The company has achieved a structural shift in profitability, with gross margins expanding from 42.1% in 2023Q4 to 70.5% in 2026Q1 as the product mix pivots toward higher-value therapeutics.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 |
|---|
| Sales/Revenue | 509.86M | 510.17M | 426.45M | 258.21M | 154.08M | 80.94M | 42.22M | 29.35M | 16.99M | 22.76M | 10.66M | 7.18M | 5.92M | 3.07M | 1.12M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 10.99% | 19.63% | 65.15% | 67.58% | 90.36% | 91.72% | 43.85% | 72.79% | -25.37% | 113.49% | 48.53% | 21.34% | 92.84% | 174.35% | - | - | - | - | - | - |
| Cost of Goods Sold | 197.44M | 217.41M | 206.9M | 169.27M | 118.81M | 79.77M | 61.29M | 39.5M | 42.19M | 29.16M | 6.36M | 4.31M | 3.74M | 2.02M | 669.06K | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 42.61% | 48.52% | 65.56% | 77.11% | 98.55% | 145.17% | 134.6% | 248.42% | 128.14% | 59.66% | 60.07% | 63.26% | 65.96% | 59.84% | - | - | - | - | - |
| Gross Profit | 312.42M | 292.76M | 219.55M | 88.94M | 35.27M | 1.17M | -19.07M | -10.16M | -25.21M | -6.4M | 4.3M | 2.87M | 2.17M | 1.04M | 449.06K | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 61.27% | 57.39% | 51.48% | 34.44% | 22.89% | 1.45% | -45.17% | -34.6% | -148.42% | -28.14% | 40.34% | 39.93% | 36.74% | 34.04% | 40.16% | - | - | - | - | - |
| Gross Profit Growth % | - | 33.35% | 146.85% | 152.21% | 2906.39% | 106.15% | -87.8% | 59.72% | -293.66% | -248.92% | 50.04% | 31.89% | 108.13% | 132.51% | - | - | - | - | - | - |
| Operating Expenses | 104.45M | 101.32M | 80.57M | 67.31M | 74.63M | 59.55M | 45.84M | 31.27M | 35.08M | 32.06M | 21.63M | 18.38M | 18.19M | 16.09M | 8.36M | 26.46K | 20.53K | -20.01M | 24.92M | 29.73M |
| OpEx % of Revenue | - | 19.86% | 18.89% | 26.07% | 48.44% | 73.57% | 108.58% | 106.54% | 206.53% | 140.86% | 202.89% | 256.07% | 307.52% | 524.41% | 747.53% | - | - | - | - | - |
| Selling, General & Admin | 95.52M | 91.58M | 74.12M | 59.02M | 52.46M | 42.9M | 35.05M | 25.91M | 22.5M | 18.09M | 8.49M | 6.75M | 4.82M | 4.37M | 3.14M | 26.46K | 20.53K | 0 | 0 | 24K |
| SG&A % of Revenue | - | 17.95% | 17.38% | 22.86% | 34.05% | 53% | 83.02% | 88.28% | 132.48% | 79.49% | 79.68% | 93.99% | 81.55% | 142.31% | 281.03% | - | - | - | - | - |
| Research & Development | 6.53M | 4.76M | 1.81M | 3.3M | 3.61M | 3.65M | 5.91M | 2.34M | 3.93M | 6.23M | 7.69M | 7.02M | 9.52M | 9.3M | 3.47M | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.93% | 0.43% | 1.28% | 2.35% | 4.5% | 13.99% | 7.99% | 23.11% | 27.37% | 72.12% | 97.75% | 160.88% | 303.27% | 310.26% | - | - | - | - | - |
| Other Operating Expenses | 2.04M | 4.98M | 4.63M | 4.99M | 18.56M | 13M | 4.89M | 3.01M | -127.12K | -10.14K | 4.5K | 4.62M | -74.36K | 82.5K | 1.75M | 0 | 0 | -20.01M | 24.92M | 29.73M |
| Operating Income | 214.84M | 191.44M | 138.98M | 21.63M | -39.37M | -58.37M | -64.91M | -41.42M | -60.29M | -39.31M | -17.33M | -15.51M | -16.02M | -15.04M | -7.91M | -26.46K | -20.53K | -20.01M | -24.89M | -29.69M |
| Operating Margin % | 42.14% | 37.53% | 32.59% | 8.38% | -25.55% | -72.12% | -153.75% | -141.14% | -354.95% | -172.71% | -162.56% | -216.14% | -270.79% | -490.37% | -707.36% | - | - | - | - | - |
| Operating Income Growth % | - | 37.75% | 542.49% | 154.95% | 32.56% | 10.08% | -56.71% | 31.29% | -53.37% | -126.83% | -11.71% | 3.15% | -6.49% | -90.19% | -29786.52% | -28.9% | 99.9% | 19.61% | 16.16% | - |
| EBITDA | 220.96M | 199.54M | 147.03M | 29.96M | -32.25M | -52.88M | -60.97M | -38.17M | -56.84M | -38.08M | -16.86M | -15.04M | -15.77M | -14.83M | -7.73M | -26.46K | -20.53K | -20.01M | -24.89M | -29.69M |
| EBITDA Margin % | 43.34% | 39.11% | 34.48% | 11.6% | -20.93% | -65.33% | -144.42% | -130.04% | -334.66% | -167.29% | -158.15% | -209.6% | -266.6% | -483.5% | -691.08% | - | - | - | - | - |
| EBITDA Growth % | 38.15% | 35.72% | 390.68% | 192.91% | 39.01% | 13.28% | -59.76% | 32.86% | -49.29% | -125.82% | -12.08% | 4.61% | -6.33% | -91.95% | -29102.87% | -28.91% | 99.9% | 19.61% | 16.16% | - |
| D&A (Non-Cash Add-back) | 6.13M | 8.1M | 8.04M | 8.33M | 7.11M | 5.5M | 3.94M | 3.26M | 3.45M | 1.23M | 469.58K | 469.82K | 247.85K | 210.63K | 182.09K | 4 | 4 | 0 | 0 | 0 |
| EBIT | 154.34M | 189.77M | 139.64M | -3.21M | -46.63M | -58.59M | -63.76M | -39.29M | -60.22M | -40.47M | -17.28M | -16.13M | -16.08M | -14.91M | -7.89M | -4.62M | -5.24M | 0 | 0 | 0 |
| Net Interest Income | -1.77M | -5.24M | -11.83M | -23.41M | -19.23M | -13.02M | -11.7M | -8.19M | -5.33M | -3.23M | -2.19M | -1.8M | -1.27M | -610.6K | -9.76K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.26M | 1.87M | 2.1M | 1.62M | 44.83K | 34.53K | 288.13K | 800.78K | 195.4K | 57.23K | 50.32K | 37.83K | 14.22K | 7.62K | 20.92K | 4 | 4 | 0 | 0 | 48 |
| Interest Expense | 3.04M | 7.11M | 13.93M | 25.03M | 19.28M | 13.06M | 11.99M | 8.99M | 5.52M | 3.29M | 2.24M | 1.84M | 1.29M | 618.23K | 30.68K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -8.5M | -8.79M | -13.27M | -49.87M | -26.54M | -13.27M | -10.83M | -6.85M | -5.45M | -4.45M | -2.18M | -2.46M | -1.35M | -484.81K | -9.76K | -6.2M | -5.93M | 0 | 0 | 0 |
| Pretax Income | 206.33M | 182.66M | 125.71M | -28.24M | -65.9M | -71.65M | -75.75M | -48.28M | -65.74M | -43.76M | -19.52M | -17.97M | -17.36M | -15.53M | -7.92M | -26.46K | -20.53K | -20.01M | -24.89M | -29.69M |
| Pretax Margin % | 40.47% | 35.8% | 29.48% | -10.94% | -42.77% | -88.52% | -179.41% | -164.5% | -387.06% | -192.26% | -183.05% | -250.36% | -293.55% | -506.17% | -708.24% | - | - | - | - | - |
| Income Tax | 40.98M | 35.73M | -71.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -551.72K | 0 | -617.62K | -4 | -4 | 0 | 0 | 0 |
| Effective Tax Rate % | 19.86% | 19.56% | -57.24% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 3.18% | 0% | 7.8% | 0.02% | 0.02% | 0% | 0% | 0% |
| Net Income | 165.35M | 146.93M | 197.67M | -28.24M | -65.9M | -71.65M | -75.75M | -48.28M | -65.74M | -43.76M | -19.52M | -17.97M | -16.81M | -15.53M | -7.3M | -26.46K | -20.53K | -20.01M | -24.89M | -29.69M |
| Net Margin % | 32.43% | 28.8% | 46.35% | -10.94% | -42.77% | -88.52% | -179.41% | -164.5% | -387.06% | -192.26% | -183.05% | -250.36% | -284.22% | -506.17% | -653% | - | - | - | - | - |
| Net Income Growth % | -20.03% | -25.67% | 800% | 57.15% | 8.02% | 5.41% | -56.9% | 26.56% | -50.24% | -124.23% | -8.6% | -6.88% | -8.28% | -112.66% | -27493.78% | -28.91% | 99.9% | 19.61% | 16.16% | - |
| Net Income (Continuing) | 165.35M | 146.93M | 197.67M | -28.24M | -65.9M | -71.65M | -75.75M | -48.28M | -65.74M | -43.76M | -19.52M | -17.97M | -16.81M | -15.53M | -7.3M | -5.9M | -5.95M | -20.01M | -24.89M | -29.69M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.69 | 0.60 | 0.81 | -0.13 | -0.43 | -0.61 | -1.02 | -1.05 | -1.45 | -1.91 | -1.61 | -1.73 | -1.81 | -2.38 | -1.39 | -0.00 | -0.00 | -0.02 | -0.02 | -0.01 |
| EPS Growth % | -20% | -25.93% | 723.08% | 69.77% | 29.51% | 40.2% | 2.86% | 27.59% | 24.08% | -18.63% | 6.94% | 4.42% | 23.95% | -71.22% | - | - | 70.3% | 19.6% | -67.23% | - |
| EPS (Basic) | - | 0.62 | 0.85 | -0.13 | -0.43 | -0.61 | -1.02 | -1.05 | -1.45 | -1.91 | -1.61 | -1.73 | -1.81 | -2.38 | -1.39 | -0.01 | -0.01 | -8.00 | -9956.40 | -11.87 |
| Diluted Shares Outstanding | 239.96M | 244.9M | 243.34M | 223.98M | 197.87M | 139.58M | 86.15M | 54.35M | 45.19M | 22.9M | 12.15M | 10.41M | 9.29M | 6.53M | 5.27M | 1.25B | 1.25B | 1.25B | 1.25B | 2.5B |
| Basic Shares Outstanding | 236.07M | 238.3M | 233.08M | 223.98M | 197.87M | 139.58M | 86.15M | 54.35M | 45.19M | 22.9M | 12.15M | 10.41M | 9.29M | 6.53M | 5.27M | 2.5M | 2.5M | 2.5M | 2.5K | 2.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Single facility manufacturing concentration
As reported in recent financial filings, ADMA's year-over-year revenue growth has decelerated from the 78.3% peak observed in 2024Q2 to a slight contraction of 0.3% in 2026Q1, suggesting that the initial rapid expansion phase is transitioning toward a more mature, volume-dependent growth profile.
The deceleration in top-line growth indicates that the company is moving past the initial market penetration phase for its core therapeutic products. Investors should monitor whether this trend reflects a saturation of the current patient base or if it signals a temporary pause in the adoption of ASCENIV.
Based on the provided income statement data, ADMA achieved a significant gross margin expansion to 70.5% in 2026Q1, up from 42.1% in 2023Q4, which suggests a successful shift in product mix toward higher-value, proprietary therapeutics rather than reliance on commodity plasma sales.
This margin improvement appears to be a direct result of the company's vertical integration strategy and the increasing contribution of ASCENIV to the total revenue mix. The ability to sustain these levels will likely depend on the company's continued success in optimizing donor yields and maintaining premium pricing power.
According to the company's income statements, operating income has scaled significantly to $58.3 million in 2026Q1, demonstrating strong operating leverage as SG&A expenses have remained relatively contained despite the substantial growth in gross profit over the preceding ten-quarter period.
The company appears to have successfully decoupled its revenue growth from proportional increases in overhead, suggesting that the infrastructure investments in the Boca Raton facility are now yielding economies of scale. This trend warrants further investigation into whether future SG&A growth will remain disciplined as the company pursues further market expansion.
As evidenced by the 2024Q4 net income spike to $111.9 million, reported earnings have been subject to significant non-operating volatility, necessitating a careful look at core operational performance versus one-time items that may distort the underlying profitability of the business model.
While the recent net margin of 39.6% in 2026Q1 is impressive, the historical volatility in net income suggests that investors should focus on operating income as a more reliable indicator of recurring performance. The absence of stock-based compensation in the most recent quarter also suggests a potential shift in how management is incentivizing long-term value creation.
Quick answers to the most common questions about buying ADMA stock.
For fiscal year 2025, ADMA Biologics, Inc. (ADMA) reported total revenue of $510.2M.
ADMA Biologics, Inc. (ADMA) is profitable, generating $146.9M in net income for the fiscal year ending 2025 with a net profit margin of 28.8%.
ADMA Biologics, Inc. (ADMA) reported an operating income of $191.4M, resulting in an operating profit margin of 37.5%. This margin reflects the operational efficiency of the business before interest and taxes.
ADMA Biologics, Inc. (ADMA) generated $292.8M in gross profit for the year, representing a gross profit margin of 57.4%. This demonstrates the company's core pricing power and production efficiency.