ADMAADMA Biologics Inc

Ticker: ADMA | Price: $13.23 | Today's Change: +26.26% Filing: 10-Q | Filed with the SEC on: November 4, 2026

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What Happened

ADMA Biologics filed its quarterly report (Form 10-Q) with the SEC on November 4, 2026, disclosing Q3 FY2026 results that show a dramatic step-change in scale and profitability. Revenue from contracts with customers reached $371,010,000 for the quarter, while the company posted net income of $26,904,000 — representing basic EPS of $0.41 and diluted EPS of $0.40. Perhaps most strikingly, operating income came in at $128,692,000, indicating that operating margins have expanded substantially as the top line has scaled.

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Why It Matters

For investors tracking ADMA's transformation from a development-stage plasma biologics company into a commercially self-sustaining enterprise, these figures are material on several fronts:

• Revenue scale: At $371 million in a single quarter, ADMA is now operating at a meaningfully different revenue level than even a few years ago — a comparison with the Q1 FY2021 revenue figure of just $10,199,744 in the structured filing data underscores just how far the company has come.
• Operating leverage is real: An operating income of ~$128.7 million on $371 million in revenue implies an operating margin of roughly 34.7%. That is not typical of a company still building out its infrastructure — it suggests the fixed-cost base has been largely absorbed by the growing top line.
• Profitability confirmed: Net income of $26.9 million and positive EPS ($0.40 diluted) confirm that ADMA is generating bottom-line profits, not just operating cash flow. This matters for a broader set of institutional investors.
• Market reaction: The stock's single-session gain of +26.26% to $13.23 reflects a sharply positive market read on these results.

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Analysis

The Q3 FY2026 results represent a significant validation of ADMA's commercial strategy around its plasma-derived immunoglobulin products. The combination of triple-digit operating income alongside positive net income suggests the business has crossed a durable profitability threshold — not a one-time event driven by an asset sale or accounting adjustment, but operational earnings at scale.

That said, there is a notable gap between the $128.7 million operating income and the $26.9 million net income, which implies a material below-the-line drag — likely from interest expense, taxes, or other non-operating items. Investors should examine the full 10-Q filing carefully to understand the composition of that gap, as it will be an important factor in modeling future free cash flow generation.

StockWatch initiated coverage on ADMA on September 28, 2026, and these results appear broadly consistent with the growth thesis laid out at that time. The stock's move today brings it closer to the range that existing coverage addressed — readers can refer to that initiating report for the full analytical framework.

What to watch next:

• Full-year revenue trajectory and whether Q3's run-rate is sustainable
• The drivers of the gap between operating and net income (interest burden, tax rate)
• Any guidance updates or management commentary in the accompanying earnings materials
• Inventory and plasma supply dynamics, which are historically a constraint for this business model

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Disclaimer

This report is a news and informational summary based solely on data extracted from ADMA Biologics' SEC filing and publicly available market data. It does not constitute investment advice, a solicitation to buy or sell securities, or an equity research recommendation. No rating or price target is issued or implied herein. Investors should conduct their own due diligence and consult a qualified financial adviser before making investment decisions.

Existing Coverage

StockWatch has full coverage on ADMA, published 2026-09-28. Read our Initiating Coverage →

Source

Filed with the SEC on 2026-11-04. Read the original filing on EDGAR: https://www.sec.gov/Archives/edgar/data/1368514/000114036126041977/ef20080522_10q.htm