ADMA Biologics Inc 2024年度报告

WWW.ADMABIOLOGICS.COM Because Patientsare Counting on Us Dear Stockholders: 2024 was a year of exceptional progress and performance for ADMA. We delivered record financial andoperating results, with total revenues and Adjusted EBITDA increasing 65% and 309% year-over-year,respectively. These achievements are a testament to our team’s unwavering focus on execution and thecontinued demand for our life-saving therapies, which play a critical role in supportingimmunocompromised patients. As we look ahead, we remain focused on delivering operationalexcellence while expanding our impact within the U.S. immune globulin market. A key milestone recently achieved was the expansion of our plasma sourcing capabilities through theexecution of long-term, high-titer plasma supply agreements. These agreements, combined with recordinternal plasma collections, mark what we believe is a transformative step in strengthening our U.S.-based supply chain and reducing risk across our near- and long-term growth strategies. We believethese developments, alongside the potential mid-2025 regulatory approval of our yield enhancementproduction process—which, if approved, is expected to generate approximately 20% more finishedproduct from the same plasma input—set the stage for greater efficiency and scalability across ouroperations. With this strong foundation, we believe we are well positioned to expand access to our immune globulinportfolio, including ASCENIV and BIVIGAM, deepen our presence in the complex PI market, and advanceour research and development pipeline. Our strong net cash position, robust intellectual propertyportfolio, and growing, diversified plasma supply gives us the confidence to drive long-term valuecreation. As we continue to execute our growth strategy, we remain steadfast in our commitment topatients, which is to ensure a reliable supply of critical biologic therapies, while delivering what weexpect to be sustainable revenue and earnings growth. Looking ahead to 2025, we are focused on capitalizing on these operational advancements to drivecontinued top- and bottom-line growth. We expect to initiate and support a growing number of newASCENIV patient starts, maintaining consistent supply and demand for BIVIGAM, deepen our reach intounderserved and complex patient populations, and expand our commercial footprint. In parallel, we planto progress our industry-leading and innovative pipeline programs, including SG-001, leverage ourmanufacturing scale, and optimize margins through ongoing efficiency improvements. Backed by adurable U.S.-based supply chain, strong financial position, and differentiated innovation, we believeADMA is well positioned to deliver another year of meaningful value creation and sustained momentum.Your investment in ADMA Biologics supports meaningful value creation and truly improves the lives ofimmunocompromised patients. We thank you for your continued support of our vision and mission toimprove healthcare in the United States for patients in need. Sincerely, UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2024□TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission File Number: 001-36728 ADMA BIOLOGICS, INC. Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No□Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes□No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No□ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas required to submit and post such files). Yes☒No□Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reportingcompany’’ and ‘‘emerging growth company’’ in Rule 12b-2 of the Exchange Act. (Check one): Accelerated FilerSmaller Reporting CompanyEmerging Growth Company Large Accelerated FilerNon-accelerated Filer If an emerging growth company, indicate by check mark if the registrant has elected not to use