ADMA Biologics ADMA markets plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases.
Gross margin improved to 57.4% in 2025 from 51.5% in 2024. Yield-enhanced production transitioned into steady commercial execution in 2025, supported by ongoing FDA lot releases.
ADMA is positioned to benefit in fiscal 2026 from a continued shift in product mix toward higher-margin IVIG therapies, supporting further gross margin expansion. This improvement is expected to be driven by the first full year of yield-enhanced production, reinforcing the company’s operating leverage and supporting its profitability trajectory.
In December 2025, ADMA agreed to divest three plasma centers for $12 million while retaining seven collection facilities. The company secured long-term supply agreements with the buyer, preserving a diversified base of high-titer plasma sources, and has remained on track to complete the transaction in the first quarter of 2026.
Third-party suppliers outperformed expectations in 2025, and newly signed contracts now provide access to more than 280 plasma collection centers — positioning the company to meaningfully enhance ASCENIV’s long-term supply.
Taken together, these initiatives are expected to create a more flexible and capital-efficient supply model, drive accretive cost savings starting in 2026, expand overall production capacity, and support a durable supply outlook through the late 2030s and beyond.
ADMA’s emphasis on disciplined field execution, expanded medical education, and newly launched direct-to-patient initiatives is expected to drive stronger demand utilization while keeping costs in check. This balanced approach should support continued operating leverage and sustained margin expansion through 2026 and beyond.
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 31.7% in the past six months against the industry’s gain of 9.6%.
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From a valuation perspective, ADMA is expensive at this moment. Going by the price/sales ratio, ADMA’s shares currently trade at 3.49x forward sales, lower than its mean of 3.69x but higher than the industry’s mean of 2.07x.
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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.
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ADMA currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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Grifols, S.A. (GRFS): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).