ADMA Q2 Earnings Meet, Revenues Miss on Bivigam Weakness

ADMA Biologics, Inc. ADMA reported second-quarter 2026 earnings of 16 cents per share, which matched the Zacks Consensus Estimate and rose from 14 cents in the year-ago quarter.

Revenues grew 2.0% year over year to $124.4 million but missed the Zacks Consensus Estimate of $126.0 million.

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).

Strong Asceniv growth and margin expansion were partly offset by a sharp year-over-year decline in Bivigam sales.

ADMA’s Asceniv Sales Maintain Strong Momentum

Asceniv revenues increased 23.5% year over year to $102.9 million. The product accounted for most of ADMA’s quarterly revenues and remained the company’s principal growth driver amid competitive pressure across the broader U.S. immune globulin market.

Management stated that Asceniv utilization strengthened progressively during the quarter. June produced the strongest sequential month-over-month utilization growth since the first half of 2024, supported by new patient starts, broader prescriber engagement and higher patient utilization.

ADMA Biologics Faces Continued Bivigam Pressure

Bivigam revenues plunged 48.5% year over year to $19.4 million. Increased supply, aggressive discounting and competitive pricing continued to pressure the standard immune globulin market.

However, Bivigam revenues improved sequentially. Management said demand stabilized during the second quarter and expects the product’s current run rate to remain sustainable, though the company is not incorporating a meaningful recovery into its guidance.

ADMA’s Product Mix Drives Margin Expansion

Gross profit increased to $86.3 million from $67.2 million in the prior-year period. Gross margin expanded to 69% from 55%, reflecting a greater contribution from the higher-margin Asceniv product and benefits from the yield-enhanced manufacturing process approved in 2025.

The shift in revenue mix supported substantial earnings leverage despite modest top-line growth.

ADMA Biologics Steps Up Pipeline Investment

Research and development expenses climbed to $6.0 million from $1.0 million a year earlier, primarily due to investments in the SG-001 development program. Management expects quarterly R&D spending to remain near the second-quarter level, with another increase anticipated in the fourth quarter.

Selling, general and administrative expenses rose to $26.7 million from $22.2 million recorded a year earlier, mainly due to higher employee-related expenses, increased software maintenance costs, greater legal and consulting fees, and investments in strategic growth initiatives.

ADMA Biologics Maintains Its 2026 Outlook

ADMA reiterated its 2026 revenue guidance of $530-$560 million. The company continues to expect adjusted net income in the band of $170-$200 million and adjusted EBITDA in the $265-$300 million range.

The outlook assumes persistent competitive dynamics and pricing pressure in the standard immune globulin market. Asceniv is expected to remain the main driver of revenue growth, profitability and cash generation, with management forecasting upper-20% to low-30% revenue growth for the product in 2026.

ADMA’s Cash Flow Supports Share Repurchases

ADMA ended the quarter with $136.0 million in cash and cash equivalents.

The company repurchased approximately 7.1 million shares during the quarter. Year-to-date repurchases totaled about 13.8 million shares, representing 5.3% of outstanding common stock as of June 30, 2026. ADMA remains on track to complete at least $200 million of share repurchases during 2026.

ADMA Biologics Advances SG-001

ADMA continued progressing SG-001, its hyperimmune globulin program targeting S. pneumoniae.

ADMA expects to submit a pre-investigational new drug meeting package to the FDA by the end of 2026 and believes the candidate could address a $300-$500 million annual revenue opportunity if approved.

Our Take on ADMA’s Performance

ADMA’s performance in the second quarter was mixed, with earnings matching expectations but revenues missing the same as the company grapples with challenges in the IG market.

The stock is down in pre-market trading. Year to date, shares of ADMA have plunged 49.2% against the industry’s growth of 2.6%.

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Per management, increased supply and pricing competition continues to weigh on the standard IG market.

Nonetheless, demand for Asceniv remains strong. Management believes Asceniv remains in the early stages of penetrating the later-line refractory primary immunodeficiency market and represents a key long-term growth driver for ADMA (supported by a differentiated, patented supply and manufacturing platform).

ADMA’s Zacks Rank & Stocks to Consider

ADMA currently has a Zacks Rank #5 (Strong Sell).

Some better-ranked stocks in the biotech sector are Harmony Biosciences HRMY, Liquidia Corporation LQDA and Novavax NVAX, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Harmony Biosciences’ 2026 earnings per share (EPS) have risen from $3.20 to $3.33, while those for 2027 EPS have increased from $3.64 to $3.87 during the same time.

Harmony Biosciences’ earnings missed estimates in three of the trailing four quarters and beat on the remaining occasion, delivering an average negative surprise of 13.97%.

Over the past 60 days, estimates for Liquidia’s 2026 EPS have increased from $2.97 to $3.02, while those for 2027 EPS have improved from $4.81 to $5.31.

Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.

Over the past 60 days, estimates for Novavax’s 2026 loss per share have remained unchanged at 20 cents. Over the same period, loss per share estimates for 2027 have narrowed from 26 cents to 25 cents.

Novavax’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 305.24%. 

 

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This article originally published on Zacks Investment Research (zacks.com).

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