ADMA BIOLOGICS, INC.
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(Exact name of registrant as specified in its charter)
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Delaware
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001-36728
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56-2590442
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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465 State Route 17, Ramsey, New Jersey
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07446
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(Address of principal executive offices)
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(Zip Code)
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(Former name or former address, if changed since last report.)
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Common Stock
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ADMA
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Nasdaq Global Market
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Item 2.02 |
Results of Operations and Financial Condition
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Item 8.01 |
Other Events.
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Item 9.01 |
Exhibits.
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Exhibit No.
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Description
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ADMA Biologics, Inc. Press Release, dated May 7, 2025
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104
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Cover Page Interactive Data File (embedded with the Inline XBRL document)
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May 7, 2025
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ADMA Biologics, Inc.
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By:
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/s/ Adam S. Grossman
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Name:
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Adam S. Grossman
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Title:
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President and Chief Executive Officer
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(1)
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Adjusted Total Revenue is a non-GAAP financial measure. For a reconciliation of Adjusted Revenue to the most comparable GAAP measure, see the reconciliation
included in the financial tables.
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(2)
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Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, see the reconciliation included
in the financial tables.
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(3)
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Adjusted Net Income is a non-GAAP financial measure. For a reconciliation of Adjusted Net Income to the most comparable GAAP measure, see the reconciliation
included in the financial tables. All non-GAAP adjustments are presented pre-tax.
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FY 2025 and 2026 total revenue increased to more than $500 million and $625 million or more, respectively
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FY 2025 Adjusted Net Income reaffirmed to be $175 million or more and FY 2026 Adjusted Net Income is now increased to $245 million or more
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FY 2025 and 2026 Adjusted EBITDA increased to more than $235 million and $340 million or more, respectively
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Pre-2030 total annual revenue guidance increased to $1.1 billion or more, with anticipated outsized earnings growth from current margin levels
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Insulated business model. ADMA is a U.S.-based company with
all manufacturing operations, end-market sales, and customer engagements conducted exclusively within the United States. The tariffs that have been implemented on foreign goods, services and manufacturing are not anticipated to have an
impact on ADMA and its supply chain or production operations. We believe our strategic infrastructure not only ensures enhanced supply chain robustness, resilience and regulatory compliance but also aligns with increasing federal and
private sector preferences for U.S.-made products and services. By maintaining complete operational control within the U.S., we believe ADMA is uniquely well-positioned to capitalize on national economic incentives and deliver reliable,
secure, and high-quality offerings to its domestic customer base.
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FDA approval of innovative yield enhancement production process. The recent regulatory approval represents a pivotal milestone for ADMA, unlocking meaningful acceleration in our forecasted revenue and earnings trajectory beginning in late 2025 and accelerating further into
2026 and beyond. As the first U.S. producer of plasma-derived products to achieve regulatory approval for its innovative yield enhancement production process, ADMA continues to demonstrate its leadership in modernizing and innovating
plasma fractionation through agile, forward-thinking scientific development and execution.
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Robust ASCENIV demand. Across all forward-looking demand metrics, ASCENIV continues to trend to record highs through 1Q 2025 and subsequent periods; as a result, the Company expects ASCENIV’s total revenue
share to expand throughout 2025 and beyond. As ASCENIV’s benefit in real-world patient outcomes continues and long-term high-titer plasma supply contracts ramp up, ADMA anticipates accelerating ASCENIV’s new patient starts and deepening
penetration in existing institutions, which would significantly expand its peak revenue potential beyond current levels.
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Debt reorganization further reduces ADMA’s cost of debt capital. ADMA has reorganized its outstanding debt, by paying down all but $2.5 million of its term loan with Ares Capital with available proceeds from its revolving credit facility. The reorganization provides for a 1.1%
nominal reduction of ADMA’s cost of debt. Additionally, as forecasted cash continues to grow, ADMA remains committed to optimizing its capital structure and continuing to organically pay down its total debt.
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Strengthened balance sheet and optimizing cost of capital. ADMA ended the first quarter with $171 million in total cash and receivables. The Company anticipates further balance sheet improvements in 2025, driven by projected Adjusted EBITDA growth, sustained cash
generation, and continued optimization of its capital structure.
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Authorization of $500 million share repurchase program. In keeping with ADMA’s alignment with stockholders and unwavering commitment to generating sustained stockholder value, the Company has recently authorized a common stock repurchase program of up to $500 million,
representing approximately 8% of ADMA’s current market capitalization. The Company will be opportunistic in deploying these repurchases, which we believe will be enabled by a strong balance sheet position and forecasted earnings and cash
generation.
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Leveraging robust IP estate and innovative R&D engine. ADMA anticipates generating initial, proof of concept animal data before year-end 2025 for its lead R&D pipeline program, SG-001, a hyperimmune globulin
targeting S. pneumonia. If
approved, SG-001 represents potential upside to the current financial guidance, and ADMA believes the product has the potential to generate $300-500 million or more in high margin annual revenue, with IP protection through at least 2037.
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Unique asset durability and terminal value. ASCENIV’s
robust intellectual property estate, covering proprietary plasma screening assays, unique plasma pooling, and methods of IG use, secures brand protection through at least 2035, with potential IP extensions beyond 2035. The Company is
confident that regulatory barriers and proprietary know-how further safeguard ASCENIV’s branded growth, potentially well beyond 2035. This comprehensive IP portfolio, encompassing IG treatment for all viral-induced respiratory infections,
supports ADMA’s expectation that ASCENIV is well-positioned to deliver long-term branded growth. We believe ASCENIV may generate one of the most durable earnings streams in the sector.
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March 31,
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December 31,
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||||||
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2025
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2024
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||||||
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(Unaudited)
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(In thousands, except share data)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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71,625
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$
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103,147
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Accounts receivable, net
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99,412
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49,999
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||||||
Inventories
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172,188
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170,235
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Prepaid expenses and other current assets
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8,589
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8,029
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Total current assets
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351,814
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331,410
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Property and equipment, net
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57,710
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54,707
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Intangible assets, net
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452
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460
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Goodwill
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3,530
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3,530
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Deferred tax assets, net
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80,855
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84,280
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Right-to-use assets
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8,020
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8,634
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Deposits and other assets
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8,188
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5,657
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TOTAL ASSETS
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$
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510,569
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$
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488,678
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$
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20,607
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$
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20,219
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Accrued expenses and other current liabilities
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31,560
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33,962
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Current portion of deferred revenue
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143
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143
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Current portion of lease obligations
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1,188
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1,218
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Total current liabilities
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53,498
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55,542
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Senior notes payable, net of discount
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72,527
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72,337
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Deferred revenue, net of current portion
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1,512
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1,547
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End of term fee
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1,313
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1,313
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Lease obligations, net of current portion
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8,298
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8,561
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Other non-current liabilities
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2
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360
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TOTAL LIABILITIES
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137,150
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139,660
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COMMITMENTS AND CONTINGENCIES
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||||||||
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STOCKHOLDERS' EQUITY
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||||||||
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized,
no shares issued and outstanding
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Common Stock - voting, $0.0001 par value, 300,000,000 shares authorized,
238,532,252 and 236,620,545 shares issued and outstanding at March 31,
2025 and December 31, 2024
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24
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24
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Additional paid-in capital
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655,074
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657,577
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Accumulated deficit
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(281,679
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)
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(308,583
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)
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TOTAL STOCKHOLDERS' EQUITY
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373,419
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349,018
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$
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510,569
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$
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488,678
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Three Months ended March 31,
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||||||
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2025
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2024
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(Unaudited, in thousands, except share and per share data)
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REVENUES
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$
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114,802
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$
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81,875
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Cost of product revenue
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53,705
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42,767
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Gross profit
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61,097
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39,108
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OPERATING EXPENSES:
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Research and development
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826
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450
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Plasma center operating expenses
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1,286
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1,005
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Amortization of intangible assets
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25
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193
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Selling, general and administrative
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24,079
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15,639
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Total operating expenses
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26,216
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17,287
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INCOME FROM OPERATIONS
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34,881
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21,821
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OTHER INCOME (EXPENSE):
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Interest income
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608
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384
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Interest expense
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(1,975
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)
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(3,769
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)
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Other expense
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(64
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)
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(35
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)
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Other expense, net
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(1,431
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)
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(3,420
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)
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INCOME BEFORE INCOME TAXES
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33,450
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18,401
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||||
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||||||
Provision for income taxes
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6,546
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595
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||||||
NET INCOME
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$
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26,904
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$
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17,806
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BASIC EARNINGS PER COMMON SHARE
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$
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0.11
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$
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0.08
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DILUTED EARNINGS PER COMMON SHARE
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$
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0.11
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$
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0.08
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WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
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Basic
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237,775,476
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228,874,847
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Diluted
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244,676,350
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236,414,374
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Three months ended March 31,
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|||||||
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2025
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2024
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(In thousands)
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Revenues
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$
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114,802
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$
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81,875
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Customer credits related to the Voluntary Withdrawal
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3,837
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-
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Adjusted Revenues
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$
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118,639
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$
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81,875
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Three Months Ended March 31,
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|||||||
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2025
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2024
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||||||
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(In thousands)
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|||||||
Net income
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$
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26,904
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$
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17,806
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Depreciation
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1,944
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1,921
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Amortization
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25
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193
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||||||
Income taxes
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6,546
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595
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Interest expense
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1,975
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3,769
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EBITDA
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37,393
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24,284
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||||||
Stock-based compensation
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4,624
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2,141
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||||||
Customer credits related to the Voluntary Withdrawal
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3,837
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-
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||||||
Yield Enhancement
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902
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-
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Non-recurring professional fees (a)
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1,182
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-
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||||||
Adjusted EBITDA
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$
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47,939
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$
|
26,425
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Three months ended March 31,
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|||||||
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2025
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2024
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||||||
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(In thousands)
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|||||||
Net income
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$
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26,904
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$
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17,806
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||||
Stock-based compensation modifications (pre-tax)
|
474
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-
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||||||
Customer credits related to the Voluntary Withdrawal (pre-tax)
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3,837
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-
|
||||||
Yield Enhancement (pre-tax)
|
902
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-
|
||||||
Non-recurring professional fees (pre-tax) (a)
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1,182
|
-
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||||||
Adjusted net income (b)
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$
|
33,299
|
$
|
17,806
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