ADMA Biologics (NASDAQ:ADMA) used its presentation at the J.P. Morgan Healthcare Conference to highlight a revenue pre-announcement for 2025, discuss manufacturing and supply chain developments, and outline its long-term growth outlook centered on its respiratory-focused immune globulin product, Asceniv.
2025 pre-announcement and updated outlook through 2027
Founder, President, and CEO Adam Grossman said the company pre-announced “$510 million or more” in total commercial revenue for 2025. Based on the same pre-announcement, Grossman said fourth-quarter revenue was expected to be greater than $139 million, with EBITDA of $77 million to $78 million or more and net income of about $50 million or more, which he characterized as a substantial increase compared with the third quarter.
For 2026, Grossman said ADMA is forecasting $635 million in revenue and $360 million of EBITDA. He also said the company provided guidance “for the first time” for 2027 of $775 million in revenue and $455 million of EBITDA. Looking longer term, he reiterated the company’s target of $1.1 billion or more in revenue by 2029 and said ADMA anticipates approximately $700 million of EBITDA in 2029, which he noted does not include any potential contribution from its SG01 program.
Asceniv focus, market positioning, and intellectual property
Grossman described ADMA as a specialty producer of plasma-derived biologics, primarily intravenous immune globulin (IVIG). He said the company has three FDA-approved commercial products and noted that Asceniv is protected by intellectual property through June 2035. He said that protection includes proprietary methods for identifying high-titer donors for respiratory virus antibodies and aspects of the product’s composition and resulting antibody profile.
Discussing the IVIG market, Grossman cited third-party reports that the market exceeded $13 billion in 2024 and is forecasted to grow to over $30 billion by 2033. He said ADMA represents about 3% of the U.S. immunoglobulin market, adding that approximately 135 million grams of IG were infused in 2024.
Grossman said ADMA targets a subset of primary humoral immunodeficiency (PI) patients for Asceniv—patients who continue to experience recurrent respiratory infections despite standard IG therapy. He described ADMA’s total addressable market for Asceniv as about 25,000 patients out of an estimated 250,000 PI patients. He said ADMA has penetrated “over 4%” of that addressable market, equating to “over 1,000 patients or so” on therapy.
Grossman also pointed to “expanding real-world evidence” showing reductions in infections and hospitalizations when patients switch from standard IG to Asceniv, with benefits reported in as early as six months in some publications. He said the company has launched direct-to-patient medical education initiatives intended to support patient advocacy and awareness.
Manufacturing yield enhancement and margin discussion
Grossman highlighted an FDA-approved yield enhancement strategy that he said enables ADMA to extract 20% more finished goods from the same starting plasma. He said the company received approval in April 2025 and began commercial-scale production in May 2025.
In describing fourth-quarter performance, Grossman said 100% of Asceniv sold in the quarter came from yield-enhanced batches and that the majority of Bivigam sold also came from yield-enhanced batches. He framed yield enhancement and a sales mix shift toward Asceniv as key contributors to the quarter’s revenue step-up and EBITDA performance.
Grossman said 2026 will be the first full year of yield-enhanced production and reminded investors that IVIG manufacturing has a seven-to-nine-month production cycle. He also discussed the company’s longer-term profitability framework, citing guidance that implies a 64% EBITDA contribution margin in 2029 and stating he believes there is room for further margin expansion through operational efficiencies and additional yield-related initiatives.
Plasma supply strategy and plasma center divestiture
ADMA said it currently operates 10 plasma centers but announced it is divesting three of them. Grossman said the three centers are carried on ADMA’s financials at about $1.9 million in total and are being sold for $12 million in gross proceeds, with $10 million expected to come into the company. He added that ADMA expects to remove about $13 million to $15 million of operating costs from the business following the sale.
Grossman said ADMA will retain the ability to collect high-titer RSV plasma from the divested centers and will enter into a 10-year supply agreement for plasma from those locations. He also said the company is signing an additional long-term third-party supply contract, bringing the total number of third-party plasma centers it collects from to over 280, up from 250. Grossman said roughly 85% of the raw material used to make Asceniv is sourced from third-party collectors.
He reiterated that only about 5% of plasma donors have the antibody profile the company seeks for Asceniv and said ADMA conducts donor testing in-house using its patented microneutralization assay. He said third-party suppliers have agreed to ADMA’s 2026 volume requests and that management feels “very bullish” about the opportunity.
Commercial distribution expansion and pipeline updates
Grossman said about 99% of ADMA’s business is in outpatient ambulatory infusion settings, including home infusion and independent infusion clinics. He also announced a new distribution agreement with McKesson Specialty intended to broaden access to sites of care the company was not reaching through its existing distributors.
In Q&A, Grossman said there was no McKesson-related stocking order in the fourth quarter because the agreement was signed “right before Christmas.” He also addressed non-product revenue in the quarter, noting plasma revenue tied primarily to hepatitis B plasma sales under a contract with a South Korean fractionator.
On the pipeline, Grossman said ADMA expects to pursue a pediatric label expansion for Asceniv, adding the age group two to 12 “sometime this year.” He also discussed SG01, describing it as a hyperimmunoglobulin program derived from donors immunized with commercially available strep pneumonia vaccines. Grossman said ADMA plans to submit a pre-IND package in 2026 and believes there is a path to move the program directly into registrational studies. He said SG01 is not included in ADMA’s 2029 guidance but could represent a $300 million to $500 million or more revenue opportunity if successful, with an IP runway through 2037.
About ADMA Biologics (NASDAQ:ADMA)
ADMA Biologics, Inc is a biopharmaceutical company headquartered in Ramsey, New Jersey, that focuses on the development, manufacturing and commercialization of specialty plasma-derived biologics for the treatment of primary immunodeficiency and infectious diseases. Leveraging an integrated model that spans plasma collection, fractionation, formulation and fill-finish operations, ADMA Biologics aims to address unmet needs in immune-compromised and high-risk patient populations.
The company’s marketed product portfolio includes BIVIGAM, a human immunoglobulin intravenous (IGIV) therapy approved by the U.S.
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