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Merlintrader Trading Pub
Biotech catalyst, news and analysis PDUFA tracker
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Oct 28, 2026, 7:00 AM ET
ADMA Biologics will report third quarter 2026 financial results on November 4, 2026, after U.S. markets close, with a conference call at 4:30 p.m. ET that day.
Nasdaq: $ADMAASCENIV growthBIVIGAM recoveryExecution and debt risk
ADMA Stock Hub: ADMA Biologics News, ASCENIV and Cash Generation
ASCENIV and manufacturing yields support profit, while group growth remains the test. Cash generation must fund investment and capital returns without obscuring the cost of debt-financed buybacks. The next results are scheduled for November 4. The October 29 regular-session close was $11.75 (+4.17% versus October 28).
Full research report · PDF
ADMA Biologics ($ADMA), research as of October 15, 2026
14 pages covering the existing long-form ADMA research labeled October 15, 2026, including the later-dated November 4 earnings schedule already present in that original hub. This is a dated research snapshot; the hub follows later developments. For personal use only: redistribution prohibited.
Next confirmed financial checkpoint
November 4, 2026 · after U.S. markets close
The October 28 issuer notice schedules Q3 results after U.S. markets close and a conference call at 4:30 p.m. Eastern. Source: company announcement
The August annual revenue forecast implies a calculated $291.112–321.112M second-half revenue requirement. SG-001 pre-IND preparation by year-end is a development target rather than human efficacy or approval.
ADMA stock at a glance
Close · October 29, 2026
$11.75
Regular-session close; +4.17% versus $11.28 on October 28.
Q2 total revenue
$124.4M
Quarter ended June 30, 2026. Separate from ASCENIV product revenue. Source: SEC
Where ADMA Biologics stands now
Q2 2026 revenue was $124.395 million. At June 30, cash was $136.020 million and debt principal $198.125 million; first-half operating cash flow was positive $87.788 million. ASCENIV growth and favorable mix support earnings, while BIVIGAM weakness, working capital and repurchase funding remain material. Source
ASCENIV strength must translate into group growth and durable cash generation.
The adverse case would develop if BIVIGAM’s weakness persists, ASCENIV loses momentum or distributors rebuild inventory more slowly than management expects. The May 6, 2026 reset already incorporated competitive pricing pressure and withdrew the earlier long-term guidance. The August 5 confirmation did not remove those risks. A further reduction would challenge confidence in both the demand assumptions and the expected conversion of demand into revenue. Source Source
The constructive case
The favorable case requires ASCENIV demand to keep growing, BIVIGAM to stabilize and cash collections to support the stronger second-half revenue implied by management’s forecast. In its August 5, 2026 update, ADMA maintained full-year revenue guidance of $530–560 million after reporting $238.888 million for the six months ended June 30. That leaves a calculated $291.112–321.112 million to generate in the second half. A recovery that meets that requirement while preserving margins would strengthen the case that the earlier disruption was manageable. Guidance remains a forecast, not an order book. Source Source
The cautious case
The adverse case would develop if BIVIGAM’s weakness persists, ASCENIV loses momentum or distributors rebuild inventory more slowly than management expects. The May 6, 2026 reset already incorporated competitive pricing pressure and withdrew the earlier long-term guidance. The August 5 confirmation did not remove those risks. A further reduction would challenge confidence in both the demand assumptions and the expected conversion of demand into revenue. Source Source
Latest ADMA Biologics news
Oct 28, 2026
Q3 results scheduled for November 4
ADMA schedules results after the U.S. market close on November 4, with a 4:30 p.m. Eastern conference call. The announcement establishes the date, not the quarterly outcome.
Oct 15, 2026
Peer-reviewed paper on the optimized IVIG manufacturing process
ADMA announced a peer-reviewed article in Frontiers in Cardiovascular Medicine, published on September 24, 2026 and titled “Further Optimization of an ADMA Biologics’ Proprietary Manufacturing Process to Ensure Removal of Impurities Associated With Thrombosis Risk in IVIG Products”, written by company employees and funded by ADMA, on three commercial-scale IVIG lots made with its FDA-licensed further optimized process. The paper reports an average non-activated partial thromboplastin time of 293.7 seconds (results above 200 seconds have been associated with fewer thromboembolic events), Factor XIa below the limit of quantification in two of the three lots and 1.2 mIU/mL in the third, IgA, IgM, cholesterol and prekallikrein activator at or below their quantification limits, no detected aggregates or fragments, and higher IgG yield. No thromboembolic events linked to IVIG from the optimized process were reported in ADMA’s pharmacovigilance database or the FDA’s FAERS from July 1, 2025 to July 31, 2026. The stated limits are the three lots evaluated, the relatively short surveillance period and under-reporting in spontaneous adverse-event systems; thrombosis remains a labeled risk for all IVIG products. Journal article
Sep 29, 2026
FDA lot-release specification supplement
The FDA approved a lower measles-antibody lot-release specification for ASCENIV and BIVIGAM. The revised numerical threshold is redacted in the public letter. This manufacturing/labeling supplement does not expand the treatment indication, and the letter does not quantify a revenue, margin or production-yield effect. FDA approval letter
Aug 5, 2026
results and forecast confirmed
Second-quarter revenue was $124.4 million and gross margin approximately 69%. Management maintained its revised full-year ranges while highlighting ASCENIV growth and sequential BIVIGAM improvement.
May 6, 2026
guidance reset
Competitive immunoglobulin pricing and distributor behavior prompted the $530–560 million 2026 revenue outlook. The earlier long-term guidance was withdrawn.
May 4, 2026
pediatric label expanded
FDA approval extends ASCENIV for primary humoral immunodeficiency to patients aged two years and older. The subsequent opportunity is commercial adoption, rather than a pending approval.
ADMA stock catalysts and operating watchpoints
- November 4, 2026 — Q3 results after U.S. market close; conference call at 4:30 p.m. Eastern. Company-announced event
- H2 2026 — Execute against August full-year guidance; historical forecast rather than reported revenue. Operating window
- Year-end 2026 — SG-001 pre-IND meeting package target in the August outlook. Preclinical development target
Cash generation, working capital and the right liquidity test
The June 30, 2026 inventory balance comprised $94.298 million of raw materials, $76.441 million of work in process and $68.574 million of finished goods, versus $96.612 million, $57.798 million and $52.055 million at December 31, 2025. The $32.848 million total increase therefore came from work in process and finished goods, partly offset by lower raw materials. Finished goods include saleable immunoglobulin products and plasma intended for third-party customers; this table does not identify an individual product as the cause of the build. ADMA Biologics Form 10-Q.
ADMA ended June 30, 2026 with $136.020 million of cash and cash equivalents, versus $87.630 million at December 31, 2025. Operating activities generated $87.788 million during the first half, equivalent to a calculated historical average of approximately $14.631 million per month. That is cash generation, not monthly burn. Dividing cash by a negative burn assumption would give a misleading runway for a profitable commercial company. Source
Debt and buybacks: capital returns have a financing cost
At June 30, 2026, ADMA’s debt principal was $198.125 million, consisting of the term facility and revolver; the balance-sheet carrying value was lower because of accounting adjustments for financing costs. Cash of $136.020 million left a calculated $62.105 million excess of debt principal over cash, excluding leases. Reporting both cash and debt avoids mistaking a larger cash balance for a debt-free position. Source
The JPMorgan facilities mature on August 5, 2028. Their June 30 interest rate was approximately 6.12%, with pricing linked to floating benchmarks and contractual leverage-based spreads. The agreement requires maximum total leverage of 2.50 times and minimum fixed-charge coverage of 1.20 times; ADMA reported compliance at June 30, 2026. These are contractual ratios with their own definitions, not figures that can be recreated reliably by dividing debt by a quarterly adjusted EBITDA headline. Source
Merlintrader Health Score · $ADMA
3.55out of 5
Assessed October 2, 2026. Weighted calculation: 4.0×30% + 3.5×30% + 3.0×20% + 4.0×10% + 3.0×10% = 3.55. This describes financial and operational robustness over twelve to eighteen months, not an investment recommendation.
Red flags
- Financial balances retain their reporting dates and are not current cash.
- Milestone guidance is conditional; execution, collection and per-share outcomes remain separate tests.
ADMA Stock FAQ: ADMA Biologics Questions Answered
When is the next ADMA stock catalyst?
ADMA schedules Q3 2026 results after U.S. markets close on November 4, 2026, followed by a 4:30 p.m. ET call. The update will show ASCENIV and BIVIGAM sales against its annual revenue outlook, alongside cash generation and manufacturing performance. Results-call schedule.
Is ADMA’s ASCENIV FDA approved?
Yes: ADMA’s ASCENIV is an approved immune-globulin product, and on May 4, 2026 the company announced an expanded primary-immunodeficiency indication for patients aged two years and older. ADMA is a commercial manufacturer with marketed products, rather than a company awaiting its first drug approval. Pediatric label expansion.
How much cash does ADMA have, and how long will it last?
ADMA reported $136.020 million cash at June 30, 2026 and generated $87.788 million operating cash in the first half, averaging approximately $14.631 million monthly. This was positive cash generation rather than cash burn. Debt principal was $198.125 million; working capital, investment, debt service and repurchases determine how much future cash remains available. Cash, operating flows and debt.
Is ADMA stock at risk of dilution despite buybacks?
ADMA’s June 30, 2026 equity plans include options and restricted stock units that can add shares, despite its repurchases. The company borrowed $125 million on March 2 to fund its accelerated repurchase, so those purchases were not all financed from internally generated cash. Other buybacks and operating cash generation have their own funding history. Equity awards and repurchase financing.
When does ADMA Biologics report earnings?
ADMA schedules Q3 2026 results after U.S. markets close on November 4, 2026, with its earnings call at 4:30 p.m. ET. The October 28 announcement provides webcast information for investors to follow the results and company update. Earnings announcement.
What does ADMA Biologics do?
ADMA Biologics manufactures and markets plasma-derived biologic medicines, led by ASCENIV and BIVIGAM immune-globulin products. Its business combines plasma sourcing, specialized manufacturing and commercial sales, with product mix, production yields and patient demand driving operating performance. Commercial business.
Did ADMA raise its revenue guidance in August?
No: ADMA’s August 5, 2026 update reiterated the $530–560 million full-year revenue range established May 6. First-half revenue of $238.888 million leaves a calculated $291.112–321.112 million for the second half to meet that range. The August release confirmed existing guidance rather than announcing another increase. August guidance confirmation. May guidance reset.
How far along is ADMA’s SG-001 program?
ADMA’s August 5, 2026 update places SG-001 in preclinical development, with second-half conformance lots and a pre-IND meeting package targeted by year-end. These are preparation steps for potential clinical development, without human efficacy results or commercial approval. SG-001 development plan.
Primary sources
- ADMA — Form 10-Q, June 30, 2026
- ADMA — second-quarter results, August 5, 2026
- ADMA — first-quarter results and guidance reset, May 6, 2026
- ADMA — pediatric ASCENIV approval, May 4, 2026
- FDA — ASCENIV pediatric clinical review, April 29, 2026
- ADMA — annual report for 2025
- State Street — ADMA ownership at June 30, filed August 7, 2026
- Kestenberg-Messina — tax withholding, July 24, 2026
- Kohler — equity awards, July 16, 2026
Disclaimer. This content is published by Merlintrader for educational and informational purposes only. It is independent journalism and research. It does not constitute investment advice, an investment recommendation, an offer or a solicitation to buy or sell any security, and it is not a research report within the meaning of applicable United States securities regulation. Nothing here should be read as a recommendation to buy, sell or hold $ADMA or any other security.
Figures are taken from public filings with the U.S. Securities and Exchange Commission, company press releases and market-data providers, and are stated with their reference dates. Data can change without notice, and figures published before a results release become outdated the moment that release is issued. Merlintrader makes no representation that the information is complete or current at the time of reading. Readers should verify every figure against the primary source before acting on it.
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