Adma Biologics, Inc. (ADMA) · Nov 4, 2026 · Earnings
Beat — Adjusted basic EPS $0.23 vs ~$0.20 consensus; revenue $141.1M vs ~$141.0M
ADMA’s third-quarter earnings beat expectations as ASCENIV revenue surged 31%, margins expanded, and profit targets rose despite BIVIGAM pressure.
ADMA is shifting from a two-product immune-globulin business toward an ASCENIV-led growth model, while BIVIGAM faces pricing and channel pressure. Its prior-quarter story already featured accelerating ASCENIV demand and early BIVIGAM stabilization, so the direction was known; this quarter shows the magnitude improving.
ASCENIV is now carrying the business. ASCENIV revenue reached $124.7 million, up 31% year over year and 21% sequentially, with management pointing to broader physician adoption and new patient starts. 〔0〕
The quarter beat a modest external bar. Revenue was slightly above the published consensus near $141 million, while adjusted basic EPS of $0.23 exceeded estimates around $0.20. That makes this a genuine earnings beat, though not a dramatic revenue surprise.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Revenue (Financial Highlights) | $141.1M (+5.1%) | $134.2M | ~$141.0M |
| Adjusted basic EPS (Adjusted EPS reconciliation) | $0.23 | $0.16 | ~$0.20 |
| Adjusted EBITDA (Adjusted EBITDA reconciliation) | $77.3M (+31.5%) | $58.7M | |
| Gross margin (Financial Highlights) | 71% | 56% | |
| BIVIGAM revenue (Segment results) | $15.4M (-35.2%) | $23.8M |
Profitability is improving faster than sales. Gross margin expanded to 71% from 56% a year earlier and 69% in the second quarter, while adjusted EBITDA rose 25% sequentially. The mix shift toward ASCENIV and manufacturing yield improvements are converting growth into substantially higher earnings. 〔1〕
The main weakness has not disappeared. BIVIGAM revenue fell to $15.4 million from $19.4 million in the second quarter and $23.8 million a year earlier, reflecting competitive pricing and channel inventory pressure. Management says underlying utilization is stabilizing, but the reported revenue trend still makes ASCENIV increasingly important to the overall story.
The outlook moved incrementally higher, not radically higher. ADMA reiterated full-year revenue guidance but increased its minimum expectations for adjusted net income and adjusted EBITDA. 〔2〕 That is a favorable profitability revision, but the absence of the actual revised thresholds limits how precisely the change can be measured.
SG-001 gained regulatory-path clarity, but remains an option rather than a current earnings driver. FDA feedback supported ADMA’s proposed development strategy and assay, allowing the company to prepare an IND submission; the program is still preclinical and does not change near-term revenue. 〔3〕
Bottom line: This quarter strengthens ADMA’s current story: ASCENIV growth and manufacturing leverage are outpacing expectations enough to lift profitability. BIVIGAM remains a real drag, but it no longer obscures the improving economics of the core business.
ACAAI presentation of 127-patient ASCENIV outcomes, mid-November
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