Q1 26 EPS
$0.19
MISS 5.00%
Est. $0.20
Q1 26 Revenue
$114.5M
MISS 18.20%
Est. $140.0M
vs S&P Since Q1 26
-16.0%
TRAILING MARKET
ADMA -15.6% vs S&P +0.4%
Market Reaction
Did ADMA Beat Earnings? Q1 2026 Results
ADMA Biologics delivered a mixed first quarter for fiscal 2026, missing both top and bottom-line expectations as competitive headwinds in the U.S. Plasma-derived therapies market weighed on results. The Ramsey, New Jersey-based immunoglobulin special… Read more ADMA Biologics delivered a mixed first quarter for fiscal 2026, missing both top and bottom-line expectations as competitive headwinds in the U.S. Plasma-derived therapies market weighed on results. The Ramsey, New Jersey-based immunoglobulin specialist posted revenue of $114.49 million, essentially flat year-over-year but falling 18.20% short of the $139.97 million consensus estimate, while earnings per share of $0.19 trailed the $0.20 analyst forecast by 5.00%. The headline shortfall masked a sharp product-level divergence: ASCENIV revenue climbed 28% year-over-year to $97.49 million, while BIVIGAM tumbled 54% to $15.42 million amid aggressive standard IG discounting and distributor inventory destocking, the single most consequential drag on the quarter. Profitability, however, held firm, with gross margins expanding to 71% from 53% a year ago and Adjusted EBITDA rising 24% to $59.65 million. Management characterized Q1 as a trough, noting that certain purchase orders shifted into April, and updated full-year 2026 guidance to revenue of $530 million to $560 million, while withdrawing its long-term outlook given sustained competitive pressures in standard IG pricing.
Key Takeaways
- • ASCENIV revenue grew 28% YoY driven by record utilization, new patient starts, growing prescriber breadth, product pull-through and patient adherence
- • Gross margin expansion to 71% from 53% YoY driven by product mix shift toward higher-margin ASCENIV and yield-enhanced manufacturing process
- • Gain on sale of three plasma collection centers of $7.98 million
- • BIVIGAM revenue declined 54% YoY due to competitive standard IG discounting and distributor inventory destocking
ADMA Forward Guidance & Outlook
ADMA updated FY 2026 guidance: total revenue of $530 million to $560 million, Adjusted Net Income of $170 million to $200 million, and Adjusted EBITDA of $265 million to $300 million. The company withdrew previously provided long-term guidance due to evolving competitive dynamics in the U.S. PDT and IG market. FY 2026 outlook conservatively assumes sustained pressure on standard IG pricing throughout the balance of the year. ASCENIV growth outlook remains strong, supported by durable underlying demand fundamentals. Management characterized Q1 as a trough revenue baseline and expects to drive growth over the coming quarters, with early signs of normalization emerging in Q2 2026. The McKesson Specialty distribution agreement is expected to enhance distribution reach and improve purchasing consistency.
ADMA YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ADMA Revenue by Segment
With YoY comparisons, source: SEC Filings
“During the first quarter, the market for U.S. plasma derived therapies (PDT) and immunoglobulin (IG) experienced increased competitive dynamics which, along with variability in distributor ordering patterns, created near-term topline pressures, particularly impacting BIVIGAM. Importantly, these dynamics were limited to distribution and inventory behavior and we believe do not reflect any deterioration in underlying ASCENIV demand, where fundamentals remained strong and continue to improve – with record utilization growth throughout the quarter, as illustrated by ASCENIV's 28% year-over-year revenue growth. We continue to see strength across key ASCENIV demand metrics, including record new patient starts, growing prescriber breadth, product pull-through and patient adherence, and we are encouraged that the second quarter run rate based on April demand is in-line with the level of first quarter direct sales.”
— Adam Grossman, Q1 2026 Earnings Press Release
ADMA Earnings Trends
ADMA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ADMA EPS Trend
Earnings per share: estimate vs actual
ADMA Revenue Trend
Quarterly revenue: estimate vs actual
ADMA Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.20 | $0.19 | -5.00% | $114.5M | -18.20% |
| Q4 25 BEAT FY | $0.20 | $0.20 | +0.00% | $139.2M | -0.46% |
| FY Full Year | — | $0.60 | — | $510.2M | — |
| Q3 25 MISS | $0.16 | $0.15 | -3.23% | $134.2M | +2.83% |
| Q2 25 BEAT | $0.14 | $0.14 | +3.70% | $122.0M | +0.18% |
| Q1 25 MISS | $0.13 | $0.11 | -15.38% | $114.8M | -1.37% |