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# ADMA's Ascenev Is Up 31%, But CEO Says Secondary Immune Deficiency Growth Is 'Slower' Than Hoped
- URL: https://www.bullished.co/admas-ascenev-is-up-31-but-ceo-says-secondary-immune-deficiency-growth-is-slower-than-390d84a5/
- Published: 2026-11-04T22:38:39.000Z
- Updated: 2026-11-04T22:38:38.000Z
- Description: ADMA raised its minimum profit guidance while Bivigam revenue fell to $15.4 million from $19.4 million in the second quarter.
- Author: Matteo Parrino
- Tags: Earnings, ADMA, Industry: Healthcare

[ADMA Biologics](https://www.bullished.co/tag/adma/) CEO Adam Grossman said on the company's third-quarter earnings call Wednesday that Ascenev's growth is coming mainly from primary immune deficiency patients, and that the secondary immune deficiency market has grown "slower then what we would have hoped or anticipated." Ascenev revenue is [up about 31% year over year](https://www.globenewswire.com/news-release/2026/11/04/3395815/0/en/adma-biologics-reports-third-quarter-2026-financial-results-and-provides-business-update.html?ref=bullished.co), and ADMA lifted its profit floors.

## Primary patients lead, secondary lags

ADMA Biologics makes plasma-derived medicines for people with weakened immune systems, including the immune globulins Ascenev and Bivigam. Asked by a Mizuho analyst whether McKesson and the oncology channel were lifting Ascenev, Grossman said primary immune deficiency "continues to lead the charge." He said the opportunity in secondary patients "still remains," but that growth drivers have been "primarily in the PI population."

In prepared remarks he called secondary immune deficiency a "largely untapped" opportunity where adoption "could accelerate in coming periods," while recent growth there has been moderate.

On penetration, Grossman said the target market is 25,000 patients, roughly 10% of the 250,000 primary immune deficiency population. ADMA previously cited about 4%, and he said it is "certainly above that number today." He expects Ascenev to grow about 25% for the full year, "maybe a little more than that." Ascenev revenue was $124.7 million in the quarter.

## Bivigam keeps sliding

Bivigam revenue was $15.4 million, compared with $19.4 million in the second quarter and $23.8 million a year earlier, CFO Terri Kohler said. Grossman said ADMA is not matching rivals' aggressive rebating and discounting. He said the U.S. market should grow "low, maybe to mid single digits," and deferred to larger sellers.

Total revenue was [$141.1 million](https://seekingalpha.com/news/4665641-adma-biologics-gaap-eps-of-022-beats-by-002-revenue-of-1411m-beats-by-298m?ref=bullished.co), versus $134.2 million a year ago. Gross margin reached 71%.

## Higher profit floors, slower cash collection

ADMA [reiterated at least $530 million](https://www.globenewswire.com/news-release/2026/11/04/3395815/0/en/adma-biologics-reports-third-quarter-2026-financial-results-and-provides-business-update.html?ref=bullished.co) in 2026 revenue. Kohler said minimum adjusted EBITDA guidance rises to [at least $275 million](https://seekingalpha.com/news/4665641-adma-biologics-gaap-eps-of-022-beats-by-002-revenue-of-1411m-beats-by-298m?ref=bullished.co) from $265 million, and minimum adjusted net income to at least $180 million from $170 million.

Days sales outstanding, a measure of how long customers take to pay, rose to 110 at quarter end, above the 90-to-105-day target. Kohler said shifting volume to distributors like McKesson with better payment terms "may take a little bit longer than we previously expected," so she does not expect a big effect in the rest of 2026.

ADMA will present real-world Ascenev outcomes data from 127 medically complex primary immunodeficiency patients at the ACAAI conference in November, Grossman said.

Learn

- [How To Read An Earnings Call Transcript: Start With Guidance, Then Find What's Missing →](https://www.bullished.co/learn/how-to-read-an-earnings-call/)  
How to read an earnings call transcript: check guidance first, look for dropped metrics, compare growth with last quarter, and watch hedged wording.

### Sources

- [ADMA Biologics GAAP EPS of $0.22 beats by $0.02, revenue of $141.1M beats by $2.98M | Seeking Alpha](https://seekingalpha.com/news/4665641-adma-biologics-gaap-eps-of-022-beats-by-002-revenue-of-1411m-beats-by-298m?ref=bullished.co) — seekingalpha.com
- [Earnings To Watch: ADMA Biologics Inc (ADMA) Q3 2026 -- GF Value Sees 102% Upside](https://finance.yahoo.com/healthcare/articles/earnings-watch-adma-biologics-inc-123655369.html?ref=bullished.co) — Yahoo Finance
- [ADMA Biologics Reports Third Quarter 2026 Financial Results](https://www.globenewswire.com/news-release/2026/11/04/3395815/0/en/adma-biologics-reports-third-quarter-2026-financial-results-and-provides-business-update.html?ref=bullished.co) — globenewswire.com

### More on ADMA Biologics

- [ADMA's Profit Jumps On One Drug While A $125 Million Revolver Draw Funds Buybacks](https://www.bullished.co/admas-profit-jumps-on-one-drug-while-a-125-million-revolver-draw-funds-buybacks-01662f45/)

[All ADMA Biologics (ADMA) coverage →](https://www.bullished.co/tag/adma/)