ADMA Biologics (ADMA) investor relations material

Executive summary

• Achieved strong earnings growth and margin expansion in Q1 2026, with adjusted net income up 22% year-over-year and gross margin reaching 71%.

• ASCENIV revenue grew 28% year-over-year, offsetting a 54% decline in BIVIGAM revenue due to competitive pressures and distributor inventory dynamics.

• Monetized three plasma centers, enhancing liquidity and diversifying plasma sourcing, with proceeds between $5 million and $12 million and a shift to a more capital-efficient supply model.

• Continued robust demand and record utilization for ASCENIV, with positive trends in new patient starts, prescriber adoption, and payer access.

• FDA approved ASCENIV pediatric label expansion in May 2026, opening new commercial opportunities.

Financial highlights

• Q1 2026 total revenue was $114.5 million, flat year-over-year; ASCENIV revenue was $97.5 million (+28%), BIVIGAM $15.4 million (-54%).

• Gross profit was $80.8 million, with gross margin expanding to 71% from 53% in the prior year.

• Adjusted EBITDA reached $59.7 million (+24% year-over-year); adjusted net income was $40.7 million; GAAP net income was $45.3 million, up 68% year-over-year.

• Generated $58 million in operating cash flow and ended the quarter with $138 million in cash and equivalents.

• Pro forma net leverage below 0.5x, with $100 million in additional borrowing capacity.

Outlook and guidance

• 2026 revenue guidance set at $530–$560 million, reflecting continued ASCENIV growth and ongoing competitive pressure in standard IG.

• Adjusted EBITDA expected at $265–$300 million; adjusted net income at $170–$200 million for 2026.

• Guidance assumes sustained competitive pressures in standard IG and a conservative approach due to market uncertainty; long-term guidance withdrawn.

• DSOs targeted to improve to 90–105 days in the back half of 2026 as ordering patterns normalize and McKesson distribution ramps up.

• Current cash, equivalents, and receivables, plus projected cash flow, are expected to fund operations through Q1 2027 and beyond.