ADMA Biologics, Inc. is a commercial biopharmaceutical company that develops, manufactures, and markets specialty plasma-derived biologics. Operating primarily in the United States, the company focuses on treatments for patients with compromised immune systems and those at risk for certain infectious diseases. Its vertically integrated business model includes operating its own FDA-approved plasma collection centers to secure the raw materials needed for its therapies.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
510,173
426,454
258,215
154,080
Cost of Sales
217,408
206,901
169,273
118,815
Gross Profit
292,765
219,553
88,942
35,265
Selling, General & Administrative Expenses
91,580
74,124
59,020
52,458
Depreciation & Amortization Expenses
144
388
724
715
Research & Development Expenses
4,762
1,813
3,300
3,614
Other Operating Expenses
4,836
4,245
4,266
17,843
Operating Profit
191,443
138,983
21,632
(39,365)
Interest and Investment Income
1,871
2,097
1,617
45
Interest Expense
(7,110)
(13,930)
(25,027)
(19,279)
Non-Operating Income
(12,335)
(14,705)
(76,332)
(33,844)
Total Non-Operating Income
(17,574)
(26,538)
(99,742)
(53,078)
Income Before Provision for Income Taxes
182,656
125,714
(28,239)
(65,904)
Provision for Income Taxes
35,726
(71,959)
—
—
Consolidated Net Income
146,930
197,673
(28,239)
(65,904)
Net Income Attributable to Common Shareholders
146,930
197,673
(28,239)
(65,904)
Basic EPS
0.62
0.85
-0.13
-0.33
Diluted EPS
0.60
0.81
-0.13
-0.33
Basic Weighted Average Shares Outstanding
238,299
233,084
223,977
197,875
Diluted Weighted Average Shares Outstanding
244,905
243,342
223,977
197,875
Shares Outstanding
237,874
236,621
226,063
221,817
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
87,630
103,147
51,352
86,522
Total Cash and Cash Equivalents
87,630
103,147
51,352
86,522
Accounts Receivable
158,429
49,999
27,421
15,505
Total Trade Receivables
158,429
49,999
27,421
15,505
Inventories
206,465
170,235
172,906
163,280
Other Current Assets
13,988
8,029
5,334
5,095
Total Current Assets
466,512
331,410
257,013
270,402
Net Property, Plant & Equipment
71,707
63,341
63,470
68,746
Net Intangible Assets
632
460
499
1,013
Goodwill
3,530
3,530
3,530
3,530
Other Long-Term Assets
81,861
89,937
4,670
4,770
Total Assets
624,242
488,678
329,182
348,461
Accounts Payable
22,519
20,219
15,660
13,229
Accrued Expenses
40,466
34,105
32,919
24,990
Current Portion of Long-Term Debt
2,813
—
—
—
Current Portion of Leases
1,096
1,218
1,045
905
Unearned Revenue
—
—
182
143
Other Current Liabilities
2,647
—
—
—
Total Current Liabilities
69,541
55,542
49,806
39,267
Long-Term Debt
69,330
73,650
132,282
144,333
Leases
6,646
8,561
9,779
10,704
Other Long-Term Liabilities
1,405
1,907
2,109
2,183
Total Long-Term Liabilities
77,381
84,118
144,170
157,220
Total Liabilities
146,922
139,660
193,976
196,487
Common Stock
24
24
23
22
Treasury Stock
(32,090)
—
—
—
Additional Paid-in Capital
671,039
657,577
641,439
629,969
Retained Earnings
(161,653)
(308,583)
(506,256)
(478,017)
Total Common Shareholders' Equity
477,320
349,018
135,206
151,974
Total Shareholders' Equity
477,320
349,018
135,206
151,974
Total Liabilities and Shareholders' Equity
624,242
488,678
329,182
348,461
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
146,930
197,673
(28,239)
(65,904)
Depreciation & Amortization
8,096
8,045
8,332
7,113
Share-Based Compensation Expense
20,026
13,616
6,187
5,215
Other Adjustments
14,939
(82,123)
32,643
12,354
Changes in Trade Receivables
(108,430)
(22,578)
(11,916)
13,072
Changes in Inventories
(36,230)
2,671
(9,626)
(38,556)
Changes in Accounts Payable
2,330
4,150
3,839
800
Changes in Accrued Expenses
5,212
1,042
7,530
7,534
Changes in Other Operating Activities
(2,477)
(3,824)
50
(1,136)
Cash from Operating Activities
50,396
118,672
8,800
(59,508)
Capital Expenditure
(22,575)
(8,226)
(4,771)
(13,911)
Purchases of Intangible Assets
(316)
(349)
(210)
—
Proceeds from Business Divestments
1,000
—
—
—
Cash from Investing Activities
(21,891)
(8,575)
(4,981)
(13,911)
Issuance of Short-Term Debt
30,000
—
—
—
Repayments of Short-Term Debt
(72,500)
—
—
—
Net Issuance / (Repayments) of Short-Term Debt
(42,500)
—
—
—
Issuance of Long-Term Debt
75,000
—
135,000
151,750
Repayments of Long-Term Debt
(33,438)
(60,000)
(158,584)
(100,000)
Net Issuance / (Repayments) of Long-Term Debt
41,562
(60,000)
(23,584)
51,750
Issuance of Common Shares
2,984
7,494
1,104
64,820
Repurchases of Common Shares
(41,487)
(4,971)
(1,415)
(2,899)
Net Issuance / (Repurchases) of Common Shares
(38,503)
2,523
(311)
61,921
Other Financing Activities
(4,581)
(825)
(15,094)
(4,819)
Cash from Financing Activities
(44,022)
(58,302)
(38,989)
108,852
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash