ADMA Biologics today reported preliminary, unaudited full-year 2025 revenues of approximately $510–511 million, meeting or exceeding prior guidance. The fourth quarter contributed over $139 million in revenue, driving an estimated EBITDA of $77–78 million and net income of about $50 million. Year-end cash balances grew to approximately $88 million, supported by an estimated $40 million in operating cash flow generated in Q4 2025. These results reflect stronger than anticipated product uptake and improved manufacturing yields in the latter half of the year.

Building on 2025 momentum, ADMA raised its 2026 revenue guidance to approximately $635 million, up from $630 million previously, and increased adjusted EBITDA guidance to $360 million from $355 million. Adjusted net income is reiterated at approximately $255 million. The company also provided initial 2027 targets of $775 million in revenue, $315 million in adjusted net income and $455 million in adjusted EBITDA. Long-term targets remain intact, with a goal of more than $1.1 billion in annual revenue and greater than $700 million in adjusted EBITDA by 2029, implying compound annual growth rates of about 20% and 30%, respectively.

ADMA completed yield-enhanced production implementation at commercial scale in 2025, positioning 2026 as the first full year to monetize improved manufacturing efficiencies. In December 2025, the company divested three plasma collection centers for $12 million proceeds and entered into long-term supply agreements with the purchaser, while retaining seven internal centers. Third-party plasma suppliers have expanded to over 280 collection centers, boosting high-titer supply visibility and expected to generate accretive cost savings starting this year. These actions are designed to strengthen margins, improve capital efficiency and secure plasma supply through the late 2030s.

Record demand for ASCENIV®, ADMA’s lead IVIG therapy, drove fourth-quarter growth and underpins the company’s confidence in payer coverage expansion and prescriber adoption. Multiple independent real-world data sets presented in 2025 demonstrated statistically significant infection rate reductions and a 71% clinical improvement rate in patients who failed standard IVIG therapy, reinforcing ASCENIV’s differentiation. ADMA maintains strategic payer agreements for ASCENIV and BIVIGAM® across commercial, Medicare and Medicaid segments, supporting continued patient access and anticipated volume growth through expanded medical education initiatives.