ADMA Biologics announced preliminary unaudited total revenue for full year 2025 of $510–511 million, meeting or exceeding prior guidance. Fourth quarter 2025 revenue topped $139 million, driving adjusted EBITDA of $77–78 million and net income of approximately $50 million. Year-end cash balances grew to roughly $88 million, supported by an estimated $40 million in operating cash flow generated during Q4. These results represent a substantial increase in profitability compared with the third quarter of 2025 and reflect strong demand for the company’s plasma-derived immunoglobulin products.

ADMA updated its revenue outlook for 2026 to approximately $635 million, up from the prior $630 million forecast, and reiterated adjusted net income guidance of $255 million. Adjusted EBITDA expectations for 2026 increased to $360 million, compared with $355 million previously. For 2027, the company projects revenue of about $775 million, adjusted net income of $315 million and adjusted EBITDA of $455 million. These upward revisions underscore management’s confidence in sustained margin expansion as yield-enhanced production ramps and plasma supply visibility improves.

During December 2025, ADMA divested three plasma collection centers for total proceeds of $12 million, retaining ownership and operation of seven internal centers. Concurrently, the company secured long-term high-titer plasma supply agreements with the divestiture purchaser and third-party suppliers, expanding its network to more than 280 collection centers. Yield-enhanced production was successfully implemented at commercial scale in 2025, and 2026 is expected to be the first full year of monetizing these efficiency gains. Management forecasts these initiatives will deliver accretive cost savings beginning in 2026, support increased ASCENIV output and strengthen operating leverage.

Real-world outcomes data presented in 2025 demonstrated statistically significant reductions in infection rates and hospitalizations for patients treated with ASCENIV, with 71% of participants showing clinical improvement within six months. Independent peer-reviewed studies reinforced the product’s differentiation in patients who failed prior standard immunoglobulin replacement therapies. Payer coverage remains broad across commercial, Medicare and Medicaid segments through longstanding strategic agreements. Management expects expanding prescriber adoption and anticipated coverage expansion to drive continued utilization growth throughout 2026.