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ADMA Biologics Inc (ADMA-3.76%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $426.5 million, a significant increase from $258.2 million in the previous year. This growth is attributed to increased sales of ASCENIV and other immunoglobulin products.
Cost of product revenue was $206.9 million, leading to a gross profit of $219.6 million, compared to $88.9 million in the prior year. The gross margin improved to 51.5% from 34.4% due to a favorable sales mix and reduced manufacturing costs.
Research and development expenses decreased to $1.8 million from $3.3 million, primarily due to the completion of certain projects.
Selling, general, and administrative expenses increased to $74.1 million from $59.0 million, driven by higher employee-related costs and professional fees.
Operating income for the year was $139.0 million, a significant increase from $21.6 million in the previous year.
Interest expense decreased to $13.9 million from $25.0 million, reflecting a lower debt principal balance and reduced interest rates following a refinancing transaction.
The company reported a net income of $197.7 million, compared to a net loss of $28.2 million in the previous year. This improvement was driven by higher operating income, lower interest expense, and a deferred tax benefit.
ADMA Biologics anticipates filing a supplemental Biologics License Application in mid-2025 for the expansion of ASCENIV's label to include pediatric patients aged two years and older.
The company operates ten FDA-licensed plasma collection facilities and plans to continue expanding its manufacturing capabilities and product offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ADMA Biologics Inc annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.