ADMA Biologics, Inc.

Overview

ADMA Biologics is a U.S.-based, end-to-end commercial biopharmaceutical company focused on manufacturing, marketing and developing specialty plasma-derived biologics for patients with immune deficiencies and other infectious disease risks. Wholly owned subsidiaries include ADMA BioManufacturing, LLC; ADMA BioCenters Georgia, Inc.; and ADMA Plasma Biologics, Inc.

Business segments

• ADMA BioManufacturing: primary manufacturing and commercialization of immune globulin products.
• ADMA BioCenters: owns and operates U.S. plasma collection centers, supplying source plasma for manufacturing and for sale to third parties.
• ADMA Plasma Biologics: supports plasma-derived product activities, including collaboration and development work.

Marketed products

• ASCENIV (Immune Globulin Intravenous, Human – slra 10% Liquid)

  • Indication: Primary Humoral Immunodeficiency (PI/PIDD) in adults and adolescents (12–17 years).
  • FDA approval: April 2019. Commercial since October 2019.

• BIVIGAM (IVIG)

  • Indication: PI in adults and pediatric patients ≥2 years.
  • FDA approval: May 2019. Commercial sales began August 2019.

• Nabi-HB (Hepatitis B Immune Globulin, Human)

  • Indication: post-exposure prophylaxis following specific Hepatitis B exposures.
  • FDA approval: 1999. Produced at Boca Raton facility under U.S. License No. 2019.

Pipeline and intellectual property

• SG-001: S. pneumoniae hyperimmune globulin program. A pilot-scale batch has been produced and animal studies are underway; a pre-IND package is anticipated in fiscal year 2026 with potential direct progression into a registrational clinical trial.
• Patents include U.S. patents covering S. pneumoniae hyperimmune Ig (e.g., US 10,259,865; 11,084,870; 11,897,943; terms through 2037) and RSV-focused immunotherapeutics related to ASCENIV.

Manufacturing and capacity

• Boca Raton, FL facility: FDA-licensed plasma fractionation and purification site with peak annual processing capability up to 600,000 liters.
• Yield enhancement: a PAS approved in April 2025 increased ASCENIV and BIVIGAM yields by approximately 20% from the same starting plasma volume.
• Scale and capabilities: in-house fill-finish capacity expanded, with continued use of selected third-party fill-finish providers. IVIG production at a 4,400 L plasma pool scale was approved in 2021 and is used for ASCENIV and BIVIGAM.

Plasma supply and network

• ADMA BioCenters operated 10 U.S.-based plasma collection facilities as of 12/31/2025; partial divestitures during 2025–2026 reduced the operated centers to seven retained after the divestiture plan.
• Long-term supply agreements with Grifols and KEDPlasma provide a combined minimum annual RSV/high-titer plasma supply of 70,000 liters (35,000 L from each supplier), with price escalators.
• December 2025 divestiture agreement for three plasma centers for $12.0 million; two centers sold and the third expected to close in Q1 2026. Long-term plasma supply agreements with the buyer were established.
• By 2026, ADMA had access to approximately 280+ plasma collection centers via internal operations and third-party agreements to support supply.

Commercial and go-to-market

• Products are sold through independent distributors and wholesalers, specialty pharmacies serving infusion centers and home-health infusion settings, and other standard channels.
• Customer concentration: in 2025, BioCare, Inc. and CuraScript SD (Priority Healthcare Distribution) together represented about 73% of consolidated revenues and roughly 87% of accounts receivable. In 2024, BioCare, Healix Infusion Therapy, and Cencora (formerly AmerisourceBergen) represented about 91% of accounts receivable.
• Commercial strategy includes national and regional distributors, expanded medical education, and patient engagement efforts.

Financial performance (selected metrics)

• Net income (GAAP): $197.7 million (2024); $146.9 million (2025).
• Accumulated deficit since inception: $161.7 million.
• Management provided forward-looking targets for Boca facility operations: estimated potential annual revenue >$635 million in 2026 and >$775 million in 2027; corresponding Adjusted Net Income targets >$255 million in 2026 and >$315 million in 2027; forward-looking Adjusted EBITDA targets >$360 million in 2026 and >$455 million in 2027. These targets are management projections.

Debt and liquidity

• JPMorgan senior secured credit facilities (as of Aug 5, 2025): facilities totaling up to $300 million, including a $75 million term loan drawn and a revolving facility up to $225 million (unused at closing).
• Interest: SOFR-based, approximately 6.4%; maturity August 2028.
• Assets pledged as collateral; events of default include acceleration and collateral enforcement.

Employees and capital

• Employees: 647 employees as of 12/31/2025, including 7 part-time.
• July 2025: recognition of OBBBA-related tax treatment changes affecting R&D expensing and depreciation.
• July 2025: acquisition of Boca Raton real estate for $12.6 million to expand production and storage capacity.

Facilities and locations (as of 12/31/2025)

• Corporate headquarters: Ramsey, NJ (approx. 4,200 sq ft; lease through 12/31/2026; shared lease with Areth, LLC).
• Boca Raton, FL: multi-site campus for manufacturing, laboratory, warehousing, and administration.
• Plasma collection centers: operated U.S. centers adjusted through the divestiture plan, with seven centers to be retained after completion.

Intellectual property and regulatory

• Patents and regulatory exclusivities cover ASCENIV composition with RSV-neutralizing antibodies and co-targeted pathogens, and the S. pneumoniae hyperimmune IG (SG-001) program in development.
• Regulatory pathway: FDA BLA approvals for marketed products; ongoing label expansion efforts, including an sBLA filed in June 2025 for ASCENIV pediatric labeling for ages 2+.

Compliance, governance and ESG

• Subject to FDA and international regulatory requirements for plasma collection, fractionation, and product marketing.
• Maintains corporate governance and cybersecurity governance, cybersecurity insurance, and privacy/data protection compliance programs (HIPAA, GDPR, CCPA/CPRA).
• ESG initiatives emphasize environmental stewardship, vendor risk management, workforce development, and community engagement.

Corporate information

• Founded 2004 in New Jersey; re-incorporated in Delaware in 2007.
• Headquarters: 465 State Route 17, Ramsey, NJ 07446.
• Florida campus: 5800 Park of Commerce Blvd., Boca Raton, FL 33487.
• Website: www.admabiologics.com

Financial figures for net income are GAAP-based for the years ended 12/31/2024 and 12/31/2025. Forward-looking revenue and earnings targets for 2026–2027 are management projections disclosed in the filing.