ADMA Biologics, Inc. Q4 FY2025 earnings call

• ADMA had a strong finish in 2025 with disciplined execution across commercial, manufacturing, and financial platforms. 2025 was a defining year with margin expansion, balance sheet improvement, and strategic initiatives. - Ascentive continued strong growth in 2025 with record utilization levels. - 2025 marked a major inflection point in manufacturing with yield-enhanced production transitioning into routine commercial practice. - The plasma collection network was strategically repositioned to improve capital efficiency and secure long-term high-titer plasma supply, with a plasma center divestiture agreement on track to close in the first quarter of 2026. - Brad Tade will retire as CFO but remain in consulting capacity, and Terry Kohler was appointed as the incoming CFO. This leadership transition solidifies the ability to scale efficiently, enhance financial flexibility, and maximize long-term stockholder value creation.

For the full year 2025, total revenue was $510 million, representing 20% year-over-year growth. Adjusted EBITDA was $231 million, increasing 40% year-over-year, and adjusted net income was $161 million, increasing 35% year-over-year. Ascentive achieved $363 million in net revenue in 2025, which is 51% year-over-year growth. Fourth quarter 2025 total revenue was $139.2 million, with 18% year-over-year growth, and corporate gross margins of 63.8% exited the quarter, approximately 10% year-over-year improvement. Ascentive's differentiated patent-protected specialty immune globulin had record utilization levels due to high demand and strong prescriber adoption.

• 2026 total revenue is expected to exceed $635 million, adjusted net income exceed $255 million, and adjusted EBITDA exceed $360 million. - 2027 total revenue is expected to exceed $775 million, adjusted net income exceed $315 million, and adjusted EBITDA exceed $455 million. - 2029 total revenue is expected to exceed $1.1 billion, and adjusted EBITDA exceed $700 million. These targets are driven by continued penetration into the addressable patient market, full realization of yield enhancement efficiencies, continued mix improvement, and disciplined operational execution. Projections exclude potential contributions from SG001 and future capacity expansion.

Q: Now that we can clearly see into the proportion of sales that Ascentive accounts for, is there any updated color on how Ascentive fits into the product mix as relates to revenue guidance?

A: Very proud of Ascentive's year-over-year growth of 51% to $363 million. The ratio between Ascentive and ViviGam was about 70-30 in 2025, and the mix shift is expected to continue. In the fourth quarter, gross margins were 63.8%, and margins are expected to continue to grow with the mix shift from Bibigam to Ascentive.

Q: Heading into this year, there was talk of expanding third-party supply contracts to get more RSV plasma. Any update on these efforts?

A: Third-party supply agreements are performing well, collecting more plasma each month. An additional third-party supply contract was signed with the acquirer of three plasma centers, adding about 30 centers with plans to grow, and now the company has access to over 280 plasma collection centers.

Q: Regarding the offensive strategy, how many more new centers can be added in 2026 and by what level can the prescriber base increase this year? Also, when will McKesson show up in receivables and what the normalized level looks like?

A: Actively call in about 300 immunologists, with a large majority having prescribed Ascentive to at least one or more patients, expecting growth from new institutions, new prescribers, and expanding reach into existing institutions. McKesson will start to show up in the first half of the year and materialize in the back part of the year, with normalized levels expected towards the middle back part of the year as working capital requirements from growth normalize.