ADMA Biologics is under investigation for potential securities fraud after Culper Research alleged the company engaged in channel stuffing to artificially inflate its 2025 revenue growth from -3% to reported +20%. The allegations caused ADMA's stock to plummet 29% over two trading days, dropping from $13.59 to $9.63 per share on March 24-25, 2026.
ADMA Biologics, Inc. (ADMA)
Common Stock · Currency in USD · XNAS
ADMA Biologics Inc is an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing, and developing specialty plasma-derived biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. The segments of the company are ADMA BioManufacturing, which generates maximum revenue, Plasma Collection Centres, and the corporate segment. The company sells plasma-derived intermediate fractions to certain customers, which are generated as part of its FDA-approved manufacturing process for IG and IVIG products. It also provides laboratory contracting services to certain customers and anticipates providing contract filling, labeling & packing services. The company derives maximum revenue from the United States.
Company Info
SIC2836
Composite FIGIBBG002NCK5M5
CIK0001368514
IPOOct 17, 2013
Sectorbiological products, (no diagnostic substances)
Highlights
Market Cap$2.19B
EPS$0.60
P/E Ratio15.02
Revenue$512.42M
Gross Profit$302.50M
Net Income$145.71M
Employees647
WSO238,159,176
Phone(201) 478-5552
Related Tickers
Analysis
Share Price Chart
Performance Chart
The chart shows the growth of an initial investment of $10,000 in ADMA Biologics, Inc., comparing it to the performance of the S&P 500 index.
All prices have been adjusted for splits and dividends.
Returns By Period
ADMA Biologics, Inc. (ADMA) has returned -49.97% so far this year and -46.29% over the past 12 months. Looking at the last ten years, ADMA has achieved an annualized return of 0.67%, underperforming the Benchmark (SPY), which averaged 12.23% per year.
ADMA
1M-44.20%
6M-37.14%
YTD-49.97%
1Y-46.29%
5Y39.02%
10Y0.67%
Benchmark (SPY)
1M-3.85%
6M-2.35%
YTD-4.36%
1Y34.06%
5Y9.80%
10Y12.23%
Monthly Returns
The table below presents the monthly returns of ADMA Biologics, Inc. (ADMA) with color gradation from worst to best to easily spot seasonal factors.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -5.82% | -9.16% | -42.61% | 1.72% | ||||||||
| 2025 | -6.81% | 4.06% | 20.61% | 20.02% | -17.98% | -8.26% | 3.89% | -6.04% | -14.22% | 5.31% | 23.82% | -3.80% |
| 2024 | 15.33% | 2.10% | 22.68% | -1.36% | 45.80% | 15.98% | 9.16% | 40.05% | 15.48% | -18.16% | 9.95% | -14.38% |
| 2023 | -6.35% | -4.05% | -7.28% | 1.52% | 22.22% | -9.34% | 10.96% | -6.78% | -7.01% | -5.32% | 9.47% | 22.16% |
| 2022 | 3.57% | 13.38% | 12.96% | 0.55% | 11.41% | -4.81% | 7.00% | 26.76% | -9.67% | 13.25% | 17.61% | 18.29% |
| 2021 | 9.90% | -1.70% | -25.42% | 9.50% | -11.17% | -5.33% | -3.73% | -12.99% | -15.04% | 13.16% | 4.55% | 1.44% |
| 2020 | -1.98% | -27.31% | -4.00% | 7.66% | 13.06% | -10.94% | 23.10% | -29.36% | -6.27% | -17.43% | 0.99% | -4.21% |
| 2019 | 23.95% | 38.64% | -7.33% | 15.75% | -10.17% | -7.42% | -7.65% | 24.10% | 10.14% | -2.86% | -16.32% | |
| 2018 | 15.53% | 1.63% | 22.02% | 8.52% | 8.62% | -17.85% | 45.86% | -2.29% | -4.46% | -15.57% | -2.04% | -55.33% |
| 2017 | -0.39% | -8.61% | 4.95% | -6.82% | -16.67% | 1.93% | -9.69% | 1.47% | -14.92% | -24.52% | 19.83% | 10.69% |
| 2016 | -16.48% | 13.80% | -22.43% | 32.38% | 10.02% | 28.37% | -23.46% | -1.42% | -10.18% |
Performance Indicators
The charts below present risk-adjusted performance metrics for ADMA Biologics, Inc. (ADMA) and compare them to a Benchmark (SPY). These indicators evaluate an investment's returns against its associated risks.
Sharpe ratio
Sortino ratio
Omega ratio
Calmar ratio
Martin ratio
sharpe ratio
The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.
These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns.
The chart below shows the rolling Sharpe ratio of ADMA compared to the benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.
Volatility Chart
The current ADMA Biologics, Inc. volatility is 6.53%, representing the standart deviation of percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. It shows the maximum percentage drop from a peak to a trough over a specified period, indicating the risk of significant losses.
Although chart shows positive values, it represents the percentage drop from the peak, so a value of 10% means the portfolio has dropped 10% from its highest point.
Income Statement
The income statement provides a summary of a company's revenues, expenses, and profits over a specific period. It shows how much money the company earned (revenues) and how much it spent (expenses), leading to the net income or profit. This statement is crucial for understanding a company's financial performance and profitability.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Liabilities And Equity (USD) | 624.24M | 488.68M | 329.18M | 348.46M | 276.25M | 207.67M | 127.09M | 88.88M | 108.02M | 23.69M | 23.71M | 27.23M |
| Equity Attributable To Parent (USD) | 477.32M | 349.02M | 135.21M | 151.97M | 141.17M | 88.25M | 26.19M | 19.77M | 40.33M | -4.46M | 820.97K | 6.01M |
| Equity Attributable To Noncontrolling Interest (USD) | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity (USD) | 477.32M | 349.02M | 135.21M | 151.97M | 141.17M | 88.25M | 26.19M | 19.77M | 40.33M | -4.46M | 820.97K | 6.01M |
| Commitments and Contingencies (USD) | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-current Liabilities (USD) | 5.24M | - | - | - | - | - | - | 56.72M | 55.49M | - | - | - |
| Long-term Debt (USD) | 72.14M | - | - | - | - | - | - | 2.76M | 2.76M | - | - | - |
| Noncurrent Liabilities (USD) | 77.38M | 84.12M | 144.17M | 157.22M | 104.70M | 99.48M | 86.87M | 59.48M | 58.25M | 16.92M | 18.68M | 17.02M |
| Other Current Liabilities (USD) | 47.02M | 35.32M | 34.15M | 26.04M | 17.95M | 8.87M | 4.85M | 3.72M | 3.52M | 8.66M | 2.13M | 2.42M |
| Accounts Payable (USD) | 22.52M | 20.22M | 15.66M | 13.23M | 12.43M | 11.07M | 9.17M | 5.90M | 5.92M | 2.56M | 2.09M | 1.78M |
| Current Liabilities (USD) | 69.54M | 55.54M | 49.81M | 39.27M | 30.38M | 19.95M | 14.03M | 9.63M | 9.44M | 11.22M | 4.22M | 4.20M |
| Liabilities (USD) | 146.92M | 139.66M | 193.98M | 196.49M | 135.08M | 119.42M | 100.90M | 69.11M | 67.69M | 28.14M | 22.89M | 21.22M |
| Other Non-current Assets (USD) | 92.04M | 102.10M | 17.84M | 18.79M | 14.86M | 9.90M | 6.37M | 10.23M | 9.54M | - | - | - |
| Intangible Assets (USD) | 632.00K | 460.00K | 499.00K | 1.01M | 1.73M | 2.44M | 3.16M | 4.00M | 4.85M | - | - | - |
| Fixed Assets (USD) | 65.06M | 54.71M | 53.84M | 58.26M | 50.94M | 41.59M | 31.74M | 30.12M | 30.47M | 2.00M | 2.40M | 2.84M |
| Noncurrent Assets (USD) | 157.73M | 157.27M | 72.17M | 78.06M | 67.52M | 53.93M | 41.27M | 44.35M | 44.85M | 27.16K | 27.16K | 298.78K |
| Other Current Assets (USD) | 260.05M | 161.18M | 84.11M | 107.12M | 84.01M | 72.20M | 32.76M | 25.91M | 50.54M | 16.64M | 17.84M | 22.38M |
| Inventory (USD) | 206.47M | 170.24M | 172.91M | 163.28M | 124.72M | 81.54M | 53.06M | 18.62M | 12.63M | 5.02M | 3.45M | 1.71M |
| Current Assets (USD) | 466.51M | 331.41M | 257.01M | 270.40M | 208.73M | 153.74M | 85.82M | 44.53M | 63.17M | 21.66M | 21.29M | 24.09M |
| Assets (USD) | 624.24M | 488.68M | 329.18M | 348.46M | 276.25M | 207.67M | 127.09M | 88.88M | 108.02M | 23.69M | 23.71M | 27.23M |
News and Insights
Kirby McInerney LLP is investigating ADMA Biologics for potential securities law violations following a Culper Research report alleging channel stuffing and undisclosed related party distribution practices. The report claims ADMA induced distributors to stock excess ASCENIV products through rebates and extended payment terms to artificially inflate 2025 growth figures. ADMA shares declined 17% on March 24, 2026, dropping from $13.59 to $11.33 per share following the allegations.
ADMA Biologics shares plummeted 16% on March 24, 2026, following a short seller report alleging channel stuffing and improper revenue recognition. Culper Research claimed ADMA inflated 2025 revenues by offering rebates and extended payment terms to distributors, with actual growth being -3.5% rather than the reported +20%. The investigation also alleges undisclosed related party sales. Hagens Berman is investigating potential securities law violations.
A securities fraud investigation has been launched into ADMA Biologics following allegations by Culper Research of channel stuffing and undisclosed related party distribution practices. The report claims ADMA induced distributors to stock excess inventory through rebates and extended payment terms to artificially inflate 2025 growth figures. ADMA's stock fell 29.1% over two trading days to $9.63 per share following the announcement.
Stonepine Capital Management fully exited its position in ANI Pharmaceuticals, selling 38,597 shares worth $2.52 million in Q3. Despite ANI's strong fundamentals—with Q3 revenue surging 54% YoY to $227.8 million and stock up 49% over the past year—the fund's exit appears to be a portfolio rebalancing move toward earlier-stage biotech rather than a loss of confidence. ANI's future returns will depend on sustained rare disease growth and margin discipline rather than multiple expansion.
The global plasma derived medicine market is projected to grow from $17.24 billion in 2024 to $37.4 billion by 2034, driven by increasing demand for therapies treating rare and immune disorders, with North America currently dominating the market.
ADMA Biologics will report its second quarter 2025 financial results on August 6, 2025, after market close, with a conference call to discuss financial performance and company updates.
Several mid-cap medical and biotechnology stocks have outperformed the broader market in 2025, including Penumbra Inc, TransMedics Group Inc, and ADMA Biologics Inc. These companies have shown strong momentum, bullish analyst sentiment, and potential for continued upside.
ADMA Biologics, a U.S.-based biopharmaceutical company, has reiterated its strategic advantage through fully domestic manufacturing, commercialization, and supply chain operations. The company's vertically integrated U.S.-based infrastructure ensures supply chain robustness, regulatory compliance, and alignment with federal and private sector preferences for U.S.-made products.
ADMA Biologics, Inc. is being investigated by Block & Leviton for potential securities law violations following a delay in filing its Form 10-K and an ongoing audit by KPMG focused on evaluating internal controls.