ADMA BIOLOGICS, INC.

Listed Company

ADMACIK 0001368514NasdaqLarge AcceleratedBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$510.17M

Net Income

$146.93M

Total Assets

$624.24M

Equity

$477.32M

Shares Out

238.16M

Op. Cash Flow

$50.40M

Business

ADMA BIOLOGICS, INC. is an end-to-end commercial biopharmaceutical company that manufactures, markets and develops specialty plasma-derived biologics for immunodeficient and other patients at risk for infectious diseases. It offers FDA‑approved immune globulin products ASCENIV, BIVIGAM and Nabi‑HB, operates plasma collection centers, and provides contract manufacturing, laboratory and fill‑finish services while developing hyperimmune candidates such as SG‑001. Key business segments include ADMA BioManufacturing (manufacturing) and ADMA BioCenters (plasma collection) and ADMA Plasma Biologics. The company operates FDA‑licensed U.S. plasma collection facilities and a Boca Raton manufacturing facility and distributes products primarily through independent distributors, drug wholesalers, specialty pharmacies, hospitals, clinics and home infusion channels, with select international licensing arrangements.

Summary from filing dated 2025-03-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
REVENUES	510	426	258	154	81
Cost of product revenue	217	207	169	119	80
Gross profit	293	220	89	35	1
Research and development	5	2	3	4	4
Plasma center operating expenses	5	4	4	18	12
Amortization of intangible assets	144,000	388,000	724,000	700,000	700,000
Selling, general and administrative	92	74	59	52	43
Total operating expenses	101	81	67	75	60
INCOME FROM OPERATIONS	191	139	22	−39	−58
Interest income	2	2	2	45,000	35,000
Interest expense	−7	−14	−25	−19	—
Loss on extinguishment of debt	−3	−1	−26	−7	0
Other expense	−212,000	−193,000	−287,000	−635,000	−252,000
Other expense, net	−9	−13	−50	−27	−13
INCOME (LOSS) BEFORE INCOME TAXES	183	126	−28	−66	—
Income tax expense (benefit)	36	−72	0	0	—
NET INCOME (LOSS)	147	198	−28	−66	−72
BASIC EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share)	0.62	0.85	−0.13	−0.33	−0.51
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in Dollars per share)	0.6	0.81	−0.13	−0.33	−0.51
Basic (in Shares)	238	233	224	198	140
Diluted (in Shares)	245	243	224	198	140

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	88	103	51	87	51
Accounts receivable, net	158	50	27	16	29
Inventories, net	206	170	173	163	125
Prepaid expenses and other current assets	7	8	5	5	4
Assets held for sale	7	0	—	—	—
Total current assets	467	331	257	270	209
Property and equipment, net	65	55	54	58	51
Intangible assets, net	632,000	460,000	499,000	1	2
Goodwill	4	4	4	4	4
Deferred tax assets, net	73	84	0	—	—
Right-of-use assets	7	9	10	10	7
Deposits and other assets	9	6	5	5	4
TOTAL ASSETS	624	489	329	348	276
Accounts payable	23	20	16	13	12
Accrued expenses and other current liabilities	40	34	33	25	17
Current portion of long-term debt	3	0	—	—	—
Current portion of lease obligations	1	1	1	905,000	591,084
Liabilities held for sale	3	0	—	—	—
Total current liabilities	70	56	50	39	30
Long-term debt	69	72	—	—	—
Deferred revenue, net of current portion	1	2	2	2	2
End of term fee	0	1	2	2	0
Lease obligations, net of current portion	7	9	10	11	7
Other non-current liabilities	0	360,000	419,000	350,000	397,351
TOTAL LIABILITIES	147	140	194	196	135
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding	0	0	0	0	0
Common Stock - voting, $0.0001 par value, 300,000,000 shares authorized, December 31, 2025: 239,793,566 issued and 237,874,496 outstanding; December 31, 2024: 236,620,545 issued and outstanding	24,000	24,000	23,000	22,000	19,581
Treasury stock, at cost, 1,919,070 and 0 shares as of December 31, 2025 and December 31, 2024, respectively	−32	0	—	—	—
Additional paid-in capital	671	658	641	630	553
Accumulated deficit	−162	−309	−506	−478	−412
TOTAL STOCKHOLDERS EQUITY	477	349	135	152	141
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	624	489	329	348	276

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	8	8	8	7	5
Loss on disposal of fixed assets	9,000	106,000	182,000	427,000	221,000
Deferred income tax provision	11	−84	0	0	—
Interest paid in kind	0	0	4	3	0
Stock-based compensation	20	14	6	5	3
Amortization of debt discount	717,000	951,000	3	2	2
Amortization of license revenue	−143,000	−143,000	−143,000	−143,000	−143,000
Accounts receivable	−108	−23	−12	13	−15
Inventories	−36	3	−10	−39	−43
Prepaid expenses and other current assets	−2	−3	−239,000	−756,000	−1
Deposits and other assets	279,000	15,000	1	122,000	−2
Accounts payable	2	4	4	800,000	1
Accrued expenses	5	1	8	8	8
Other current and non-current liabilities	−1	−1	−791,000	−502,000	219,000
Net cash provided by operating activities	50	119	9	−60	−112
Purchase of property and equipment	−23	−8	−5	−14	−14
Acquisition of intangible assets	−316,000	−349,000	−210,000	0	0
Deposit received on net assets held for sale	1	0	0	—	—
Net cash used in investing activities	−22	−9	−5	−14	−14
Prepayment penalties on repayment of debt	−1	−450,000	−11	−2	0
Proceeds from issuance of note payable	0	0	135	152	0
Taxes paid on vested restricted stock units	−10	−5	−1	−3	−62,000
Payments on finance lease obligations	0	0	−17,000	−36,000	−34,000
Debt issuance costs	−2	0	0	—	—
Net proceeds from the exercise of stock options	3	7	1	175,000	0
Payment of end of term fee	−1	−375,000	−2	0	0
Payment of deferred financing fees	0	0	−2	−3	0
Acquisition of treasury stock	−32	0	0	—	—
Net cash used in financing activities	−44	−58	−39	109	121
Net (decrease) increase in cash and cash equivalents	−16	52	−35	35	−5

Filings

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