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.
Others in SIC 2836
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