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Will the IG Market Challenges Affect ADMA Biologics Prospects in 2026?
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Key Takeaways
ADMA lowered 2026 revenue and profit guidance amid IG market pricing and inventory pressure.
Bivigam sales fell 54% year over year as distributor ordering patterns remained volatile.
ADMA expects McKesson Specialty partnership to improve market reach and order consistency.
ADMA Biologics (ADMA - Free Report) 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).
ADMA’s recently reported first-quarter results were lacklustre as the plasma-derived therapies (PDT) and immunoglobulin (IG) market faced heightened competition and fluctuations in distributor ordering patterns, resulting in near-term revenue pressure, particularly for Bivigam.
Bivigam revenues declined 54% year over year.
Due to the evolving competitive dynamics in the IG market, ADMA lowered its full-year guidance for 2026 and withdrew previously issued long-term guidance, although management stated that it believes the current pricing pressure and inventory imbalance in the U.S. IG and PDT markets are temporary.
ADMA now expects 2026 revenues to be in the range of $530 million to $560 million (previous guidance: exceeding $635 million).
The company now expects 2026 adjusted net income of $170-$200 million (previous guidance: more than $255 million).
Late-quarter inventory shifts pushed certain contractual purchase orders expected in March into early April, affecting the timing of reported revenues. The company said these delays were partly due to temporary shortages in required safety stock levels at some customers and were resolved within the applicable cure period.
ADMA is seeing improving order trends from direct customers in the second quarter. The recently launched distribution agreement with McKesson Specialty is expected to expand market reach, improve order consistency, open additional channels and enhance working capital efficiency over time.
Competition in the Plasma Therapy Market
ADMA Biologics competes with Grifols (GRFS - Free Report) and Takeda (TAK - Free Report) for plasma-derived products.
GRFS is a leading producer of plasma derivatives globally, ranking among the three largest producers in the industry in terms of total sales, alongside Takeda and CSL Group. The main plasma products that Grifols manufactures are IG, Factor VIII, Alpha 1 (A1PI) and albumin. Grifols also manufactures intramuscular (hyperimmune) immunoglobulins (IGs), ATIII, Factor IX and plasma thromboplastin component.
GRFS has a strong presence across key segments of the plasma derivatives industry, including A1PI, IG, and albumin, supported by its leading position in plasma collection centers and robust fractionation capacity.
Takeda’s broad immunoglobulin portfolio includes Hyqvia, Cuvitru, Gammagard Liquid and Gammagard Liquid ECR. The company is developing next-generation IG products with 20% facilitated SCIG (TAK-881). It is also pursuing other early-stage opportunities (e.g., hypersialylated Immunoglobulin [hsIgG]) that would diversify its portfolio further.
ADMA’s Price Performance, Valuation & Estimates
ADMA shares have plunged 53.6% year to date compared with the industry’s decline of 1.1%.
Image Source: Zacks Investment Research
From a valuation perspective, ADMA is expensive at this moment. ADMA’s shares currently trade at 3.32X forward sales, lower than its mean of 3.72X but higher than the industry’s 2.05X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ADMA’s 2026 earnings per share has moved south to 84 cents from 96 in the past 60 days, while that for 2027 EPS has declined to $1.05 from $1.38 in the same time frame.
View the Zacks #1 Rank List
Image: Bigstock
Will the IG Market Challenges Affect ADMA Biologics Prospects in 2026?
Key Takeaways
ADMA Biologics (ADMA - Free Report) 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).
ADMA’s recently reported first-quarter results were lacklustre as the plasma-derived therapies (PDT) and immunoglobulin (IG) market faced heightened competition and fluctuations in distributor ordering patterns, resulting in near-term revenue pressure, particularly for Bivigam.
Bivigam revenues declined 54% year over year.
Due to the evolving competitive dynamics in the IG market, ADMA lowered its full-year guidance for 2026 and withdrew previously issued long-term guidance, although management stated that it believes the current pricing pressure and inventory imbalance in the U.S. IG and PDT markets are temporary.
ADMA now expects 2026 revenues to be in the range of $530 million to $560 million (previous guidance: exceeding $635 million).
The company now expects 2026 adjusted net income of $170-$200 million (previous guidance: more than $255 million).
Late-quarter inventory shifts pushed certain contractual purchase orders expected in March into early April, affecting the timing of reported revenues. The company said these delays were partly due to temporary shortages in required safety stock levels at some customers and were resolved within the applicable cure period.
ADMA is seeing improving order trends from direct customers in the second quarter. The recently launched distribution agreement with McKesson Specialty is expected to expand market reach, improve order consistency, open additional channels and enhance working capital efficiency over time.
Competition in the Plasma Therapy Market
ADMA Biologics competes with Grifols (GRFS - Free Report) and Takeda (TAK - Free Report) for plasma-derived products.
GRFS is a leading producer of plasma derivatives globally, ranking among the three largest producers in the industry in terms of total sales, alongside Takeda and CSL Group. The main plasma products that Grifols manufactures are IG, Factor VIII, Alpha 1 (A1PI) and albumin. Grifols also manufactures intramuscular (hyperimmune) immunoglobulins (IGs), ATIII, Factor IX and plasma thromboplastin component.
GRFS has a strong presence across key segments of the plasma derivatives industry, including A1PI, IG, and albumin, supported by its leading position in plasma collection centers and robust fractionation capacity.
Takeda’s broad immunoglobulin portfolio includes Hyqvia, Cuvitru, Gammagard Liquid and Gammagard Liquid ECR. The company is developing next-generation IG products with 20% facilitated SCIG (TAK-881). It is also pursuing other early-stage opportunities (e.g., hypersialylated Immunoglobulin [hsIgG]) that would diversify its portfolio further.
ADMA’s Price Performance, Valuation & Estimates
ADMA shares have plunged 53.6% year to date compared with the industry’s decline of 1.1%.
Image Source: Zacks Investment Research
From a valuation perspective, ADMA is expensive at this moment. ADMA’s shares currently trade at 3.32X forward sales, lower than its mean of 3.72X but higher than the industry’s 2.05X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ADMA’s 2026 earnings per share has moved south to 84 cents from 96 in the past 60 days, while that for 2027 EPS has declined to $1.05 from $1.38 in the same time frame.
Image Source: Zacks Investment Research
ADMA currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.