Key Highlights

  • Revenue of USD 141.1 million compares with an estimate of USD 138.11 million and USD 134.22 million a year earlier.
  • Adjusted basic EPS was USD 0.23 against an estimate of USD 0.20, while GAAP diluted EPS was USD 0.22.
  • ASCENIV Revenue was USD 124.74 million against USD 95.41 million; BIVIGAM revenue was USD 15.39 million against USD 23.76 million.
  • Gross Margin was 70.8% against 56.3%, and Net Income was USD 49.88 million versus USD 36.43 million.

ADMA Biologics, Inc. (NASDAQ:ADMA) posted third quarter results that carry the imprint of an accelerated share repurchase it started in March 2026. Weighted-average diluted shares were 225.82 million against 244.66 million a year earlier, and GAAP diluted EPS was USD 0.22 against USD 0.15. Adjusted basic EPS, a non-GAAP measure, was USD 0.23 against USD 0.16 and an estimate of USD 0.20. Revenue was USD 141.1 million, against an estimate of USD 138.11 million.

How the Repurchase Program Fits the Quarter

On March 2, 2026 the company borrowed USD 125.0 million under its revolving Facility and used it to fund an accelerated share repurchase agreement. It received an initial delivery of 6,422,608 shares and a further 4,337,879 shares when the agreement settled on May 7, 2026. Beyond that agreement, the company bought 2,722,563 shares for USD 25.1 million in the third quarter, and 5,777,770 shares for USD 55.3 million over nine months.

The borrowing is visible in interest expense, which was USD 3.43 million against USD 1.68 million, a change the company attributed to the March draw. The board authorized a repurchase program of up to USD 500.0 million in May 2025.

Results Around the Buyback

Total revenue rose 5.1% from USD 134.22 million, with ASCENIV driving the increase. The company said ASCENIV sales rose USD 29.3 million on market acceptance, offset by a USD 8.4 million drop in BIVIGAM sales that it linked to non-ADMA IVIG products entering the market with aggressive pricing, and a USD 14.1 million drop in normal source plasma sales.

Cost of product revenue was USD 41.19 million against USD 58.60 million, and Gross Profit was USD 99.92 million against USD 75.63 million. Management credited product mix and its Yield enhancement process for the gross margin of 70.8%, against 56.3%. Income from operations was USD 67.76 million against USD 51.01 million.

Research and development expense was USD 4.49 million against USD 1.53 million, mainly for the SG-001 program, and SG&A expense was USD 26.56 million against USD 21.78 million, which the company tied to employee costs, software and legal fees. For nine months, revenue was USD 379.99 million against USD 371.01 million, and net income was USD 133.03 million against USD 97.55 million.

Financing, Cash and Strategic Alternatives

Cash and cash equivalents were USD 124.56 million at September 30, against USD 87.63 million at December 31, 2025. Operating Cash Flow for nine months was USD 105.16 million against USD 14.76 million.

USD 197.2 million was outstanding under the JPM Credit facilities, which provide USD 300 million in total and mature on August 5, 2028. The company said it was in compliance with its covenants. Management stated that it does not see a need for additional Capital at this time, and that exploring value-creating opportunities remains a top corporate priority.

Separately, a putative securities class action filed on July 10, 2026 was consolidated on October 16, 2026, and the company said it believes the claims are without merit.

Quarter in Numbers

Revenue of USD 141.1 million sits alongside net income of USD 49.88 million, cash of USD 124.56 million and USD 197.2 million of Debt outstanding.

Management named several dated items. The company submitted a pre-IND package for SG-001, its S. pneumoniae hyperimmune globulin program, in the third quarter, received FDA feedback in October 2026, and said it intends to incorporate those recommendations and advance preparations for an IND submission. The credit facilities mature on August 5, 2028, and the securities litigation remains at a preliminary stage.