – |
| Gross margin, nine months ended September 30, 2026GAAP | 70% | – | – |
| Research and development expenses, nine months ended September 30, 2026GAAP | approximately $13.1 million | – | – |
| Plasma center operating expenses, nine months ended September 30, 2026GAAP | $3.14M | – | – |
| Amortization of intangible assets, nine months ended September 30, 2026GAAP | $170K | – | – |
| Gain on sale of plasma centers, nine months ended September 30, 2026GAAP | −$7.98M | – | – |
| Selling, general and administrative expenses, nine months ended September 30, 2026GAAP | approximately $80.0 million | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | $88.47M | – | – |
| Income from operations, nine months ended September 30, 2026GAAP | $178.5M | – | – |
| Income before income taxes, nine months ended September 30, 2026GAAP | $173.0M | – | – |
| Provision for income taxes, nine months ended September 30, 2026GAAP | $39.94M | – | – |
| Net income, nine months ended September 30, 2026GAAP | $133M | – | – |
| Basic earnings per common share, nine months ended September 30, 2026GAAP | $0.58 | – | – |
| Diluted earnings per common share, nine months ended September 30, 2026GAAP | $0.57 | – | – |
| Adjusted Net Income, nine months ended September 30, 2026non-GAAP | $130.7M | – | 21% |
| Adjusted Basic EPS, nine months ended September 30, 2026non-GAAP | $0.56 | – | 24% |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $198.8M | – | 26% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| ASCENIV, three months ended September 30, 2026Expanding physician adoption, new patient starts and growing end-user utilization. | $124.7M | 21% | 31% |
| BIVIGAM, three months ended September 30, 2026Continued competitive pricing and channel inventory pressures in the standard immunoglobulin market. | $15.4M | – | (35.2)% |
| Intermediates and other products, three months ended September 30, 2026Due to Nabi-HB historically representing less than 10% of the Company’s revenue within the ADMA BioManufacturing segment, it has been included under intermediates and other products. | $909K | – | (93.9)% |
| ADMA BioManufacturing, three months ended September 30, 2026Favorable ASCENIV product mix and benefits from the Company’s yield-enhanced manufacturing process. | $141.0M | – | 5.1% |
| Plasma Collection Centers, three months ended September 30, 2026 | $25K | – | 100.0% |
| License revenue, three months ended September 30, 2026 | $36K | – | 0.0% |
| ASCENIV, nine months ended September 30, 2026Favorable ASCENIV product mix and benefits from the Company’s yield-enhanced manufacturing process. | $325.1M | – | 27.5% |
| BIVIGAM, nine months ended September 30, 2026Competitive pricing and channel inventory pressures in the standard immune globulin market. | $50.23M | – | (47.1)% |
| Intermediates and other products, nine months ended September 30, 2026 | $3.04M | – | (84.7)% |
| ADMA BioManufacturing, nine months ended September 30, 2026 | $378.4M | – | 2.3% |
| Plasma Collection Centers, nine months ended September 30, 2026 | $1.46M | – | 39.4% |
| License revenue, nine months ended September 30, 2026 | $107K | – | 0.0% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
FY2026 outlook
- Revenueat least $530 million
- NoteAdjusted Net Income expected to be at least $180 million
- NoteAdjusted EBITDA expected to be at least $275 million
Capital returns
- During the third quarter, ADMA repurchased 2.7 million shares of common stock under its previously authorized share repurchase program.
- Year-to-date total stock repurchases through September 30, 2026 were 16.5 million shares, amounting to 6.3% of the Company’s common stock outstanding as of December 31, 2025.
- Acquisition of treasury stock for the nine months ended September 30, 2026 was $(180,300) (in thousands).
- The Company is on track to complete its previously stated $200 million or more 2026 share repurchase target.
What drove it
- ASCENIV revenue increased 31% year-over-year and 21% sequentially, driven by expanding physician adoption, new patient starts and growing end-user utilization.
- Gross margin reached 71%, reflecting favorable ASCENIV mix and benefits from yield-enhanced manufacturing.
- Favorable ASCENIV utilization trends continued into the fourth quarter.
- Underlying BIVIGAM utilization showed encouraging signs of stabilization entering the fourth quarter.
- The Company recently received constructive FDA feedback on its SG-001 pre-IND meeting package regarding the proposed clinical development strategy, including key elements of the planned clinical study.
Concerns
- BIVIGAM revenue was $15.4 million, compared with $23.8 million in the prior-year quarter and $19.4 million in the second quarter of 2026.
- BIVIGAM faced continued competitive pricing and channel inventory pressures in the standard immunoglobulin market.
- Selling, general and administrative expenses increased year-over-year primarily due to additional personnel and professional fees, as well as legal fees associated with ongoing litigation related matters.
- Research and development expenses reflected continued SG-001 development investment.
- Long-term debt increased to $191,638 (in thousands) as of September 30, 2026 from $69,330 (in thousands) as of December 31, 2025.
What to watch
- Whether favorable ASCENIV pull-through trends that continued into the fourth quarter translate into sustained revenue growth.
- Whether underlying BIVIGAM utilization continues to stabilize amid competitive pricing and channel inventory pressures.
- Execution against FY2026 total revenue expected to be at least $530 million, Adjusted Net Income expected to be at least $180 million, and Adjusted EBITDA expected to be at least $275 million.
- Progress in incorporating FDA feedback into the final SG-001 clinical protocol and advancing preparations for an IND submission.
- Completion of the previously stated $200 million or more 2026 share repurchase target.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026 were $124,555 (in thousands), compared with $87,630 (in thousands) as of December 31, 2025.
- Accounts receivable, net as of September 30, 2026 were $169,223 (in thousands), compared with $158,429 (in thousands) as of December 31, 2025.
- Inventories, net as of September 30, 2026 were $266,115 (in thousands), compared with $206,465 (in thousands) as of December 31, 2025.
- Long-term debt as of September 30, 2026 was $191,638 (in thousands), compared with $69,330 (in thousands) as of December 31, 2025.
- Current portion of long-term debt as of September 30, 2026 was $4,219 (in thousands), compared with $2,813 (in thousands) as of December 31, 2025.
- Net cash provided by operating activities for the nine months ended September 30, 2026 was $105,156 (in thousands), compared with $14,757 (in thousands) in the prior-year period.
- Purchase of property and equipment for the nine months ended September 30, 2026 was $(6,801) (in thousands), compared with $(21,491) (in thousands) in the prior-year period.
- Net cash used in investing activities for the nine months ended September 30, 2026 was $(1,920) (in thousands), compared with $(21,615) (in thousands) in the prior-year period.
- Net cash used in financing activities for the nine months ended September 30, 2026 was $(66,311) (in thousands), compared with $(34,904) (in thousands) in the prior-year period.
- JPM revolving facility proceeds for the nine months ended September 30, 2026 were $125,000 (in thousands), compared with $75,000 (in thousands) in the prior-year period.
Analysis
ADMA reported a strong third quarter, with total revenue of $141.1 million, up 5% year-over-year and 13% sequentially. Growth was driven by ASCENIV, which generated $124.7 million of revenue, up 31% year-over-year and 21% sequentially. Management attributed the performance to expanding physician adoption, new patient starts and growing end-user utilization, and said favorable pull-through trends continued into the fourth quarter. ASCENIV growth more than offset a decline in BIVIGAM revenue to $15.4 million from $23.8 million in the prior-year quarter and $19.4 million in the second quarter of 2026.
Mix and manufacturing productivity drove substantial profitability improvement. Gross margin reached 71%, compared with 56% in the prior-year quarter and 69% in the second quarter, as favorable ASCENIV mix and yield-enhanced manufacturing reduced the cost profile. Gross profit rose to $99.9 million from $75.6 million. GAAP net income increased to $49.9 million from $36.4 million, while GAAP basic EPS rose to $0.22 from $0.15. Adjusted EBITDA increased 32% year-over-year and 25% sequentially to $77.3 million.
Expense growth reflects both investment and litigation-related costs. Quarterly research and development expense was approximately $4.5 million, compared with $1.5 million in the prior-year period, reflecting SG-001 development investment. Selling, general and administrative expense was approximately $26.6 million, up from $21.7 million a year earlier, principally due to personnel, professional fees and legal fees associated with ongoing litigation-related matters. Despite these cost increases, operating income was $67,757 (in thousands), compared with $51,012 (in thousands) a year earlier.
Cash generation and capital allocation were notable. Net cash provided by operating activities for the nine months ended September 30, 2026 was $105,156 (in thousands), versus $14,757 (in thousands) in the prior-year period. The company repurchased 2.7 million shares during the third quarter and 16.5 million shares year to date through September 30, 2026, while acquisition of treasury stock totaled $(180,300) (in thousands) over the first nine months. Cash and cash equivalents were $124,555 (in thousands) at September 30, 2026, while long-term debt was $191,638 (in thousands).
Management reiterated FY2026 total revenue expected to be at least $530 million and increased its minimum outlook for Adjusted Net Income to at least $180 million and Adjusted EBITDA to at least $275 million. The outlook is based on continued ASCENIV momentum and conservative assumptions for competitive conditions in the U.S. standard immune globulin market. The principal operating issue remains BIVIGAM, where management cited competitive pricing and channel inventory pressures, although it reported encouraging signs of stabilization in underlying utilization entering the fourth quarter.
Management, verbatim
Our third quarter results demonstrate ADMA’s ability to translate accelerating ASCENIV demand into substantial earnings growth.
Adam Grossman, President and Chief Executive Officer of ADMA
ASCENIV revenue increased 31% year-over-year, driven by expanding physician adoption, new patient starts and growing end-user utilization.
Adam Grossman, President and Chief Executive Officer of ADMA
We are reiterating our full-year revenue outlook while increasing our minimum expectations for Adjusted Net Income and Adjusted EBITDA and continue to advance SG-001 as a potential additional long-term growth opportunity.
Adam Grossman, President and Chief Executive Officer of ADMA
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so no comparison of actual results with prior guidance is available.
- Quarterly operating cash flow was not reported.
- Quarterly free cash flow was not reported.
- Dividend information was not reported.
- FY2026 gross margin guidance was not reported.
- FY2026 operating expense guidance was not reported.
- FY2026 tax-rate guidance was not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.