ADMA BIOLOGICS, INC. Q4 FY2024 earnings call

• 2024 was a year of exceptional performance with total revenues reaching $426.5 million, a 65% YoY increase, and adjusted EBITDA growing to $164.6 million, a 309% YoY growth. • The company revised financial guidance upwards, expecting total revenue to exceed $490 million in 2025 and $605 million in 2026, with adjusted EBITDA projected to surpass $225 million in 2025 and $305 million in 2026, and adjusted net income to be over $175 million in 2025 and $235 million in 2026. • Third-party high-titer plasma supply contracts were executed, allowing sourcing from approximately 250 US-based third-party plasma collection centers, a fivefold increase in total collection capacity. Internal high-titer collections also reached record levels. • The enhanced yield production process, if approved mid-year 2025, could increase production output by ~20% from the same starting plasma volume, potentially driving additional financial upside. • SG-001, targeting strep pneumonia, represents an additional upside lever to the $1 billion total annual revenue guidance expected prior to 2030, with potential branded protection through at least 2037.

Total revenue for the full year 2024 was $426.5 million, representing a 65% year-over-year increase. The fourth quarter 2024 revenue was $117.5 million, up from $73.9 million in the fourth quarter of 2023. The growth was primarily driven by increased sales of ASCENIV. ASCENIV contributed significantly to the revenue growth, with the company having penetrated just over 3% of its targeted PI market. The adjusted EBITDA for the full year 2024 was $164.6 million, a substantial increase from the prior year.

• Total revenue is expected to exceed $490 million in 2025 and $605 million in 2026. • Adjusted EBITDA is projected to surpass $225 million in 2025 and $305 million in 2026. • Adjusted net income guidance is raised to over $175 million in 2025 and over $235 million in 2026. • Potential upside from the enhanced yield production process approval, which could drive additional revenue and earnings growth if approved mid-year 2025.

• Regulatory approval delays for the enhanced yield production process could impact the expected financial upside. • Variability in plasma supply, although third-party contracts and internal collections are in place, could affect production and revenue. • Competition in the immunoglobulin therapy market could impact market penetration and revenue growth. • Adverse events or issues with third-party supply partners could disrupt operations.

Q: Could you give a sense of how many third-party supply contracts are currently up and running and the cadence in 2025?

A: We are advancing very rapidly, more than 50% of the way there, beating internal estimates, with testing throughput increasing rapidly and more staff and shifts onboarded to onboard collection centers faster.

Q: How big is the queue for new patients waiting to get treated with ASCENIV and what do they do in the meantime?

A: The queue is robust. These patients are on their standard IG therapy and continue to maintain on the same drug they've been receiving. There is no risk of them switching off as there's no other alternative for these patients.

Q: What's the expected split of new yield enhancement between ASCENIV, BIVIGAM, and NABI?

A: Yield enhancement is excluded from NABI. For ASCENIV and BIVIGAM, as we collect more high-titer plasma, we're putting more ASCENIV batches into the production schedule, with ASCENIV's top line mix continuing to outpace BIVIGAM dramatically.

Q: How confident are you about the FDA review for the enhanced yield process and when might SG-001 enter the clinic?

A: We're not aware of a requirement for a preapproval inspection. We feel good about our positioning and compliance. For SG-001, we hope to have animal data later this year and it could enter the clinic substantially before 2030, being an additional upside lever to revenue.