Adma Biologics (ADMA -10.49%), a plasma-derived biologics manufacturer focused on immunotherapies, released its earnings for Q2 2025 on August 6, 2025. The quarter showed continued revenue growth, with GAAP total revenue of $122.0 million, with total revenue (GAAP) reaching $122.0 million, edging out analyst consensus on GAAP total revenue. Earnings per share (EPS) were $0.14 (GAAP), while Adjusted net income and adjusted EBITDA also advanced. Gross margin (GAAP) improved to 55.1%, up from 53.6% in Q2 2024. Operational achievements included the start of commercial yield enhancement in manufacturing and key steps in pipeline development, but, in line with expectations, management kept its long-term outlook unchanged for now.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $0.14 | $0.14 | $0.13 | 7.7% |
| Revenue (GAAP) | $122.0 million | N/A | $107.2 million | 13.8% |
| Adjusted EBITDA | $50.8 million | $44.5 million | N/A | |
| Adjusted Net Income | $36.0 million | $32.1 million | 12.3% | |
| Gross Margin | 55.1% | 53.6% | 1.5 pp |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
Business Overview and Focus Areas
Adma Biologics is a specialty pharmaceutical company that produces plasma-derived products. Its core business is transforming collected plasma into immunoglobulin therapies for people with compromised immune systems. The company's main products include immune globulin intravenous (IGIV) therapies used for treating primary immunodeficiency and other immune-related diseases.
The business relies on reliable plasma collection, robust manufacturing, and bringing new therapies to market. Key focuses in recent periods have been increasing manufacturing yields through process improvements, securing regulatory approvals, and expanding production and supply chain capacity. Success is tied directly to effective inventory management, regulatory advances, and efficient deployment of capital toward capacity and pipeline expansion.
Quarterly Highlights: Financial and Operational Developments
During the quarter, ADMA’s GAAP revenue rose 14.0%, beating the analyst consensus by $0.23 million (GAAP). Revenue growth was largely driven by continuing strong demand for ASCENIV®, an immune globulin intravenous therapy. Excluding a prior-year one-time Medicaid rebate accrual reversal, underlying revenue growth was much stronger at 29%.
Gross margin (GAAP) improved to 55.1%, up from 53.6% in Q2 2024. The improvement was led by a greater share of higher-margin immunoglobulin sales and improved operational efficiencies in manufacturing. Initial production runs with an FDA-approved yield enhancement process delivered anticipated gains—early commercial batches showed more than a 20% increase in finished IG output. Management described the shift to this process as a “key inflection point” for future revenue and profit acceleration, as stated in the business update, though the full benefit will materialize primarily in FY2026.
Adjusted EBITDA reached $50.8 million, up 14.2% from Q2 2024 before adjusting for the prior-year Medicaid rebate accrual. Adjusted net income (non-GAAP) increased to $36.0 million from $32.1 million in Q2 2024. On a cash flow basis, the company noted strong free cash flow despite building up $19.3 million in inventory to support projected ASCENIV demand. Cash and cash equivalents stood at $90.3 million as of June 30, 2025 and Accounts receivable totaled $109.7 million as of June 30, 2025, compared to $49.9 million a year earlier.
The company made strategic investments to support future growth. It acquired a facility and land adjacent to its Boca Raton campus to expand U.S.-based manufacturing space by up to 30%. This move will provide crucial storage, warehousing, and future product capacity as plasma collections reach historic highs. Additionally, Adma completed a $300 million syndicated debt refinancing in August 2025, reducing its borrowing costs. It authorized a $500 million share repurchase program and bought back approximately $15 million in shares.
From a product perspective, ASCENIV (immune globulin intravenous, human) and BIVIGAM (immune globulin intravenous, human) therapies continued to see robust demand. In particular, utilization of ASCENIV reached fresh highs, expanding the company's presence in key growth channels. On the development side, SG-001 (a candidate hyperimmune globulin aimed at S. pneumoniae, or pneumococcal infections) demonstrated encouraging results in animal studies. If successful, it could generate $300–500 million in peak annual revenue.
Financial Outlook and What to Watch
Management reaffirmed financial guidance for 2025 and 2026. For fiscal 2025, revenue is projected to be more than $500 million, with adjusted net income above $175 million and Adjusted EBITDA (non-GAAP) above $235 million. Guidance for 2026 calls for more than $625 million in revenue, adjusted net income (non-GAAP) above $245 million, and Adjusted EBITDA (non-GAAP) above $340 million. The company expects total annual revenue to exceed $1.1 billion before 2030, based on management guidance. Crucially, current guidance does not yet include the full impact of the FDA-approved yield enhancement in manufacturing or new pipeline products, suggesting further growth potential as these drivers ramp up.
Looking to the next several quarters, investors should focus on realization of manufacturing efficiencies, continued strength in ASCENIV demand, and execution on new capacity expansion. Pipeline updates—particularly for SG-001—and working capital trends are also key areas to watch as Adma manages inventory and scales its production. The company does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
