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Disclosures for Canaccord Genuity, ADMA Biologics, April 20, 2026

Analyst Certification Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research, and (iii) to the best of the authoring analyst’s knowledge, she/he is not in receipt of material non-public information about the issuer. Analysts employed outside the US are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity LLC and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Sector Coverage Individuals identified as “Sector Coverage” cover a subject company’s industry in the identified jurisdiction, but are not authoring analysts of the report. Investment Recommendation Date and time of first dissemination: April 20, 2026, 16:01 ET Date and time of production: April 20, 2026, 15:59 ET Target Price / Valuation Methodology: ADMA Biologics - ADMA Valuation: Our price target of $21 is based primarily on our DCF, with a discount rate of 10% and a 2032 terminal EBITDA multiple of 8x. We believe the discount rate (accounts for some more risk on growth) and terminal multiple (discount to the group) both reflect some additional conservatism given some recent heightened concerns where investors may want better visibility. Assuming a strong growth profile and good durability, we could see upside to our PT, which implies a P/E of ~21x our 2026E EPS (~15x our 2026E EBITDA) and ~16x our 2027E EPS (~11x our 2027E EBITDA) with ADMA’s projected CAGR of ~21% for revenue and ~32% for EBITDA through 2029E. Risks to achieving Target Price / Valuation: ADMA Biologics - ADMA ADMA is susceptible to the standard risks that apply to the entire Biotech/BioPharma industry including clinical, reimbursement, development, manufacturing, regulatory, commercial, macro, and IP risks. Risks more specific to ADMA include: 1) Bar has been raised for investor expectations with the quarterly numbers, and without beats and raises the stock could be rangebound for some time with limited other catalysts for the stock and some additional concerns raised in the recent short report. 2) Asceniv is a higher priced IG given its unique profile that could potentially see more payer pressure as volumes increase further, though ADMA is managing that carefully. 3) Some other bottlenecks could exist as ADMA looks to accelerate Asceniv further including with a consistent high-titer plasma supply, expanding physician prescribing, and ensuring appropriate patients are identified. 4) Working capital dynamics have pushed AR and inventory balances higher (a target of recent short report), and management has been trying hard to improve that including with a new McKesson distribution agreement, although that could take some time. Distribution of Ratings: Global Stock Ratings (as of 04/20/26) Rating Coverage Universe IB Clients # % % Buy 685 70.11% 27.88% Hold 130 13.31% 9.23% Sell 2 0.20% 0.00% Speculative Buy 157 16.07% 63.69% 977* 100.0% *Total includes stocks that are Under Review Canaccord Genuity Ratings System BUY: The stock is expected to generate returns greater than 10% during the next 12 months. HOLD: The stock is expected to generate returns from -10% to 10% during the next 12 months. SELL: The stock is expected to generate returns less than -10% during the next 12 months.

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On April 20, 2026, Canaccord Genuity analyst Gary Nachman (with associate Denis Reznik) initiated coverage of ADMA Biologics Inc. (ADMA:NASDAQ), with a BUY rating and a price target of US$21.00, implying approximately 91% upside from the April 17 closing price of US$11.01.

The initiation reflects the view that recent stock weakness, driven by short-seller concerns, has created a favorable entry point, with the company's key growth drivers and strategic initiatives remaining broadly intact.

Recent Developments

ADMA's stock has pulled back significantly from its 52-week high of US$25.67, weighed down by a third-party short report that raised questions about revenue recognition, channel inventory levels, and true end-user demand for its flagship immunoglobulin product Asceniv. Management firmly rejected these claims as "unsubstantiated, misleading and inaccurate," providing supplemental distributor-level data to demonstrate that Asceniv demand has reached record levels and that inventory at distributors has been normalizing. As of March 22, 2026, Asceniv distributor inventory stood at approximately 90 days on hand (including safety stock), down from approximately 128 days at the start of the year. ADMA also highlighted clean audit opinions from KPMG for both FY2024 and FY2025 with no issues noted, and reiterated that all receivables are fully collectible with no bad debt on the books.

In early 2026, ADMA entered into a new authorized distribution agreement with McKesson Specialty, expected to open additional oncology-focused sites of care, improve billing efficiency, and reduce days sales outstanding (DSOs) — currently running at 104–105 days versus a normalized range of 75–90 days. The McKesson ramp is expected to have a more meaningful impact in the second half of 2026. Separately, ADMA executed a US$125 million accelerated share repurchase (ASR) in March 2026, receiving approximately 6.4 million shares upfront, with the remainder to be settled by Q3 2026.

Financial Results and Outlook

ADMA delivered 2025 revenue of US$510.2 million, representing approximately 20% year-over-year growth, with adjusted EBITDA of US$231.0 million (up approximately 40%) and adjusted net income of US$160.8 million (up approximately 35%). Asceniv was the primary growth driver, generating US$362.5 million in 2025 revenue — up 51% year-over-year — while the legacy Bivigam product contributed US$122.0 million.

Management has provided guidance for 2026 total revenue exceeding US$635 million (approximately 25% growth), adjusted EBITDA exceeding US$360 million (approximately 56% growth), and adjusted net income exceeding US$255 million (approximately 60% growth). For 2027, guidance targets revenue above US$775 million and adjusted EBITDA above US$445 million. Longer-term targets include total revenue exceeding US$1.1 billion and adjusted EBITDA exceeding US$700 million by 2029. Canaccord's own estimates sit modestly below management guidance — projecting 2026 revenue of US$622.1 million, adjusted EBITDA of US$347.4 million, and non-GAAP EPS of US$1.01 — reflecting conservatism while awaiting greater visibility on working capital normalization and demand trends.

A key margin driver in 2026 is the first full year of product sold under ADMA's FDA-approved yield enhancement process, which extracts more than 20% additional immunoglobulin output from the same starting plasma volume. This is expected to lift Asceniv gross margins into the high-80s to low-90s percentage range, while Bivigam margins improve from the high-teens to the low-to-mid-20s.

Investment Positives

Asceniv is manufactured from high-titer RSV plasma identified through a proprietary screening assay, giving it a differentiated antibody profile relative to standard pooled immunoglobulin therapies. It is specifically positioned as a second-line or later treatment for the more severe and complex primary immunodeficiency (PI) patients who are "surviving, not thriving" on conventional IG therapy. As of early 2026, ADMA has penetrated only approximately 4% of its targeted addressable market of approximately 25,000 complex and refractory PI patients, leaving substantial runway ahead. Clinical data supporting the product includes a retrospective study showing a statistically significant 50% or greater reduction in annual infection rates among patients switching to Asceniv, with 71% demonstrating clinical improvement within the first six months.

The company benefits from meaningful competitive moats: proprietary IP protecting Asceniv through at least 2035, a manufacturing process that others cannot easily replicate, no generic or biosimilar pathway for plasma-derived products, and an exemption from Medicare price negotiations under the Inflation Reduction Act. Roughly 100 of approximately 300 targeted clinical immunologists are now active Asceniv prescribers, with physician loyalty described as high given the product's clinical differentiation and reliable supply chain.

Beyond the core franchise, ADMA's pipeline candidate SG-001 — a hyperimmune immunoglobulin targeting Streptococcus pneumoniae — delivered promising preclinical animal data in 2025, with an IND filing planned for 2026 and potential clinical trial initiation in 2027. Management estimates SG-001 could represent US$300–500 million in peak annual revenue, with IP protection extending through 2037 and beyond. Importantly, this opportunity is entirely excluded from the company's existing long-term revenue guidance.

Risks and Challenges

Nachman identifies four key risks.

First, investor expectations have been reset higher following ADMA's long stretch of beat-and-raise quarters from 2023 through early 2025, and without a return to that pattern, the stock could trade in a range for some time.

Second, Asceniv's premium pricing — approximately 6–7x that of standard IG — could attract increasing payer scrutiny as volumes rise, particularly on the commercial insurance side.

Third, operational bottlenecks remain possible, including variability in the supply of high-titer RSV plasma (only approximately 5% of donors qualify), the need to expand physician prescribing beyond current early adopters, and ensuring appropriate patient identification.

Fourth, accounts receivable reached US$158.4 million at year-end 2025 (with DSOs at 104–105 days), and inventories stood at US$206.5 million — both elevated above historical norms and cited by the short report as evidence of potential channel stuffing, though management disputes this characterization and expects normalization through 2026.

Valuation

Canaccord's US$21 price target is derived primarily from a discounted cash flow analysis using a 10% discount rate and an 8x terminal EBITDA multiple on 2032 estimates, both of which the analyst describes as conservative relative to peers given the current period of heightened investor uncertainty. At the target price, ADMA would trade at approximately 21x 2026 estimated non-GAAP EPS and approximately 15x 2026 estimated EBITDA, or approximately 16x 2027 estimated EPS and approximately 11x 2027 estimated EBITDA. ADMA's projected compound annual growth rates of approximately 21% for revenue and approximately 32% for EBITDA through 2029 support the view that the current valuation is attractive for longer-term investors.

The near-term catalyst path centers primarily on quarterly earnings results and any updated guidance, with additional potential drivers including pediatric label approval for Asceniv expected in the first half of 2026, HEOR data presentations at upcoming medical congresses, and progress on the McKesson partnership's impact on DSOs and cash conversion. A pre-IND filing for SG-001 and further Asceniv post-marketing publications are viewed as incremental positives.