ADMA Nasdaq Earnings call
ADMA Biologics, Inc. (ADMA) · Q2 2026 results and valuation
Share price: $13.19 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 7 May 2026
Net income down 16.6% on the previous quarter. Management sounded cautious, though noticeably more positive answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−16.6%
Net income vs Q1 2026
Outlook given
Net income 37.8M vs 45.3M
Revenue +8.6%
Against the same quarter last year (Q2 2025) it is +10.5%, so the move on last quarter looks seasonal or timing-related rather than a trend.
Why Net income fell because the prior year's results were bolstered by discrete tax benefits.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: very upbeat, and more positive than the script.
Last call it was different: script and answers matched.
3 · What stood out
Key theme
ADMA's Q2 delivered continued strong cash generation and improving commercial indicators, supporting management's view that the company remains…
Valuation
Is ADMA Biologics, Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is $5.85 a share — the stock trades 125% above it. Today's price assumes 31.1% growth a year.
Current price
$13.19
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+31.1% for 10 yrs
Fair value / share
$5.85
Buy below
$4.39
Price vs fair value
Overvalued 125%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
ADMA still expects BIVIGAM to fall 40% to 50% from 2025, indicating a sharp decline for the therapy.
Source quote
“We still anticipate BIVIGAM being down, call it, 40% to 50% from 2025.”
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Figure
ASCENIV demand reached record levels in the first quarter with approximately 28% year-over-year revenue growth.
Source quote
“ASCENIV end market demand reached record levels in the first quarter with revenue growth of approximately 28% year-over-year.”
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Fading
ADMA grew adjusted net income by 22% and expanded corporate gross margins to 71% despite flat total revenue and BIVIGAM headwinds.
Source quote
“We grew adjusted net income by 22% year-over-year, expanded corporate gross margins to 71% and generated approximately $58 million of operating... We had a strong start to the year with earnings growth and margin expansion despite total revenue being essentially flat, underscoring the resilience of the business. This was in spite of top line pressures primarily impacting BIVIGAM.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.
Sentences that drove the tone
“Our outlook continues to assume sustained competitive dynamics and pricing pressure within the standard immune globulin market through the balance of the year.”
“The proportion of patients experiencing infection-related emergency room visits also declined.”
“We refer you to the disclosure notice section in our earnings release we issued today and the Risk Factors section of our quarterly report on Form 10-Q for the quarter...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 124.4M | 114.5M | +8.6% | 122.0M | +2.0% |
| Gross profit | 86.3M | 80.8M | +6.8% | 67.2M | +28.3% |
| Operating income | 52.4M | 58.3M | −10.0% | 42.8M | +22.5% |
| Net income | 37.8M | 45.3M | −16.6% | 34.2M | +10.5% |
| EPS | 0.16 | 0.19 | −15.8% | 0.14 | +14.3% |
| P/E today 14.4 | 12.0 | 13.3 | −1.3 | 21.4 | −9.4 |
Topics
Most discussed now
- New The company continues to anticipate its normalized effective tax rate to be approximately 24% going forward.
- New ADMA Biologics is having great conversations with a lot of the decision-makers at a number of these parties that buy exclusively through...
- New Almost 100% of the product that ADMA sells is in the ambulatory infusion, home infusion type setting.
- New ADMA Biologics is starting to see additional access and increases throughout different geographic regions and different commercial payers.
- New What I really think is happening out there, Gary, is ADMA Biologics has been shouting from the rooftops at all the medical...
Faded since Q1 2026
- Fading During the first quarter, the industry also saw a surplus of raw material plasma supply, increased PDT and IG finished...
- Fading Key drivers of that, in ADMA Biologics' view, will be enduring ASCENIV demand, expanding margins and continued strong cash generation.
- Fading Pro forma net leverage remains below 0.5x, even following the revolving credit facility draw and accelerated stock repurchase deployment…
- Fading Its confidence in SG-001's market potential remains unwavering as ADMA Biologics continues to see a potentially rapid path to commercially…
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
- Results of operations; Director or officer change · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K