Why Is Adma Biologics (ADMA) Down 45.4% Since Last Earnings Report?

A month has gone by since the last earnings report for Adma Biologics (ADMA). Shares have lost about 45.4% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Adma Biologics due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

ADMA Q4 EPS Up 14% Y/Y, Revenues Gain From Strong Asceniv Performance

ADMA Biologics reported fourth-quarter 2025 adjusted earnings per share (EPS) of 21 cents (excluding stock-based compensation modifications, yield enhancement expense up, voluntary withdrawal, product replacements and non-recurring professional fees), up from 14 cents recorded in the year-ago quarter.

On a reported basis, EPS was 20 cents, down from 46 cents reported in the year-ago quarter.

Revenues of $139.2 million were up 18% year over year.

Asceniv’s Performance Fuels ADMA’s Growth in Q4

ADMA Biologics markets plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases.

The company’s top line currently comprises sales of three FDA-approved products — Bivigam (an Intravenous Immune Globulin [“IVIG”] product to treat primary humoral immunodeficiency), Asceniv (to treat primary immunodeficiency disease or PIDD) and Nabi-HB (to treat and provide enhanced immunity against the hepatitis B virus).

Asceniv, its lead product, is a plasma-derived IVIG that contains naturally occurring polyclonal antibodies. It is indicated for the treatment of PIDD or inborn errors of immunity in adults and adolescents. The product is manufactured using ADMA’s unique, patented plasma donor screening methodology and tailored plasma pooling design, which blends normal source plasma with respiratory syncytial virus plasma obtained from donors tested using the company’s proprietary microneutralization assay.

Asceniv’s revenues are driving top-line growth.

Gross margin improved to 63.8% from 54%, driven by a favorable mix of higher-margin immunoglobulin (IG) sales and operational efficiencies that reduced manufacturing costs.

Research & Development expenses increased to $1.4 million from $0.4 million in the year-ago quarter. Selling, general and administrative expenses rose 0.84% to $23.5 million.

ADMA ended 2025 with roughly $88 million in cash, excluding expected proceeds from the plasma center divestiture slated to be closed in the first quarter of 2026.

In December 2025, ADMA reached an agreement to divest three plasma centers for $12 million while retaining seven plasma collection centers.

ADMA’s 2025 Results

Revenues of $510.2 million were up 20% from 2024, driven by higher Asceniv sales due to continued growth in physician, payer and patient adoption, partially offset by lower Bivigam and intermediates sales.

Asceniv delivered record utilization in 2025, with revenues climbing 51% year over year to $362.5 million on strong demand and growing prescriber adoption.

Adjusted EPS was 65 cents, up from 49 cents in 2024.

ADMA’s Guidance for 2026

ADMA expects 2026 revenues to exceed $635 million. Net income is forecasted to exceed $255 million.

In 2026, ADMA expects continued mix shift toward higher-margin IVIG products and further gross margin improvement, reflecting the first full year of yield-enhanced production.

Asceniv’s momentum is expected to continue into 2026, driven by broader payer coverage, a growing body of real-world evidence and increasing confidence in long-term supply continuity.

Yield-enhanced production was fully integrated into routine commercial operations in 2025, supported by continued FDA lot releases. 2026 marks the first full year of yield-enhanced output, positioning the company for sustained gross margin expansion and meaningful earnings growth.

Third-party suppliers outperformed expectations in 2025, and newly executed agreements now provide access to more than 280 plasma collection centers, significantly strengthening Asceniv’s long-term supply outlook. These initiatives are expected to create a more flexible, capital-efficient supply model that should generate cost savings beginning in 2026, expand production capacity and support reliable supply into the late 2030s and beyond.

Management forecasts revenues to exceed $775 million in 2027 and net income to surpass $315 million.

ADMA anticipates revenues of more than $1.1 billion in 2029, translating to at least $700 million in adjusted EBITDA.

ADMA Advances Another Pipeline Candidate

ADMA continues to advance SG-001, a hyperimmune globulin targeting S. pneumonia.

The company plans to submit a pre-Investigational New Drug (IND) meeting package to the FDA in 2026, potentially enabling direct progression into a registrational trial. Management estimates peak annual sales of $300-$500 million, adding meaningful long-term optionality beyond its IVIG products.

How Have Estimates Been Moving Since Then?

Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.

VGM Scores

Currently, Adma Biologics has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Charting a somewhat similar path, the stock has a score of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Adma Biologics has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Adma Biologics is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Amicus Therapeutics (FOLD), a stock from the same industry, has gained 0.7%. The company reported its results for the quarter ended December 2025 more than a month ago.

Amicus Therapeutics reported revenues of $185.21 million in the last reported quarter, representing a year-over-year change of +23.7%. EPS of $0.10 for the same period compares with $0.09 a year ago.

For the current quarter, Amicus Therapeutics is expected to post earnings of $0.12 per share, indicating a change of +300% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Amicus Therapeutics. Also, the stock has a VGM Score of C.

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