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ADMA Beats on Q2 Earnings and Revenues, Asceniv Drives Momentum
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Key Takeaways
ADMA reported Q2 EPS of $0.15 and revenues of $122M, both beating consensus estimate.
Asceniv drove 29% Y/Y underlying revenue growth, aided by strong adoption and proprietary tech.
ADMA reaffirmed 2025+ guidance and sees $1.1B+ revenue potential before 2030 from plasma products.
ADMA Biologics ((ADMA - Free Report) ) reported better-than-expected results for the second quarter. Adjusted earnings per share of 15 cents beat the Zacks Consensus Estimate by a penny.
Revenues of $122 million (up 14% year over year) also beat the Zacks Consensus Estimate of $121 million.
However, the stock was down 7.4% in after-market trading following the announcement. Year to date, shares of ADMA have lost 4.4% against the industry’s growth of 0.2%.
Image Source: Zacks Investment Research
Asceniv’s Performance Fuels ADMA’s Growth in Q2
ADMA Biologics markets plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases.
The company’s top line currently comprises sales of three FDA-approved products — Bivigam (an Intravenous Immune Globulin [“IVIG”] product to treat primary humoral immunodeficiency), Asceniv (to treat primary immunodeficiency disease or PIDD) and Nabi-HB (to treat and provide enhanced immunity against the hepatitis B virus).
Asceniv, its lead product, is a plasma-derived IVIG that contains naturally occurring polyclonal antibodies. It is indicated for the treatment of PIDD or inborn errors of immunity in adults and adolescents. The product is manufactured using ADMA’s unique, patented plasma donor screening methodology and tailored plasma pooling design, which blends normal source plasma with respiratory syncytial virus plasma obtained from donors tested using the company’s proprietary microneutralization assay.
Post the exclusion of the Medicaid rebate accrual reversal benefit of $12.6 million recorded in the second quarter of 2024, underlying revenues grew approximately 29% year over year, driven primarily by continued adoption and utilization of Asceniv by physicians, payers and patients.
Gross margin improved to 55.1% from 53.6%. Adjusting for the Medicaid rebate accrual benefit, underlying gross margin expanded 7.7% year over year, reflecting a more favorable mix of higher-margin immunoglobulin (IG) sales and operational efficiencies that reduced manufacturing costs.
Research & Development expenses jumped 84% to $1 million. Selling, general and administrative expenses increased 33.7% to $22.2 million.
During the second quarter, ADMA repurchased approximately $15 million of common stock under its $500 million share repurchase program.
ADMA Biologics Inc Price, Consensus and EPS Surprise
ADMA continues to expect to revenues of more than $500 million in 2025 and $625 million in 2026. Net income is projected to exceed $175 million in 2025 and $245 million in 2026.
ADMA anticipates growth rates to accelerate significantly in the second half of 2025. ADMA has successfully commenced commercial-scale manufacturing utilizing its FDA-approved yield enhancement process, with early batches realizing the anticipated 20%+ IG output gains. ADMA expects an improvement in gross margin and production, beginning in early 2026 and beyond.
ADMA’s external plasma collections reached new highs, which complement its strong internal plasma collections. This trend supports ADMA’s goal of exceeding $1.1+ billion in total annual revenues prior to 2030 (prior guidance: $1 billion).
ADMA’s Progress With Another Candidate
ADMA is initiating SG-001, a hyperimmune globulin targeting S. pneumonia.
ADMA initiated studies in a first-of-its-kind animal model designed to evaluate Streptococcus pneumoniae infection in both normal and immunocompromised hosts.
In initial pilot testing, results showed that SG-001-treated animals exhibited no clinical signs of pneumonia 24 hours post-bacterial challenge, while placebo-treated animals developed observable symptoms. ADMA will accelerate its preclinical research and development of SG-001. ADMA believes that SG-001 has the potential to generate $300-$500 million or more in high-margin annual revenues, with IP protection through at least 2037.
Other Updates From ADMA
In July, ADMA completed the purchase of a $12.5 million facility on five acres of land, adjacent to its Boca Raton manufacturing campus. This investment strengthens its U.S.-based vertically integrated supply chain and potentially provides for up to 30% in future cGMP capacity expansion.
In the past 60 days, estimates for Immunocore’s 2025 loss per share have narrowed from 86 cents to 68 cents. Loss per share estimates for 2026 have narrowed from $1.34 to $1.10 during the same period. IMCR stock has risen 8.9% year to date.
Immunocore’s earnings beat estimates in three of the trailing four quarters and missed the same in one, the average surprise being 76.18%.
In the past 60 days, estimates for CorMedix’s earnings per share have increased from 93 cents to 97 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from $1.64 to $1.65. Year to date, shares of CRMD have rallied 47.5%.
CorMedix’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 25.82%.
BAYRY’s 2025 earnings per share estimate has increased from $1.25 to $1.30 for 2025 over the past 90 days and the same for 2026 has risen from $1.31 to $1.35 over the same timeframe. Year to date, shares of Bayer have surged 48.6%.
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ADMA Beats on Q2 Earnings and Revenues, Asceniv Drives Momentum
Key Takeaways
ADMA Biologics ((ADMA - Free Report) ) reported better-than-expected results for the second quarter. Adjusted earnings per share of 15 cents beat the Zacks Consensus Estimate by a penny.
Revenues of $122 million (up 14% year over year) also beat the Zacks Consensus Estimate of $121 million.
However, the stock was down 7.4% in after-market trading following the announcement. Year to date, shares of ADMA have lost 4.4% against the industry’s growth of 0.2%.
Image Source: Zacks Investment Research
Asceniv’s Performance Fuels ADMA’s Growth in Q2
ADMA Biologics markets plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases.
The company’s top line currently comprises sales of three FDA-approved products — Bivigam (an Intravenous Immune Globulin [“IVIG”] product to treat primary humoral immunodeficiency), Asceniv (to treat primary immunodeficiency disease or PIDD) and Nabi-HB (to treat and provide enhanced immunity against the hepatitis B virus).
Asceniv, its lead product, is a plasma-derived IVIG that contains naturally occurring polyclonal antibodies. It is indicated for the treatment of PIDD or inborn errors of immunity in adults and adolescents. The product is manufactured using ADMA’s unique, patented plasma donor screening methodology and tailored plasma pooling design, which blends normal source plasma with respiratory syncytial virus plasma obtained from donors tested using the company’s proprietary microneutralization assay.
Post the exclusion of the Medicaid rebate accrual reversal benefit of $12.6 million recorded in the second quarter of 2024, underlying revenues grew approximately 29% year over year, driven primarily by continued adoption and utilization of Asceniv by physicians, payers and patients.
Gross margin improved to 55.1% from 53.6%. Adjusting for the Medicaid rebate accrual benefit, underlying gross margin expanded 7.7% year over year, reflecting a more favorable mix of higher-margin immunoglobulin (IG) sales and operational efficiencies that reduced manufacturing costs.
Research & Development expenses jumped 84% to $1 million. Selling, general and administrative expenses increased 33.7% to $22.2 million.
During the second quarter, ADMA repurchased approximately $15 million of common stock under its $500 million share repurchase program.
ADMA Biologics Inc Price, Consensus and EPS Surprise
ADMA Biologics Inc price-consensus-eps-surprise-chart | ADMA Biologics Inc Quote
ADMA Reiterates Guidance
ADMA continues to expect to revenues of more than $500 million in 2025 and $625 million in 2026. Net income is projected to exceed $175 million in 2025 and $245 million in 2026.
ADMA anticipates growth rates to accelerate significantly in the second half of 2025. ADMA has successfully commenced commercial-scale manufacturing utilizing its FDA-approved yield enhancement process, with early batches realizing the anticipated 20%+ IG output gains. ADMA expects an improvement in gross margin and production, beginning in early 2026 and beyond.
ADMA’s external plasma collections reached new highs, which complement its strong internal plasma collections. This trend supports ADMA’s goal of exceeding $1.1+ billion in total annual revenues prior to 2030 (prior guidance: $1 billion).
ADMA’s Progress With Another Candidate
ADMA is initiating SG-001, a hyperimmune globulin targeting S. pneumonia.
ADMA initiated studies in a first-of-its-kind animal model designed to evaluate Streptococcus pneumoniae infection in both normal and immunocompromised hosts.
In initial pilot testing, results showed that SG-001-treated animals exhibited no clinical signs of pneumonia 24 hours post-bacterial challenge, while placebo-treated animals developed observable symptoms. ADMA will accelerate its preclinical research and development of SG-001. ADMA believes that SG-001 has the potential to generate $300-$500 million or more in high-margin annual revenues, with IP protection through at least 2037.
Other Updates From ADMA
In July, ADMA completed the purchase of a $12.5 million facility on five acres of land, adjacent to its Boca Raton manufacturing campus. This investment strengthens its U.S.-based vertically integrated supply chain and potentially provides for up to 30% in future cGMP capacity expansion.
ADMA’s Zacks Rank & Stocks to Consider
ADMA currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the pharma/biotech sector are Immunocore ((IMCR - Free Report) ), CorMedix ((CRMD - Free Report) ) and Bayer (BAYRY). While IMCR and CRMD sport a Zacks Rank #1 (Strong Buy) each, BAYRY carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Immunocore’s 2025 loss per share have narrowed from 86 cents to 68 cents. Loss per share estimates for 2026 have narrowed from $1.34 to $1.10 during the same period. IMCR stock has risen 8.9% year to date.
Immunocore’s earnings beat estimates in three of the trailing four quarters and missed the same in one, the average surprise being 76.18%.
In the past 60 days, estimates for CorMedix’s earnings per share have increased from 93 cents to 97 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from $1.64 to $1.65. Year to date, shares of CRMD have rallied 47.5%.
CorMedix’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 25.82%.
BAYRY’s 2025 earnings per share estimate has increased from $1.25 to $1.30 for 2025 over the past 90 days and the same for 2026 has risen from $1.31 to $1.35 over the same timeframe. Year to date, shares of Bayer have surged 48.6%.