ADMA BIOLOGICS, INC.
ADMA · Biological Products, (No Diagnostic Substances) · 231.8M shares · +27%/yr ↑ shares · EDGAR filings ↗
Reference price $7.91 · est. market cap ~$1.8B — last insider purchase, 2026-05-27 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A85Vertically integrated specialty plasma franchise delivering top-decile profitability and returns with an expanding margin profile.
Strengths
- Top-decile returns: ROA 23.5% (95th pct), operating margin 37.5% (96th pct), net margin 28.8% (95th pct)
- Positive FCF $28M (92nd pct) and first sustained GAAP profitability; 20%+ yield-enhancement-driven margin tailwind
- Differentiated, hard-to-replicate end-to-end IVIG model (ASCENIV unique high-titer product, owned collection centers)
Risks
- Plasma-supply and single-facility manufacturing concentration; gross margin only 37th pct vs sector
- Small ultra-orphan target populations require high per-patient pricing and share
- Modest cash ($88M) relative to ambitious revenue/EBITDA targets
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Insider buyingInsider buying — 5 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$468,294, last 6mo) Form 4 ↗
- Revenue declineRevenue -17.7% YoY
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +3 more (as of 2026-03-31)
- Insider sellingInsider selling — 5 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$813,840, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
57.4%
Operating margin
37.5%
Net margin
28.8%
Return on equity
30.8%
Return on assets
23.5%
ROIC
27.7%
Revenue growth (QoQ)
-17.7%
Net-income growth
-25.7%
Debt / equity
0.1×
Net debt / EBITDA
-0.1×
Current ratio
6.7×
Free cash flow
$28M
EBITDA
$199M
Tangible book value
$473M
Cash & investments
$88M
Stock comp / revenue
3.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-27 | Grossman Jerrold B | Buy | 6.4K | $7.91 |
| 2026-05-12 | Grossman Jerrold B | Buy | 12K | $8.01 |
| 2026-05-11 | Grossman Jerrold B | Buy | 12K | $8.01 |
| 2026-04-01 | Kestenberg-Messina Kaitlin M. | Tax withheld | 20K | $9.11 |
| 2026-03-17 | Guiheen Lawrence P. | Gift | 30K | — |
| 2026-03-17 | Guiheen Lawrence P. | Gift | 30K | — |
| 2026-03-16 | Grossman Adam S | Sell | 6.0K | $15.16 |
| 2026-03-16 | Grossman Adam S | Option exercise | 15K | $5.40 |
| 2026-03-16 | Grossman Adam S | Sell | 15K | $15.16 |
| 2026-03-13 | Guiheen Lawrence P. | Option exercise | 30K | $3.66 |
| 2026-03-09 | Kestenberg-Messina Kaitlin M. | Option exercise | 2.5K | $5.00 |
| 2026-03-09 | Kestenberg-Messina Kaitlin M. | Other | 91K | — |
| 2026-03-09 | Kestenberg-Messina Kaitlin M. | Option exercise | 1.2K | $4.31 |
| 2026-03-09 | Kestenberg-Messina Kaitlin M. | Option exercise | 2.6K | $2.83 |
| 2026-03-09 | Kestenberg-Messina Kaitlin M. | Option exercise | 1.5K | $2.35 |
| 2026-03-09 | Kestenberg-Messina Kaitlin M. | Option exercise | 2.2K | $1.55 |
| 2026-03-09 | Kestenberg-Messina Kaitlin M. | Sell | 10K | $15.63 |
| 2026-03-07 | Grossman Adam S | Tax withheld | 30K | $15.39 |
| 2026-03-07 | Kestenberg-Messina Kaitlin M. | Tax withheld | 4.2K | $15.39 |
| 2026-03-06 | Grossman Adam S | Tax withheld | 56K | $15.39 |
| 2026-03-06 | ELMS STEVE | Buy | 7.0K | $15.39 |
| 2026-03-06 | Kestenberg-Messina Kaitlin M. | Tax withheld | 10K | $15.39 |
| 2026-03-05 | ELMS STEVE | Buy | 7.0K | $15.67 |
| 2026-02-26 | Grossman Adam S | Tax withheld | 55K | $15.18 |
| 2026-02-19 | Kestenberg-Messina Kaitlin M. | Tax withheld | 8.2K | $16.32 |
| 2026-02-19 | Tade Brad L. | Tax withheld | 6.5K | $16.32 |
| 2026-02-19 | Grossman Adam S | Tax withheld | 25K | $16.32 |
| 2026-02-17 | Grossman Adam S | Sell | 15K | $16.08 |
| 2026-02-17 | Grossman Adam S | Option exercise | 15K | $5.40 |
| 2026-02-17 | Grossman Adam S | Sell | 6.0K | $16.08 |
| 2026-02-09 | Grossman Jerrold B | Grant | 11K | — |
| 2026-02-09 | Kestenberg-Messina Kaitlin M. | Grant | 92K | — |
| 2026-02-09 | Grossman Adam S | Grant | 283K | — |
| 2026-02-09 | KWON YOUNG | Grant | 11K | — |
| 2026-02-09 | FINGER ALISON CECILY | Grant | 11K | — |
| 2026-02-09 | Salas Eduardo Rene | Grant | 11K | — |
| 2026-02-09 | Guiheen Lawrence P. | Grant | 11K | — |
| 2026-02-09 | ELMS STEVE | Grant | 11K | — |
| 2025-12-15 | Grossman Adam S | Option exercise | 15K | $5.40 |
| 2025-12-15 | Grossman Adam S | Sell | 15K | $19.79 |
| 2025-12-15 | Grossman Adam S | Sell | 6.0K | $19.79 |
| 2025-11-19 | Grossman Adam S | Option exercise | 15K | $5.40 |
| 2025-11-19 | Grossman Adam S | Sell | 15K | $16.00 |
| 2025-11-19 | Grossman Adam S | Sell | 6.0K | $16.00 |
| 2025-10-24 | Grossman Adam S | Option exercise | 15K | $5.40 |
| 2025-10-24 | Grossman Adam S | Sell | 15K | $16.00 |
| 2025-10-24 | Grossman Adam S | Sell | 6.0K | $16.00 |
| 2025-09-15 | Grossman Adam S | Option exercise | 15K | $5.40 |
| 2025-09-15 | Grossman Adam S | Sell | 15K | $16.13 |
| 2025-09-15 | Grossman Adam S | Sell | 6.0K | $16.13 |
| 2025-08-15 | Grossman Adam S | Option exercise | 15K | $5.40 |
| 2025-08-15 | Grossman Adam S | Sell | 15K | $16.88 |
| 2025-08-15 | Grossman Adam S | Sell | 6.0K | $16.88 |
| 2025-07-30 | Kestenberg-Messina Kaitlin M. | Option exercise | 2.5K | $8.98 |
| 2025-07-30 | Kestenberg-Messina Kaitlin M. | Tax withheld | 1.2K | $18.59 |
| 2025-07-24 | Kestenberg-Messina Kaitlin M. | Tax withheld | 3.0K | $17.31 |
| 2025-07-24 | Tade Brad L. | Tax withheld | 7.1K | $17.31 |
| 2025-07-15 | Grossman Adam S | Option exercise | 15K | $5.40 |
| 2025-07-15 | Grossman Adam S | Sell | 15K | $18.66 |
| 2025-07-15 | Grossman Adam S | Sell | 6.0K | $18.66 |
| 2025-06-26 | Tade Brad L. | Tax withheld | 9.8K | $18.40 |
| 2025-06-16 | Grossman Adam S | Sell | 6.0K | $20.81 |
| 2025-06-16 | ELMS STEVE | Sell | 195K | $20.24 |
| 2025-06-16 | Grossman Adam S | Option exercise | 15K | $5.40 |
| 2025-06-16 | Grossman Adam S | Sell | 15K | $20.81 |
| 2025-06-13 | ELMS STEVE | Option exercise | 30K | $3.89 |
| 2025-06-13 | ELMS STEVE | Option exercise | 15K | $2.92 |
| 2025-06-13 | ELMS STEVE | Option exercise | 55K | $2.35 |
| 2025-06-13 | ELMS STEVE | Option exercise | 53K | $1.67 |
| 2025-06-13 | ELMS STEVE | Option exercise | 38K | $5.40 |
| 2025-06-13 | ELMS STEVE | Sell | 138K | $20.82 |
| 2025-06-13 | ELMS STEVE | Option exercise | 52K | $3.35 |
| 2025-06-13 | ELMS STEVE | Option exercise | 9.0K | $5.96 |
| 2025-06-13 | ELMS STEVE | Option exercise | 10K | $5.00 |
| 2025-06-13 | ELMS STEVE | Option exercise | 54K | $3.66 |
| 2025-06-13 | ELMS STEVE | Option exercise | 18K | $4.91 |
| 2025-06-12 | ELMS STEVE | Sell | 93K | $21.69 |
| 2025-06-09 | Grossman Jerrold B | Option exercise | 10K | $5.00 |
| 2025-06-09 | Grossman Jerrold B | Sell | 10K | $21.31 |
| 2025-06-09 | Guiheen Lawrence P. | Sell | 20K | $20.96 |
| 2025-05-22 | Guiheen Lawrence P. | Option exercise | 1.2K | $5.96 |
| 2025-05-22 | Guiheen Lawrence P. | Sell | 1.2K | $20.12 |
| 2025-05-21 | Guiheen Lawrence P. | Sell | 7.8K | $20.32 |
| 2025-05-21 | Guiheen Lawrence P. | Option exercise | 7.8K | $5.96 |
| 2025-05-15 | Grossman Adam S | Option exercise | 15K | $5.40 |
| 2025-05-15 | Grossman Adam S | Sell | 15K | $19.45 |
| 2025-05-15 | Grossman Adam S | Sell | 6.0K | $19.45 |
| 2025-04-15 | Grossman Adam S | Option exercise | 15K | $5.40 |
| 2025-04-15 | Grossman Adam S | Sell | 15K | $21.46 |
| 2025-04-15 | Grossman Adam S | Sell | 6.0K | $21.46 |
| 2025-04-01 | Kestenberg-Messina Kaitlin M. | Tax withheld | 19K | $19.42 |
| 2025-03-19 | Grossman Adam S | Sell | 15K | $18.92 |
| 2025-03-19 | Grossman Adam S | Sell | 6.0K | $18.92 |
| 2025-03-19 | Grossman Adam S | Option exercise | 15K | $5.40 |
| 2025-03-07 | Kestenberg-Messina Kaitlin M. | Tax withheld | 3.9K | $17.02 |
| 2025-03-07 | Grossman Adam S | Tax withheld | 30K | $17.02 |
| 2025-03-06 | Kestenberg-Messina Kaitlin M. | Tax withheld | 8.9K | $16.91 |
| 2025-03-06 | Grossman Adam S | Tax withheld | 56K | $16.91 |
| 2025-02-26 | Grossman Adam S | Tax withheld | 55K | $15.78 |
| 2025-02-26 | Tade Brad L. | Tax withheld | 5.3K | $15.78 |
| 2025-02-25 | Grossman Adam S | Tax withheld | 18K | $15.44 |
| 2025-02-25 | Kestenberg-Messina Kaitlin M. | Tax withheld | 1.9K | $15.44 |
| 2025-02-19 | Guiheen Lawrence P. | Grant | 11K | — |
| 2025-02-19 | ELMS STEVE | Grant | 11K | — |
| 2025-02-19 | KWON YOUNG | Grant | 11K | — |
| 2025-02-19 | Salas Eduardo Rene | Grant | 11K | — |
| 2025-02-19 | Grossman Jerrold B | Grant | 11K | — |
| 2025-02-19 | FINGER ALISON CECILY | Grant | 11K | — |
| 2025-02-19 | Tade Brad L. | Grant | 62K | — |
| 2025-02-19 | Kestenberg-Messina Kaitlin M. | Grant | 78K | — |
| 2025-02-19 | Grossman Adam S | Grant | 252K | — |
| 2025-01-30 | Kestenberg-Messina Kaitlin M. | Option exercise | 5.0K | $10.80 |
| 2025-01-30 | Kestenberg-Messina Kaitlin M. | Tax withheld | 3.4K | $16.10 |
| 2024-12-31 | Kestenberg-Messina Kaitlin M. | Tax withheld | 1.9K | $17.15 |
| 2024-12-31 | Grossman Adam S | Tax withheld | 14K | $17.15 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05070455 ↗ | An Open Label, Multicenter Study to Evaluate the Pharmacokinetics, Efficacy and Safety of ASCENIV™ (IGIV) in Pediatric Subjects With Primary Immunodeficiency Diseases (PIDD) Primary Immune Deficiency | PHASE4 | Unknown | 2023-03-31 |
| NCT03037359 ↗ | A Study About Low Blood Pressure in Patients With Primary Immunodeficiency Disease Treated With Immune Globulin Products Primary Immune Deficiency Disorder | — | Unknown | 2022-12-31 |
| NCT03164967 ↗ | Study to Evaluate Safety and Pharmacokinetics of BIVIGAM® in Primary Immune Deficiency Subjects Aged 2 to 16 Humoral Immune Response | PHASE4 | Completed | 2022-08-30 |
| NCT01814800 ↗ | Pharmacokinetics, Efficacy, and Safety Study of RI-002 (IGIV) in Subjects With Primary Immunodeficiency Diseases (PIDD) Primary Immune Deficiency Disorder | PHASE3 | Completed | 2014-12-01 |
| NCT00632463 ↗ | RI-001 in Immunosuppressed Respiratory Syncytial Virus (RSV) Infected Patients at Risk of Lower Tract RSV Illness Upper Respiratory Tract Infection, Lower Respiratory Tract Infection | PHASE2 | Completed | 2010-05-01 |
| NCT00538915 ↗ | Open Label, Phase III Study of NABI-IGIV 10% [Immune Globulin Intravenous(Human), 10%] In Subjects With Primary Immune Deficiency Disorders (PIDD) Primary Immune Deficiency Disorders (PIDD) | PHASE3 | Completed | 2009-07-01 |
| NCT00473824 ↗ | Randomized Phase II Study of Hepatitis C Immune Globulin Intravenous (Human), Civacir(TM), in Liver Transplantation Sequelae of Viral Hepatitis, Transplantation Infection | PHASE2 | Terminated | 2009-02-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-02 | Shareholder vote | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-05-04 | OtherExhibits | filing ↗ |
| 2026-03-27 | Reg FDExhibits | filing ↗ |
| 2026-03-02 | Reg FDOtherExhibits | filing ↗ |
| 2026-02-25 | ResultsExec/director changeExhibits | filing ↗ |
| 2026-01-12 | ResultsReg FDExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-02 | 2026-06-02 | 0001140361-26-023705 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001140361-26-019295 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001140361-26-019336 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001140361-26-018667 ↗ |
| 8-K | 2026-03-27 | 2026-03-27 | 0001140361-26-011569 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001140361-26-007230 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001140361-26-006815 ↗ |
| 8-K | 2026-02-25 | 2026-02-20 | 0001140361-26-006781 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001140361-26-000906 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001140361-25-040539 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001140361-25-040578 ↗ |
| 8-K | 2025-08-06 | 2025-08-05 | 0001140361-25-029143 ↗ |