Business
ADMA Biologics Reports Business Highlights and Second Quarter 2020 Financial Results
Generated Total Revenues of $18.0 Million for the First Half of 2020, Reflecting a 78% Increase Over First Half of 2019 Joined CoVIg-19 Plasma Alliance and
About this update from Adma Biologics Inc
[{"type":"text","content":"Generated Total Revenues of $18.0 Million for the First Half of 2020, Reflecting a 78% Increase Over First Half of 2019\n Joined CoVIg-19 Plasma Alliance and Successfully Opened New ADMA BioCenters Plasma Collection Center Company Anticipates Generating $250 Million or More in Annual Revenues Within Next Three to Five Calendar Years Management to Host Conference Call and Webcast Today at 4:30 p.m. ET RAMSEY, N.J. and BOCA RATON, Fla., Aug. 05, 2020 (GLOBE NEWSWIRE) -- ADMA Biologics, Inc. (Nasdaq: ADMA) (“ADMA”), an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty plasma-derived biologics, today reported business highlights and financial results for its fiscal second quarter and six months ended June 30, 2020, and provided an overview of recent progress and accomplishments. “The first half of 2020 was marked by several achievements and challenges as we navigate through these unprecedented macro-market conditions,” said Adam Grossman, President and Chief Executive Officer of ADMA. “Total revenues for the first half of 2020 increased approximately 78% compared to the same prior year period. While the second quarter 2020 revenues were approximately 19% higher than second quarter 2019 revenues, ADMA, and certain of its third-party vendors, experienced impacts from the global COVID-19 pandemic which resulted in unforeseen supply chain disruptions. These COVID-19 disruptions were primarily related to delays with final product Current Good Manufacturing Practice (“cGMP”) release testing by third-party vendors. This means that a few of our production batches were finished on schedule but we were unable to submit for U.S. Food and Drug Administration (“FDA”) lot release authorization due to delayed test results. “These delays were mainly experienced during the latter part of the second quarter and have since been resolved during July. In response to these delays, and in partnership with the FDA, we added additional release testing laboratories to our approved consortium and believe we have completely resolved the issue and do not anticipate additional testing or batch release delays going forward. “Market demand for our immunoglobulin product portfolio remains strong and we anticipate considerable revenue growth for the second half of the year and are excited for the anticipat...