ADMA Biologics Flat Q1 Revenue, ASCENIV Sales Jump 28% While BIVIGAM Plunges 54%
ADMA reported Q1 revenue of $114.5 million, flat year-over-year, with ASCENIV up 28% and BIVIGAM down 54%, and delivered adjusted net income of $40.7 million and adjusted EBITDA of $59.7 million on $58 million cash flow. It issued FY 2026 revenue guidance of $530–560 million and withdrew long-term outlook.
1. Q1 Financial Results
ADMA Biologics reported first quarter revenue of $114.5 million, flat year-over-year, with ASCENIV sales up 28% and BIVIGAM sales down 54%. Adjusted net income rose 22% to $40.7 million, adjusted EBITDA climbed 24% to $59.7 million, and operating cash flow reached $58 million.
2. ASCENIV Growth and Market Dynamics
ASCENIV saw record utilization, new patient starts and expanding prescriber breadth driving durable demand despite broader IG market pressures. Distributor ordering variability and elevated PDT inventories created near-term BIVIGAM dislocation, which management views as temporary and unrelated to underlying therapy demand.
3. Revised FY 2026 Outlook
The company set FY 2026 revenue guidance at $530–560 million, adjusted net income at $170–200 million and adjusted EBITDA at $265–300 million. ADMA withdrew its long-term guidance to reflect evolving competitive dynamics and expects market dislocation to be temporary.
4. Balance Sheet and Capital Deployment
ADMA exited Q1 with net leverage below 0.5x, supported by $58 million of operating cash flow and growing adjusted EBITDA. The company repurchased approximately 3.7% of outstanding shares under its ASR program and 10b5-1 plan, reinforcing financial flexibility to fund growth and its SG-001 development program targeting a $300–500 million market.