ADMA Biologics (ADMA) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and ADMA Biologics published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. ADMA Biologics reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted basic EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• ADMA's headline per-share figures are basic EPS, and its adjusted EPS is measured on basic shares only. GAAP basic and diluted EPS were both $0.22 in Q3 2026 and $0.15 in Q3 2025. The table above shows GAAP diluted EPS beside ADMA's Adjusted basic EPS.
• ADMA reports in thousands; figures here are converted to millions.

Source: ADMA Biologics Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How ADMA Biologics splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• ADMA Biologics's ADMA BioManufacturing revenue was $141 million in Q3 2026, up 5% from $134 million in Q3 2025, 100% of total revenue.
• ADMA Biologics's Plasma Collection Centers revenue was $0.0 million in Q3 2026, under 1% of total revenue.
• ADMA Biologics's License revenue revenue was $0.0 million in Q3 2026, flat on $0.0 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, ADMA Biologics said:

“FY2026 total revenue expected to be at least $530 million”

“FY2026 Adjusted Net Income expected to be at least $180 million”

“FY2026 Adjusted EBITDA expected to be at least $275 million”

“ADMA's FY2026 outlook reflects continued ASCENIV commercial momentum and conservative assumptions for competitive conditions in the U.S. standard immune globulin market.”

Source: ADMA Biologics Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ADMA forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and GAAP diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for ADMA Biologics's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

ADMA Biologics makes plasma-derived immune globulin products, and almost all of its revenue comes from its ADMA BioManufacturing segment: $141.0 million of $141.1 million in Q3 2026. ASCENIV, an intravenous immune globulin (IVIG) approved for primary humoral immunodeficiency, was $124.7 million of that, up 30.7% from $95.4 million a year earlier. (ADMA Biologics Q3 2026 release, Nov 4, 2026)

Total revenue grew only 5.1% because the rest of the portfolio shrank. BIVIGAM, ADMA's standard IVIG, fell 35.2% to $15.4 million from $23.8 million, which ADMA attributed to competitive pricing and channel inventory pressures in the standard immune globulin market. ADMA said it is not matching aggressive competitor rebating and discounting. Intermediates and other products fell to $909 thousand from $15.0 million. (ADMA Biologics Q3 2026 release, Nov 4, 2026)

ADMA said ASCENIV growth, 21% over Q2 2026, came from expanding physician adoption, new patient starts and growing end-user utilization. It plans to present data on 127 medically complex primary immunodeficiency patients treated with ASCENIV at the ACAAI conference in mid-November. (ADMA Biologics Q3 2026 release, Nov 4, 2026)

ADMA's sales are highly concentrated. Three customers represented about 86% of consolidated revenues in Q3 2026, against about 78% a year earlier. In 2025 two customers, BioCare and CuraScript, accounted for about 73% of revenues. Revenue is recorded net of estimated rebates, distribution fees, chargebacks, group purchasing organization fees and patient assistance. (ADMA Biologics Form 10-Q, Q3 2026, Nov 4, 2026; ADMA Biologics Form 10-K, 2025, Feb 25, 2026)

ADMA Biologics earned $49.9 million in Q3 2026, or $0.22 per basic and diluted share, against $36.4 million, or $0.15, a year earlier. Gross margin expanded to 71% from 56%, which ADMA attributed to the shift toward ASCENIV and its yield-enhanced manufacturing process. Gross profit was $99.9 million against $75.6 million. (ADMA Biologics Q3 2026 release, Nov 4, 2026)

ADMA's Adjusted Net Income of $51.1 million adds back non-recurring professional fees ($1.0 million) and yield enhancement costs ($138 thousand), giving Adjusted basic EPS of $0.23 against $0.16. ADMA measures adjusted EPS on basic shares. The year-ago adjustment was mainly a $2.2 million loss on extinguishment of debt. (ADMA Biologics Q3 2026 release, Nov 4, 2026)

Buybacks lowered the share count. Diluted weighted average shares were 225,820,678 against 244,664,263 a year earlier. Including an accelerated share repurchase, ADMA bought back 16,539 thousand shares in the first nine months of 2026 for $181.6 million, and says it is on track for its target of $200 million or more of repurchases in 2026. The effective tax rate was 24.0%, against 23.3%. (ADMA Biologics Q3 2026 release, Nov 4, 2026; ADMA Biologics Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

ADMA Biologics gives full-year minimums. It reiterated its 2026 total revenue outlook of at least $530 million and raised its minimums for Adjusted Net Income to at least $180 million and Adjusted EBITDA to at least $275 million. Revenue for the first nine months was $380.0 million, so the revenue floor implies at least about $150 million in Q4 2026. (ADMA Biologics Q3 2026 release, Nov 4, 2026)

ADMA said its outlook uses conservative assumptions for competition in the U.S. standard immune globulin market, and that favorable ASCENIV utilization continued into the fourth quarter while underlying BIVIGAM utilization showed signs of stabilization. Further out, ADMA puts the revenue opportunity for its pneumococcal hyperimmune globulin candidate SG-001, if approved, at $300-500 million a year. (ADMA Biologics Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover ADMA Biologics, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones ADMA Biologics's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ADMA is on is ADMA a buy or a sell?, what analysts expect next is on the ADMA forecast, and what the company does is on the ADMA Biologics (ADMA) stock page.

Every number on this page can be traced to a document ADMA Biologics published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.