ADMA - ADMA Biologics: Strong Product Mix, Growing Margins And Compelling Upside
2025-09-03 06:12:48 ET
Intro
ADMA Biologics (NASDAQ: ADMA) is a vertically integrated U.S. Immune Globulin (referred to as IG) plasma manufacturer whose earnings are growing due to two main factors that it directly controls: higher finished-goods yield from each liter of plasma and a mix shift towards ASCENIV which provides much higher margins. Their business model revolves around (1) acquiring human plasma, (2) fractionating and purifying that plasma, (3) filling and finishing these vials of plasma, and then (4) marketing/selling three FDA-approved antibody medicines (ASCENIV & BIVIGAM for immunodeficiencies and Nabi-HB for hepatitis B). In 2024, the company delivered $426.5M revenue (+65% YoY) and $164.6M adjusted EBITDA, then raised 2025/2026 guidance citing continued demand and improvements in their business processes....
ADMA Biologics: Strong Product Mix, Growing Margins And Compelling Upside