10-Q · May 6, 2026
ADMA Biologics reported a slight revenue decline for Q1 2026, with total revenue of $114.5 million, down 0.3% year-over-year, missing estimates by approximately 18.2%. However, the company saw a notable net income…
Earnings analysis · 10-Q
ADMA earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
ADMA reported a strong Q3, with revenue of $141.1 million and EPS of $0.23 exceeding consensus, while gross margin expanded to 71% from 69.4% in Q2 2026 and 56.3% in Q3 2025. ASCENIV growth and favorable mix offset…
Read full summary
ADMA reported a strong Q3, with revenue of $141.1 million and EPS of $0.23 exceeding consensus, while gross margin expanded to 71% from 69.4% in Q2 2026 and 56.3% in Q3 2025. ASCENIV growth and favorable mix offset ongoing BIVIGAM pressure, and management maintained minimum FY2026 revenue guidance of $530 million while raising minimum Adjusted Net Income and Adjusted EBITDA targets to $180 million and $275 million. The principal offsets are substantial customer concentration, $197.2 million of variable-rate debt, competitive IVIG pricing pressure and newly expanded securities and derivative litigation.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.23
- Gross margin
- 71.0%
What stood out
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Revenue and EPS exceeded consensus
Q3 revenue was $141.1 million, above the $138.5 million consensus estimate by approximately 1.9%, while reported EPS was $0.23 versus the $0.20 estimate.
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Product mix drove margin expansion
Gross margin reached 71%, up from 69.4% in Q2 2026 and 56.3% in Q3 2025, reflecting favorable product mix and ASCENIV growth.
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Profitability outlook was raised
FY2026 revenue guidance was maintained at least $530 million, while minimum Adjusted Net Income guidance increased to $180 million and minimum Adjusted EBITDA guidance increased to $275 million.
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Growth recovered sequentially and annually
ASCENIV growth continued to offset pressure on BIVIGAM, while total Q3 revenue of $141.1 million increased from $124 million in Q2 2026 and $134 million in Q3 2025.
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No material control weakness reported
Disclosure controls and procedures were concluded to be effective as of September 30, 2026, with no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
What to watch
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Variable-rate debt increases exposure
The company had $197.2 million outstanding under its variable-rate JPM Credit Agreement at September 30, 2026; a hypothetical 100-basis-point rate increase would negatively affect annualized earnings and cash flows by approximately $2.0 million.
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Revenue and receivables remain concentrated
Two customers represented approximately 69% of consolidated revenue for the nine months ended September 30, 2026 and approximately 84% of consolidated accounts receivable at September 30, 2026, creating significant customer-concentration risk.
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Litigation exposure expanded
A securities class action filed on July 10, 2026 was consolidated with substantially similar claims, and three derivative actions were consolidated on September 21, 2026; the company also received three Section 220 books-and-records demands and cannot estimate potential losses.
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IVIG competition pressures pricing
Management identified increased competitive intensity after new non-ADMA IVIG products entered the market with aggressive pricing, including rebates, discounts and extended payment terms, while distribution inventories increased during 2025 and 2026.
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High-titer plasma supply is constrained
ASCENIV high-titer RSV plasma meeting internal specifications amounted to less than 10% of donor collection samples tested, creating a potential constraint on production and commercialization.
Management's outlook
FY2026 revenue outlook was reiterated at least $530 million; minimum Adjusted Net Income guidance was increased to $180 million and minimum Adjusted EBITDA guidance to $275 million. The 10-Q does not provide an EPS range.
Earlier filings 4
10-K · February 25, 2026
ADMA reported record Q4 2025 results with quarterly revenue of $139.163M and materially expanded margins (Q4 gross margin 63.8%, operating margin 45.1%). Management obtained FDA approval of a yield-enhancement PAS in…
10-Q · November 5, 2025
ADMA reported Q3 revenue of $134,224,000, up $14,385,000 (≈12.0%) vs. $119,839,000 in Q3 2024, with gross profit rising to $75,626,000 and gross margin expanding to 56.3% from 49.8%. Income from operations increased to…
10-Q · November 7, 2024
ADMA reported a strong Q3 with revenue of $119,839,000 (Q3 2024) versus $67,275,000 (Q3 2023), driving operating income of $39,638,000 and net income of $35,909,000. Margins expanded (gross margin 49.8%, operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.