ADMA Biologics

Immunoglobulin demand for PI and related conditions tends to be steady and growing mid‑single to low‑double digits over long periods, which lends itself to recurring revenue characteristics.

For ADMA, TTM revenue through March 31, 2026 is roughly 510 million using FY 2025 results adjusted for Q1 2026 and Q1 2025, with Q1 2026 revenue flat year over year.

While top line predictability is moderated by standard IG pricing cycles and channel inventory normalization, the cash generation profile is improving due to rising ASCENIV mix and manufacturing yields.

Regulatory or manufacturing events remain the main sources of unpredictability, but near‑term visibility is supported by FDA‑approved products and expanded labeling. Geographic exposure is primarily U.S., a favorable jurisdiction from a legal and IP standpoint.