ADMA ADMA BIOLOGICS, INC.

FY2025 10-K
Filed: Feb 25, 2026
Health Care
Biological Products, (No Diagnostic Substances)SEC EDGAR

ADMA BIOLOGICS, INC. (ADMA) filed its fiscal year 2025 10-K annual report with the SEC on Feb 25, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.

AI Filing Analysis
FY2025 10-K

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
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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
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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
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Financial Summary
XBRL

Revenue

$510M

Net Income

$147M

Gross Margin

57.4%

Operating Margin

37.5%

Net Margin

28.8%

ROE

30.8%

Total Assets

$624M

EPS (Diluted)

$0.60

Operating Cash Flow

$50M

Source: XBRL data from ADMA BIOLOGICS, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.

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