Adma Biologics | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 124.4 M

Revenue: As of FY2026 Q2, the actual value is USD 124.4 M, missing the estimate of USD 125.36 M.

EPS: As of FY2026 Q2, the actual value is USD 0.16, missing the estimate of USD 0.1725.

EBIT: As of FY2026 Q2, the actual value is USD 51.48 M.

Second Quarter 2026 Financial Results

Revenue

Total revenue for ADMA Biologics, Inc. was $124.4 million, marking a 2% increase year-over-year . ASCENIV revenue reached $102.9 million, reflecting a 24% increase year-over-year . BIVIGAM revenue was $19.4 million, which represents a 49% decline year-over-year, but showed sequential improvement from Q1 2026 trough levels . Revenue from intermediates and other products increased by 41.4% year-over-year to $1.3 million . ADMA BioManufacturing revenue was $123.6 million, an increase of 1.4% year-over-year . Plasma Collection Centers revenue was $0.7 million, demonstrating a 100% increase year-over-year .

Profitability

Gross profit was $86.3 million, compared to $67.2 million in the prior-year period . The gross margin improved to 69% from 55% in the prior-year period . GAAP net income increased by 11% year-over-year to $37.8 million . Adjusted Net Income was $39.0 million, an 8% increase year-over-year . Adjusted EBITDA rose by 22% year-over-year to $61.8 million . Income from operations was $52.445 million, compared to $42.798 million in the prior-year period .

Expenses

Research and development expenses were $6.0 million, compared to $1.0 million in the prior-year period . Selling, general and administrative expenses totaled $26.7 million, up from $22.2 million in the prior-year period . Plasma center operating expenses were $1.026 million, compared to $1.152 million in the prior-year period . Interest expense was - $3.424 million, compared to - $1.834 million in the prior-year period . The provision for income taxes was $12.415 million, compared to $5.878 million in the prior-year period .

First Half 2026 Financial Results

Revenue

Total revenue for the first six months of 2026 was $238.9 million, compared to $236.8 million for the same period in 2025 . ASCENIV revenue grew by 26% year-over-year to $200.4 million . BIVIGAM revenue was $34.8 million, representing a 51% decline year-over-year .

Profitability

Gross profit for the first half was $167.0 million, compared to $128.3 million in the prior-year period . Gross margin improved to 70%, up from 54% in the prior-year period . GAAP net income increased by 36% year-over-year to $83.1 million . Adjusted Net Income grew by 15% year-over-year to $79.6 million . Adjusted EBITDA increased by 23% year-over-year to $121.5 million . Income from operations was $110.719 million, compared to $77.678 million in the prior-year period .

Expenses

Research and development expenses were $8.6 million, compared to $1.9 million in the prior-year period . Selling, general and administrative expenses were $53.5 million, compared to $46.3 million in the prior-year period . Interest expense was - $5.524 million, compared to - $3.809 million in the prior-year period . The provision for income taxes was $24.215 million, compared to $12.424 million in the prior-year period .

Cash Flow and Balance Sheet

Net cash provided by operating activities was $87.788 million, significantly up from $1.464 million in the prior-year period . Cash and cash equivalents stood at $136.020 million as of June 30, 2026, compared to $87.630 million as of December 31, 2025 . Net cash used in financing activities was - $39.546 million, which included - $155.245 million for the acquisition of treasury stock and $125.000 million from JPM revolving facility proceeds . The company reported a gain on the sale of plasma centers of - $7.980 million for the six months ended June 30, 2026 .

Operational Highlights

Demand for ASCENIV accelerated throughout the second quarter, with June showing the strongest sequential month-over-month utilization growth since the first half of 2024 . BIVIGAM demand stabilized during the second quarter, leading to sequential improvement in utilization and revenue . ADMA Biologics, Inc. repurchased approximately 7.1 million shares of common stock in Q2 2026, contributing to a year-to-date total of approximately 13.8 million shares through June 30, 2026, representing 5.3% of the Company’s common stock outstanding . The SG-001 development project remains on track, with planned conformance lot production in the second half of 2026 and pre-Investigational New Drug (IND) meeting package submission to the U.S. Food and Drug Administration by year-end .

Outlook and Guidance

ADMA Biologics, Inc. reiterated its financial guidance for FY2026, projecting total revenue to be between $530 million and $560 million . The company anticipates FY2026 Adjusted Net Income to range from $170 million to $200 million and FY2026 Adjusted EBITDA to be between $265 million and $300 million . This outlook reflects sustained competitive dynamics and pricing pressure in the U.S. immune globulin market, with ASCENIV projected to remain the principal growth driver .