ADMA Biologics Q2 2026 revenue rose 2.0% to $124.4M as ASCENIV grew 23.5% and BIVIGAM fell 48.5%, lifting gross margin to 69.4% and net income 10.5% to $37.8M.
Revenue
$124M
+2.0% YoY
Net income
$38M
+10.5% YoY
Diluted EPS
$0.16
+14.3% YoY
Operating margin
42.2%
This period vs a year ago
Same period last year
This period
Revenue▲+2.0%
≈$122M
$124M
Net income▲+10.5%
≈$34M
$38M
Diluted EPS▲+14.3%
≈$0.14
$0.16
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
ASCENIV carried the quarter while BIVIGAM halved
ADMA Biologics makes medicines from donated human blood plasma. It separates plasma into its protein components and purifies the antibodies into immune globulin (IG) infusions for people whose immune systems cannot fight infections on their own. In Q2 2026 (April–June), total revenue rose only 2.0% to $124.4 million, but that flat top line hides two products moving in opposite directions. ASCENIV, ADMA's higher-priced specialty antibody product, grew 23.5% to $102.9 million. BIVIGAM, its standard IG product, fell 48.5% to $19.4 million as newly approved competing IG products entered the market with aggressive discounts and rebates. Because ASCENIV earns much more per liter of plasma, the shift in mix pushed gross margin from 55.1% to 69.4%, and operating income rose 22.5% on essentially the same revenue.
At a glance
ASCENIV was 83% of revenue ($102.9M of $124.4M), up from 68% a year ago. The company now depends mostly on a single product.
Gross margin was 69.4%, up from 55.1%. Gross margin is the share of revenue left after the direct cost of making the product. The improvement came from the product mix and a manufacturing change approved in 2025 that gets 20% or more extra product from the same plasma.
The full-year revenue target is $530–560M, down from about $635M in January. It requires $291–321M in the second half, versus $238.9M in the first half.
Key figures
Metric
Q2 2026
Q2 2025
YoY Change
Total revenue
$124.4M
$122.0M
+2.0%
ASCENIV revenue
$102.9M
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$83.3M
+23.5%
BIVIGAM revenue
$19.4M
$37.7M
-48.5%
Gross margin
69.4%
55.1%
+14.3 pts
Operating income
$52.4M
$42.8M
+22.5%
Operating margin
42.2%
35.1%
+7.1 pts
Net income
$37.8M
$34.2M
+10.5%
Diluted EPS
$0.16
$0.14
+14.3%
Adjusted EBITDA (non-GAAP)
$61.8M
$50.8M
+21.8%
Effective tax rate
24.7%
14.7%
+10.0 pts
For the first half of 2026 (January–June), revenue was $238.9 million (+0.9%), net income was $83.2 million (+36.0%) and diluted EPS was $0.35, up from $0.25. First-half net income includes a one-time $8.0 million pre-tax gain from selling three plasma collection centers in Q1.
What drove the quarter
ASCENIV. The 10-Q attributes the $19.6 million gain to "continued growth in market acceptance of the product." ASCENIV is made partly from plasma with high levels of antibodies against RSV (respiratory syncytial virus), and ADMA markets it for harder-to-treat patients with primary immunodeficiency (an inherited weakness of the immune system). Measured against Q1 2026, ASCENIV revenue grew about 5.6%, from $97.5 million to $102.9 million. That Q1 figure is implied by subtracting Q2 from the first-half total. In the earnings release, management said demand "accelerated throughout the second quarter," and that June showed the strongest month-over-month utilization growth since the first half of 2024.
BIVIGAM. The filing says that starting in the second half of 2025, new FDA-approved IG products entered the market "with aggressive pricing tactics, including extended payment terms, rebates and discounts." That led to more plasma and finished-product inventory across the distribution network, and the filing says this hit ADMA "mainly as it relates to BIVIGAM." There is some sign of stabilization: BIVIGAM's Q2 revenue of $19.4 million was about 26% above the implied Q1 figure of $15.4 million. It is still half what it was a year ago.
Margins. Cost of product revenue fell from $54.8 million to $38.1 million. The 10-Q explains this by "lower volume of BIVIGAM and lower product losses, partially offset by the increase in ASCENIV volume." 2026 is the first full year of production under the yield-enhancement process the FDA approved in April 2025.
Costs below gross profit. Research and development spending rose from $1.0 million to $6.0 million, mainly for SG-001. SG-001 is an antibody product in development against S. pneumoniae, the bacterium behind many pneumonia cases, and ADMA plans a pre-IND submission to the FDA in 2026 (a pre-IND is an early filing made before human trials begin). Selling, general and administrative costs rose 20.4% to $26.7 million, driven by employee costs, software, and legal fees "associated with ongoing litigation and related matters."
What the headline numbers hide
Tax, not operations, held back net income. Pre-tax income rose 25.3% ($40.1M to $50.2M), but net income rose only 10.5%. The effective tax rate increased from 14.7% to 24.7% because stock-based compensation produced smaller tax benefits than a year earlier. The underlying business improved more than the bottom line shows.
Buybacks added to EPS growth. Diluted share count fell 7.4%, from 248.6 million to 230.3 million. In March, ADMA borrowed $125 million on its JPMorgan credit line to fund a $125 million accelerated share repurchase, which lets the company buy back a large block of stock upfront. It also spent $30.2 million on open-market buybacks in the first half. Using unrounded figures, net income per diluted share rose about 19%, compared with 10.5% for net income. The company says it is on track to repurchase $200 million or more in 2026.
The buybacks were paid for with debt. Long-term debt rose from $69.3 million at December 31 to $192.8 million at June 30. Interest expense nearly doubled, from $1.8 million to $3.4 million. Cash was $136.0 million, so net debt (debt minus cash) is about $62 million. That is modest next to roughly $240 million of first-half-annualized adjusted EBITDA.
Cash conversion was strong, helped by collections. First-half operating cash flow was $87.8 million, compared with $83.2 million of net income. A year earlier, operating cash flow was only $1.5 million. The main reason for the difference is that customers paid down receivables: accounts receivable fell from $158.4 million to $138.2 million, adding $20.2 million to cash. That boost is unlikely to repeat every half-year. Two distributors (BioCare and CuraScript) held about 87% of receivables at year-end 2025.
Inventory is growing while revenue is flat. Inventory rose 15.9% in six months, from $206.5 million to $239.3 million, and used $32.8 million of cash. Plasma products take 7 to 12 months to go from raw plasma to finished product, so some build-up is normal ahead of an expected second-half ramp. But inventory growing much faster than sales is worth watching, especially since the filing describes excess inventory across the industry.
Adjusted versus GAAP. Adjusted net income ($39.0M) was close to GAAP net income ($37.8M) this quarter. The difference was $0.8M of non-recurring professional fees and $0.3M of yield-enhancement costs, both after tax. Adjusted EBITDA ($61.8M) also excludes $6.1M of stock-based compensation, which is a real, recurring cost to shareholders.
Takeaway: ADMA's profit engine is now almost entirely ASCENIV. It grew 23.5% and lifted gross margin to 69%, which more than made up for BIVIGAM halving under price competition. But the reiterated full-year guidance needs second-half revenue about 22% to 34% above the first half, so the next two quarters have to show ASCENIV's June acceleration continuing.
Outlook
On August 5, management reiterated its FY2026 guidance: total revenue of $530–560 million, adjusted net income of $170–200 million and adjusted EBITDA of $265–300 million. These ranges were set in May, when ADMA cut the January targets of about $635 million revenue, $255 million adjusted net income and $360 million adjusted EBITDA for 2026. At the same time it withdrew its longer-term guidance through 2029, citing competitive dynamics in the IG market. The May guidance assumes, in the company's words, that "pressures in standard IG persist."
Our read: the first half delivered $238.9 million of revenue and $79.6 million of adjusted net income. Reaching the bottom of the revenue range means averaging about $146 million a quarter in the second half, 17% above Q2's $124.4 million. That requires ASCENIV's sequential growth to speed up well beyond Q2's roughly 6%, or BIVIGAM to keep recovering from its Q1 low. Profit guidance looks easier to meet than the revenue range because of the 69% gross margin. Things to watch in Q3: ASCENIV revenue against the ~$103 million Q2 level, whether BIVIGAM keeps rising, whether inventory stops outgrowing sales, and how much more is spent on buybacks funded with debt.