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Is it all Sunshine and ASCENIV?

Nathan Brinkman

ADMA Biologics reported strong full year 2025 results on February 25, 2026, demonstrating continued momentum across revenue growth, profitability, and operational execution. The company's flagship immunoglobulin therapy, ASCENIV, remained the primary growth engine, while strategic manufacturing and supply chain improvements position ADMA well heading into 2026.

• Total revenue reached $510.2 million, representing 20% year-over-year growth.
• ASCENIV net revenue hit $363 million, up 51% year-over-year, exiting the year at record utilization levels.
• Gross margins improved approximately 10% year-over-year, reaching 63.8% in Q4
• Manufacturing inflection — yield-enhanced production moved into routine commercial practice, with 2026 set to be the first full year of enhanced output, expected to drive further margin expansion.
• Plasma supply network was repositioned, with three centers being monetized and seven retained, while long-term supply agreements now provide access to 280+ collection centers.  Sales of the centers to be completed in Q1 2026.
• Leadership — a new CFO appointment was announced.

FY 2026 Guidance

• Revenue - $635 million (+24% year-over-year growth).
• Gross margin expansion anticipated throughout the year as 2026 marks the first full year of yield-enhanced production in commercial operation, with management guiding for continued quarter-over-quarter margin improvement.
• Product mix shift — ASCENIV is expected to continue growing as a percentage of total revenue, while Bivigam is forecast to be flat to down for the year; the shift toward higher-margin IVIG products is a key driver of profitability improvement.
• Long-term targets reiterated — the company is maintaining its guidance of more than $1.1 billion in revenue and at least $700 million in adjusted EBITDA by fiscal 2029

Is it really all sunshine and ASCENIV?