ADMA Biologics is a U.S.-based specialty biopharmaceutical company that manufactures and sells plasma-derived immunoglobulin (IG) products for immune-compromised patients. ADMA's core product is ASCENIV, a premium intravenous immune globulin (IVIG) for patients with Primary Immunodeficiency Disease (PI). ASCENIV is manufactured using plasma from donors with unusually high RSV-neutralizing antibody levels — a profile found in fewer than 5-10% of donors — resulting in a broader antibody profile that ADMA argues delivers better outcomes for complex PI patients. ADMA also sells BIVIGAM, a standard IVIG for PI patients, and Nabi-HB, a niche hyperimmune globulin for acute Hepatitis B exposure. ADMA sells primarily through specialty distributors and pharmacies, targeting roughly 300 high-volume clinical immunologists in the U.S. ADMA operates a fractionation facility in Boca Raton, Florida, and runs seven FDA-licensed plasma collection centers through its ADMA BioCenters subsidiary, though ADMA is shifting toward a third-party plasma supply model. ASCENIV carries product-level gross margins of 80-85%+, and ADMA is deliberately shifting its production mix toward ASCENIV and away from lower-margin BIVIGAM. In April 2025, the FDA approved a yield enhancement process that produces roughly 20% more bulk IG output from the same plasma volume, which is expected to drive margin expansion. PI therapy is lifelong, creating a recurring revenue base as new patient starts accumulate. ADMA is also pursuing a pediatric label expansion for ASCENIV and developing SG-001, a hyperimmune globulin targeting Streptococcus pneumoniae, which management estimates could generate $300-500M in peak annual revenue if approved.