ADMA Biologics ADMA markets plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases.
Asceniv, its lead product, is a plasma-derived IVIG that contains naturally occurring polyclonal antibodies. It is indicated for the treatment of primary immunodeficiency disease (PIDD) or inborn errors of immunity in adults and adolescents.
Record demand for Asceniv, expected expansion in payer coverage, and growing confidence in long-term plasma supply are providing clear visibility into accelerating revenues in 2026.
The product 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.
Third-party suppliers outperformed expectations in 2025, and newly executed agreements now provide access to more than 280 plasma collection centers, significantly strengthening Asceniv’s long-term supply outlook.
Management believes Asceniv remains in the early stages of penetrating a large total addressable market and represents a key long-term growth driver for ADMA (supported by a differentiated, patented supply and manufacturing platform).
Revenues of $510.2 million in 2025 were up 20% from 2024, driven by higher Asceniv sales due to continued growth in physician, payer and patient adoption. Asceniv delivered record utilization in 2025, with revenues climbing 51% year over year to $363 million on strong demand and growing prescriber adoption.
ADMA expects 2026 revenues to exceed $635 million, while 2027 revenues are forecasted to exceed $775 million.
Competition in the Plasma Therapy Market
ADMA Biologics competes with Grifols GRFS and Takeda TAK for plasma-derived products.
GRFS is a leading producer of plasma derivatives globally, ranking among the three largest producers in the industry in terms of total sales, alongside Takeda and CSL Group. The main plasma products that Grifols manufactures are IG, Factor VIII, Alpha 1 (A1PI) and albumin. Grifols also manufactures intramuscular (hyperimmune) immunoglobulins (IGs), ATIII, Factor IX and plasma thromboplastin component.
GRFS has a strong presence in various segments of the plasma derivatives industry, including A1PI, IG and albumin, aided by its dominant position in plasma collection centers and fractionation capacity.
Takeda’s broad immunoglobulin portfolio includes Hyqvia, Cuvitru, Gammagard Liquid and Gammagard Liquid ECR. The company is developing next-generation IG products with 20% facilitated SCIG (TAK-881). It is also pursuing other early-stage opportunities (e.g., hypersialylated Immunoglobulin [hsIgG]) that would diversify its portfolio further.
ADMA’s Price Performance, Valuation & Estimates
Shares of ADMA have lost 37.9% in the past six months against the industry’s gain of 9.6%.
Image Source: Zacks Investment Research
From a valuation perspective, ADMA is expensive at this moment. Going by the price/sales ratio, ADMA’s shares currently trade at 3.18x forward sales, lower than its mean of 3.69x but higher than the industry’s mean of 1.98x.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ADMA’s 2026 earnings per share has moved north to 96 cents in the past 60 days while that for 2027 has remained stable at $1.38.
Image Source: Zacks Investment Research
ADMA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in the coming year. While not all picks can be winners, previous recommendations have soared +112%, +171%, +209% and +232%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Grifols, S.A. (GRFS): Free Stock Analysis Report
ADMA Biologics Inc (ADMA): Free Stock Analysis Report
Takeda Pharmaceutical Co. (TAK): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).