ADMA Biologics Q3 2026: ASCENIV Drives a 71% Gross Margin and Raised Guidance

ADMA Biologics posted third-quarter 2026 adjusted EPS of $0.23, clearing the $0.1967 consensus estimate by nearly 17%, while revenue of $141.1 million edged past the $138.1 million estimate by 2.16% and grew 5.1% year over year. The beat was clean on both lines, continuing a pattern of bottom-line outperformance the company has built over recent quarters.

The story inside the quarter belongs almost entirely to ASCENIV, the company's specialty immune globulin, which generated $124.7 million in revenue, up 30.7% from a year ago. CEO Adam Grossman attributed the growth to expanding physician adoption, new patient starts, and growing end-user utilization, and noted that favorable demand trends have continued into the fourth quarter. That momentum pushed gross margin from 56% a year earlier to 71%, reflecting how much richer the ASCENIV revenue mix has become relative to the broader product portfolio.

The flip side of the ASCENIV surge is what happened to BIVIGAM, the company's standard immune globulin product, whose revenue fell 35.2% year over year to $15.4 million as competitive pricing and channel inventory pressures weighed on the business. Grossman said the company sees signs of stabilization in underlying BIVIGAM utilization and has chosen not to match competitor discounting, opting to protect margin rather than chase volume.

Adjusted EBITDA reached $77.3 million in the quarter, and management used the results to raise its full-year 2026 targets. Revenue guidance was reiterated at a minimum of $530 million, while the adjusted EBITDA floor was lifted to $275 million and the adjusted net income floor was raised to $180 million. The company also said it remains on track to complete its $200 million or more 2026 share repurchase program, having bought back 16.5 million shares year-to-date through September 30, representing 6.3% of shares outstanding as of December 31, 2025.

Beyond the core products, ADMA disclosed that it received constructive feedback from the FDA on its pre-IND meeting package for SG-001, a pneumococcal hyperimmune globulin in development. The company intends to incorporate the FDA's recommendations into the final clinical protocol and advance preparations for an IND submission. Management has characterized SG-001 as a potential $300 million to $500 million annual revenue opportunity if approved, with development planned to use the company's existing manufacturing infrastructure.