ADMA BIOLOGICS, INC. ADMA
We are a U.S. based end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. Our targeted patient populations include immune-compromised individuals who suffer from an underlying immune deficiency disorder or who may be immune-suppressed for medical reasons.
Through our ADMA BioManufacturing business segment, we currently have three products with U.S. Food and Drug Administration (the "FDA") approval, all of which are currently marketed and commercially available: (i) ASCENIV (Immune Globulin Intravenous, Human – slra 10% Liquid), an Intravenous Immune Globulin ("IVIG") product indicated for the treatment of Primary Humoral Immunodeficiency ("PI"), also known as Primary Immunodeficiency Disease ("PIDD") or Inborn Errors of Immunity, in adults and adolescents, for which we received FDA approval in April 2019 and commenced first commercial sales in October 2019; (ii) BIVIGAM, an IVIG product indicated for the treatment of PI in adults and pediatric
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $510.2M | $426.5M | $258.2M | $154.1M | $80.9M | $42.2M | $29.3M | $17.0M | $22.8M | $10.7M |
| Cost of revenue | $217.4M | $206.9M | $169.3M | $118.8M | $79.8M | $61.3M | $39.5M | $42.2M | $29.2M | $1.6M |
| Gross profit | $292.8M | $219.6M | $88.9M | $35.3M | $1.2M | -$19.1M | -$10.2M | -$25.2M | -$6.4M | $4.3M |
| R&D | $4.8M | $1.8M | $3.3M | $3.6M | $3.6M | $5.9M | $2.3M | $1.0M | $5.6M | $7.7M |
| SG&A | $91.6M | $74.1M | $59.0M | $52.5M | $42.9M | $35.1M | $25.9M | $22.5M | $18.8M | $8.5M |
| Total operating expenses | $101.3M | $80.6M | $67.3M | $74.6M | $59.5M | $45.8M | $70.8M | $77.3M | $62.1M | $28.0M |
| Operating income | $191.4M | $139.0M | $21.6M | -$39.4M | -$58.4M | -$64.9M | -$41.4M | -$60.3M | -$39.3M | -$17.3M |
| Interest expense | $7.1M | $13.9M | $25.0M | $19.3M | $13.1M | $12.0M | $9.0M | $5.5M | $3.3M | $2.2M |
| Pre-tax income | $182.7M | $125.7M | -$28.2M | -$65.9M | -$71.7M | -$75.7M | -$48.3M | -$65.7M | -$43.8M | -$19.5M |
| Income tax | $35.7M | $72.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | $146.9M | $197.7M | -$28.2M | -$65.9M | -$71.7M | -$75.7M | -$48.3M | -$65.7M | -$43.8M | -$19.5M |
| EPS, basic | 0.62 | 0.85 | -0.13 | -0.33 | -0.51 | -0.88 | — | — | — | — |
| EPS, diluted | 0.60 | 0.81 | -0.13 | -0.33 | -0.51 | -0.88 | -0.89 | -1.45 | -1.91 | -1.61 |
| Shares, diluted (wtd. avg.) | 244.9M | 243.3M | 224.0M | 197.9M | 139.6M | 86.1M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $87.6M | $103.1M | $51.4M | $86.5M | $51.1M | $55.9M | $26.8M | $26.8M | $48.6M | $9.9M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $5.4M |
| Receivables | $158.4M | $50.0M | $27.4M | $15.5M | $28.6M | $13.2M | $3.5M | $1.4M | $3.9M | $1.0M |
| Inventory | $206.5M | $170.2M | $172.9M | $163.3M | $124.7M | $81.5M | $53.1M | $18.6M | $12.6M | $5.0M |
| Total current assets | $466.5M | $331.4M | $257.0M | $270.4M | $208.7M | $153.7M | $85.8M | $44.5M | $62.3M | $21.7M |
| Property, plant and equipment | $65.1M | $54.7M | $53.8M | $58.3M | $50.9M | $41.6M | $31.7M | $30.1M | $30.5M | $2.0M |
| Goodwill | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M | $0 |
| Other intangibles | $632.0K | $460.0K | $499.0K | $1.0M | $1.7M | $2.4M | $3.2M | $4.0M | $4.8M | $0 |
| Total assets | $624.2M | $488.7M | $329.2M | $348.5M | $276.3M | $207.7M | $127.1M | $88.9M | $108.0M | $23.7M |
| Accounts payable | $22.5M | $20.2M | $15.7M | $13.2M | $12.4M | $11.1M | $9.2M | $5.9M | $5.9M | $2.6M |
| Short-term debt | $2.8M | $0 | — | — | — | — | — | — | — | — |
| Total current liabilities | $69.5M | $55.5M | $49.8M | $39.3M | $30.4M | $19.9M | $14.0M | $9.6M | $9.4M | $11.2M |
| Long-term debt | $69.3M | $72.3M | — | — | — | — | $0 | $2.8M | $2.8M | $1.8M |
| Total liabilities | $146.9M | $139.7M | $194.0M | $196.5M | $135.1M | $119.4M | $100.9M | $69.1M | $67.7M | $28.1M |
| Retained earnings | -$161.7M | -$308.6M | -$506.3M | -$478.0M | -$412.1M | -$340.5M | -$264.7M | -$216.4M | -$150.7M | -$106.9M |
| Total equity | $477.3M | $349.0M | $135.2M | $152.0M | $141.2M | $88.2M | $26.2M | $19.8M | $40.3M | -$4.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $50.4M | $118.7M | $8.8M | -$59.5M | -$112.4M | -$102.0M | -$76.2M | -$62.7M | -$37.3M | -$18.3M |
| Depreciation and amortisation | $8.0M | $7.7M | $7.6M | $6.4M | $4.8M | $3.2M | $2.4M | $2.6M | $1.5M | $400.0K |
| Stock-based compensation | $20.0M | $13.6M | $6.2M | $5.2M | $3.5M | $2.9M | $2.7M | $2.2M | $1.6M | $1.3M |
| Capital expenditure | $22.6M | $8.2M | $4.8M | $13.9M | $13.5M | $12.7M | $3.8M | $2.1M | $2.7M | $73.4K |
| Investing cash flow | -$21.9M | -$8.6M | -$5.0M | -$13.9M | -$13.5M | -$12.7M | -$3.8M | -$2.1M | $15.2M | $904.6K |
| Financing cash flow | -$44.0M | -$58.3M | -$39.0M | $108.9M | $121.0M | $143.9M | $80.0M | $42.9M | $60.8M | $16.8M |
| Buybacks | $31.9M | $0 | $0 | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-014799.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.7M | $22.8M | $17.0M | $29.3M | $42.2M | $80.9M | $154.1M | $258.2M | $426.5M | $510.2M |
| Gross profit | $4.3M | -$6.4M | -$25.2M | -$10.2M | -$19.1M | $1.2M | $35.3M | $88.9M | $219.6M | $292.8M |
| Net income | -$19.5M | -$43.8M | -$65.7M | -$48.3M | -$75.7M | -$71.7M | -$65.9M | -$28.2M | $197.7M | $146.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2836
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AMGN | AMGEN INC | $237.48B | 30.9x | 10.0% |
| GILD | GILEAD SCIENCES, INC. | $193.48B | 23.0x | 2.4% |
| MRNA | Moderna, Inc. | $79.89B | — | -39.9% |
| RVMD | Revolution Medicines, Inc. | $40.08B | — | — |
| BIIB | BIOGEN INC. | $37.01B | 28.5x | 2.2% |
| EXEL | EXELIXIS, INC. | $15.99B | 23.2x | 7.0% |
| NBIX | NEUROCRINE BIOSCIENCES INC | $14.51B | 30.6x | 21.4% |
| HALO | HALOZYME THERAPEUTICS, INC. | $14.26B | 49.1x | 37.6% |