ADMA BIOLOGICS, INC.ADMA
ADMA BIOLOGICS, INC. Segments Disclosure
13.
SEGMENTS
The Company is engaged in the manufacture, marketing and development of specialty plasma-derived biologics. The Company’s ADMA BioManufacturing operating segment reflects the Company’s immunoglobulin manufacturing, commercial and development operations in Boca Raton, FL. The Plasma Collection Centers operating segment consists of ten plasma collection facilities located throughout the United States, all of which are operational, collecting plasma and currently holding FDA licenses. The Company defines its operating segments as those business units whose operating results are regularly reviewed by the chief operating decision maker (“CODM”) to analyze performance and allocate resources. The Corporate information included in the reconciliations below generally consists of certain unallocated general and administrative overhead expenses and interest expense on the Company’s senior debt (see Note 7). The Company’s CODM is its President and Chief Executive Officer. For the Company’s two operating segments, the CODM uses income/loss before taxes as the measure of segment profit to determine the allocation of resources for each segment. Transactions between the two operating segments consist solely of the transfer of raw material plasma inventory at cost from the Plasma Collection Centers segment to the ADMA BioManufacturing segment with no markup or intercompany profit. Income tax benefit/expense is recorded in the Corporate entity and is not allocated to the operating segments. Summarized financial information concerning reportable segments is shown in the following tables:
| Year Ended December 31, 2025 | ||||||||||||
| (in thousands) |
ADMA BioManufacturing |
Plasma Collection Centers | Total | |||||||||
|
Revenues
|
$ | 493,000 | $ | 17,030 | $ | 510,030 | ||||||
|
Cost of product revenue
|
199,860 | 17,548 | 217,408 | |||||||||
|
Research and development
|
4,762 | - | 4,762 | |||||||||
|
Plasma center operating expenses
|
- | 4,836 | 4,836 | |||||||||
|
Selling, marketing and distribution
|
24,507 | - | 24,507 | |||||||||
|
Depreciation and amortization expense
|
4,905 | 3,192 | 8,097 | |||||||||
|
General and administrative expense
|
32,879 | - | 32,879 | |||||||||
|
Other expense, net
|
(202 | ) | (10 | ) | (212 | ) | ||||||
|
Income (loss) before taxes
|
230,646 | (5,364 | ) | 225,282 | ||||||||
|
Expenditures for additions to long-lived assets
|
22,384 | 507 | 22,891 | |||||||||
|
Total assets
|
441,512 | 28,494 | 470,006 | |||||||||
|
Reconciliation of revenues:
|
||||||||||||
|
Segment revenue
|
$ | 510,030 | ||||||||||
|
License revenue (see Note 2 - Revenue Recognition)
|
143 | |||||||||||
|
Consolidated revenues
|
$ | 510,173 | ||||||||||
|
Reconciliation of selling, general and administrative expense:
|
||||||||||||
|
Segment selling, marketing and distribution expense
|
$ | 24,507 | ||||||||||
|
Segment general and administrative expense
|
32,879 | |||||||||||
|
Corporate general and administrative expense (a)
|
34,194 | |||||||||||
|
Consolidated selling, general and administrative expense
|
$ | 91,580 | ||||||||||
|
Reconciliation of income before taxes:
|
||||||||||||
|
Segment income before taxes
|
$ | 225,282 | ||||||||||
|
License revenue
|
143 | |||||||||||
|
Unallocated interest expense, primarily related to interest on senior debt (see Note 7)
|
(7,110 | ) | ||||||||||
|
Loss on extinguishment of debt (see Note 7)
|
(3,336 | ) | ||||||||||
|
Unallocated interest income
|
1,871 | |||||||||||
|
Corporate general and administrative expense (a)
|
(34,194 | ) | ||||||||||
|
Consolidated income before taxes
|
$ | 182,656 | ||||||||||
|
Reconciliation of total assets:
|
||||||||||||
|
Total segment assets
|
$ | 470,006 | ||||||||||
|
Corporate (b)
|
154,236 | |||||||||||
|
Consolidated total assets
|
$ | 624,242 | ||||||||||
| (a) | Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are not allocated to the Company's operating segments. |
| (b) | Primarily consists of cash and deferred tax assets. |
| Year Ended December 31, 2024 | ||||||||||||
| (in thousands) |
ADMA BioManufacturing |
Plasma Collection Centers | Total | |||||||||
|
Revenues
|
$ | 415,806 | $ | 10,505 | $ | 426,311 | ||||||
|
Cost of product revenue
|
195,605 | 11,296 | 206,901 | |||||||||
|
Research and development
|
1,813 | - | 1,813 | |||||||||
|
Plasma center operating expenses
|
- | 4,245 | 4,245 | |||||||||
|
Selling, marketing and distribution
|
18,683 | - | 18,683 | |||||||||
|
Depreciation and amortization expense
|
4,827 | 3,218 | 8,045 | |||||||||
|
General and administrative expense
|
26,001 | - | 26,001 | |||||||||
|
Other expense, net
|
(178 | ) | (5 | ) | (183 | ) | ||||||
|
Income (loss) before taxes
|
173,138 | (5,041 | ) | 168,097 | ||||||||
|
Expenditures for additions to long-lived assets
|
8,352 | 223 | 8,575 | |||||||||
|
Total assets
|
289,297 | 30,477 | 319,774 | |||||||||
|
Reconciliation of revenues:
|
||||||||||||
|
Segment revenue
|
$ | 426,311 | ||||||||||
|
License revenue (see Note 2 - Revenue Recognition)
|
143 | |||||||||||
|
Consolidated revenues
|
$ | 426,454 | ||||||||||
|
Reconciliation of selling, general and administrative expense:
|
||||||||||||
|
Segment selling, marketing and distribution expense
|
$ | 18,683 | ||||||||||
|
Segment general and administrative expense
|
26,001 | |||||||||||
|
Corporate general and administrative expense (a)
|
29,440 | |||||||||||
|
Consolidated selling, general and administrative expense
|
$ | 74,124 | ||||||||||
|
Reconciliation of income before taxes:
|
||||||||||||
|
Segment income before taxes
|
$ | 168,097 | ||||||||||
|
License revenue
|
143 | |||||||||||
|
Unallocated interest expense, primarily related to interest on senior debt (see Note 7)
|
(13,930 | ) | ||||||||||
|
Loss on extinguishment of debt (see Note 7)
|
(1,243 | ) | ||||||||||
|
Unallocated interest income
|
2,087 | |||||||||||
|
Corporate general and administrative expense (a)
|
(29,440 | ) | ||||||||||
|
Consolidated income before taxes
|
$ | 125,714 | ||||||||||
|
Reconciliation of total assets:
|
||||||||||||
|
Total segment assets
|
$ | 319,774 | ||||||||||
|
Corporate (b)
|
168,904 | |||||||||||
|
Consolidated total assets
|
$ | 488,678 | ||||||||||
| (a) | Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are not allocated to the Company's operating segments. |
| (b) | Primarily consists of cash and deferred tax assets. |
| Year Ended December 31, 2023 | ||||||||||||
| (in thousands) |
ADMA BioManufacturing |
Plasma Collection Centers | Total | |||||||||
|
Revenues
|
$ | 249,738 | $ | 8,334 | $ | 258,072 | ||||||
|
Cost of product revenue
|
161,157 | 8,116 | 169,273 | |||||||||
|
Research and development
|
3,300 | - | 3,300 | |||||||||
|
Plasma center operating expenses
|
- | 4,266 | 4,266 | |||||||||
|
Selling, marketing and distribution
|
18,407 | - | 18,407 | |||||||||
|
Depreciation and amortization expense
|
5,156 | 3,176 | 8,332 | |||||||||
|
General and administrative expense
|
18,625 | - | 18,625 | |||||||||
|
Income (loss) before taxes
|
47,267 | (4,049 | ) | 43,218 | ||||||||
|
Expenditures for additions to long-lived assets
|
2,952 | 1,819 | 4,771 | |||||||||
|
Total assets
|
246,719 | 34,733 | 281,452 | |||||||||
|
Reconciliation of revenues:
|
||||||||||||
|
Segment revenue
|
$ | 258,072 | ||||||||||
|
License revenue (see Note 2 - Revenue Recognition)
|
143 | |||||||||||
|
Consolidated revenues
|
$ | 258,215 | ||||||||||
|
Reconciliation of selling, general and administrative expense:
|
||||||||||||
|
Segment selling, marketing and distribution expense
|
$ | 18,407 | ||||||||||
|
Segment general and administrative expense
|
18,625 | |||||||||||
|
Corporate general and administrative expense (a)
|
21,988 | |||||||||||
|
Consolidated selling, general and administrative expense
|
$ | 59,020 | ||||||||||
|
Reconciliation of loss before taxes:
|
||||||||||||
|
Segment income before taxes
|
$ | 43,218 | ||||||||||
|
License revenue
|
143 | |||||||||||
|
Unallocated interest expense, primarily related to interest on senior debt (see Note 7)
|
(25,027 | ) | ||||||||||
|
Loss on extinguishment of debt (see Note 7)
|
(26,174 | ) | ||||||||||
|
Unallocated interest income
|
1,589 | |||||||||||
|
Corporate general and administrative expense (a)
|
(21,988 | ) | ||||||||||
|
Consolidated loss before taxes
|
$ | (28,239 | ) | |||||||||
|
Reconciliation of total assets:
|
||||||||||||
|
Total segment assets
|
$ | 281,452 | ||||||||||
|
Corporate (b)
|
47,730 | |||||||||||
|
Consolidated total assets
|
$ | 329,182 | ||||||||||
| (a) | Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are not allocated to the Company's operating segments. |
| (b) | Primarily consists of cash. |
Net revenues according to geographic area, based on the location of where the product is shipped, are as follows (in thousands):
| Year Ended December 31, 2025 | ||||||||||||||||||||
|
ADMA BioManufacturing | Plasma Centers |
Total Segment Revenue | License Revenue |
Consolidated Revenue | ||||||||||||||||
|
United States
|
$ | 489,016 | $ | 14,908 | $ | 503,924 | $ | 143 | $ | 504,067 | ||||||||||
|
International
|
3,984 | 2,122 | 6,106 | - | 6,106 | |||||||||||||||
|
Total revenues
|
$ | 493,000 | $ | 17,030 | $ | 510,030 | $ | 143 | $ | 510,173 | ||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||
|
ADMA BioManufacturing | Plasma Centers |
Total Segment Revenue | License Revenue |
Consolidated Revenue | ||||||||||||||||
|
United States
|
$ | 400,336 | $ | 9,669 | $ | 410,005 | $ | 143 | $ | 410,148 | ||||||||||
|
International
|
15,470 | 836 | 16,306 | - | 16,306 | |||||||||||||||
|
Total revenues
|
$ | 415,806 | $ | 10,505 | $ | 426,311 | $ | 143 | $ | 426,454 | ||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||
|
ADMA BioManufacturing | Plasma Centers |
Total Segment Revenue | License Revenue |
Consolidated Revenue | ||||||||||||||||
|
United States
|
$ | 237,454 | $ | 7,284 | $ | 244,738 | $ | 143 | $ | 244,881 | ||||||||||
|
International
|
12,284 | 1,050 | 13,334 | - | 13,334 | |||||||||||||||
|
Total revenues
|
$ | 249,738 | $ | 8,334 | $ | 258,072 | $ | 143 | $ | 258,215 | ||||||||||
Net revenues, disaggregated by product, are as follows:
| Year Ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| (in thousands) | ||||||||||||
|
ASCENIV
|
$ | 362,531 | $ | 239,594 | $ | 92,592 | ||||||
|
BIVIGAM
|
122,033 | 142,357 | 140,212 | |||||||||
|
Intermediates and other
(1)
|
8,579 | 33,998 | 17,077 | |||||||||
|
ADMA BioManufacturing
|
493,143 | 415,949 | 249,881 | |||||||||
|
Plasma Collection Centers
|
17,030 | 10,505 | 8,334 | |||||||||
|
Total
|
$ | 510,173 | $ | 426,454 | $ | 258,215 | ||||||
(1) Due to Nabi-HB historically representing less than 10% of the Company’s revenue within the ADMA BioManufacturing segment, it has been included under intermediates and other.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Mar 18, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 23, 2023 | |
| 2021 | Mar 24, 2022 | |
| 2020 | Mar 25, 2021 | |
| 2019 | Mar 13, 2020 | |
| 2018 | Mar 13, 2019 | |
| 2017 | Mar 29, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Mar 23, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.