ADMA Biologics Analysts Increase Their Forecasts After Upbeat Results

Author: Avi Kapoor | May 10, 2024 08:32am

ADMA Biologics, Inc. (NASDAQ:ADMA) reported better-than-expected first-quarter financial results and issued strong revenue guidance on Thursday.

ADMA Biologics posted GAAP earnings of 8 cents per share, beating market estimates of 5 cents per share. The company's quarterly sales came in at $81.875 million versus expectations of $77.275 million, according to data from Benzinga Pro.

“ADMA’s commercial success continues to unfold, and during the first quarter of 2024, we surpassed our financial expectations and delivered compounding earnings growth. The versatility and strength of our innovative business model has yet again provided for significant increases to both top- and bottom-line projections for 2024 and 2025,” said Adam Grossman, President, Chief Executive Officer and Interim Chief Financial Officer of ADMA. “We believe ASCENIV™’s record utilization coupled with BIVIGAM®’s deepening entrenchment in the expanding U.S. IG market are driving our commercial growth and further solidifying our position as a leader in specialty biologics. With an unwavering commitment to serving immune deficient patients, we believe we are poised for enduring growth within our target markets for years to come.”

ADMA Biologics said it sees FY24 revenue more than $355 million and FY25 revenue more than $410 million.

ADMA Biologics shares rose 1% to close at $6.93 on Thursday.

These analysts made changes to their price targets on ADMA Biologics following earnings announcement.

• Mizuho raised the price target on ADMA Biologics from $10 to $12. Mizuho analyst Anthony Petrone maintained a Buy rating.
• HC Wainwright & Co. increased the price target on ADMA Biologics from $7.5 to $10. HC Wainwright & Co. analyst Raghuram Selvaraju maintained a Buy rating.

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Posted In: ADMA