“I felt it was so depraved… and it was so offensive to me,” said Galloway, a professor of marketing at NYU’s Stern School of Business. “I was so anxious about it. And one of my favorite sayings is, ‘Action absorbs anxiety.’”

So he got to work. Fueled by anger at the Trump administration’s immigration policies, he thought about what would get the president’s attention. Galloway, who co-hosts the Pivot podcast with veteran tech journalist Kara Swisher and routinely speaks with top Silicon Valley executives, decided to zero in on those Big Tech leaders who are often seen hobnobbing at the White House and Mar a Lago.

What he came up with was a targeted boycott—”a temporary, coordinated pullback from consumer discretionary spending,” as he puts it, and one that seeks to do maximum damage in the industries that seem to call the most shots in Trump administration policy: tech and AI.

Resist and Unsubscribe, Galloway’s online campaign, doesn’t involve marches or picket lines. Instead, it asks consumers to each make a small, personal sacrifice: Cancel their subscriptions or delete the apps of the ten consumer tech companies he has identified as having “outsized influence” over the national economy and President Trump: Amazon, Apple, Google, Microsoft, Paramount+, Meta, Uber, Netflix, OpenAI, and X. The site links to the “unsubscribe” pages of each company.

In a world where the platforms these companies have created have become so ingrained in society and daily life, Galloway is also asking consumers to reflect upon giving up convenience for a higher purpose. Do people really need to use two ride hailing apps, he asks, or to subscribe to the paid versions of both ChatGPT and Anthropic?

“Just as with dry January, this is an opportunity to rethink or recalibrate,” he says. “I think this is, at a minimum, an opportunity to reduce your spend… It’s also to recalibrate how you feel about these companies, how they acquit themselves in terms of who they support and why, and whether or not you need to be spending this money with them.”

He also singled out eight other companies—AT&T, Comcast, Charter, Dell, FedEx, Home Depot, Marriot, and UPS—claiming that they enable Immigration and Customs Enforcement agents, and is asking consumers to withhold business from them, too.

Galloway says he has heard directly from several board members or CEOs of the companies he singled out—with most saying that they understand what he’s doing. But many say they are stuck navigating a very turbulent situation.

“The president and administration have done a very good job of creating incentives for the most powerful business leaders to go along with his policies, keep quiet if they disagree with them, and maybe even enable them through direct support of the infrastructure,” Galloway says, referring to companies that work with ICE. “And then they text me and other people I know saying that they are nauseous at this—which doesn’t do anyone any good, to complain about him behind his back.”

Galloway says he has empathy for business leaders who are staying silent despite qualms about the Trump administration’s actions. Most are afraid of speaking out, he says, “because the president will do everything in his power to make that person and that company pay for it.” 

His hope is to create a new incentive for these timid business leaders, by wiping out a quarter billion or more from their combined market cap. Galloway estimates the financial impact of the movement by looking at the Resist and Unsubscribe sites’ page views and calculating a 5% conversion rate, with each converted visitor canceling an average of two subscriptions that result in $30 in monthly revenue lost. A ticker on the site estimates that this number, annualized, adds up to some $248 million that has been divested at publication time. (This estimate has not been verified by Fortune.)

To be sure, a quarter billion in combined impact isn’t a big blow to companies worth hundreds of billions—or even into the trillions. And Galloway is aware that he’s facing an uphill battle, especially in an era where social media-fueled boycotts and strikes are increasingly common. “Since starting this, I’ve become a pretty serious student of economic strikes; most don’t work,” Galloway said. “One-day strikes are more cinematic than they are effective. They’re more of an annoyance.” 

There are some examples of collective action by consumers leading to success, though. Galloway points to the global economic boycotts of South Africa in the 1980s and early 1990s that pressured the government to end Apartheid, or the more recent movement to unsubscribe from Disney after Jimmy Kimmel’s late-night show was suspended following criticism from the Trump administration of the comedian’s comments about Charlie Kirk’s assassination. Jimmy Kimmel Live! was reinstated.

But just because very few work, doesn’t mean they can’t work, Galloway says. “What I’m trying to do is send a signal that you have more power than you think, and you have a weapon hiding in plain sight, and that is your spend,” he said.

So far, Galloway says he thinks his movement is a “modest-to-tangible success.” “What I have heard from these companies is [Resist and Unsubscribe] is a discussion in product management meetings and in the cafeteria, but it isn’t a discussion yet at a board level,” he said. “So the reality is I still have some work to do on creating enough of a signal, enough awareness, enough unsubscriptions, such that the CEOs and boards of these companies feel that the incentives have changed.”

For now, he points out, it’s still growing. “My mom used to say, ‘How do you eat an elephant? One bite at a time,’” Galloway said. “So I wouldn’t be cynical or I wouldn’t be discouraged thinking you can’t have an impact. I think collectively, we can all have a huge impact.” 

He likens this moment in history to the U.S. Civil War, the World Wars, or the Civil Rights movement—real inflection points. And he wants to have a clear answer if he’s ever asked, “What did you do in the war?” 

“It just feels good to be doing something,” he says. “It feels really good to be doing something with other people.”

Date

Wednesday, Feb. 25, 2026 at 4:30 p.m. ET

Call participants

• President and Chief Executive Officer — Adam S. Grossman
• Chief Financial Officer and Treasurer (Retiring) — Brad T. Tade
• Chief Financial Officer and Treasurer (Incoming) — Terry Kohler

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Takeaways

• Total revenue — $510.2 million, an increase of 20% year over year, reflecting broad commercial growth.
• Ascentive net revenue — $363 million, accounting for 51% year-over-year growth and representing approximately 70% of product sales by dollar value.
• Adjusted EBITDA — $231 million, up 40% year over year, demonstrating significant operating leverage.
• Adjusted net income — $160.8 million, a 35% year-over-year increase, confirming margin expansion and profit growth.
• Full-year gross margin — 57.4%, up from 51.5% in the previous year, primarily due to product mix shift toward Ascentive and yield-enhancement manufacturing.
• Fourth quarter revenue — $139.2 million, reflecting 18% year-over-year growth.
• Fourth quarter gross margin — 63.8%, about a 10% improvement year over year, attributed to full integration of yield-enhanced manufacturing for both Ascentive and BIVIGAM.
• Fourth quarter adjusted EBITDA — $73.6 million, a rise of 52% year over year.
• Fourth quarter adjusted net income — $52.6 million, a 57% year-over-year increase.
• Cash balance — $88 million at year-end, not including proceeds from the pending plasma center divestiture.
• 2026 guidance — Total revenue expected to exceed $635 million, with adjusted net income projected above $255 million and adjusted EBITDA above $360 million.
• 2027 guidance — Revenue forecast above $775 million, adjusted net income over $315 million, and adjusted EBITDA above $455 million.
• 2029 guidance — Revenue expected to surpass $1.1 billion and adjusted EBITDA to exceed $700 million, excluding potential contributions from pipeline asset SG001 and capacity expansion.
• Plasma supply agreements — The company now sources high-titer plasma from over 280 centers following the monetization of three plasma centers and a new long-term supply agreement.
• Yield-enhanced manufacturing — 2025 marked a major inflection point as yield enhanced production transitioned into routine commercial practice, with continued FDA lot releases. This makes 2026 the first full year of Yield NHANZE output a structural improvement to the business model, supporting meaningful gross margin growth and increasing earnings power.
• Working capital trajectory — Management expects accounts receivable and days sales outstanding to improve throughout 2026, with cash conversion and working capital efficiency trending towards or above industry benchmarks as major distribution agreements ramp up.
• McKesson distribution agreement — Rollout is projected to become most visible in the latter half of 2026, with impacts on accounts receivable and customer penetration.
• Medical evidence — Independent datasets and a peer-reviewed study presented at ACAAI 2025 and published in the Journal of Clinical Immunology showed 71% clinical improvement, and significant reductions in infections and hospitalizations among patients switched to Ascentive after failing prior IVIG therapies.
• Leadership transition — Brad Tade retires as CFO; Terry Kohler, experienced in working capital optimization and public company leadership, is appointed incoming CFO and Treasurer, with transition support through July.

Summary

ADMA Biologics (ADMA +2.57%) reported strong growth in revenue, adjusted EBITDA, and earnings, with Ascentive driving a mix shift that accelerated margin expansion and profitability. The company fully integrated yield-enhanced manufacturing, further increasing gross margin and operational leverage. Strategic moves, including plasma center divestitures, long-term agreements, and the McKesson distribution partnership, extended supply visibility, enhanced capital efficiency, and positioned the company for sustained top-line and margin growth. SG001, the pipeline asset, is expected to reach pre-IND submission in 2026 with potential for direct registrational advancement, representing a future revenue opportunity not included in guidance.

• Management stated, “incentive sells for about five and a half to six times other standard IG products,” providing significant revenue and margin potential per unit sold.
• ADMA Biologics highlighted expanding payer access and increased market confidence in supply continuity, supporting continued prescriber and institution adoption of Ascentive.
• Yield NHANZE adoption and expanding third-party plasma sources are expected to provide accretive cost savings and durable supply through the late 2030s.
• Management described the successful onboarding of KPMG as independent auditor, stating, “there have been no changes to our previously issued financial statements, no changes to our internal control conclusions, and our forward-looking guidance remains strong.”

Industry glossary

• Ascentive: A specialty, patent-protected intravenous immune globulin (IVIG) manufactured by ADMA Biologics, indicated for primary humoral immunodeficiency.
• Yield NHANZE: ADMA Biologics’ yield-enhancement manufacturing process fully transitioned to commercial production, increasing output per plasma unit.
• SG001: Development-stage plasma-derived biologic in ADMA Biologics’ pipeline targeting S. pneumoniae, with upcoming pre-IND regulatory engagement.
• High-titer plasma: Plasma with antibody concentrations above a defined threshold, used by ADMA Biologics to produce specialty immune globulins.

Full Conference Call Transcript

Adam Grossman, our President and Chief Executive Officer, Brad Tade, our retiring CFO and Treasurer, and Terry Kohler, our incoming CFO and Treasurer. During today’s call, Adam will provide some introductory comments and provide an update on corporate progress. Brad will then provide an overview of the company’s fourth quarter and full year 2025 financial results, and Terry will make some introductory comments. Finally, Adam will then provide some brief summary remarks before opening up the call for questions. Earlier today, we issued a press release detailing the full year 2025 financial results and summarized certain achievements and recent corporate updates. The release is available on our website at www.admabiologics.com.

Before we begin our formal comments, I’ll remind you that we will be making forward-looking assertions during today’s call that represent the company’s intentions, expectations, or beliefs concerning future events and constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to factors, risks, and uncertainties, such as those detailed in today’s press release announcing this call and our filings with the SEC, which may cause actual results to differ materially from the results expressed or implied by such statements.

In addition, any forward-looking statements represent our views only as of the date of this call and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligations to update any such statements except as required by the federal securities laws. We refer you to the disclosure notice section in our earnings release we issued today and the Risk Factors section in our Annual Report on Form 10-K for the year ended 12/31/2025 for a discussion of important factors that could cause actual results to differ materially from these forward-looking statements. Please note that the discussion on today’s call includes certain non-GAAP financial measures including adjusted EBITDA and adjusted net income.

A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP metric is available in our earnings release. And with that, I would now like to turn the call over to Adam Grossman. Adam, go ahead.

Adam Grossman: Thank you. Good afternoon, everyone. ADMA Biologics, Inc. delivered a strong finish to 2025 reflecting disciplined execution across our commercial, manufacturing, and financial platforms. For the full year, total revenue was $510,000,000, representing 20% year-over-year growth. Adjusted EBITDA was $231,000,000, increasing 40% year-over-year, and adjusted net income was $161,000,000, increasing 35% year-over-year. These results underscore the durability of our growth engine and the expanding operating leverage within our fully integrated U.S.-based business model. Importantly, 2025 was a defining year for ADMA Biologics, Inc. We expanded margins, improved our balance sheet, and several strategic initiatives that enhance the long-term durability and earnings power of our company. As we enter the next phase of growth. Ascendant continues to drive our growth.

For full year 2025, Ascentive achieved $363,000,000 in net revenue, representing 51% year-over-year growth. Our differentiated patent-protected specialty immune globulin exited the year at record utilization levels, driven by high demand and strong prescriber adoption. With incentive still forecasted to be early in its penetration curve within its total addressable market, driven by broad payer access and increasing confidence in long-term supply continuity, Ascentive is well positioned for sustained utilization growth throughout 2026 and beyond. Before turning to additional operating highlights, I want to briefly address working capital. We expect accounts receivable and days sales outstanding to improve over the course of 2026, trending toward and potentially improving beyond industry benchmarks over time.

The recent increase in working capital primarily reflects the growth in incentive and the acceleration in revenue growth we are guiding to. As we continue to make meaningful inroads into incentives still significantly underpenetrated addressable market, as demand builds, and our McKesson distribution agreement ramps up, alongside further anticipated diversification of our distribution network, we expect improving working capital efficiency and cash conversion throughout 2026. We are also seeing continued validation of Ascendo’s differentiation in real-world settings. Independent data sets generated during 2025 reinforce Ascentive’s unique biologic profile.

A peer-reviewed study by Tan et al., presented at the ACAAI 2025 conference and published in the Journal of Clinical Immunology, demonstrated statistically significant reduction in infections and hospitalizations among patients who failed prior IVIG therapy and transitioned to Ascentiv. Seventy-one percent of these patients showed clinical improvement. These outcomes, along with additional publications expected throughout 2026, should further enhance physician confidence, support constructive payer engagement, and expand medical education and drive sustained utilization growth. From a manufacturing and supply perspective, 2025 marked a major inflection point as yield enhanced production transitioned into routine commercial practice, with continued FDA lot releases.

This makes 2026 the first full year of Yield NHANZE output a structural improvement to our business model, supporting meaningful gross margin growth and increasing earnings power. In parallel, we strategically repositioned our plasma collection network to improve capital efficiency while securing our long-term high-titer plasma supply. In December, we entered into an agreement to monetize three plasma centers while retaining ownership of seven centers, and concurrently executed a long-term supply agreement that continues to diversify our high-titer plasma sourcing base, with newly forged supply contract, with the purchaser of ADMA Biologics, Inc.’s three centers. In total, the company now has access to over 280 plasma collection centers, and we have improved supply visibility through the late 2030s and beyond.

This transaction remains on track to close this quarter. I want to thank the entire ADMA Biologics, Inc. team for their exceptional execution and commitment throughout 2025. Their discipline and dedication continue to drive our performance and position us for sustained success. Before I turn the call over to Brad, I also want to share an important leadership update. After a successful tenure and meaningful contributions to ADMA Biologics, Inc.’s growth and financial transformation, including the successful onboarding of KPMG as the company’s independent auditor, Brad has informed the company of his intention to retire as Chief Financial Officer and Treasurer.

We are grateful for Brad’s contributions and partnership, and we are pleased that he will remain with ADMA Biologics, Inc. in a consulting capacity through a structured transition period to ensure continuity of operations, which will extend through July. Today, we are excited to announce the appointment of our incoming Chief Financial Officer and Treasurer, Terry Kohler. He brings extensive public company experience, deep expertise in working capital optimization and cash conversion, and a proven track record of disciplined capital allocation and financial execution. This leadership transition further solidifies our ability to scale efficiently, enhance financial flexibility, and maximize long-term stockholder value creation.

Importantly, there have been no changes to our previously issued financial statements, no changes to our internal control conclusions, and our forward-looking guidance remains strong. Our financial foundation remains robust, and our priorities are clear: drive commercial execution, invest in our capital efficient pipeline, and maintain balance sheet discipline. With that, I’ll now turn the call over to Brad to review our fourth quarter and full year financial results in greater detail.

Brad Tade: Thank you, Adam. Our full year 2025 financial results demonstrate ADMA Biologics, Inc.’s consistent execution, expanding profitability, and earnings power. Total revenue for the year was $510,200,000, representing 20% year-over-year growth. Gross margin expanded to 57.4%, compared to 51.5% in 2024, driven primarily by Ascentive’s growing mix contribution and the successful transition of yield enhanced production into routine commercial execution. Adjusted net income totaled $160,800,000, representing 35% growth, and adjusted EBITDA reached $231,000,000, increasing 40% year-over-year. These results reflect continued operating leverage, cost management, and the structural margin improvements anticipated by yield enhancement and embedded in our vertically integrated model. Fourth quarter 2025 total revenue was $139,200,000, reflecting 18% year-over-year growth.

Importantly, we exited 2025 with corporate gross margins of 63.8%, representing approximately 10% year-over-year improvement. Fourth quarter 2025 adjusted EBITDA grew by 52% to $73,600,000, and adjusted net income for 2025 grew by 57% to $52,600,000. Ascenta’s continued growth through these broader market dynamics is a testament to the product’s differentiation and relative insulation from standard IVIG market contours. Asthma ended 2025 with $88,000,000 in cash, largely excluding proceeds from the previously announced plasma center divestiture, which remains on track to close in 2026. We maintain a healthy balance sheet and expect improved cash generation in 2026, driven by higher margins, improving working capital dynamics, and disciplined capital allocation.

Turning to our outlook, our 2026 and 2027 financial guidance forecasts continued Ascentive strength, favorable product mix shift, full-year yield enhanced production efficiencies, and sustained operating leverage. For 2026, total revenue is expected to exceed $635,000,000, adjusted net income is expected to exceed $255,000,000, and adjusted EBITDA is expected to exceed $360,000,000. For 2027, total revenue is expected to exceed $775,000,000, adjusted net income is expected to exceed $315,000,000, and adjusted EBITDA is expected to exceed $455,000,000. For 2029, total revenue is expected to exceed $1,100,000,000, and adjusted EBITDA is expected to exceed $700,000,000. These targets are driven by continued incentive penetration into its addressable patient market, full realization of yield enhancement efficiencies, continued mix improvement, and disciplined operational execution.

Importantly, these projections exclude potential contributions from SG001 and future capacity expansion, which represent meaningful potential long-term upside. We believe ADMA Biologics, Inc. is entering 2026 from a position of strength, with strong demand in a growing U.S. IG market, higher margins, increasing cash generation, and a structurally improved earnings profile. As I’ve shared with our Board and leadership team, it has been a privilege to serve as ADMA Biologics, Inc.’s Chief Financial Officer and Treasurer during a period of meaningful growth and financial transformation.

With record incentive utilization, yield enhanced production now fully integrated into our commercial operations, and improving long-term plasma supply visibility, I believe ADMA Biologics, Inc. is exceptionally well positioned for sustained revenue growth, continued margin growth, and increasing cash generation in the years ahead. I am proud of what the team has accomplished, and I’m exceedingly confident in the company’s outlook. With that, prior to turning the call back to Adam, I’d like to introduce Terry to say a few words. Terry?

Terry Kohler: Thanks, Brad. I’m excited to join ADMA Biologics, Inc.’s management team at a time of significant momentum and forward-looking opportunities. The company has built a differentiated platform with high demand, increasing margins, and a clear path to increasing cash generation. My focus will be on supporting disciplined execution, strengthening working capital performance and cash conversion, and enhancing financial strategy as we scale. I look forward to partnering with Adam, Caitlin, our COO, and the entire ADMA Biologics, Inc. team to continue to drive growth, profitability, and long-term shareholder value.

Brad Tade: Thanks, Terry. Adam, I’ll pass it back to you.

Adam Grossman: Thank you, Brad and Terry. Stepping back, ADMA Biologics, Inc. is entering 2026 with strong momentum and increasing financial strength. We are scaling a differentiated growth platform with the highest margins in the plasma-derived therapeutics complex. The company is committed to improving its capital efficiency while forging ahead with our focus on generating increasing cash flow, which we believe will unlock meaningful stockholder value. Ascentive remains the core of our growth strategy. In 2026, we expect continued demand and market penetration, expanding prescriber adoption, durable and now expanded payer access, and growing market confidence in our IG supply continuity.

With Astanem still forecast to be early in its penetration curve, we believe the runway for sustained utilization and growth remains significant. YieldNHANZE production is now fully integrated commercial operations, making 2026 our first full year of structurally higher margin IG output. Combined with continued mix shift towards Ascentiv, we are well positioned for outside gross margin growth, increasing operating leverage, and continued earnings power. The strategic repositioning of our plasma collection network enhances capital efficiency and secures diversified long-term supply visibility through the late 2030s. These actions are expected to generate accretive cost savings beginning in 2026 and further improve the durability of our platform. Beyond our commercial business, our lead pipeline asset, SG001, represents meaningful long-term optionality.

We anticipate submitting a pre-IND package in 2026, potentially enabling direct progression into a cost-efficient registrational trial. We continue to view SG001 as a potential $300,000,000 to $500,000,000 peak annual revenue opportunity. In closing, ADMA Biologics, Inc. has never been better positioned. We are forecasting substantial revenue growth, continued margin growth, and increasing cash generation, driven by disciplined execution across the organization. Thank you for your time today. We appreciate your continued interest and support. And with that, operator, let’s open up the call for questions.

Operator: Thank you. Today’s question-and-answer session will be conducted electronically. As a reminder, to ask a question, please press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. We’ll pause just a moment to assemble the roster. Our first question comes from the line of Kristen Kluska from Cantor Fitzgerald.

Rick Miller: Hi. This is Rick Miller on for Kristen. Thanks for taking our questions. Hi, Rick. Now that we can hey. Good to talk to you guys. So now that we can kind of clearly see into the proportion of sales that Ascentive accounts for, is there any updated color you can give us on how you’re expecting Ascentive to sort of fit into the product mix as it relates to the revenue guidance that you’ve lined out going forward?

Adam Grossman: Yes. I was trying to figure out what the first question was going to be, Rick, and was certainly one of the top ones. But very proud of growth year-over-year, 51%, $363,000,000. This is our first time breaking out product-level revenue. We certainly have been very bullish at Ascentives opportunity and for the last period of time, right, Brad, we have been talking about mix shift. I believe the ratio is about a 70/30-ish split between Asenib and Bivigam in 2025. We believe that is going to continue to grow. We have given guidance around revenue, EBITDA, net income for next year. We think that is going to grow, and in the fourth quarter, we were 63.8% gross margins.

We expect that to continue to grow quarter-over-quarter, full year certainly, but the 570.2% gross margin that we achieved, very proud of that. But the incentive mix is going to continue to shift. As we have said, Rick, we are buying more high-titer plasma, making more. We continue to forecast that should be flat to down throughout calendar year 2026. So we expect margins to improve. We expect Ascentive to continue to progress with strong utilization and demand, and we are very proud of the results.

Brad Tade: And, Rick, just to expand on the gross margin piece that Adam just hit on. In 2025, we had Q4 that had yield enhanced product being sold. So exiting Q4 2025 with a 63.8% gross margin, looking into 2026, we feel strongly about our margin profile. We are going to continue to see the mix shift from BIVIGAM to Ascentiv, and we are going to have a full year of yield enhanced product being sold for both Vivigam and Ascendant. Again, we are feeling pretty confident about our gross margin profile.

Rick Miller: Okay. And maybe then to kind of follow up on something you brought up there. It sounded heading into this year, you would really look to expand your third-party supply contracts to really get more of the RSV plasma. So is there any update on these efforts? Could you give us any color on finding additional supply on that front?

Adam Grossman: With respect to the third-party supply agreements, they are continuing to perform in good standing. We are collecting more plasma each and every month. Testing is ongoing and routine, in connection with the plasma center divestiture that we announced at the J.P. Morgan conference in January. We also signed an additional third-party supply with the acquirer of those three centers. That operator is an independent collector of plasma. They are not connected to any fractionation capacity whatsoever. They just sell plasma to third parties, and we are very pleased to be partnering with them. They have a robust network. What we said is it adds about 30 centers today, and they have plans to grow and expand their network.

They have given us projections to about 50 additional centers. All in all, we are collecting high-titer plasma from more than about 280 centers. It is what I think we have put in print, and it is going really well. We are very pleased and proud of our partnership with Grifols. They are a great partner. They are working well with us. Kedrion as well, another great partner, working very well. And to the ADMA Biologics, Inc. team here, we test a lot of samples. We test an enormous amount of samples when you really look at it. As we have said, less than 10% of the donor population has the antibody profile that we are looking for.

It is a labor of love, and we are collecting more raw material, and we are going to make more product.

Brad Tade: Rick, I would just add that just like the team has operationalized yield enhanced manufacturing into normal course of business and normal course of manufacturing, I would say the same is true with RSV collections. The third-party agreements have exceeded our expectations, and I think it is fair to say that we have normalized the collection of RSV plasma into normal course of operations.

Rick Miller: Great. Okay. I’ll jump back in the queue. Thank you, guys.

Operator: One moment for our next question. Our next question comes from the line of Anthony Petrone from Mizuho Americas.

Anthony Petrone: Thanks, and congrats on the strong end to the year here. Great working with you, Brad, and welcome, Terry. Maybe, Adam, just the incentive number, clearly was an outbreak in April, at least by our math, and we will scrub it a bit with these new disclosures. But when you think about the strategy here, I think in the past, you have shared there is really 900 target immunology sites that you are going after. There is a decent amount of penetration into those sites. There is probably more than one prescriber per site.

So on the offensive strategy, how many more new centers do you think you can add in 2026, and by what level do you think the prescriber base specifically can increase this year? And I’ll have one follow-up question.

Adam Grossman: Thank you so much, Anthony. We are very proud of the results, as you know. We actively call in about 300 immunologists. We have a large majority of that number who have prescribed the percentage to at least one or more patients. We feel very good about our ability to continue to grow both from a reach perspective, getting more prescribers writing their first script, getting more institutions using their first doses of incentive on these problematic refractive PI patients. We are seeing the depth in the existing same institutions growing rapidly. With commercial payer access opening up a bid in certain territories, we are very proud of the work that our team has done there.

We think that is going to open up more lives for us to treat. And then we have mentioned the recent distribution agreement, which expands and diversifies our distribution network to McKesson and a number of the institutions that buy strictly from McKesson. This is we do not make the rules. People do what they want, and there is a large number of users of immune globulin in the PI space and another secondary immune deficient populations that buy exclusively through McKesson and their related entities.

We are very pleased now to be in a position where we have a robust supply of raw material, which gives us visibility into the forward-looking throughput that we will have in our plant and be able to distribute, and we are excited about the opportunity to expand to additional institutions that we have not yet even tapped. I feel that with the guidance that we have given this year, 510 for calendar year 2025 was achieved. Next year, we are guiding to 635 on the top line.

Substantially all that growth, we believe, is going to come from a set of utilization, and it will come from a mix of new institutions getting experience, new prescribers, as well as expanding the reach into the existing same institution. The drug continues to work well. The data that we are seeing from the investigator-initiated studies and publications, we are very pleased with how the company performed, and we are really excited about 2026. A lot of this feels like we announced it already, save for my colleagues Brad and Terry here. We are very excited about the future. I would say that we have really unlocked the value creation driver, which is yield enhancement.

With the third-party plasma supply, you are going to continue to see quarter-over-quarter growth.

Anthony Petrone: Very helpful. And the quick follow-up will be, you mentioned, Adam, and Brad as well on receivables on track to get to a normalized level. A quick two-parter: when does McKesson show up in receivables, and if you can define what that normalized level looks like once we get there, that would be helpful. Thanks again. Congrats.

Adam Grossman: Thanks, Anthony. Maybe I’ll start off about when we are going to see McKesson. We are actively working. We got the agreement set up. We are working with their partners and the customers that we know they are in. I think we will start to see it in the first half of the year, but I really think you are going to see it materialize in the back part of the year. My team has been working very closely since there are a number of steps that you have to go through to get access with a number of these customers.

I can say that my team has been working very closely with McKesson and a number of the constituents that procure from there with respect to receiving formulary approval, P and T committee approval at certain buying groups and certain infusion consortiums. I know that we are making substantial progress. I know that the team is working very hard. I am optimistic that we are going to see this only with McKesson, but we are also going to see the rightsizing of inventory, AR, etc., normalized towards the middle/back part of the year. That is what we have been messaging.

When I look at the numbers and for the first time looking at the 10-K with product-level revenue broken out, seeing 51% year-over-year growth makes me understand a little bit more about what my distribution partners, what the specialty pharmacies who buy from us, what the end users have been experiencing. Ascentive is an extremely important product in the lives of these patients. It has a higher cost per infusion than standard IG. As we have said, incentive sells for about five and a half to six times other standard IG products.

I think that our customers believe us when we say we see all this growth and need you to prepare for this level of demand, and I think that they would leave us to a point. With that substantial growth, the working capital requirements on our distributors, on some of our end-user customers, has been robust. Give us some time to work through this. It is going to normalize this year. Very excited about the new relationship with the guest and all the opportunities that brings. We are just going to keep growing. They are growing revenues and reducing AR, I should say. Thanks, Anthony.

Operator: Thank you. Ladies and gentlemen, this will conclude our question-and-answer portion of the call. I’d like to turn it back over to Adam Grossman now for additional closing remarks.

Adam Grossman: Thank you very much. With that, I’d like to thank everyone for dialing in to today’s call. Again, donate plasma helps save lives, and we appreciate all the support from the investor community and the team at ADMA Biologics, Inc. Have a great evening.

Operator: Ladies and gentlemen, this does conclude the conference call for today. We appreciate your participation, and you may now disconnect.