Short answer
ADMA BIOLOGICS, INC. (ADMA) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $510M (+19.6% year over year) and net income of $147M.
- Top risk flagged: FDA inspections risk: potential issuance of warning letters or enforcement actions due to non-compliance with cGMP at ADMA or third-party contractors
FY2025 key financial metrics · XBRL
- Revenue
- $510M
- +19.6% YoY
- Net income
- $147M
- −25.7% YoY
- Operating margin
- 37.5%
- +4.9 pp YoY
- Gross margin
- 57.4%
- +5.9 pp YoY
- EPS (diluted)
- $0.60
- −25.9% YoY
- ROE
- 30.8%
- −25.9 pp YoY
- Operating cash flow
- $50M
- −57.5% YoY
Source: XBRL data from the ADMA BIOLOGICS, INC. (ADMA) FY2025 10-K on SEC EDGAR. USD.
ADMA BIOLOGICS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: End-to-end biopharmaceutical company manufacturing specialty biologics for immunodeficient and immune-compromised patients
- New emphasis on SG-001 for prevention/treatment of S. pneumoniae infections, with pilot batch completed and pre-IND planned in FY 2026
- Strategic shift: Divestiture of 3 plasma centers, moving to more flexible, capital-efficient plasma supply; 7 centers to remain operational post-divestiture
- Quantitative highlight: 20%+ production yield increase from FDA-approved yield enhancement process effective April 2025, first full year in FY 2026
- Noteworthy: Implementation of AI platform ADMAlytics started in 2024 to optimize plasma pooling and commercial operations, with ongoing expansion in 2025
Management Discussion & Analysis
- Revenue $510.2M in 2025, up 20% YoY from $426.5M, driven by ASCENIV ($362.5M, +51%), offset by BIVIGAM decline (-14%)
- Gross margin improved to 57.4% in 2025 vs 51.5% in 2024, due to favorable IG product mix and lower manufacturing costs
- Best segment ADMA BioManufacturing: $493.1M revenue (+19%), worst Plasma Collection Centers: $17.0M (+62%), but much smaller base
- Operating cash flow positive $118.7M in 2024, continued positive in 2025; $12.6M real estate acquisition; divestiture of 3 plasma centers for $12.0M in Dec 2025
- 2026 outlook: full year benefit of 20%+ yield enhancement process expected to drive margin expansion; FDA label expansion for ASCENIV anticipated H1 2026
Risk Factors
- FDA inspections risk: potential issuance of warning letters or enforcement actions due to non-compliance with cGMP at ADMA or third-party contractors
- Geopolitical exposure: supply chain disruptions and sales impact from Russia-Ukraine conflict and sanctions, plus risks in South America, Northern Africa, Middle East
- Supply chain vulnerability: reliance on third-party fill/finish contractors and plasma suppliers may delay finished drug product availability and commercialization
- Competitive risk: uncertain market acceptance and forecast inaccuracies for ASCENIV and plasma-derived products despite FDA approval and new manufacturing yield enhancements
- Financial risk: dependency on key customers accounting for significant revenue and risk of financial strain from need for additional equity/debt if profitability not maintained
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