ADMA Biologics shares drop over 50% YTD amid IVIG market challenges and lowered 2026 outlook

ADMA Biologics experienced a significant share price decline of over 50% year-to-date due to challenges in the intravenous immunoglobulin (IVIG) market, flat revenue in Q1, and a reduced revenue forecast for 2026. Despite this, ASCENIV, one of its products, showed strong performance with 28% year-over-year revenue growth and record utilization, partially offsetting a 54% revenue drop in BIVIGAM caused by pricing pressures. The company improved its gross margin to 71% and increased adjusted EBITDA by 24% year-over-year, supported by strong cash flow. The analyst maintains a moderate conviction rating and plans active trading of ADMA shares, anticipating long-term growth potential.