ADMA Biologics reported preliminary unaudited full year 2025 total revenue of approximately $510–511 million, meeting or exceeding prior guidance. In the fourth quarter alone, revenue surpassed $139 million, driving adjusted EBITDA of at least $78 million and net income of approximately $50 million. Year-end cash balances grew to $88 million, supported by an estimated $40 million in operating cash flow generated during Q4 2025.

Based on strong demand for ASCENIV and successful implementation of yield-enhanced production, ADMA increased its 2026 revenue outlook to approximately $635 million, up from previous guidance of $630 million. The company also raised its adjusted EBITDA forecast to $360 million, reflecting anticipated margin expansion as yield-enhanced product reaches full commercial scale for the first time in 2026.

In 2025, ASCENIV utilization accelerated, supported by record demand, expanding prescriber adoption and statistically significant real-world outcomes data demonstrating a 71% improvement rate in patients with immunodeficiencies who had failed prior standard IVIG therapy. Strategic payer agreements continue to secure broad commercial, Medicare and Medicaid coverage for both ASCENIV and BIVIGAM, ensuring consistent patient access and reinforcing volume growth trends into 2026.

During December 2025, ADMA divested three plasma collection centers for $12 million while securing long-term high-titer plasma supply agreements with the purchaser and third-party suppliers. This repositioning expands third-party access to over 280 plasma centers, enhances supply visibility through the late 2030s and is expected to yield accretive cost savings starting in 2026. ADMA maintains its long-term target of exceeding $1.1 billion in revenue and $700 million in adjusted EBITDA by fiscal year 2029, representing CAGRs of approximately 20% and 30%, respectively.