ADMA BIOLOGICS, INC. (ADMA) FY2025 10-K Annual Report
ADMA BIOLOGICS, INC. (ADMA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
ADMA BIOLOGICS, INC. FY2025 10-K Analysis
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
ADMA BIOLOGICS, INC. FY2025 Key Financial MetricsXBRL
Revenue
$510M
▲ +19.6% YoY
Net Income
$147M
▼ -25.7% YoY
Gross Margin
57.4%
▲ +590bp YoY
Operating Margin
37.5%
▲ +493bp YoY
Net Margin
28.8%
▼ -1755bp YoY
ROE
30.8%
▼ -2585bp YoY
Total Assets
$624M
▲ +27.7% YoY
EPS (Diluted)
$0.60
▼ -25.9% YoY
Operating Cash Flow
$50M
▼ -57.5% YoY
Source: XBRL data from ADMA BIOLOGICS, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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