ADMA Tumbles On Slashed Outlook As Short-Seller Aftermath Meets Competitive Headwinds

• Earlier this year, Culper Research alleged channel stuffing and undisclosed related-party transactions at Adma. 
• Adma said on Wednesday that there is no evidence of any illegal activity at the company. 
• The firm also withdrew its previously issued long-term guidance.

ADMA Biologics (ADMA) shares plunged 24% in after-hours trading on Wednesday following the release of disappointing first-quarter results that showed flat revenue and a sharp cut to full-year guidance amid intensifying competition in the U.S. immunoglobulin (IG) market.

ADMA reported first-quarter 2026 total revenue of $114.5 million, essentially flat compared with $114.8 million in the year-ago period and well below Wall Street expectations of roughly $140 million.

The top-line miss was driven by a steep decline in BIVIGAM sales, which fell 54% year-over-year to $15.4 million, while ASCENIV sales grew 28% to $97.5 million. Both ASCENIV and BIVIGAM are used to treat primary humoral immunodeficiency, a group of inherited disorders leading to low antibody production.

Despite the revenue stall, profitability metrics improved markedly. Diluted earnings per share came in at $0.19, above the $0.11 reported in the corresponding quarter of 2025, and in line with Wall Street expectations.

Management Weighs In On Competition

In a statement, President and CEO Adam Grossman acknowledged near-term challenges but emphasized underlying strength in ASCENIV demand.

“During the first quarter, the market for U.S. plasma-derived therapies and immunoglobulin experienced increased competitive dynamics which, along with variability in distributor ordering patterns, created near-term topline pressures, particularly impacting BIVIGAM,” Grossman said.

“Importantly, these dynamics were limited to distribution and inventory behavior and we believe do not reflect any deterioration in underlying ASCENIV demand, where fundamentals remained strong and continue to improve—with record utilization growth throughout the quarter.”

Grossman described Q1 results as a likely “trough revenue baseline” caused by what the company views as a “temporary market dislocation.”

ADMA’s 2026 Guidance

ADMA updated its 2026 financial outlook to reflect the evolving competitive landscape. The company now expects full-year revenue of $530 million to $560 million, down from prior guidance above $635 million, and adjusted core profit of $265 million to $300 million. It also withdrew its previously issued long-term guidance.

The company attributed the softer outlook to sustained pricing pressure on standard IG products and changing competitive dynamics.

Short-Seller Report

ADMA also addressed lingering investor concerns stemming from a Culper Research report earlier this year that alleged channel stuffing and undisclosed related-party transactions. Culper alleged in a report that Adma’s reported growth is a “fiction driven more than entirely by a de facto channel stuffing scheme and an undisclosed related party distributor." Without the sales figure inflation, Culper estimated Adma's revenues declined 3% in 2025 as compared to the 20% growth reported.

However, Adma said on Wednesday that its Audit Committee, assisted by independent forensic accountants and external counsel, completed a review and “concluded that ADMA has not engaged in any improper channel stuffing or any undisclosed related party transactions,” finding “no evidence of any illegal activity,” it said.

How Did ADMA Retail Traders React?

On Stocktwits, retail sentiment around ADMA stayed within the ‘extremely bullish’ territory over the past 24 hours, while message volume increased from ‘high’ to ‘extremely high’ levels.

A Stocktwits user said that investors who invest now at ‘peak negativity’ stand the chance to make a lot of money.

Another opined that it is just a “terrible luck” year for the company with the short seller report and market dislocation for Bivigam.

ADMA stock has fallen 56% over the past 12 months.  

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