Adma Biologics

Q2 FY2026 EarningsQ2 FY2026 performance was mixed compared to consensus, with a slight revenue miss but meaningful margin strength. Total revenue of $124.4M narrowly missed the $125.4M consensus, as high-margin ASCENIV growth of 24% YoY was offset by a 49% YoY decline in BIVIGAM. However, GAAP Gross Margin exceeded expectations at 69.4% vs. 68.3% expected, driven by favorable product mix. While GAAP Net Income of $37.8M fell short of the $41.8M consensus due to a higher-than-expected tax rate (24.7% vs. 22.7%), the company reiterated its FY2026 guidance, signaling confidence in sustained AI-driven demand for specialty biologics.