ADMA BIOLOGICS, INC.

Previous wording

Through our ADMA BioManufacturing business segment, we currently have three products with U.S. Food and Drug Administration (the “FDA”) approval, all of which are currently marketed and commercially available: (i) ASCENIV (Immune Globulin Intravenous, Human – slra 10% Liquid), an Intravenous Immune Globulin (“IVIG”) product indicated for the treatment of Primary Humoral Immunodeficiency (“PI”), also known as Primary Immunodeficiency Disease (“PIDD”) or Inborn Errors of Immunity in adults and children ages two and above, for which we received FDA approval in April 2019 and commenced first commercial sales in October 2019; (ii) BIVIGAM (Immune Globulin Intravenous, Human), an IVIG product indicated for the treatment of PI, and for which we received FDA approval in May 2019 and commenced commercial sales in August 2019; and (iii) Nabi-HB (Hepatitis B Immune Globulin, Human), which is indicated for the treatment of acute exposure to blood containing HBsAg and other listed exposures to Hepatitis B. We seek to develop a pipeline of plasma-derived therapeutics, including a product based on our most recently approved patent application under U.S. Patent Nos. 10,259,865 and 11,084,870 related to methods of treatment and prevention of S. pneumonia infection for an immunoglobulin manufactured to contain standardized antibodies to numerous serotypes of S. pneumoniae. We have successfully completed production of a pilot-scale batch and are conducting animal studies for our S. pneumoniae hyperimmune globulin program, SG-001. We anticipate submitting a pre-Investigational New Drug (“IND”) package to the FDA in fiscal year 2026, which could enable us to progress development of SG-001 directly into a registrational clinical trial. Our products and product candidates are intended to be used by physician specialists focused on caring for immune-compromised patients with or at risk for certain infectious diseases.

Current wording

Through our ADMA BioManufacturing business segment, we currently have three products with U.S. Food and Drug Administration (the “FDA”) approval, all of which are currently marketed and commercially available: (i) ASCENIV (Immune Globulin Intravenous, Human – slra 10% Liquid), an intravenous immune globulin (“IVIG”) product indicated for the treatment of Primary Humoral Immunodeficiency (“PI”), also known as Primary Immunodeficiency Disease (“PIDD”) or Inborn Errors of Immunity in adults and children ages two and above, for which we received FDA approval in April 2019 and commenced first commercial sales in October 2019; (ii) BIVIGAM (Immune Globulin Intravenous, Human), an IVIG product indicated for the treatment of PI in adults and children ages two and above, and for which we received FDA approval in May 2019 and commenced commercial sales in August 2019; and (iii) Nabi-HB (Hepatitis B Immune Globulin, Human), which is indicated for the treatment of acute exposure to blood containing Hepatitis B surface antigen (“HBsAg”) and other listed exposures to Hepatitis B. In addition to our commercially available immunoglobulin products, we generate revenues from the sale of intermediate by-products that result from the immunoglobulin production process and from time to time provide contract manufacturing and laboratory services for certain clients.

Previous wording

We manufacture these products at our FDA-licensed, plasma fractionation and purification facility located in Boca Raton, Florida with a peak annual processing capability of up to 600,000 liters (the “Boca Facility”). Based on current production yields, our completed and ongoing supply chain enhancements and capacity expansion initiatives, we believe this facility has the potential to produce sufficient quantities of our immune globulin products.

Current wording

We manufacture our commercial products at our FDA-licensed, plasma fractionation and purification facility located in Boca Raton, Florida with a peak annual processing capability of up to 600,000 liters (the “Boca Facility”). Based on current production yields, our completed and ongoing supply chain enhancements and capacity expansion initiatives, we believe this facility has the potential to produce sufficient quantities of our immune globulin products.

Previous wording

Through our ADMA BioCenters subsidiary, we currently operate seven source plasma collection facilities in the U.S., all of which hold FDA licenses. This business unit, which we refer to as our Plasma Collection Centers business segment, provides us with the blood plasma required for the manufacture of our products, and also allows us to sell certain quantities of source and hyperimmune plasma to third-party customers for further manufacturing. In addition, one of our FDA-approved plasma collection centers also has approval from the Korean Ministry of Food and Drug Safety (“MFDS”), and ADMA BioCenters has FDA approval to operate a Hepatitis B immunization program. A typical plasma collection center, such as those operated by ADMA BioCenters, can collect approximately 30,000 to 50,000 liters of source plasma annually, which may be sold for different prices depending upon the type of plasma, quantity of purchase and market conditions at the time of sale. Plasma collected from ADMA BioCenters’ facilities that is not used to manufacture our products is sold to third-party customers in the U.S. and in other locations outside the U.S. where we are approved under supply agreements or in the open “spot” market.

Current wording

Through our ADMA BioCenters subsidiary, we currently operate seven source plasma collection facilities in the U.S., all of which hold FDA licenses. This business unit, which we refer to as our Plasma Collection Centers business segment, provides us with a significant portion of the blood plasma required for the manufacture of our products, and also allows us to sell certain quantities of source and hyperimmune plasma to third-party customers for further manufacturing. In addition, each of our FDA-approved plasma collection centers also has approval from the Korean Ministry of Food and Drug Safety, and ADMA BioCenters has FDA approval to operate a Hepatitis B immunization program. A typical plasma collection center, such as those operated by ADMA BioCenters, can collect approximately 30,000 to 50,000 liters of source plasma annually, which may be sold for different prices depending upon the type of plasma, quantity of purchase and market conditions at the time of sale. Plasma collected from ADMA BioCenters’ facilities that is not used to manufacture our products is sold to third-party customers in the U.S. and in other locations outside the U.S. where we are approved under supply agreements or in the open “spot” market.

Previous wording

For the year ended December 31, 2024, we achieved net income of $197.7 million, the first time in our history that we achieved net income on a GAAP basis and generated positive cash flows from operations of $118.7 million. Positive cash flows from operations continued throughout fiscal year 2025. Our improved operating results were primarily the result of the substantial revenue growth and continued physician, patient and payer acceptance of ASCENIV.

Current wording

For the year ended December 31, 2024, we achieved net income of $197.7 million, the first time in our history that we achieved net income in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and generated positive cash flows from operations of $118.7 million. Positive cash flows from operations continued throughout fiscal year 2025. Our improved operating results were primarily the result of the substantial revenue growth and continued physician, patient and payer acceptance of ASCENIV.

Previous wording

In April 2025, the FDA approved our Prior Approval Supplement (the “PAS”) for our innovative yield enhancement production process (the “Yield Enhancement”) benefiting both ASCENIV and BIVIGAM. This PAS approval amends the Biologics License Application (“BLA”) approvals for ASCENIV and BIVIGAM and will continue to be the process by which we will manufacture these products on a go-forward basis. The production methods approved in this PAS have started to result in additional bulk drug yield from the same starting raw material source plasma volumes and the Company believes it should experience meaningful revenue and earnings accretion accelerating further into 2026 and beyond. This innovative process has demonstrated an ability to increase ASCENIV and BIVIGAM production yields by 20% or more from the same starting source plasma volume. Fiscal year 2026 will be our first full year of yield-enhanced production, supporting anticipated sustained margin expansion.

Current wording

In April 2025, the FDA approved our Prior Approval Supplement (a “PAS”) for our innovative yield enhancement production process benefiting both ASCENIV and BIVIGAM. This PAS approval amends the Biologics License Application (“BLA”) approvals for ASCENIV and BIVIGAM and will continue to be the process by which we will manufacture these products on a go-forward basis. The production methods approved in this PAS have resulted in additional bulk drug yield from the same starting raw material source plasma volumes and we believe we should experience meaningful revenue and earnings accretion accelerating further into 2026 and beyond. This innovative process has demonstrated an ability to increase ASCENIV and BIVIGAM production yields by 20% or more from the same starting source plasma volume. Fiscal year 2026 is our first full year of yield-enhanced production, supporting anticipated sustained margin expansion.

Previous wording

In December 2025, we entered into an agreement for the divestiture of three of our plasma collection centers for an aggregate purchase price of $12.0 million. The sale of these plasma centers was completed during the first quarter of 2026. We continue to own and operate seven plasma collection centers. In conjunction with the divestiture agreement, we entered into long-term plasma supply agreements with the purchaser of the three plasma collection centers, further diversifying our third-party high-titer plasma supply base. Collectively, these actions reflect a deliberate focus on a more flexible, capital-efficient supply model and are expected to deliver accretive cost savings in fiscal year 2026, improve capital efficiency, support increased ASCENIV production capacity, and provide durable plasma supply confidence through the late 2030s.

Current wording

In December 2025, we entered into an agreement for the divestiture of three of our plasma collection centers for an aggregate purchase price of $12.0 million. The sale of these plasma centers was completed during the first quarter of 2026. We continue to own and operate seven plasma collection centers. In conjunction with the divestiture agreement, we entered into a long-term respiratory syncytial virus (“RSV”) plasma supply agreement with the purchaser of the three plasma collection centers, further diversifying our third-party high-titer plasma supply base. Collectively, these actions reflect a deliberate focus on a more flexible, capital-efficient supply model and are expected to deliver accretive cost savings in fiscal year 2026, improve capital efficiency, support increased ASCENIV production capacity, and provide durable plasma supply confidence through the late 2030s.

Previous wording

Beginning in the second half of 2025 and continuing into the first quarter of 2026, new FDA-approved IVIG products, and other pharmaceutical products which compete with certain IVIG product uses, entered the market with aggressive pricing tactics, including extended payment terms, rebates and discounts. This has led to increases in raw material plasma supply and finished goods inventory across the distribution network. This created competitive intensity and distribution recalibration across the industry which impacted our first quarter of 2026 results, mainly as it relates to BIVIGAM, but broadly across the IVIG complex. If this trend of competitive pricing tactics continues, future results and penetration for our products may be adversely impacted.

Current wording

Beginning in the second half of 2025 and continuing into 2026, new FDA-approved IVIG products, and other pharmaceutical products which compete with certain IVIG product uses, entered the market with aggressive pricing tactics, including extended payment terms, rebates and discounts. This has led to increases in raw material plasma supply and finished goods inventory across the distribution network. This created competitive intensity and distribution recalibration across the industry which has impacted our results for the first half of 2026, mainly as it relates to BIVIGAM, but broadly across the IVIG complex. If this trend of competitive pricing tactics continues, future results and market adoption for our products may be adversely impacted.

Previous wording

ASCENIV is a plasma-derived IVIG product that contains naturally occurring polyclonal antibodies, which are proteins that are used by the body’s immune system to neutralize microbes, such as bacteria and viruses, and prevent against infection and disease. We manufacture ASCENIV under HHS License No. 2019 using a process known as fractionation. The Centers for Medicare and Medicaid Services (“CMS”) has issued a permanent, product-specific-J-code for ASCENIV. Under the Healthcare Common Procedure Coding System (“HCPCS”), the J-code (J1554) became effective in April 2021. As part of our proprietary manufacturing process for ASCENIV, we leverage our unique, patented plasma donor screening methodology and tailored plasma pooling design, which blends normal source plasma and plasma from donors tested to have high levels of neutralizing antibody titers to respiratory syncytial virus (“RSV”) using our proprietary microneutralization testing assay. With our patented testing methods and assay, we are able to identify the high-titer or “hyperimmune” plasma that meets our internal and required specifications for ASCENIV. This type of high-titer plasma is typically found in less than 10% of the total donor collection samples we test.

Current wording

ASCENIV is a plasma-derived IVIG product that contains naturally occurring polyclonal antibodies, which are proteins that are used by the body’s immune system to neutralize microbes, such as bacteria and viruses, and prevent against infection and disease. We manufacture ASCENIV under U.S. Department of Health and Human Services (“HHS”) License No. 2019 using a process known as fractionation. The Centers for Medicare and Medicaid Services (“CMS”) has issued a permanent, product-specific-J-code for ASCENIV. Under the Healthcare Common Procedure Coding System, the J-code (J1554) became effective in April 2021. As part of our proprietary manufacturing process for ASCENIV, we leverage our unique, patented plasma donor screening methodology and tailored plasma pooling design, which blends normal source plasma and plasma from donors tested to have high levels of neutralizing antibody titers to RSV using our proprietary microneutralization testing assay. With our patented testing methods and assay, we are able to identify the high-titer or “hyperimmune” plasma that meets our internal and required specifications for ASCENIV. This type of high-titer plasma is typically found in less than 10% of the total donor collection samples we test.

Previous wording

ASCENIV is approved for the treatment of PIDD or PI, a class of inherited genetic disorders that causes a deficient or absent immune system in adults and children ages two and above. Our pivotal Phase III clinical trial in 59 PIDD patients met the primary endpoint of no Serious Bacterial Infections (“SBI”) reported during 12 months of treatment. Secondary efficacy endpoints further demonstrated the benefits of ASCENIV in the low incidence of infection, therapeutic antibiotic use, days missed from work, school and daycare and unscheduled medical visits and hospitalizations. We believe this clinical data together with the FDA approval for the treatment of PIDD better positions ADMA to potentially further evaluate ASCENIV in immune-compromised patients infected with or at-risk for RSV infection or potentially other respiratory viral pathogens at an appropriate time. In the future, we may elect to work with the FDA and the immunology and infectious disease community to design an appropriate clinical trial to evaluate the use of ASCENIV in this patient population. Following FDA approval in April 2019, commercial sales of ASCENIV commenced in October 2019 and in 2023 we commenced manufacturing ASCENIV at the 4,400 Liter production scale. This expansion has improved the product’s margin profile and increased plant production capacity as fewer batches are needed to support our revenue goals. ASCENIV’s prescriber and patient base continued to expand during 2024 and 2025, which drove record utilization and pull-through for this product. These elevated demand trends have sustained into 2026, and we currently expect that this product’s rapid growth will continue throughout 2026 and beyond.

Current wording

ASCENIV is approved for the treatment of PIDD or PI, a class of inherited genetic disorders that causes a deficient or absent immune system in adults and children ages two and above. Our pivotal Phase III clinical trial in 59 PIDD patients met the primary endpoint of no Serious Bacterial Infections (“SBI”) reported during 12 months of treatment. Secondary efficacy endpoints further demonstrated the benefits of ASCENIV in the low incidence of infection, therapeutic antibiotic use, reduced days missed from work, school and daycare and reduced unscheduled medical visits and hospitalizations. We believe this clinical data together with the FDA approval of ASCENIV for the treatment of PIDD better positions ADMA to potentially further evaluate ASCENIV in immune-compromised patients infected with or at-risk for RSV infection or potentially other respiratory viral pathogens at an appropriate time. In the future, we may elect to work with the FDA and the immunology and infectious disease community to design an appropriate clinical trial to evaluate the use of ASCENIV in this patient population. Following FDA approval in April 2019, commercial sales of ASCENIV commenced in October 2019 and in 2023 we commenced manufacturing ASCENIV at the 4,400 liter production scale. This expansion has improved the product’s margin profile and increased plant production capacity as fewer batches are needed to support our revenue goals. ASCENIV’s prescriber and patient base continued to expand during 2024 and 2025, which drove record end-user utilization for this product. These elevated demand trends have sustained into 2026, and we currently expect that this product’s rapid growth will continue throughout 2026 and beyond.

Previous wording

In May 2026, we announced that the FDA approved the expansion of ASCENIV’s label to include the pediatric settingfor those two years of age and older.

Current wording

In May 2026, we announced that the FDA approved the expansion of ASCENIV’s label to include the pediatric setting for those two years of age and older.

Previous wording

BIVIGAM is a plasma-derived IVIG product that contains a broad range of antibodies similar to those found in normal human plasma. These antibodies are directed against bacteria and viruses and help to protect PI patients against serious infections. BIVIGAM is a purified, sterile, ready-to-use preparation of concentrated human Immunoglobulin G antibodies indicated for the treatment of PI, a group of genetic disorders. This includes, but is not limited to, the humoral immune defect in common variable immunodeficiency, X-linked agammaglobulinemia, congenital agammaglobulinemia, Wiskott-Aldrich syndrome and severe combined immunodeficiency. These PIs are a group of genetic disorders. Based on recent estimates, these disorders are no longer considered to be very rare, with as many as one in every 2,000 people in the United States having some form of PI.

Current wording

BIVIGAM is a plasma-derived IVIG product that contains a broad range of antibodies similar to those found in normal human plasma. These antibodies are directed against bacteria and viruses and help to protect PI patients against serious infections. BIVIGAM is a purified, sterile, ready-to-use preparation of concentrated human Immunoglobulin G antibodies indicated for the treatment of PI, a group of genetic disorders. This includes, but is not limited to, the humoral immune defect in common variable immunodeficiency, X-linked agammaglobulinemia, congenital agammaglobulinemia, Wiskott-Aldrich syndrome and severe combined immunodeficiency. Based on recent estimates, these disorders are no longer considered to be very rare, with as many as one in every 2,000 people in the United States having some form of PI.

Previous wording

In May 2019, the FDA approved the PAS for the use of our IVIG manufacturing process (known as fractionation), thereby enabling us to re-launch and commercialize this product in the United States. We resumed production of BIVIGAM during the fourth quarter of 2017 and commercial production is ongoing, using our FDA-approved IVIG manufacturing process under U.S. Department of Health and Human Services (“HHS”) License No. 2019. The commercial re-launch and first commercial sales for this product commenced in August 2019.

Current wording

In May 2019, the FDA approved our PAS for the use of our IVIG manufacturing process (known as fractionation), thereby enabling us to re-launch and commercialize this product in the United States. Following our acquisition of the Boca Facility, which included BIVIGAM and Nabi-HB, in June 2017, we resumed production of BIVIGAM during the fourth quarter of 2017 and commercial production is ongoing, using our FDA-approved IVIG manufacturing process under HHS License No. 2019. The commercial re-launch and first commercial sales for this product under our leadership commenced in August 2019.

Previous wording

This Management’s Discussion and Analysis of Financial Condition and Results of Operations is based on our condensed consolidated financial statements, which have been prepared in accordance with Accounting Principles Generally Accepted in the United States of America (“U.S. GAAP”). The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate these estimates and assumptions, including those described below. We base our estimates on our historical experience and on various other assumptions that we believe to be reasonable under the circumstances. These estimates and assumptions form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results and experiences may differ materially from these estimates. Significant estimates include estimates related to the Company’s effective tax rate.

Current wording

This Management’s Discussion and Analysis of Financial Condition and Results of Operations is based on our condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate these estimates and assumptions, including those described below. We base our estimates on our historical experience and on various other assumptions that we believe to be reasonable under the circumstances. These estimates and assumptions form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results and experiences may differ materially from these estimates. Significant estimates include estimates related to the Company’s effective tax rate.

Previous wording

The following table presents a summary of the changes in our results of operations for the three months ended March 31, 2026, our first fiscal quarter, compared to the three months ended March 31, 2025:

Current wording

The following table presents a summary of the changes in our results of operations for the three months ended June 30, 2026, compared to the three months ended June 30, 2025:

Previous wording

We recorded total revenues of $114.5 million for the three months ended March 31, 2026, as compared to $114.8 million for the three months ended March 31, 2025, a decrease of $0.3 million, or approximately 0.3%. Revenues by product for the three months ended March 31, 2026 and 2025 were as follows:

Current wording

We recorded total revenues of $124.4 million for the three months ended June 30, 2026, as compared to $122.0 million for the three months ended June 30, 2025, an increase of $2.4 million, or approximately 2.0%. Revenues by product for the three months ended June 30, 2026 and 2025 were as follows:

Previous wording

The decrease in total revenue was primarily driven by the $18.1 million reduction in BIVIGAM sales driven by lower volume as a result of competitive pressures in the standard immune globulin industry, and by the $3.0 million decrease in Intermediates and other products revenue, driven by the discontinuation of sales of certain intermediate products in the first quarter of 2025. These decreases were offset by the $21.1 million increase in ASCENIV sales, reflecting continued growth in market acceptance.

Current wording

The increase in total revenue was primarily driven by the $19.6 million increase in ASCENIV sales, reflecting continued growth in market acceptance of the product, alongside an increase of $0.7 million in Plasma Collection Centers sales and a $0.4 million increase in intermediates and other products. These increases were partially offset by $18.3 million reduction in BIVIGAM sales, reflecting continued competitive pressures in the standard immune globulin market.

Previous wording

Cost of product revenue was $33.7 million for the three months ended March 31, 2026, as compared to $53.7 million for the three months ended March 31, 2025. This decrease is primarily attributable to lower volume of BIVIGAM, partially offset by the increase in ASCENIV volume.

Current wording

Cost of product revenue was $38.1 million for the three months ended June 30, 2026, as compared to $54.8 million for the three months ended June 30, 2025. This decrease is primarily attributable to lower volume of BIVIGAM and lower product losses, partially offset by the increase in ASCENIV volume.

Previous wording

For the three months ended March 31, 2026, we had gross profit of $80.8 million, as compared to $61.1 million for the same period of a year ago, which represents gross margin in the first quarter of 2025 of 70.5%, as compared to 53.2% in the first quarter of 2025. The improvement in gross margin is primarily driven by the favorable product mix in 2026, along with the margin benefits of the yield enhancement manufacturing process.

Current wording

For the three months ended June 30, 2026, we had gross profit of $86.3 million, as compared to $67.2 million for the same period of a year ago, which represents gross margin in the second quarter of 2026 of 69.4%, as compared to 55.1% in the second quarter of 2025. The improvement in gross margin is primarily driven by the favorable product mix, along with the margin benefits of the yield enhancement manufacturing process.

Previous wording

Research and development expenses totaled $2.6 million for the first quarter of 2026, as compared to $0.8 million for the first quarter of 2025. The increase is primarily due to the investments in the SG-001 development project.

Current wording

Research and development expenses totaled $6.0 million for thesecond quarter of 2026, as compared to $1.0 million for thesecond quarter of 2025. The increase of $5.0 million is mainly due to the ramp-up of clinical development and trial activities related to our SG-001 development project.

Previous wording

Plasma center operating expenses, which primarily consist of compensation and benefits for plasma center management and administrative staff, decreased from $1.3 million for the three months ended March 31, 2025 to $1.1 million for the three months ended March 31, 2026, primarily due to the sale of three plasma centers in the first quarter of 2026.

Current wording

Plasma center operating expenses, which primarily consist of compensation and benefits for plasma center management and administrative staff, decreased from $1.2 million for the three months ended June 30, 2025 to $1.0 million for the three months ended June 30, 2026, primarily due to the sale of three plasma centers in the first quarter of 2026.

Previous wording

Interest and other income for the three months ended March 31, 2026 was $1.1 million, as compared to $0.6 million for the three months ended March 31, 2025, driven by the higher average cash balances in 2026 and refinement of our cash investment strategy.

Current wording

Interest and other income for the three months ended June 30, 2026 was $1.2 million, as compared to $0.4 million for the three months ended June 30, 2025, driven by the higher average cash balances in 2026 and refinement of our cash investment strategy.

Previous wording

The provision for income taxes of $11.8 million for the three months ended March 31, 2026 represented an effective tax rate of 20.7%, as compared to the provision of $6.5 million for the three months ended March 31, 2025, with an effective tax rate of 19.6%.

Current wording

The provision for income taxes of $12.4 million for the three months ended June 30, 2026 represented an effective tax rate of 24.7%, as compared to the provision of $5.9 million for the three months ended June 30, 2025, with an effective tax rate of 14.7%. The increase was primarily driven by lower year-over-year excess tax benefits on stock-based compensation.

Previous wording

****Gain on sale of plasma centers was $8.0 million for the three months ended March 31, 2026, as result of the sale of three of our plasma centers, completed during the period.

Current wording

Gain on sale of plasma centers was $8.0 million for the six months ended June 30, 2026, as result of the sale of three of our plasma centers completed during the first quarter of 2026.

Previous wording

EBITDA, Adjusted EBITDA and Adjusted net income are important non-GAAP financial measures used by our management and Board of Directors to assess our operating performance. We use EBITDA, Adjusted EBITDA and Adjusted net income as key performance measures because we believe that they facilitate operating performance comparisons from period to period that exclude, in the case of Adjusted net income, items that are expected to be non-recurring, and in the case of EBITDA and Adjusted EBITDA, potential differences driven by the impact of variations of non-cash items such as depreciation and amortization, as well as, in the case of Adjusted EBITDA, stock-based compensation or certain one-time and non-recurring items. In addition, we believe that EBITDA, Adjusted EBITDA and Adjusted net income and similar measures are widely used by investors, securities analysts, ratings agencies and other parties in evaluating companies in our industry as a measure of financial performance and debt-service capabilities. See below for a reconciliation of our EBITDA, Adjusted EBITDA and Adjusted net income to net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Current wording

EBITDA, Adjusted EBITDA and Adjusted net income are important non-GAAP financial measures used by our management and our board of directors (our “Board”) to assess our operating performance. We use EBITDA, Adjusted EBITDA and Adjusted net income as key performance measures because we believe that they facilitate operating performance comparisons from period to period that exclude, in the case of Adjusted net income, items that are expected to be non-recurring, and in the case of EBITDA and Adjusted EBITDA, potential differences driven by the impact of variations of non-cash items such as depreciation and amortization, as well as, in the case of Adjusted EBITDA, stock-based compensation or certain one-time and non-recurring items. In addition, we believe that EBITDA, Adjusted EBITDA and Adjusted net income and similar measures are widely used by investors, securities analysts, ratings agencies and other parties in evaluating companies in our industry as a measure of financial performance and debt-service capabilities. See below for a reconciliation of our EBITDA, Adjusted EBITDA and Adjusted net income to net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Previous wording

Because EBITDA, Adjusted EBITDA and Adjusted net income are measures not deemed to be in accordance with U.S. GAAP and are susceptible to varying calculations, our EBITDA, Adjusted EBITDA and Adjusted net income may not be comparable to similarly titled measures of other companies, including companies in our industry, because other companies may calculate EBITDA, Adjusted EBITDA and Adjusted net income in a different manner than we calculate these measurements. Although the Company uses Adjusted EBITDA as one of several financial measures to assess its operating performance, its use is limited as it excludes certain significant operating expenses. EBITDA, Adjusted EBITDA and Adjusted net income are not intended to represent cash flows for the periods presented, nor have they been presented as an alternative to operating income, net income or as an indicator of operating performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. The following table presents the reconciliation of net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2026 and 2025:

Current wording

Because EBITDA, Adjusted EBITDA and Adjusted net income are measures not deemed to be in accordance with U.S. GAAP and are susceptible to varying calculations, our EBITDA, Adjusted EBITDA and Adjusted net income may not be comparable to similarly titled measures of other companies, including companies in our industry, because other companies may calculate EBITDA, Adjusted EBITDA and Adjusted net income in a different manner than we calculate these measurements. Although we use Adjusted EBITDA as one of several financial measures to assess our operating performance, our use is limited as we exclude certain significant operating expenses. EBITDA, Adjusted EBITDA and Adjusted net income are not intended to represent cash flows for the periods presented, nor have they been presented as an alternative to operating income, net income or as an indicator of operating performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. The following table presents the reconciliation of net income to EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:

Previous wording

Adjusted EBITDA increased by $11.7 million for the three months ended March 31, 2026, as compared to the same period of a year ago. The improvement is primarily due to the substantial increase in operating income.

Current wording

Adjusted EBITDA increased for the three and six months ended June 30, 2026, as compared to the same period of a year ago, by $11.1 million and $22.8 million, respectively. The improvement is primarily due to the increase in operating income.

Previous wording

The following table presents the reconciliation of Net income to Adjusted net income for the three months ended March 31, 2026 and 2025:

Current wording

The following table presents the reconciliation of Net income to Adjusted net income for the three and six months ended June 30, 2026 and 2025:

Previous wording

(a) Add-backs reflected during the three months ended March 31, 2025 exclude estimated tax effect of $1.3 million. Add-backs reflected during the three months ended March 31, 2026 were tax affected using the first quarter 2026 effective tax rate.

Current wording

(a) Add-backs reflected during the three and six months ended June 30,2025 exclude estimated tax effect of $0.3 million and $1.4 million, respectively. Add-backs reflected during the three months and six months ended June 30,2026 were tax affected using the respective effective tax rates.

Previous wording

At March 31, 2026, we had working capital of $437.6 million, primarily consisting of $222.1 million of inventory, cash and cash equivalents of $138.2 million and $135.9 million of accounts receivable, partially offset by current liabilities of $73.5 million, as compared to working capital at December 31, 2025 of $397.0 million, primarily consisting of $206.5 million of inventory, cash and cash equivalents of $87.6 million and accounts receivable of $158.4 million, partially offset by current liabilities of $69.5 million. Our material cash requirements are primarily comprised of:

Current wording

At June 30, 2026, we had working capital of $452.4 million, primarily consisting of $239.3 million of inventory, cash and cash equivalents of $136.0 million and $138.2 million of accounts receivable, partially offset by current liabilities of $75.8 million, as compared to working capital at December 31, 2025 of $397.0 million, primarily consisting of $206.5 million of inventory, cash and cash equivalents of $87.6 million and accounts receivable of $158.4 million, partially offset by current liabilities of $69.5 million. Our material cash requirements are primarily comprised of:

Previous wording

Continuous improvements and updates to our IT infrastructure, laboratory equipment and assays, and facilities and engineering equipment.

Current wording

Ongoing improvements and updates to our IT infrastructure, laboratory equipment and assays, and facilities and engineering equipment.

Previous wording

We currently anticipate, based upon our projected revenue and expenditures, that our current cash, cash equivalents and accounts receivable, along with our projected future operating cash flow, will be sufficient to fund our operations, as currently conducted, through the first quarter of 2027 and beyond. Based on current operations and assuming continued market acceptance and utilization of our finished drug products, we do not anticipate the need to raise additional capital at this time. However, should the market for our products or political, economic or inflationary conditions change, we may need to seek additional capital which may not be available due to a variety of potential factors beyond our control (see “Risk Factors” appearing elsewhere in this report).

Current wording

We currently anticipate, based upon our projected revenue and expenditures, that our current cash, cash equivalents and accounts receivable, along with our projected future operating cash flow, will be sufficient to fund our operations, as currently conducted, for the next twelve months and foreseeable future. Based on current operations and assuming continued market acceptance and utilization of our finished drug products, we do not anticipate the need to raise additional capital at this time. However, should the market for our products or political, economic or inflationary conditions change, we may need to seek additional capital which may not be available due to a variety of potential factors beyond our control (see “Risk Factors” appearing elsewhere in this report).

Previous wording

ADMA continues to evaluate a variety of strategic alternatives, and the exploration of value-creating opportunities remains a top corporate priority.

Current wording

We continue to evaluate a variety of strategic alternatives, and the exploration of value-creating opportunities remains a top corporate priority.

Previous wording

On August 5, 2025 (the “JPM Closing Date”), we entered into a Credit Agreement (the “JPM Credit Agreement”) with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The JPM Credit Agreement provides for $300 million of senior secured credit facilities, consisting of (a) a term loan in the aggregate principal amount of $75 million (the “JPM Term Loan Facility”), which was drawn in full on the JPM Closing Date, and (b) a revolving credit facility in the aggregate principal amount of $225 million (the “JPM Revolving Facility”). We may also request, subject to customary conditions, additional incremental revolving commitments or term loans in an aggregate principal amount not to exceed $100 million (together with the JPM Term Loan Facility and the JPM Revolving Facility, the “JPM Credit Facilities”). The JPM Term Loan Facility has a maturity date of August 5, 2028 (the “JPM Term Maturity Date”) and the JPM Revolving Facility has a maturity date of August 5, 2028 or any earlier date on which the commitments under the JPM Revolving Facility are reduced to zero or otherwise terminated pursuant to the terms of the JPM Credit Agreement (the “JPM Revolving Maturity Date”).

Current wording

On August 5, 2025 (the “JPM Closing Date”), we entered into a Credit Agreement (the “JPM Credit Agreement”) with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The JPM Credit Agreement provides for $300 million of senior secured credit facilities, consisting of (a) a term loan in the aggregate principal amount of $75 million (the “JPM Term Loan Facility”), which was drawn in full on the JPM Closing Date, and (b) a revolving credit facility in the aggregate principal amount of $225 million (the “JPM Revolving Facility”). We may also request, subject to customary conditions, additional incremental revolving commitments or term loans in an aggregate principal amount not to exceed $100 million (together with the JPM Term Loan Facility and the JPM Revolving Facility, the “JPM Credit Facilities”). The JPM Term Loan Facility has a maturity date of August 5, 2028 (the “JPM Term Maturity Date”), and the JPM Revolving Facility has a maturity date of August 5, 2028 or any earlier date on which the commitments under the JPM Revolving Facility are reduced to zero or otherwise terminated pursuant to the terms of the JPM Credit Agreement.

Previous wording

On March 2, 2026, we borrowed $125.0 million under the JPM Revolving Facility, used to fund the accelerated share repurchase agreement (“ASR Agreement”). See Note 8 for further details.

Current wording

On March 2, 2026, we borrowed $125.0 million under the JPM Revolving Facility, used to fund the ASR Agreement. See Note 8 in our unaudited condensed consolidated financial statements for further details.

Previous wording

Interest on borrowings under the JPM Credit Facilities accrues at an applicable rate equal to (i) an alternate base rate plus an applicable spread (each such borrowing, an “ABR Borrowing”) or (ii) Term SOFR plus an applicable spread (each such borrowing, a “Term Benchmark Borrowing”), in each case based on the lower of the applicable rates set forth in the JPM Credit Agreement, which are based on the Company’s total leverage ratio. These applicable spreads range from 150 basis points to 200 basis points over the alternate base rate and 250 basis points to 300 basis points over Term SOFR, in each case, as determined in accordance with the provisions of the JPM Credit Agreement. We have agreed to pay a commitment fee at specified rates set forth in the JPM Credit Agreement, which, based on our total leverage ratio, ranges from 30 basis points to 35 basis points on the daily amount of the undrawn portion of the aggregate commitments of the lenders under the JPM Revolving Facility. At our request, each borrowing initially shall be either an ABR Borrowing or a Term Benchmark Borrowing, and we may thereafter elect to convert any such borrowing to a different type. During the occurrence and continuance of an Event of Default (as defined in the JPM Credit Agreement), all borrowings shall accrue interest at a rate per annum equal to 2% plus the applicable rate. As of March 31, 2026, the interest rate on the JPM Term Loan Facility and the JPM Revolving Facility was approximately 6.17%.

Current wording

Interest on borrowings under the JPM Credit Facilities accrues at an applicable rate equal to (i) an alternate base rate plus an applicable spread (each such borrowing, an “ABR Borrowing”) or (ii) Term Secured Overnight Financing Rate (“SOFR”) plus an applicable spread (each such borrowing, a “Term Benchmark Borrowing”), in each case based on the lower of the applicable rates set forth in the JPM Credit Agreement, which are based on the Company’s total leverage ratio. These applicable spreads range from 150 basis points to 200 basis points over the alternate base rate and 250 basis points to 300 basis points over Term SOFR, in each case, as determined in accordance with the provisions of the JPM Credit Agreement. We have agreed to pay a commitment fee at specified rates set forth in the JPM Credit Agreement, which, based on our total leverage ratio, ranges from 30 basis points to 35 basis points on the daily amount of the undrawn portion of the aggregate commitments of the lenders under the JPM Revolving Facility. At our request, each borrowing initially shall be either an ABR Borrowing or a Term Benchmark Borrowing, and we may thereafter elect to convert any such borrowing to a different type. During the occurrence and continuance of an Event of Default (as defined in the JPM Credit Agreement), all borrowings shall accrue interest at a rate per annum equal to 2% plus the applicable rate. As of June 30, 2026, the interest rate on the JPM Term Loan Facility and the JPM Revolving Facility was approximately 6.12%.

Previous wording

Cash provided in operations for the three months ended March 31, 2026 was $58.2 million, an increase of $77.9 million from the same period of a year ago, primarily due to the favorable impact of collections of sales and higher net income partially offset by inventory investments. The following table illustrates the primary components of our cash flows from operations:

Current wording

Cash provided in operations for the six months ended June 30, 2026 was $87.8 million, an increase of $86.3 million from the same period of a year ago, primarily driven by growth in net income and favorable timing of cash collections from accounts receivable. The following table illustrates the primary components of our cash flows from operations:

Previous wording

Net Cash Used in Investing Activities

Current wording

Net Cash Provided by (Used in) Investing Activities

Previous wording

Net cash provided by investing activities for the three months ended March 31, 2026 increased by $7.1 million from the same period of a year ago. The increase is primarily due to the proceeds received from the sale of the three of our plasma centers.

Current wording

Net cash used in investing activities for the six months ended June 30, 2026 decreased by $7.4 million from the same period of a year ago. The decrease is primarily due to the proceeds received from the sale of the three of our plasma centers during the first quarter of 2026 and reduction in capital expenditures.

Previous wording

Net cash used in financing activities was $10.1 million and $7.1 million for the three months ended March 31, 2026 and 2025, respectively. The increase is primarily driven by share repurchases made during the three months ended March 31, 2026, partially offset by lower taxes paid on vested restricted stock units.

Current wording

Net cash used in financing activities was $39.5 million and $7.1 million for the six months ended June 30, 2026 and 2025, respectively. The increase is primarily driven by the share repurchases made during the six months ended June 30, 2026.

Previous wording

Inflation impacted a number of facets of our business during the three months ended March 31, 2026 and 2025 at each of our business segments. Disruptions in the global economy have impeded global supply chains, resulted in longer lead times and delays in procuring certain raw materials, and resulted in inflationary cost increases in certain raw materials, labor and transportation. We also experienced price increases for, among other items, consumable supplies, services for repairs and maintenance of our facilities, utilities, shipping and freight charges, fuel surcharges and labor costs, among other expenses. Based upon the macroeconomic environment, publicly available information and reports from the U.S. government, we expect this trend to continue in 2026. Although we cannot predict the extent to which future domestic and global economic conditions, including, but not limited to, supply chain constraints, tariffs or trade wars, changes in federal regulatory policies or priorities, general economic and geopolitical conditions, or the continuing conflicts in Europe, the Middle East and surrounding areas will impact us, such factors could have a significant impact on our future results of operations. In addition, some of our third-party inventory purchase agreements provide for scheduled price increases that are tied to various consumer price indices, which have resulted in higher than historical percentage price increases and could result in higher source plasma and other raw material and supplies costs throughout 2026 and beyond. Also, in a higher inflationary environment, we may not be able to raise the prices of our products to maintain the rate of inflation and this may affect our product margins.

Current wording

Inflation impacted a number of facets of our business during the six months ended June 30, 2026 and 2025 at each of our business segments. Disruptions in the global economy have impeded global supply chains, resulted in longer lead times and delays in procuring certain raw materials, and resulted in inflationary cost increases in certain raw materials, labor and transportation. We also experienced price increases for, among other items, consumable supplies, services for repairs and maintenance of our facilities, utilities, shipping and freight charges, fuel surcharges and labor costs, among other expenses. Based upon the macroeconomic environment, publicly available information and reports from the U.S. government, we expect this trend to continue in the second half of 2026. Although we cannot predict the extent to which future domestic and global economic conditions, including, but not limited to, supply chain constraints, tariffs or trade wars, changes in federal regulatory policies or priorities, general economic and geopolitical conditions, or the continuing conflicts in Europe, the Middle East and surrounding areas will impact us, such factors could have a significant impact on our future results of operations. In addition, some of our third-party inventory purchase agreements provide for scheduled price increases that are tied to various consumer price indices, which have resulted in higher than historical percentage price increases and could result in higher source plasma and other raw material and supplies costs throughout the second half of 2026 and beyond. Also, in a higher inflationary environment, we may not be able to raise the prices of our products to maintain the rate of inflation and this may affect our product margins.