ADMA Biologics ADMA put up a phenomenal performance in 2024 and the rally continues in 2025 as well.

Last week, ADMA Biologics announced results for its fourth quarter and full-year 2024 and provided a business update. While adjusted earnings per share of 14 cents missed the Zacks Consensus Estimate by a penny, revenues of $118 million beat the consensus estimate of $112 million.

Nonetheless, a single quarter’s results are not important for long-term investors. Let's analyze ADMA’s fundamentals in this scenario.

Asceniv’s Performance Fuels ADMA’s Growth

ADMA Biologics markets plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases. Through its ADMA BioCenters subsidiary, ADMA also operates as an FDA-approved source plasma collector in the United States, which provides its blood plasma for the manufacture of its products.

The company’s top line currently comprises sales of three FDA-approved products, which are Bivigam (an Intravenous Immune Globulin [IVIG] product to treat primary humoral immunodeficiency), Asceniv (to treat primary immunodeficiency disease or PIDD) and Nabi-HB (to treat and provide enhanced immunity against the hepatitis B virus).

Asceniv, its lead product, is a plasma-derived IVIG that contains naturally occurring polyclonal antibodies. These antibodies are proteins used by the body’s immune system to neutralize microbes, such as bacteria and viruses, and prevent infection and disease.

Asceniv is indicated for the treatment of PIDD or inborn errors of immunity in adults and adolescents. It is manufactured using ADMA’s unique, patented plasma donor screening methodology and tailored plasma pooling design, which blends normal source plasma with respiratory syncytial virus plasma obtained from donors tested using the company’s proprietary microneutralization assay.

Demand was strong in 2024, with further growth and penetration expected in 2025. As demand grows and long-term high-titer plasma supply contracts ramp up, ADMA anticipates accelerating new patient starts for Asceniv in 2025 and penetration in existing institutions.

ADMA Ups Its Financial Targets

ADMA recently entered into third-party, high-titer plasma supply contracts, which are expected to significantly increase access to raw material plasma used to produce Asceniv. Consequently, these long-term agreements allow ADMA to source high-titer plasma from approximately 250 collection centers, a five-fold increase in total collection capacity. Management anticipated these supply agreements to position ADMA to potentially achieve $1 billion in total annual revenues before 2030, with significant growth potential in the 2030s.

Concurrent with its fourth-quarter results, ADMA upped its financial targets. ADMA now expects to generate revenues of more than $490 million in 2025 and $605 million in 2026 (previous guidance: more than $485 million in 2025 and $600 million in 2026). Net income is projected to exceed $175 million in 2025 and $235 million in 2026 (up from the prior guidance of more than $170 million in 2025 and $230 million in 2026).

Conclusion

ADMA Biologics, which competes with Takeda TAK and Grifols GRFS in the U.S. market for plasma-derived products, should maintain momentum in the upcoming quarters. The targeted market has significant growth potential.  Incremental additional penetration of Asceniv should accelerate near-term revenue growth.

 

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