Q2 2024 ADMA Biologics Inc Earnings Call

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Unknown Executive: Good afternoon, and welcome to the ADMA Biologics Executive Quarter 2024 Financial Results and Business Update Conference Call on Thursday, August 8, 2024.

Operator: And welcome to the ADMA Biologics Second Quarter 2024 Financial Results and Business Update conference call on Thursday, August 8, 2024. At this time, all participants are in a listen-only mode. There will be a question and answer session to follow. Please be advised that this call is being recorded at the company's request and will be available on the company's website approximately two hours following the end of the call. At this time, I would like to introduce Skyler Bloom. Please go ahead.

Unknown Executive: At this time, all participants are in a listen-only mode. That will be a question-and-answer session to follow.

Unknown Executive: Please be advised that this call is being recorded at the company's request and will be available on the company's website approximately two hours following the end of the call.

Skyler Bloom: At this time, I would like to introduce Skyler Bloom. Please go ahead.

Unknown Executive: Good afternoon, and welcome to the ADMA Biologics Executive Quarter 2024 Financial Results and Business Update Conference Call on Thursday, August 8, 2024. At this time, all participants are in a listen-only mode that will be a question and answer session to follow. Please be advised that this call is being recorded at the company's request and will be available on the company's website approximately two hours following the end of the call.

Skyler Bloom: Welcome everyone and thank you for joining us this afternoon to discuss ADMA Biologics financial results for the second quarter of 2024 in recent corporate updates. I am joined today by Adam Grossman, President and Chief Executive Officer, and Brad Tade, Chief Financial Officer and Treasurer. During today's call, Adam will provide some introductory comments in providing updates on corporate progress, and then Brad will provide an overview of the company's second quarter of 2024 financial results.

Speaker Change: Welcome everyone and thank you for joining us this afternoon to discuss asthma biologics financial results for the second quarter of 2024, and recent corporate updates I am joined today by Adam Grossman, President and Chief Executive Officer, and Brad Page, Chief Financial Officer and Treasurer.

Skyler Bloom: Welcome, everyone, and thank you for joining us this afternoon to discuss ADMA Biologics' financial results for the second quarter of 2024 and recent corporate developments. I am joined today by Adam Grossman, President and Chief Executive Officer, and Brad Tate, Chief Financial Officer and Treasurer. During today's call, Adam will provide some introductory comments and provide an update on corporate progress, and then Brad will provide an overview of the company's second quarter 2024 financial results. Finally, Adam will then provide some brief summary remarks before opening the call to questions.

Speaker Change: During today's call Adam will provide some introductory comments and provide an update on corporate progress and then Brad will provide an overview of the company's second quarter 2024 financial results. Finally, Adam will then provide some brief summary remarks before opening the call up for questions earlier today, we issued a press release detailing <unk> second.

Skyler Bloom: At this time, I would like to introduce Skyler Bloom. Please go ahead. Welcome everyone and thank you for joining us this afternoon to discuss ADMA Biologics Financial Results for the second quarter of 2024 in recent corporate updates.

Skyler Bloom: Finally, Adam will then provide some brief summary remarks before opening the call up for questions. Earlier today, we issued a press release detailing the second quarter of 2024 financial results and summarized certain achievements in recent corporate updates. The release is available on our website at www.ADMA Biologics.com.

Skyler Bloom: Earlier today, we issued a press release detailing the second quarter 2024 financial results and summarizing certain achievements in recent corporate. 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, which constitute forward-looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

Brad: <unk> 2024 financial results and summarize certain achievements and recent corporate updates. The release is available on our website at www dot asthma biologics dot com.

Skyler Bloom: I am joined today by Adam Grossman, President and Chief Executive Officer and Brad Tade, Chief Financial Officer and Treasurer. During today's call, Adam will provide some introductory comments in providing updates on corporate progress and then Brad will provide an overview of the company's second quarter of 2024 financial results. Finally, Adam will then provide some brief summary remarks before opening the call-up for questions.

Skyler Bloom: Before we begin our formal comments, I 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, which constitute forward-looking statements for the purposes of the Safe Harbour provisions under the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to factors, risks, and uncertainties, such as those details in today's press release announcing this call and in our SEC filings, 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.

Skyler Bloom: All forward-looking statements are subject to factors, risks, and uncertainties, such as those detailed in today's press release announcing this call and NRSEC filings, which may cause actual results to differ materially from those expressed or implied by such statement. 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 obligation to update any such statements except as required by the federal securities laws.

Speaker Change: Before we begin our formal comments I'll remind you that we will be making forward looking assertion during today's call that represent the company's intentions expectations or beliefs concerning future events, which constitute forward looking statements for the purposes of the safe Harbor provisions under the private Securities Litigation Reform Act of 1095.

Speaker Change: All forward looking statements are subject to factors risks and uncertainties such as those detailed in today's press release announcing this call and in our SEC filings, which may cause actual results to differ materially from the results expressed or implied by such statements.

Skyler Bloom: Earlier today, we issued a press release detailing the second quarter of 2024 financial results and summarized certain achievements in recent corporate updates. The release is available on our website at www. ADMA Biologics.com. Before we begin our formal comments, I 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 which constitute forward-looking statements for the purposes of the Safe Harbour provisions under the Private Security's litigation reform act of 1995.

Speaker Change: 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.

Skyler Bloom: All forward-looking statements are subject to factors, risks, and uncertainties such as those details in today's press release announcing this call and in our SEC filings 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 Security's Laws.

Skyler Bloom: We specifically disclaim any obligations to update any such statements, except as required by the Federal Security's Laws. We refer you to the disclosure notice section in our earnings release. We issued today in the risk factors section of our quarterly report on 410Q for the quarter-ended June 30, 2024, for a discussion of important factors that could cause actual results to differ materially from these forward-looking statements.

Speaker Change: 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 of our quarterly report on Form 10-Q for the quarter ended June 32024 for a discussion of important factors that could cause <unk>.

Skyler Bloom: We refer you to the disclosure notice section in our earnings release we issued today and the risk factors section of our quarterly report on Form 10-Q for the quarter ended June 30, 2024 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. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP metric is available in our earnings release. With that, I would now like to turn the call over to Adam Grossman. Adam, please go ahead.

Speaker Change: <unk> results to differ materially from these forward looking statements.

Skyler Bloom: Please note that the discussion on today's call includes certain non-GAAP financial measures, including adjusted EBITDA. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP metric is available in our earnings release.

Speaker Change: Please note that the discussion on today's call include certain non-GAAP financial measures, including adjusted EBITDA. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP metric is available in our earnings release with that I would now like to turn the call over to Adam Grossman Adam go ahead.

Skyler Bloom: With that, I would now like to turn the call over to Adam Grossman. Adam, go ahead.

Adam Grossman: Thank you, Skyler, and welcome everybody to today's call. It has been quite a journey to eclipse $100 million in revenue during a single calendar quarter. We are extremely proud to have achieved this milestone while managing expenses such that our earnings growth to date, position's Adma among the fastest growing and profitable companies in the biotech.

Skyler Bloom: We refer you to the disclosure notice section in our earnings release. We issued today in the risk factors section of our quarterly report on 410Q for the quarter-ended June 30, 2024 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-gap financial measures including adjusted EBITDA. A reconciliation of these non-gap financial measures to the most directly comparable gap metric is available in our earnings release.

Adam Grossman: Thank you Skyler and welcome everybody to today's call. It has been quite a journey to eclipsed $100 million in revenue during a single calendar quarter.

Adam Grossman: Thank you, Skyler. And welcome everybody to today's call. It has been quite a journey to eclipse $100 million in revenue during a single calendar year. We are extremely proud to have achieved this milestone while managing expenses such that our earnings growth to date positions ADMA among the fastest growing and profitable companies in the biotech sector. It is truly remarkable, and I salute and applaud the entire ADMA team. Our unwavering commitment to commercial, financial, and operational excellence has once again yielded strong results during the second phase of Seeding Analyst Sport.

Adam Grossman: We are extremely proud to have achieved this milestone while managing expenses such that our earnings growth to date positions at among the fastest growing and profitable companies in the biotech sector.

Adam Grossman: Director. It is truly remarkable, and I salute and applaud the entire ADMA team. Our unwavering commitment to commercial, financial, and operational excellence has once again yielded strong results during the second quarter, exceeding analyst forecasts. Total revenues for the quarter grew by 78% year over year, reaching $107.2 million. This impressive revenue growth coupled with a tightly managed cost structure resulted in the adjusted EBITDA of $44.5 million, representing a nearly 600% growth rate year over year. Gap net income grew to $32.1 million during the second quarter, compared to a Gap net loss of $6.4 million in the same period last year.

Speaker Change: It is truly remarkable and I salute and applaud the entire adama team.

Speaker Change: Our unwavering commitment to commercial financial and operational excellence has once again yielded strong results during the second quarter.

Adam Grossman: With that, I would now like to turn the call over to Adam Grossman. Adam, go ahead. Thank you, Skyler, and welcome everybody to today's call.

Speaker Change: Seeding analysts' forecasts.

Speaker Change: Total revenues for the quarter grew by 78% year over year.

Adam Grossman: Total revenues for the quarter grew by 78% year-over-year, reaching $107.2 million. This impressive revenue growth, coupled with a tightly managed cost structure, resulted in adjusted EBITDA of $44.5 million, representing a nearly 600% growth rate year over year. Gap net income grew to $32.1 million during the second quarter, compared to a gap net loss of $6.4 million in the same period last year. Brad will delve into the

Adam Grossman: It has been quite a journey to eclipse $100 million in revenue during a single calendar quarter. We are extremely proud to have achieved this milestone while managing expenses such that our earnings growth to date, position's adma among the fastest growing and profitable companies in the biotech. Director. It is truly remarkable and I salute and applaud the entire ADMA team. Our unwavering commitment to commercial, financial, and operational excellence has once again yielded strong results during the second quarter, exceeding analyst forecasts.

Speaker Change: Reaching $107 $2 million.

Speaker Change: This impressive revenue growth coupled with a tightly managed cost structure resulted in adjusted EBITDA of $44 $5 million, representing a nearly 600% growth rate year over year.

Speaker Change: GAAP net income grew to $32 $1 million during the second quarter compared to a GAAP net loss of $6 4 million in the same period last year.

Adam Grossman: While grad will delve into the details, this quarter benefited from a one-time accrual reversal, which increased both reported revenue and earnings. Although this favorable impact is non-recurring in nature, the strength of our underlying business gives us confidence that we will be able to grow both the top and bottom lines from this new, significantly increased financial baseline. We are again revising our financial guidance upwards for both 2024 and 2025. Based on current market conditions, we now anticipate generating total revenue of more than $400 million for 2024 and $445 million for 2025. At these revenue levels, we estimate adjusted EBITDA will exceed 150 million and 200 million for 24 and 25, respectively, representing a 33% year-over-year growth rate.

Speaker Change: While Brad will delve into the details.

Adam Grossman: This quarter benefited from a one-time accrual reversal, which increased both reported revenue and earnings. Although this favorable impact is non-recurring in nature, the strength of our underlying business gives us confidence that we will be able to grow both the top and bottom lines from this new, significantly increased financial base. We are again revising our financial guidance upwards for both 2024 and 2025. Based on current market conditions, we now anticipate generating total revenue of more than $400 million for 2024 and $445 million for 2025.

Speaker Change: This quarter benefited from a one time accrual reversal.

Adam Grossman: Total revenues for the quarter grew by 78% year over year, reaching $107.2 million. This impressive revenue growth coupled with a tightly managed cost structure resulted in the adjusted EBITDA of $44.5 million, representing a nearly 600% growth rate year over year. Gap net income grew to $32.1 million during the second quarter, compared to a gap net loss of $6.4 million in the same period last year. While grad will delve into the details, this quarter benefited from a one-time accrual reversal, which increased both reported revenue and earnings. Although this favorable impact is non-recurring in nature, the strength of our underlying business gives us confidence that we will be able to grow both the top and bottom lines from this new significantly increased financial baseline.

Brad: Which increased both reported revenue and earnings.

Brad: Although this favorable impact as nonrecurring in nature.

Speaker Change: The strength of our underlying business gives us confidence that we will be able to grow both the top and bottom lines from this new significantly increased financial baseline.

Speaker Change: We are again revising our financial guidance upwards for both 2024 and 2025.

Brad: Based on current market conditions, we now anticipate generating total revenue of more than $400 million for 2024 and $445 million for 2025.

Brad: At these revenue levels, we estimate adjusted EBITDA will exceed $150 million and $200 million for $24 25, respectively.

Adam Grossman: At these revenue levels, we estimate Adjusted EBITDA will exceed $150 million and $200 million for 2024 and 2025, respectively, representing a 33% year-over-year growth rate. Similarly, we are increasing net income guidance to more than $105 million for 2024 and $155 million for 2025, reflecting an estimated 48% year-over-year growth. Our confidence in achieving these financial targets is underpinned by the rapid and continuous growth of our unique and proprietary immunoglobulin therapeutic.

Brad: Representing a 33% year over year growth rate.

Adam Grossman: Similarly, we are increasing net income guidance to more than $105 million for 2024 and $155 million for 2025, reflecting an estimated 48% year-over-year growth rate. Our confidence in achieving these financial targets is underpinned by the rapid and continuous growth of our unique proprietary immunoglobulin incentives. All forward-looking demand KPIs for the product are reaching new highs, and encouragingly, both the breadth and depth of an incentives prescriber-grade base continues to strengthen. As a result, I am pleased to report that an incentive has now surpassed a 50% contribution to amidst total revenue, marking a significant milestone for our company, and setting the stage for further anticipated favorable mixed shifts.

Brad: Similarly, we're increasing net income guidance to more than $105 million for 2024 and $155 million for 2025.

Adam Grossman: We are again revising our financial guidance upwards for both 2024 and 2025. Based on current market conditions, we now anticipate generating total revenue of more than $400 million for 2024 and $445 million for 2025. At these revenue levels, we estimate adjusted EBITDA will exceed 150 million and 200 million for 24 and 25 respectively, representing a 33% year over year growth rate. Similarly, we are increasing net income guidance to more than $105 million for 2024 and 155 million for 2025, reflecting an estimated 48% year over year growth rate.

Speaker Change: Reflecting an estimated 48% year over year growth rate.

Speaker Change: Our confidence in achieving these financial targets is underpinned by the rapid and continuous growth of our unique and proprietary immunoglobulin incentives.

Adam Grossman: All forward-looking demand KPIs for the product are reaching new highs, and, encouragingly, both the breadth and depth of Ascentivus prescriber base continue to strengthen. As a result, I am pleased to report that Ascentive has now exceeded 50% of its contribution to ADMA's total revenue, marking a significant milestone for our company and setting the stage for further anticipated favorable mixed ships to meet the growing demand for a Senate. We are implementing measures to increase the availability of high-titer raw material plastic, and we are continuing to shift production capacity towards a center.

Speaker Change: All forward looking demand kpis for the product are reaching new highs and encouragingly.

Speaker Change: Both the breadth and depth of incentives prescriber base continues to strengthen.

Speaker Change: As a result, I am pleased to report that incentive has now surpassed a 50% contribution to Adam is total revenue.

Speaker Change: A significant milestone for our company and setting the stage for further anticipated favorable mix shifts.

Adam Grossman: Our confidence in achieving these financial targets is underpinned by the rapid and continuous growth of our unique proprietary immunoglobulin incentives. All forward-looking demand KPIs for the product are reaching new highs, and encouragingly, both the breadth and depth of a incentives prescriber-grade base continues to strengthen. As a result, I am pleased to report that a incentive has now surpassed a 50% contribution to admist total revenue, marking a significant milestone for our company, and setting the stage for further anticipated favorable mixed shifts.

Adam Grossman: To meet the growing demand for a incentive, we are implementing measures to increase the availability of high-tider raw material plasma, and we are continuing to shift production capacity towards incentives. We are making progress with these initiatives, and when completed, we believe an incentive has the potential to contribute a significant majority to our total product revenue mix in due course.

Speaker Change: To meet the growing demand for.

Speaker Change: Incentives.

Speaker Change: We are implementing measures to increase the availability of high titer raw material plasma.

Speaker Change: And we are continuing to ship production capacity.

Speaker Change: Towards the assertive.

Adam Grossman: We are making progress with these initiatives, and when completed, we believe Ascentive has the potential to contribute a significant majority to our total product revenue mix in due course. To better understand Ascentive's unique position and growth potential within the $12 billion and growing U.S. immunoglobulin market, it is critical to consider our core focus on the 20,000 to 30,000 risk-stratified refractive immunodeficient patients who have exhausted multiple lines of therapy throughout their treatment.

Speaker Change: We are making progress with these initiatives and when completed we believe the Senate has the potential to contribute a significant majority to our total product revenue mix in due course.

Adam Grossman: To better understand an incentive's unique position and growth potential within the $12 billion and growing U.S. Immunoglobulin marches. These are critical to consider our core focus- on the 20 to 30,000 risk-stratified refractive immunodeficient patients who have exhausted multiple lines of therapy throughout their treatment journey. These patients suffer from complex comorbidities, have often failed multiple standard immunoglobulin therapies, and require additional concomitant medications. The unfortunate reality is these patients are regularly unable to conduct daily activities, including attending school or maintaining steady employment due to their complex health conditions, doctor's office visits, and hospitalizations. A sentence unique in proprietary composition has proven to be well suited to address the challenging real-world use cases.

Speaker Change: To better understand incentives unique position and growth potential within the $12 billion and growing U S immunoglobulin market.

Speaker Change: It is critical to consider our core focus on the 20 to 30000 risk stratified refractive immuno deficient patients who have exhausted multiple lines of therapy throughout their treatment journey.

Adam Grossman: To meet the growing demand for a incentive, we are implementing measures to increase the availability of high-tider raw material plasma, and we are continuing to shift production capacity towards incentives. We are making progress with these initiatives, and when completed, we believe a incentive has the potential to contribute a significant majority to our total product revenue mix and due course.

Speaker Change: These patients suffer from complex comorbidities.

Adam Grossman: These patients suffer from complex comorbidities, have often failed multiple standard immunoglobulin therapy, and require additional concomitant medication. The unfortunate reality is these patients are regularly unable to conduct daily activities, including attending school or maintaining steady employment due to their complex health conditions, doctor's office visits, and hospitalization.

Speaker Change: Have often failed multiple standard immunoglobulin therapies and require additional concomitant medications.

Speaker Change: The unfortunate reality is these patients are regularly unable to conduct daily activities, including attending school are maintaining steady employment due to their complex health conditions Doctors' office visits and hospitalizations.

Adam Grossman: To better understand a incentive's unique position and growth potential within the $12 billion and growing U.S. Immunoglobulin Marches. These are critical to consider our core focus- on the 20 to 30,000 risk-stratified refractive immunodeficient patients who have exhausted multiple lines of therapy throughout their treatment journey. These patients suffer from complex comorbidities, have often failed multiple standard immunoglobulin therapies, and require additional concomitant medications. The unfortunate reality is these patients are regularly unable to conduct daily activities, including attending school or maintaining steady employment due to their complex health conditions, doctor's office visits, and hospitalizations.

Speaker Change: <unk> unique and proprietary composition has proven to be well suited to address the challenging real world use cases.

Adam Grossman: The Senate's unique and proprietary composition has proven to be well suited to address challenging real-world use cases. To further illustrate, during the second quarter, we released a new patient video testimonial on the Ascentive product website, highlighting the remarkable treatment journey of a 17-year-old immunocompromised patient on IVIG therapy. His inspiring story of resilience has resonated deeply in both the clinical and commercial setting. The founding principles of ADMA were built precisely with patients like this in mind.

Adam Grossman: To further illustrate, during the second quarter, we released a new patient video testimonial on the Ascentive product website, highlighting the remarkable treatment journey of a 17-year-old immunocompromised patient on IVIG therapy. His inspiring story of resilience has resonated deeply in both the clinical and commercial settings. The founding principles of ADMA were built precisely with patients like this in mind, and it is these success stories that continue to fuel our organization to improve the lives of immune compromised patients. While we are proud of the growing number of patients treated with Ascentive to date, there is still much work to be done, and there are many patients we have yet to reach.

Speaker Change: To further illustrate during the second quarter.

Speaker Change: We released a new patient video testimonial on the incentive product website, highlighting the remarkable treatment journey of a 17 year old immuno compromised patients on IV therapy.

Speaker Change: His inspiring story of resilience has resonated deeply in both the clinical and commercial settings.

Speaker Change: The founding principles of Adama were built precisely with patients like this in mind.

Adam Grossman: And it is these success stories that continue to fuel our organization to improve the lives of immune-compromised patients. While we are proud of the growing number of patients treated with Ascentiv to date, there's still much work to be done, and there are many patients we have yet to reach. We estimate that a senate's current penetration within its core target market is less than 3% of the total addressable population, which has been largely governed by our ability to meet the outsized product demand.

Speaker Change: And it is these success stories that continue to fuel our organization to improve the lives of immune compromised patients.

Adam Grossman: A sentence unique in proprietary composition has proven to be well suited to address the challenging real-world use cases. To further illustrate, during the second quarter, we released a new patient video testimonial on the Ascentive product website, highlighting the remarkable treatment journey of a 17-year-old immunocompromised patient on IVIG therapy. His inspiring story of resilience has resonated deeply in both the clinical and commercial settings. The founding principles of ADMA were built precisely with patients like this in mind, and it is these success stories that continue to fuel our organization to improve the lives of immune compromised patients.

Speaker Change: While we are proud of the growing number of patients treated with incentive to date.

Speaker Change: There is still much work to be done and there are many patients we have yet to reach.

Adam Grossman: We estimate that Ascentive's current penetration within its core target market is less than 3% of the total addressable population, which has been largely governed by our ability to meet the outsized product demand. We are confident that the incremental additional penetration with Ascentive will accelerate near-term revenue and create substantial peak revenue opportunity beyond our 2025 guided baseline. In that context, I would like to say that all of us at ADMA are extremely focused and will work tirelessly to produce more Ascentive to meet the outsized demand. Ascentive is proving to be a unique and potentially life-changing treatment option for PI patients who had limited alternatives before it launched.

Speaker Change: We estimate that a sentence current penetration within its core target market is less than 3% of the total addressable population.

Speaker Change: Which has been largely governed by our ability to meet the outsized product demand.

Speaker Change: We are confident that the incremental additional penetration with the Senate will accelerate near term revenue.

Adam Grossman: We are confident that the incremental additional penetration with the Senate will accelerate near-term revenue and create substantial peak revenue opportunity beyond our 2025 Guided Baseline. In that context, I would like to say that all of us at ADMA are extremely focused and will work tirelessly to produce more incentives to meet the outside. The Center is proving to be a unique and potentially life-changing treatment option for PI patients who had limited alternatives before its launch.

Speaker Change: And create substantial peak revenue opportunity beyond our 2025 guided baseline.

Speaker Change: In that context, I would like to say that all of us at <unk> are extremely focused and will work tirelessly to produce more incentives to meet the outsized demand.

Adam Grossman: While we are proud of the growing number of patients treated with Ascentive to date, there is still much work to be done, and there are many patients we have yet to reach. We estimate that Ascentive's current penetration within its core target market is less than 3% of the total addressable population, which has been largely governed by our ability to meet the outsized product demand. We are confident that the incremental additional penetration with Ascentive will accelerate near-term revenue and create substantial peak revenue opportunity beyond our 2025 guided baseline.

Speaker Change: <unk> is proving to be a unique and potentially life changing treatment option for <unk> patients who have limited alternatives before its launch.

Adam Grossman: Given this context, our efforts to potentially enhance the needle-globulin production yields or innovations in our manufacturing processes have continued to advance in 2024. Recent commercial-scale production of our new processes demonstrated potential yield enhancement of approximately 20% more bulk drug from the same starting plasma. These initiatives are subject to further regulatory evaluation and review, and if approved, we anticipate realizing potentially transformative benefits, beginning as early as late next year, with revenue and earnings accretion then expected to accelerate over the course of the decade. As appropriate, we will formally guide to the magnitude and timing of these benefits as regulatory and operational developments progress.

Speaker Change: Given this context, our efforts to potentially enhance immunoglobulin production yields of innovations in our manufacturing processes have continued to advance in 2024.

Adam Grossman: Given this context, our efforts to potentially enhance immunoglobulin production yields through innovations in our manufacturing process have continued to advance in 2020. Recent commercial scale production of our new processes demonstrated potential yield enhancement of approximately 20% more bulk drug from the same starting class.

Speaker Change: Recent commercial scale production of our new processes demonstrated potential yield enhancement of approximately 20% more bulk drug from the same starting plasma.

Adam Grossman: In that context, I would like to say that all of us at ADMA are extremely focused, and will work tirelessly to produce more Ascentive to meet the outsized demand. Ascentive is proving to be a unique and potentially life-changing treatment option for PI patients who had limited alternatives before it launched. Given this context, our efforts to potentially enhance the needle-globulin production yields or innovations in our manufacturing processes have continued to advance in 2024.

Adam Grossman: These initiatives are subject to further regulatory evaluation and review, and if approved, we anticipate realizing potentially transformative benefits beginning as early as late next year, with revenue and earnings accretion then expected to accelerate over the course of the decade. As appropriate, we will formally guide to the magnitude and timing of these benefits as regulatory and operational developments progress. On the plasma supply front, our collection centers continue to perform well, which we believe positions us to meet increased production forecasts for our IG portfolio.

Speaker Change: These initiatives are subject to further regulatory evaluation and review and if approved we anticipate realizing potentially transformative benefits beginning as early as late next year with revenue and earnings accretion and then expect it to accelerate over the course of the decade.

Speaker Change: As appropriate we will formally guide to the magnitude and timing of these benefits as regulatory and operational developments progress.

Adam Grossman: Recent commercial-scale production of our new processes demonstrated potential yield enhancement of approximately 20% more bulk drug from the same starting plasma. These initiatives are subject to further regulatory evaluation and review, and if approved, we anticipate realizing potentially transformative benefits, beginning as early as late next year, with revenue and earnings accretion then expected to accelerate over the course of the decade.

Adam Grossman: On the plasma supply front, our collection centers continue to perform well, which we believe positions us to meet increased production forecasts for our IG portfolio. Hyperimmune plasma collections are increasing to support the growing demand, and collection volumes across our network are reaching new highs.

Speaker Change: On the plasma supply front, our collection centers continued to perform well, which we believe positions us to meet increased production forecast for our portfolio.

Adam Grossman: Hyperimmune plasma collections are increasing to support growing demand, and collection volumes across our network are reaching new highs. We believe we are well positioned for continued growth and innovation with a strong foundation for the future. Moving to ADMAlytics, our innovative AI and machine learning platform.

Speaker Change: Hyper immune plasma collections are increasing to support the growing demand and collection volumes across our network of reaching new highs.

Adam Grossman: We believe we are well positioned for continued growth and innovation, with a strong foundation for future success.

Speaker Change: We believe we are well positioned for continued growth and innovation with a strong foundation for future success.

Adam Grossman: Moving to AdMolitics, our innovative AI and machine learning platform, we successfully expanded implementation of the technology to our commercial operations during the second quarter. When fully implemented, we expect the rollout to further optimize our commercial growth strategy. Initiated in February of 2024, the staggered implementation of AdMolitics has already yielded impressive results, including increased production efficiency, enhanced visibility into the manufacturing process, optimized commercial planning, streamlined plasma cooling, and reduced variability in FTE hours. These efficiencies are expected to solidify our rapidly growing earnings outlook. Our portfolio of life-changing medicines provides significant benefits to patients, addressing diseases with unmet needs.

Speaker Change: Moving to add Melissa <unk>, our innovative AI and machine learning platform.

Adam Grossman: As appropriate, we will formally guide to the magnitude and timing of these benefits as regulatory and operational developments progress. On the plasma supply front, our collection centers continue to perform well, which we believe positions us to meet increased production forecasts for our IG portfolio. Hyperimmune Plasma Collections are increasing to support the growing demand and collection volumes across our network are reaching new highs. We believe we are well positioned for continued growth and innovation with a strong foundation for future success.

Adam Grossman: We successfully expanded implementation of the technology to our commercial operations during the second phase. When fully implemented, we expect the rollout to further optimize our commercial growth strategy, initiated in February of 2024. The staggered implementation of ADMAlytics has already yielded impressive results, including increased production efficiency, enhanced visibility into the manufacturing process, optimize commercial planning, streamline plasma cooling, and reduce variability and FTE hours.

Speaker Change: We successfully expanded implementation of the technology to our commercial operations during the second quarter.

Speaker Change: When fully implemented we expect the rollout to further optimize our commercial growth strategy.

Speaker Change: Initiated in February of 2024.

Speaker Change: The staggered implementation of analytics has already yielded impressive results, including increased production efficiency enhanced visibility into the manufacturing process optimized commercial planning streamline plasma pooling and reduced variability in FTE hours.

Adam Grossman: Moving to AdMolitics, our innovative AI and machine learning platform, we successfully expanded implementation of the technology to our commercial operations during the second quarter. When fully implemented, we expect the rollout to further optimize our commercial growth strategy. Initiated in February of 2024, the staggered implementation of AdMolitics has already yielded impressive results, including increased production efficiency, enhanced visibility into the manufacturing process, optimized commercial planning, streamlined plasma cooling, and reduced variability in FTE hours.

Adam Grossman: These efficiencies are expected to solidify our rapidly growing earnings outlook. Our portfolio of life-changing medicines provides significant benefits to patients with diseases with unmet needs. We are proud of the difference we make for patients, donors, and public health. Our accomplishments showcase the steadfast commitment and hard work of our exceptional team. We extend our heartfelt gratitude for your dedication, which drives our progress and significantly helps those we serve. It is this collaborative spirit that makes our workplace unique. And with that said, I'd now like to turn the call over to Brad for a review of the second quarter 2024 financial results.

Speaker Change: These efficiencies are expected to solidify a rapidly growing earnings outlook.

Speaker Change: Our portfolio of life changing medicines provides significant benefits to patients addressing diseases with unmet needs.

Adam Grossman: We are proud of the difference we make for patients, donors, and public health. Our accomplishments showcase the steadfast commitment and hard work of our exceptional team. To our employees, we extend our heartfelt gratitude for your dedication, which drives our progress and significantly helps those we serve. It is this collaborative spirit that makes our workplace unique.

Speaker Change: We are proud of the difference we make for patients donors and public health.

Speaker Change: Our accomplishments showcase the steadfast commitment and hard work of our exceptional team to.

Speaker Change: To our employees, we extend our heartfelt gratitude for your dedication, which drives our progress and significantly helps those we serve.

Speaker Change: It is this collaborative spirit that makes our workplace unique.

Adam Grossman: These efficiencies are expected to solidify our rapidly growing earnings outlook. Our portfolio of life-changing medicines provides significant benefits to patients addressing diseases with unmet needs. We are proud of the difference we make for patients, donors, and public health. Our accomplishments showcase the steadfast commitment and hard work of our exceptional team. To our employees, we extend our heartfelt gratitude for your dedication, which drives our progress and significantly helps those we serve.

Brad Tade: And with that said, I now like to turn the call over to Brad for our review of the second quarter, 2024 for Angels. Thank you, Adam. We issued a press release earlier today, outlining our second quarter, 2024, financial results. And we will also be issuing our second quarter 10-Q report later this afternoon, which we would encourage you to read in conjunction with the comments and discussion points we'll make during today's call. I'll now discuss some of the key financial highlights from the second quarter. As Adam mentioned, total revenues were $107.2 million for the quarter ended June 30, 2024, as compared to $60.1 million for the quarter ended June 30, 2023, an increase of $47.1 million, or approximately 78%.

Speaker Change: And with that said I'd now like to turn the call over to Brad for a review of our second quarter 2020 for financials.

Brad: Thank you Adam we issued a press release earlier today outlining our second quarter 2024 financial results and we will also be issuing our second quarter 10-Q report later this afternoon, which we would encourage you to read in conjunction with the comments and discussion points, we will make during today's call I will now disk.

Brad: We issued a press release earlier today outlining our second

Brad: We will also be issuing our second quarter 10-Q report later this afternoon, which we would encourage you to read in conjunction with the comments and discussion points we will make during today's call. Now, I will discuss some of the key financial highlights from the second quarter. As Adam mentioned, total revenues were $107.2 million for the quarter ended June 30, 2024, as compared to $60.1 million for the quarter ended June 30, 2023, an increase of $47.1 million, or approximately 78%.

Brad: In addition to the rapid growth of commercial product revenue during the second quarter, reported results were favorably impacted by an accrual reversal related to historical estimated U.S. Medicaid rebates for ADMA's immunoglobulin product. With the assistance of a review conducted with a third-party consultant during the quarter, ADMA recognized a $12.6 million increase in net revenues and a corresponding reduction.

Speaker Change: <unk> some of the key financial highlights from the second quarter.

Speaker Change: As Adam mentioned total revenues were $107 2 million for the quarter ended June 32024, as compared to $60 1 million for the quarter ended June 32023, an increase of $47 1 million or approximately 78%.

Adam Grossman: It is this collaborative spirit that makes our workplace unique.

Brad Tade: And with that said, I now like to turn the call over to Brad for our review of the second quarter, 2024 for Angels. Thank you, Adam. We issued a press release earlier today, outlining our second quarter, 2024, financial results. And we will also be issuing our second quarter, 10Q report, later this afternoon, which we would encourage you to read in conjunction with the comments and discussion points we'll make during today's call.

Brad Tade: In addition to the rapid growth of commercial product revenue during the second quarter, reported results were favorably impacted by an accrual reversal related to historical estimated U.S. Medicaid rebates for Adma's immunoglobulin products. With the assistance of a review conducted with a third-party consultant during the quarter, Adma recognized a $12.6 million increase to net revenues and a corresponding reduction in the accrual balance. By way of background, certain of Adma's legacy accrual methodologies were developed at the time of commercial launch in the second half of 2019 for incentives and dividends. A time and Adma's commercial evolution when there existed customary uncertainties inherent to initial commercial drug launches that lack in history.

Speaker Change: In addition to the rapid growth of commercial product revenue during the second quarter reported results were favorably impacted by an accrual reversal related to historical estimated U S. Medicaid rebates for Atmos immunoglobulin products.

Brad Tade: I'll now discuss some of the key financial highlights from the second quarter. As Adam mentioned, total revenues were $107.2 million for the quarter ended June 30, 2024, as compared to $60.1 million for the quarter ended June 30, 2023, an increase of $47.1 million or approximately 78%. In addition to the rapid growth of commercial product revenue during the second quarter, reported results were favorably impacted by an accrual reversal related to historical estimated U.S. Medicaid rebates for Adma's immunoglobulin products.

Speaker Change: With the assistance of a review conducted with a third party consultant during the quarter Admah recognized a $12 6 million increase to net revenues and a corresponding reduction in the accrual balance by way of background certain of admin legacy accrual methodologies were developed at the time.

Brad: can be a cruel ballot.

Brad: By way of background, certain of ADMA's legacy accrual methodologies were developed at the time of commercial launch in the second half of 2019 for Ascentive and Divigan, a time in ADMA's commercial evolution when there existed customary uncertainties inherent to initial commercial drug launches that lack any operating history. Drawing from the last two years of significant commercial growth and product utilization for Ascentos and BibGAP, we are confident that our newly implemented methodologies are appropriate on a go-forward basis.

Speaker Change: The commercial launch in the second half of 2019 for incentives and did again, a timing atmos commercial evolution when theyre existed customary uncertainties inherent to initial commercial drug launches that lack any operating history.

Brad Tade: With the assistance of a review conducted with a third-party consultant during the quarter, Adma recognized a $12.6 million increase to net revenues and a corresponding reduction in the accrual balance. By way of background, certain of Adma's legacy accrual methodologies were developed at the time of commercial launch in the second half of 2019 for incentives and dividends. A time and Adma's commercial evolution when there existed customary uncertainties inherent to initial commercial drug launches that lack in History.

Brad Tade: Drawing from the last two years of significant commercial growth and product utilization for our Seniors and Dividends, we are confident that our newly implemented methodologies are appropriate on a go-forward basis.

Speaker Change: Drawing from the last two years of significant commercial growth and product utilization for incentives and David Yeah. We are.

Speaker Change: <unk> that our newly implemented methodologies are appropriate on a go forward basis to reiterate Adam's earlier remarks, while this accrual reversal is nonrecurring in nature the strength of our underlying business trends are such that we are confident in our ability to build on this newly established financial.

Brad: To reiterate Adam's earlier remarks, while this accrual reversal is non-recurring in nature, the strength of our underlying business trends is such that we are confident in our ability to build on this newly established financial baseline and grow both revenue and earnings in the periods ahead. Gap gross profits were $57.5 million for the quarter ended June 30, 2024, as compared to $16.7 million for the quarter ended June 30, 2023, an increase of $40.8 million.

Brad Tade: To reiterate, Adam's earlier remarks, while this a cool reversal is non-recurring in nature, the strength of our underlying business trends are such that we are confident in our ability to build on this newly established financial baseline and grow both revenue and earnings in the period ahead. Gap Gross' profits were $57.5 million for the quarter ended June 30, 2024, as compared to $16.7 million for the quarter ended June 30, 2023, an increase of $40.8 million or an approximate 244 percent growth rate. As a result, ADMA achieved a corporate gross margin of 53.6 percent in the second quarter of 2024, as compared to 27.8 percent in the second quarter of 2023.

Adam Grossman: Slide and growth both revenue and earnings in the periods ahead.

Speaker Change: GAAP gross profits were $57 5 million for the quarter ended June 32024, as compared to $16 7 million.

Brad Tade: Drawing from the last two years of significant commercial growth and product utilization for our Seniors and Dividends, we are confident that our newly implemented methodologies are appropriate on a go-forward basis. To reiterate, Adam's earlier remarks, while this a cool reversal is non-recurring in nature, the strength of our underlying business trends are such that we are confident in our ability to build on this newly established financial baseline and growth both revenue and earnings in the period ahead.

Speaker Change: For the quarter ended June 32023, an increase of $48 million or.

Brad: For an approximate 244% growth rate.

Speaker Change: Or an approximate 244% growth rate.

Brad: As a result, ADMA achieved a corporate gross margin of 53.6% in the second quarter of 2024 as compared to 27.8% in the second quarter of 2023. As we progress further into 2024, we believe we are just beginning to generate financial results that demonstrate the distinct operating leverage that our business is capable of realizing. As our revenue continues to grow, and fixed expenses are tightly managed during the second quarter.

Speaker Change: As a result achieved a corporate gross margin of 53, 6% in the second quarter of 2024 as compared to 27, 8% in the second quarter of 2023.

Brad Tade: As we progress further into 2024, we believe we are just beginning to generate financial results that demonstrate, with distinct operating leverage, that our business is capable of realizing. As our revenue continues to grow, and fixed expenses are tightly managed. During the second quarter, adjusted EBITDA was $44.5 million as compared to adjusted EBITDA of $6.4 million for the quarter ended June 30, 2023, an increase of $38.1 million, or nearly 600 percent. Additionally, Gap net income was $32.1 million for the quarter ended June 30, 2024, compared to a Gap net loss of $6.4 million for the quarter ended June 30, 2023.

Speaker Change: As we progressed further into 2024, we believe we are just beginning to generate financial results that demonstrate the distinct operating leverage that our business is capable of realizing.

Brad Tade: Gap Gross' profits were $57.5 million for the quarter ended June 30, 2024, as compared to $16.7 million for the quarter ended June 30, 2023, an increase of $40.8 million or an approximate 244 percent growth rate. As a result, ADMA achieved a corporate gross margin of 53.6 percent in the second quarter of 2024, as compared to 27.8 percent in the second quarter of 2023. As we progress further into 2024, we believe we are just beginning to generate financial results that demonstrate with distinct operating leverage that our business is capable of realizing.

Speaker Change: As our revenue continues to grow and fixed expenses are tightly managed during the second quarter adjusted EBITDA was $44 5 million.

Brad: Adjusted EBITDA was $44.5 million, as compared to adjusted EBITDA of $6.4 million for the quarter ended June 30, 2023, an increase of $38.1 million, or nearly 600%. Additionally, GAAP net income was $32.1 million for the quarter ended June 30, 2024, compared to a GAAP net loss of $6.4 million for the quarter ended June 30, 2023. Based on the robust $43.4 million of free cash flow generated in the second quarter and the significant adjusted EBITDA growth, the company's current net leverage ratio has organically improved to approximately 0.26, annualizing the second quarter results.

Speaker Change: As compared to adjusted EBITDA of $6 4 million for.

Speaker Change: For the quarter ended June 32023.

Speaker Change: An increase of $38 1 million.

Speaker Change: Our nearly 600%. Additionally, GAAP net income was $32 1 million for the quarter ended June 32024, compared to a GAAP net loss of $6 4 million.

Speaker Change: For the quarter ended June 32023.

Brad Tade: As our revenue continues to grow, and fixed expenses are tightly managed. During the second quarter, adjusted EBITDA was $44.5 million as compared to adjusted EBITDA of $6.4 million for the quarter ended June 30, 2023, an increase of $38.1 million or nearly 600 percent. Additionally, Gap Net income was $32.1 million for the quarter ended June 30, 2024, compared to a Gap Net loss of $6.4 million for the quarter ended June 30, 2023.

Brad Tade: Based on the robust $43.4 million of free cash flow generated in the second quarter and the significant adjusted EBITDA growth, the company's current net leverage ratio has organically improved to approximately 0.26, annualizing second quarter results. We anticipate the balance sheet will continue to strengthen over the kind of areas augmented by forecasted free cash flow and growing adjusted EBITDA.

Speaker Change: Based on the robust $43 $4 million of free cash flow generated.

Speaker Change: In the second quarter and the significant adjusted EBITDA growth. The Companys current net leverage ratio has organically improved to approximately two six annualized Inc. Second quarter results.

Brad: We anticipate the balance sheet will continue to strengthen over the coming years, augmented by forecasted pre-cash flow and growing adjusted EBIT. With that, I'll now turn the call back over to Adam. Thank you, Brad.

Speaker Change: We anticipate the balance sheet will continue to strengthen over the coming periods augmented by forecasted free cash flow and growing adjusted EBITDA with that I'll now turn the call back over to Adam for closing remarks.

Adam Grossman: With that, I'll now turn the call back over to Adam with closing remarks. Thank you, Brett. Our commitment to innovation and performance continues to drive significant growth and value creation, which we believe positions our company for enduring success. Over the remainder of 2024 and into 25, we anticipate continued revenue growth and favorable mixed shifts, leading an earnings profile that positions as one of the fastest growing and profitable biopharma companies in the United States. With net debt to adjusted EBITDA approaching zero, we believe we are embarking on the next phase of our growth cycle from a position of strength.

Adam Grossman: Thank you Brad.

Adam Grossman: Our commitment to innovation and performance continues to drive significant growth and value creation, which we believe positions our company for enduring success.

Adam Grossman: Our commitment to innovation and performance continues to drive significant growth and value creation, which we believe positions our company for enduring success. Over the remainder of 2024 and into 2025, we anticipate continued revenue growth and favorable mix shift leading to an earnings profile that positions ADMA as one of the fastest growing and profitable biopharmaceutical companies in the United States, with net debt to adjusted EBITDA approaching zero. We believe we are embarking on the next phase of our growth cycle from a position of strength.

Brad Tade: Based on the robust $43.4 million of free cash flow generated in the second quarter and the significant adjusted EBITDA growth, the company's current net leverage ratio has organically improved to approximately 0.26 annualizing second quarter results. We anticipate the balance sheet will continue to strengthen over the kind of areas augmented by forecasted free cash flow and growing adjusted EBITDA.

Speaker Change: Over the remainder of 2024 and into 'twenty five we anticipate continued revenue growth and favorable mix shift leading an earnings profile that positions add Matt is one of the fastest growing and profitable biopharma companies in the United States.

Adam Grossman: With net debt to adjusted EBITDA approaching zero.

Speaker Change: We believe we are embarking on the next phase of our growth cycle from a position of strength. We are committed to further fortifying our balance sheet, reducing the cost of capital and maximizing shareholder value.

Adam Grossman: With that, I'll now turn the call back over to Adam with closing remarks. Thank you, Brett. Our commitment to innovation and performance continues to drive significant growth and value creation, which we believe positions our company for enduring success. Over the remainder of 2024 and into 25, we anticipate continued revenue growth and favorable mixed shifts leading an earnings profile that positions as one of the fastest growing and profitable biopharma companies in the United States.

Adam Grossman: We are committed to further fortifying our balance sheet, reducing the cost of capital, and maximizing shareholder value. Looking beyond 2025, we plan on leveraging our innovative commercial model, specialty manufacturing, and R&D platform to unlock a potential peak revenue and earnings opportunity reaching levels which may be multi-fold higher than our currently provided financial guidance. We expect to formally provide longer-term guidance as internal developments unfold.

Adam Grossman: We are committed to further fortifying our balance sheet, reducing the cost of capital, and maximizing shareholder value. Looking beyond 2025, we plan on leveraging our innovative commercial model specialty manufacturing and R&D platform to unlock a potential peak revenue and earnings opportunity reaching levels which may be multifold higher than our currently provided financial guidance. We expect to formally provide longer-term guidance as internal developments unfold. Thank you for your continued support and dedication. Together, we will continue to write the story of ADMA's unique success. With that, we'll now open up the call for questions. Operator. Thank you.

Speaker Change: Looking beyond 2025, we plan on leveraging our innovative commercial model specialty manufacturing and R&D platform to.

Adam Grossman: To unlock a potential peak revenue and earnings opportunity, reaching levels, which may be multi fold higher than are currently provided financial guidance.

Adam Grossman: We expect to formally provide longer term guidance as internal developments unfold.

Adam Grossman: With net debt to adjusted EBITDA approaching zero, we believe we are embarking on the next phase of our growth cycle from a position of strength. We are committed to further fortifying our balance sheet, reducing the cost of capital and maximizing shareholder value.

Adam Grossman: Thank you for your continued support and dedication. Together, we will continue to write the story of ADMA's unique success.

Adam Grossman: Thank you for your continued support and dedication.

Speaker Change: Together, we will continue to write the story of admin unique success.

Unknown Executive: With that, we'll now open up the call for questions, Operator. Thank you. At this time, we will conduct a question-and-answer session.

Speaker Change: With that we'll now open up the call for questions.

Adam Grossman: Operator.

Adam Grossman: Looking beyond 2025, We plan on leveraging our innovative commercial model, specialty manufacturing and R&D platform to unlock a potential peak revenue and earnings opportunity reaching levels which may be multi-fold higher than our currently provided financial guidance. We expect to formally provide longer-term guidance as internal developments unfold. Thank you for your continued support and dedication. Together, we will continue to write the story of ADMA's unique success.

Speaker Change: Thank you.

Operator: Thank you. At this time, we will conduct the question and answer session. To ask a question, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A list. Our first question comes from the line of Anthony Petrone, with Meanwhile America. Your line is now open.

Speaker Change: At this time, we will conduct a question and answer session.

Unknown Executive: To ask the question, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster.

Speaker Change: To ask a question you will need to press star one on your telephone and wait for your name to be announced towards dry. Your question. Please press star one one.

Speaker Change: Please standby, while we compile the Q&A roster.

Speaker Change: Okay.

Unknown Executive: With that, we'll now open up the call for questions, operator. Thank you.

Anthony Petrone: Our first question, constantly line of Anthony Petrone. With me, while America, your line is now open.

Speaker Change: Our first question.

Adam Grossman: Comes from the line of Anthony Petrone.

Unknown Executive: At this time, we will conduct a question-and-answer session. To ask the question, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster.

Speaker Change: Let's move now Americas. Your line is now open.

Anthony Petrone: How are you doing? All right.

Anthony Petrone: How are you doing? Thank you, and congratulations, Adam, and to the rest of the ADMA Biologics team. Obviously, a very impressive performance. The first time I've seen an oppressed release plus 600% growth in adjusted EBITDA, so obviously a milestone quarter on the top and bottom line. Congratulations. Maybe to start, we're counting now six consecutive quarters here of a beaten race, Adam, and we're at the midpoint of 2024, and the company's been good in updating the two-year forward outlook for 24 and 25. If we back out the accrual of $12 million in the quarter, that base top line rate is growing 58%.

Anthony Petrone: How are you doing.

Anthony Petrone: Thank you and congratulations Adam and to the rest of the ADMA Biologics team. It was obviously a very impressive performance.

Speaker Change: Thank you and congratulations Adam and to the rest of the Admiral Biologics team.

Anthony Petrone: It's the first time I've seen 600% growth in adjusted EBITDA in a press release plus 600% growth in adjusted EBITDA. So obviously, a milestone quarter on the top and bottom lines, congratulations. Maybe to start, we're now counting six consecutive quarters here of a beaten race, Adam.

Anthony Petrone: Obviously, a very impressive performance in the first time I have seen in our press release.

Speaker Change: 600% growth in adjusted EBITDA, So obviously, a milestone quarter on the top and Bottomline congratulations.

Anthony Petrone: To start.

Speaker Change: We're counting now six consecutive quarters here.

Anthony Petrone: Our first question, constantly line of Anthony Petrone. With me, while America, your line is now open. How are you doing?

Speaker Change: Of a beat and raise Adam.

Anthony Petrone: You know, we're at the midpoint of 2024, and the company's been good at updating the two-year forward outlook for 2024 and 2025. You know, if we back out the accrual of $12 million in the quarter, you know, that base top line rate is growing 58%. You're obviously levering the P&L to higher profitability levels. Give us a little bit of an idea of what maybe a longer-range plan looks like beyond 2025.

Speaker Change: We're at the mid point of 2024, and the company has been.

Speaker Change: Good and updating the two year forward outlook for 'twenty four 'twenty five.

Anthony Petrone: Thank you, and congratulations, Adam, and to the rest of the ADMA Biologics team. Obviously, a very impressive performance. The first time I've seen an oppressed release plus 600% growth in adjusted EBITDA, so obviously a milestone quarter on the top and bottom line, congratulations. Maybe to start, we're counting now six consecutive quarters here of a beaten race, Adam, and we're at the midpoint of 2024, and the company's been good in updating the two-year forward outlook for 24 and 25. If we back out the accrual of $12 million in the quarter, that base top line rate is growing 58%. You're obviously leveraging the P&L to higher profitability levels.

Anthony Petrone: If we back out the accrual of $12 million in the quarter.

Anthony Petrone: <unk> topline rate is growing 58% here, obviously levering the P&L to higher profitability levels.

Anthony Petrone: You're obviously leveraging the P&L to higher profitability levels.

Anthony Petrone: Give us a little bit of an idea of what maybe a longer-range plan looks like beyond 2025. How sustainable is the makeshift to Asanaev? What do you think the sort of go-forward growth profile of this company could be?

Speaker Change: Give us a little bit of an idea of what may be a longer range plan looks like beyond 2025.

Anthony Petrone: You know, how sustainable is the makeshift to incentive? What do you think the, you know, sort of go forward growth profile of this company could be? And if you have any thoughts on peak margin potential, that would be helpful, and I'll have a follow-up.

Speaker Change: How sustainable is the mix shift to incentive.

Speaker Change: What do you think the sort of go forward.

Anthony Petrone: Both profile of this company could be.

Anthony Petrone: And if you have any thoughts on a peak margin potential, that would be helpful, and I'll have a follow-up.

Speaker Change: And if you have any thoughts on a peak margin potential that would be helpful.

Speaker Change: The follow up.

Adam Grossman: Thanks, Anthony. We really appreciate it. I mean, look, it's a lot of the same story that you've heard me talk about for the last six-plus calendar quarters. We've got a great team here; the company's working very efficiently, and honestly, this is what happened. I really believe when you make a good product, that helps people. So we're very proud of all the work that we're doing.

Speaker Change: Thanks, Anthony we really appreciate it I mean look it's there's a lot of the same story that you've heard me talk about for the last.

Adam Grossman: Thanks, Anthony. We really appreciate it. It's a lot of the same story that you've heard me talk about for the last... You know, six plus calendar quarters. We've got a great team here. The company's working very efficiently. And honestly, that's what happened.

Speaker Change: <unk> plus calendar quarters.

Speaker Change: We've got a great team here the company is working very efficiently and honestly. This is what happened, but I really believe when you make a good product that helps people. So we're very proud of all the work that we're doing.

Adam Grossman: Give us a little bit of an idea of what maybe a longer-range plan looks like beyond 2025. How sustainable is the makeshift to Asanaev? What do you think the sort of go-forward growth profile of this company could be? And if you have any thoughts on a peak margin potential, that would be helpful, and I'll have a follow-up. Thanks, Anthony. We really appreciate it. I mean, look, it's a lot of the same story that you've heard me talk about for the last six-plus calendar quarters.

Adam Grossman: I really believe that when you make a good product, that helps people. So we're very proud of all the work that we do. You know, you're asking me a question for forward guidance, and that's your job. We feel good about the guidance that we've given. We feel like we've taken the same approach to guidance that we've always taken.

Adam Grossman: You're asking me a question for forward guidance, and that's your job. We feel good about the guidance that we've given. We feel like we've taken the same approach to guidance that we've always taken. But what I'll say is something that I've said in the past. Our goal here, and the goal has always been to make as much a center as we possibly can.

Speaker Change: Youre asking me a question for forward guidance and that's our job.

Speaker Change: We feel good about the guidance that we've given we feel like we've taken the same approach to guidance that we've always taken but what I'll say is is something that I've said in the past.

Adam Grossman: But what I'll say is, is something that I've said in the past, you know, our goal here, and the goal has always been to make as much of the Senate as we possibly can. We're proud to be in a place where we can announce that Ascentive has passed the 50% contribution for the mix of our therapy business unit products, and we think Ascentive can continue to grow and drive our forward-looking top-line and bottom-line growth throughout the rest of this decade and into the future.

Speaker Change: Our goal here and the goal has always been to make as much incentive as we possibly can.

Adam Grossman: we can't. We're proud to be in a place where we can announce that an incentive has passed a 50% contribution for the mix of our therapy business unit products, and we think an incentive can continue to grow and drive our forward-looking top line and bottom line growth, you know, throughout the rest of this decade and into the future. You know, as we've said, we've got IT protection in the mid-2030s, and we believe that we're making a product that is truly differentiated, and we've identified appropriate use. I have said in the past that look, we've got a roughly 500, 600,000 liter capacity plant here.

Speaker Change: We're proud to be in a place where we can announce that incentives.

Adam Grossman: We've got a great team here, the company's working very efficiently, and honestly, this is what happened. I really believe when you make a good product, that helps people. So we're very proud of all the work that we're doing. You're asking me a question for forward guidance, and that's your job. We feel good about the guidance that we've given. We feel like we've taken the same approach to guidance that we've always taken.

Speaker Change: Has passed the 50% contribution.

Speaker Change: The mix of our therapy business unit products, and we think a sedative can continue to grow and drive our forward looking Todd.

Speaker Change: Topline and Bottomline growth.

Speaker Change: Throughout the rest of this decade and into the future.

Adam Grossman: As we've said, we've got IP protection into the mid-2030s, and we believe that we're making a product that is truly differentiated, and we've identified appropriate uses. I have said in the past that look, we've got a roughly 500, 600,000 liter capacity plant here. If you take the plasma math at, you know, four grams per liter, you can roughly produce two, two and a half million grams of IG in this plant. If all of it was assented, you're looking at a billion, 2 billion, maybe more than that in total peak revenues.

Speaker Change: As we've said we've got IP protection into the mid 2000, <unk> and we believe that we're making a product that is truly differentiated and we've identified appropriate use.

Adam Grossman: But what I'll say is something that I've said in the past. Our goal here, and the goal has always been to make as much a center as we possibly, we can't. We're proud to be in a place where we can announce that a incentive has passed a 50% contribution for the mix of our therapy business unit products and we think a incentive can continue to grow and drive our forward-looking top line and bottom line growth, you know, throughout the rest of this decade and into the future.

Speaker Change: I have said in the past that look we've got a roughly.

Speaker Change: Roughly 500 600000 liter capacity plants here you take the plasma math at four grams per liter you can roughly produced two $2 5 million grams of IAG.

Adam Grossman: You take the plasma map; you know, 4 grams per liter. You can roughly produce 2, 2 and a half million grams of IG in this plant. All of it was an incentive. You're looking at a billion, two billion, maybe more than that in total peak revenues.

Speaker Change: In this plant all of it was assertive youre looking at 1 billion $2 billion, maybe more than that in total peak revenues now again I've said this before I'm not guiding to that I'm, not saying that that is going to happen but.

Adam Grossman: Now, again, I've said this before; I'm not guiding you to that. I'm not saying that that is going to happen. But, this is what we are here to do. You know, one of my folks here said, you know, this is why we started the company. This is why we've worked so hard and jumped through all the hoops and hurdles that have come our way. You know, we really believe that we have an opportunity to change outcomes for patients.

Adam Grossman: Now, again, I've said this before; I'm not guiding to that. I'm not saying that that is going to happen, but this is what we are here to do. You know, one of my folks here said, "you know, this is why we started the company." This is why we've worked so hard and jumped through all the hoops and hurdles that have come our way. You know, we really believe that we've got an opportunity to change outcomes for patients. We're working really hard to collect more plasma. That's been the governor of really the growth here. It's our ability to collect more plasma, and you see that we're growing quarter of recorder.

Adam Grossman: You know, as we've said, we've got IT protection in the mid-2030s and we believe that we're making a product that is truly differentiated and we've identified appropriate use. I have said in the past that look we've got a roughly 500, 600,000 liter capacity plant here. You take the plasma map, you know, 4 grams per liter. You can roughly produce 2, 2 and a half million grams of IG in this plant. All of it was a incentive.

Speaker Change: This is what we are here to do.

Speaker Change: One of one of my folks here said. This is this is why we started the company. This is why we work so hard and jumped through all the.

Speaker Change: The hoops and hurdles that has come our way, we really believe that we've got an opportunity to change outcomes for patients.

Adam Grossman: We're working really hard to collect more plasma. That's been the governor of growth here. It's our ability to collect more plasma, and you see that we're growing quarter over quarter. We're collecting more plasma, and our centers are working more efficiently than ever before. Our third-party supply contracts have been performing very, very well. But forward-looking demand continues to outpace supply. And quite frankly, that's what's driving our optimism going forward. So we believe that we've got visibility into the most compelling, you know, growth.

Speaker Change: We're working really hard to.

Speaker Change: Collect more plasma that's been the governor.

Adam Grossman: You're looking at a billion, two billion, maybe more than that in total peak revenues. Now, again, I've said this before, I'm not guiding to that. I'm not saying that that is going to happen but this is what we are here to do. You know, one of my folks here said, you know, this is why we started the company. This is why we've worked so hard and jumped through all the hoops and hurdles that have come our way.

Speaker Change: Really the growth here is our ability to collect more plasma and you'll see that we're growing quarter over quarter. We're collecting more plasma our centers are working more efficiently than ever before our third party supply contracts hasn't had been performing very very well, but the forward looking demand continues to outpace supply in and quite frankly.

Adam Grossman: We're collecting more plasma. Our centers are working more efficiently than ever before. Our third party supply contracts have been performing very, very well. But the forward-looking demand continues to outpace supply, and quite frankly, that's what's driving our optimism going forward. We believe that we've got visibility into the most compelling growth story in the sector right now. I mean, obviously it's at a different scale here. But as we look over the next several years into the back part of the decade, we see a great, great outlook ahead, especially in light of the contribution from yield enhancement, which we announced today for the first time.

Speaker Change: That's that's what's driving our optimism going forward so.

Speaker Change: Sure.

Adam Grossman: You know, we really believe that we've got an opportunity to change outcomes for patients. We're working really hard to collect more plasma. That's been the governor of really the growth here. It's our ability to collect more plasma and you see that we're growing quarter of recorder. We're collecting more plasma. Our centers are working more efficiently than ever before. Our third party supply contracts have been performing very, very well. But the forward-looking demand continues to outpace supply and quite frankly, that's what's driving our optimism going forward.

Speaker Change: We believe that we've got visibility into the most compelling.

Speaker Change: Growth story.

Adam Grossman: Now, I mean obviously it's at a different scale here, but as we look at with the 4 over the next several years into the back part of the 5 decades, we see a great, great outlook ahead, especially in over the next several years into the 5 what they see Great, Outlook in 7 Problems. light of knowledge we see Great,-Look ahead. contribution from guild enhancement, which the light of is Yee

Speaker Change: The sector right now I mean, obviously, it's at a different scale here, but as we look over the next several years into the back part of the decade.

Speaker Change: We see great great outlook ahead, especially in light of.

Speaker Change: The contribution from yield enhancement, which we announced today for.

Speaker Change: For the first time, so very proud of it hopefully that answers your question.

Adam Grossman: So very proud of it all.

Anthony Petrone: Hopefully, that answers your question.

Anthony Petrone: Absolutely, and just a quick follow-up on Ascentive, maybe a little bit on the patient experience. I think it would be helpful.

Anthony Petrone: Absolutely. And just a quick follow-up on Asana, you know, maybe a little bit just on the patient experience. I think it would be helpful.

Speaker Change: Absolutely and just a quick follow up on <unk>, maybe a little bit just on the patient experience.

Adam Grossman: We believe that we've got visibility into the most compelling growth story in the sector right now. I mean, obviously it's at a different scale here. But as we look over the next several years into the back part of the decade, we see great, great outlook ahead, especially in light of the contribution from yield enhancement, which we announced today for the first time. So very proud of it all. Hopefully that answers your question. Absolutely.

Speaker Change: It would be helpful.

Adam Grossman: In other words, you know, to highly compromise patient, maybe give us an idea like how often are these patients hospitalized when they're not on Asana? And you know, to what extent do you see just an improvement in the time between exacerbations? Like how stabilized do these patients get once they're on Asana? Thanks again. Congratulations. Thank you, Anthony. So, you know, every immune compromised patient is different. Everybody's treatment journey, everybody's path to getting on IG has been different. Everybody responds to IG and the environment differently.

Anthony Petrone: In other words, you know, it's a highly compromised patient. Maybe give us an idea like how often these patients are hospitalized when they're not on incentive? And, you know, to what extent do you see just an improvement in the time between exacerbations, like how stabilized do these patients get once they're on Ascentive.

Speaker Change: In other words.

Speaker Change: Highly compromised patient.

Speaker Change: Maybe give us an idea like how often are these patients hospitalized when theyre not on SNF.

Speaker Change: And to what extent do you see just an improvement in the time between exacerbations like how stabilized.

Anthony Petrone: Do these patients get once they are on a Senate. Thanks again, congratulations thank you Anthony so.

Adam Grossman: Thank you, Anthony. So, you know, every immune compromised patient is different. Everybody's treatment journey, everybody's path to getting on IG has been different. Everybody responds to IG and the environment differently. So it's really hard to give you a very succinct answer there.

Adam Grossman: Thanks again. Congratulations. Thank you, Anthony. So, you know, every

Speaker Change: Every immune compromised patients is different everybody's treatment journey everybody's path to getting on IAG has been different everybody responds to <unk> and the environment differently. So it's really hard to give you a very succinct answer.

Adam Grossman: And just a quick follow-up on Asana, you know, maybe a little bit just on the patient experience. I think it would be helpful. In other words, you know, to highly compromise patient, maybe give us an idea like how often are these patients hospitalized when they're not on Asana? And you know, to what extent do you see just an improvement in the time between exacerbations? Like how stabilized do these patients get once they're on Asana?

Adam Grossman: So it's really hard to give you a very succinct answer there. But, you know, the patients are immune compromised. They've got primary immunodeficiency, again, one of 300, 400 different genetic diseases that affect your body's ability to produce antibody in IG replaces those antibodies through passive immunocropyl access. They're looking at every three to four weeks for the rest of their life. They remain on IG.

Adam Grossman: But, you know, the patients are immune compromised; they've got primary immune deficiency, again, one of 300, 400 different genetic diseases that affect your body's ability to produce antibodies, and IG replaces those antibodies through passive immunoprophylaxis. They're looking at every three to four weeks for the rest of their life; they remain on IG. You know, we're very proud of our patient testimonial videos, and I spoke about them during the prepared remarks. I really think that the most recent patient testimonial clearly identifies who we're trying to help. We quantified it in the prepared remarks.

Speaker Change: Bigger, but the patients are.

Speaker Change: Immune compromised it got primary immune deficiency again, one of 300 400 different genetic diseases that affect your body's ability to produce antibody and it replaces.

Anthony Petrone: Those those antibodies through passive immuno prophylaxis, they're looking at every three to four weeks for the rest of their lives they remain on IAG.

Adam Grossman: Thanks again, congratulations. Thank you, Anthony. So, you know, every immune compromised patient is different. Everybody's treatment journey, everybody's path to getting on IG has been different. Everybody responds to IG and the environment differently. So it's really hard to give you a very succinct answer there. But, you know, the patients are immune compromised. They've got primary immunodeficiency, again, one of 300, 400 different genetic diseases that affect your body's ability to produce antibody in IG replaces those antibodies through passive immunocropyl access.

Speaker Change: We are.

Adam Grossman: We are very proud of our patient testimonial videos, and I spoke about it during the prepared remarks. I really think that the most recent patient testimonial clearly identifies who we're trying to help. We quantified it in the prepared remarks. There are about 20 to 30,000 of the overarching 200 to 300, 400,000 patients with TI in the United States. We're targeting this 20 to 30%, and these are patients that really have failed multiple lines of therapy. They've received other globulums and have not done well. They've had their dose increased. We're penetrated roughly about 3%, a little less than 3% at this time, and we know where the patients are.

Speaker Change: We're very proud of our patient testimonial videos and I spoke about it during the prepared remarks.

Speaker Change: I really think that that the most recent patient testimonial clearly identify who were trying to help we quantified it in the prepared remarks, there are about 20% to 30000 of the overarching $200.

Adam Grossman: There are about 20 to 30,000 of the overarching 200 to 300, 400,000 patients with TI in the United States. We're targeting this 20 to 30 percent. And these are patients that really have failed multiple lines of therapy. They have received other immunoglobulins and have not done well.

Speaker Change: 300, 400000 patients with Ti in the United States, we're targeting this 20% to 30% and.

Adam Grossman: They're looking at every three to four weeks for the rest of their life. They remain on IG. We are very proud of our patient testimonial videos and I spoke about it during the prepared remarks. I really think that the most recent patient testimonial clearly identifies who we're trying to help. We quantified it in the prepared remarks. There are about 20 to 30,000 of the overarching 200 to 300, 400,000 patients with TI in the United States.

Speaker Change: These are patients that really have failed multiple lines of therapy. They perceived other immunoglobulins and have not done well they've had their dose increased.

Adam Grossman: They've had their dose increased. You know, we're penetrated roughly about three percent, a little less than three percent at this time. And we know where the patients are. We've got lists of patients, and we know doctors that want to put patients on therapy.

Speaker Change: We are penetrated roughly about 3% or a little less than 3% at this time and we.

Speaker Change: We know where the patients are <unk> got less of patients and we know docks and one of the patients on therapy.

Adam Grossman: We've got lists of patients, and we know docs that want to put patients on therapy. We've identified the regions for growth. We really feel that we're in a great position to capitalize on the great real-world outcomes that doctors and patients have experienced with this, and we're working very closely with the payers to ensure coverage. It's all pulling into place. Again, I've said this before. I know I sound like a broken record, but we feel it's the early days for us. We feel that we're really just beginning here, and we're looking forward to the future.

Speaker Change: <unk> identified.

Adam Grossman: We've identified the regions for growth. We really feel that we're in a great position to capitalize on the great real-world outcomes that doctors and patients have experienced with this. And we're working very closely with the payers to ensure coverage.

Speaker Change: The regions for growth, we really feel that we are in a great position.

Speaker Change: To capitalize on the great.

Adam Grossman: We're targeting this 20 to 30% and these are patients that really have failed multiple lines of therapy. They've received other globulums and have not done well. They've had their dose increased. We're penetrated roughly about 3% a little less than 3% at this time and we know where the patients are. We've got lists of patients and we know docs that want to put patients on therapy. We've identified the regions for growth. We really feel that we're in a great position to capitalize on the great real world outcomes that doctors and patients have experienced with this and we're working very closely with the payers to ensure coverage. It's all pulling into place. Again, I've said this before. I know I sound like a broken record, but we feel it's the early days for us.

Speaker Change: Real world outcomes that doctors and patients have experienced with this.

Speaker Change: And we're working very closely with the payers to ensure coverage. So its all falling into place again I've said this before I know I sound like a broken record but.

Adam Grossman: So it's all falling into place. Again, I've said this before, I know I sound like a broken record, but we feel it's the early days for us. We feel that we're really just beginning here. And we're looking forward to the future.

Speaker Change: We feel it's the early days for US we feel that we're really.

Speaker Change: Just beginning here and we're looking forward to the future.

Speaker Change: Yes.

Speaker Change: Thank you our next question please.

Operator: Thank you. Welcome to our next question, please. Our next question comes from the line of Kristen Kluska with CancerFish Gerald. Your line is now open.

Kristen Kluska: Welcome for our next question, please. Our next question comes from a line of Kristen. Kuska with Cancer Fish Gel.

Speaker Change: Okay.

Christian <unk>: Our next question comes from the line of Christian <unk>.

Christian <unk>: <unk> with Cantor Fitzgerald. Your line is now open.

Rick Meleron: Your line is now open.

Rick Miller: Hi everyone, this is Rick Miller on behalf of Kristen. Thanks for taking our questions and congrats on the quarter. On the biologic production yield enhancement you mentioned, can you sort of put this into context as it relates to the specific product mix that you're working with? Does this dovetail well specifically with the Ascentive product, or is there something that could boost yield across the pipeline?

Rick Meleron: Hi, everyone. This is Rick Meleron for Kristen. Thanks for taking our questions, and congrats on the quarter. On the biological production yield enhancement, you mentioned. Can you sort of put this into context as it relates to the specific products mix that you're working with? Does this dovetail well specifically with the incentive product? Is there something that could boost yield across the pipeline? How are you thinking about this?

Speaker Change: Hi, everyone. This is Rick Miller on for Christian Thanks for taking our questions and congrats on the quarter.

Unknown Executive: We feel that we're really just beginning here and we're looking forward to the future. Thank you.

Speaker Change: On the biologic production yield enhancement you mentioned can you sort of put this into context as it relates to the specific product mix that youre working with does this dovetail well.

Speaker Change: Specifically with the SNF product or is there something that can boost yield across the pipeline. How are you thinking about that.

Rick Miller: How What are you thinking about this?

Kristen Kluska: Welcome for our next question, please. Our next question comes from a line of Kristen.

Adam Grossman: Thanks, Rick. Very much for the question.

Adam Grossman: Thanks, Rick, very much for the question. So, I've said this before, the plant doesn't care what we make. We make the same thing every day.

Rick Miller: Thanks, Rick.

Speaker Change: Much for the question. So I've said this before the plant doesn't care, what we make we make the same thing every day.

Adam Grossman: So I've said this before. You know, the plant doesn't care what we make. We make the same thing every day. It's the starting plasma that that really is what differentiates the product. Vivigant using normal source plasma, a center blended from normal source with the high tighter plasma and Navi HP is made from hyperimmune hepatitis B plasma. Yield enhancement specifically is being targeted to a center in Vivigant production. So both products we anticipate should should the process be approved after regulatory review. We feel that both products would experience 20% more bulk drug from the same starting plasma.

Rick Meleron: Kuska with Cancer Fish Gel. Your line is now open. Hi, everyone. This is Rick Meleron for Kristen. Thanks for taking our questions and congrats on the quarter. On the biological production yield enhancement, you mentioned. Can you sort of put this into context as it relates to the specific products mix that you're working with? Does this dovetail well specifically with the incentive product? Is there something that could boost yield across the pipeline?

Adam Grossman: It's the starting plasma that really is what differentiates the products. Vivagam uses normal source plasma, Ascentive is blended from normal source with high titer plasma, and NaviHB is made from hyperimmune hepatitis B plasma. Yield enhancement specifically is being targeted to Ascentiv and Vivigam production, so both products we anticipate should the process be approved after regulatory review. We feel that both products would experience 20% more bulk drug from the same starting plasma. So, you know, historically, I've said roughly about four grams per liter.

Speaker Change: Starting plasma.

Speaker Change: That really is what differentiate the products began using normal source plasma center blended from normal source with the.

Speaker Change: Hi tighter.

Speaker Change: Plasma and Nabi HB is made from hyper immune hepatitis b plasma.

Speaker Change: Yield enhancements, specifically as being targeted to incentive and began production.

Speaker Change: So both products, we anticipate should should the process be approved after regulatory review.

Rick Meleron: How are you thinking about this? Thanks, Rick. Very much for the question. So I've said this before. You know, the plant doesn't care what we make. We make the same thing every day. It's the starting plasma that that really is what differentiates the product. Vivigant using normal source plasma, a center blended from normal source with the high tighter plasma and Navi HP is made from hyperimmune hepatitis B plasma. Yield enhancement specifically is being targeted to a center in Vivigant production.

Speaker Change: We feel that both products would experienced 20% more bulk drug from the same starting plasma.

Adam Grossman: So, you know, historically, I've said roughly about four grams per liter. So, is where our historical yields have been for both drugs. So you're looking at adding 20% to that. This is going to help us drive growth within the near term.

Christian <unk>: No.

Christian <unk>: Historically, I've said roughly about four grams per liter.

Adam Grossman: This is where our historical yields have been for both drugs. So you're looking at adding 20% to that. This is going to help us drive growth, we think, in the near term. I mean, if the sun, the moon, and the stars align, Rick, maybe we'll see some accretion, you know, late next year.

Christian <unk>: So.

Christian <unk>: Is where our historical yields have been for both drugs. So you are looking at adding 20% to that.

Christian <unk>: This is going to help us drive growth, we think near term I mean, if the Sun Moon and the stars align Rick.

Adam Grossman: I mean, if the sun, the moon, and the stars align, Rick. Maybe we'll see some accretion, you know, late next year, but we feel very confident as we look towards 2026 and through the back half of the decade that, again. Should all the testing come back, should regulatory review and approval go well. This is going to allow us to maximize every year of plasma that we collect, especially for a Senate. We're very proud of this because look, it's less than 5% of donors have the antibody profile that we're looking for. So finding these donors, their plasma is valuable; all plasma is valuable.

Rick Meleron: So both products we anticipate should should the process be approved after regulatory review. We feel that both products would experience 20% more bulk drug from the same starting plasma. So, you know, historically, I've said roughly about four grams per liter. So, is where our historical yields have been for both drugs. So you're looking at adding 20% to that. This is going to help us drive growth within near term. I mean, if the sun, the moon, and the stars align Rick.

Christian <unk>: Maybe we'll see some accretion late next year, but we feel very confident as we look towards.

Adam Grossman: But we feel very confident as we look towards 2026 and through the back half of the decade that, again, should all the testing come back, should regulatory review and approval go well, this is going to allow us to maximize every liter of plasma that we collect, especially for Ascentive. We're very proud of this because, look, less than 5% of donors have the antibody profile that we're looking for. So finding these donors, their plasma is valuable. All plasma is valuable.

Christian <unk>: 2026, and through the back half of the decade that again.

Rick Miller: Should all of the testing come back should regulatory review and approval go well there.

Christian <unk>: This is going to allow us to maximize every year of plasma that we collect.

Christian <unk>: <unk> for a Senate, we're very proud of this because look.

Christian <unk>: It's less than 5% of donors.

Christian <unk>: Have the antibody profile that we're looking for so.

Christian <unk>: Finally, as donor plasma is valuable all plasma is valuable and the.

Adam Grossman: And, you know, the altruism of our donors donating this; we're really excited that we are on the forefront, if you will. Our process development team is really forward thinking. We're really proud of the work that they do here. And I think we're in the lead here from a plasma fractionation perspective with bringing a yield enhanced or a yield improved process to commercialization. So hopefully, that answers your question.

Adam Grossman: And, you know, the altruism of our donors donating this. We're really excited that we are on the forefront, if you will. Our process development team is really forward thinking. We're really proud of the work that they do here. And I think we're in the lead here from a lot of our fractionation perspective with bringing a yield enhanced or a yield improved process to commercialization. So hopefully that answers your question.

Rick Meleron: Maybe we'll see some accretion, you know, late next year, but we feel very confident as we look towards 2026 and through the back half of the decade that again. Should all the testing come back should regulatory review and approval go well. This is going to allow us to maximize every year of plasma that we collect, especially for a Senate. We're very proud of this because look, it's less than 5% of donors have the antibody profile that we're looking for.

Christian <unk>: Altruism of our dominant donors donating this we're really excited that we are on the forefront if you will.

Christian <unk>: Our process development team is really forward thinking we're really proud of the work that they do here and.

Christian <unk>: I think we're in the lead here from.

Christian <unk>: Plasma fractionation perspective with.

Christian <unk>: With bringing our yield enhanced or a yield improved process.

Christian <unk>: To commercialization, so hopefully that answers.

Christian <unk>: Your question.

Rick Meleron: So finding these donors, their plasma is valuable, all plasma is valuable. And, you know, the altruism of our donors donating this, we're really excited that we are on the forefront, if you will. Our process development team is really forward thinking. We're really proud of the work that they do here. And I think we're in the lead here from a lot of our fractionation perspective with bringing a yield enhanced or a yield improved process to commercialization.

Adam Grossman: Yes, and a follow-up question, if we may, you mentioned the regulatory side of it. Is there anything you can say about what a potential regulatory pathway could look like here with the field enhancement process?

Adam Grossman: Yes, and follow up if we may. You know, you mentioned the regulatory side of it. Is there anything you can say about what a potential regulatory pathway could look like here with the field enhancement process?

Speaker Change: Yes, and then a follow up if we may.

Speaker Change: You mentioned the regulatory side of it is there anything you can say about.

Speaker Change: When a potential regulatory pathway could look like here with this yield enhancement process.

Adam Grossman: Sure, my understanding is this is a typical PAS, Prior Approval Supplement, so we're running comparability protocols, demonstrating that all these different steps and some things that we're modifying and improving with our process are comparable to what we have existing in our current FDA-approved VLAs for both Ascent and Vivigan. So, you know, we'll submit data, we'll complete conformance slot production, we'll submit the package to the agency, and typically, Prior Approval Supplements are typically a six-month review, so we will keep the market apprised of our status as we move forward, but again, we're really working very, very hard to get to a place where we could have an approval sometime late next year or early.

Adam Grossman: Sure. My understanding is this is a typical PAS prior approval supplement, so we're running comparability protocols, showing that demonstrating comparability that all these different steps and some things that we're modifying and improving with our process are comparable to what we have existing in our current FDA approved BLAs for both a Senate and Vivagant. So, you know, we'll submit data, we'll complete conformance law production, we'll submit the package to the agency and typically prior approval supplements typically are six months review. So, we will keep the market apprised of our status as we move forward, but again, we're really working very, very hard to get to a place where we could have an approval sometime late next year or early 26.

Speaker Change: Sure.

Speaker Change: My understanding is this is a typical.

Speaker Change: Prior approval.

Speaker Change: So we're running comparability protocols.

Speaker Change: Showing that.

Speaker Change: Demonstrating comparability that all these different steps and some things that we are modifying and improving with our process are comparable to what we have.

Rick Meleron: So hopefully that answers your question. Yes, and follow up if we may. You know, you mentioned the regulatory side of it. Is there anything you can say about what a potential regulatory pathway could look like here with the field enhancement process? Sure. My understanding is this is a typical PAS prior approval supplement, so we're running comparability protocols, showing that demonstrating comparability that all these different steps and some things that we're modifying and improving with our process are comparable to what we have existing in our current FDA approved BLAs for both a Senate and Vivagant.

Speaker Change: Existing in our current.

Speaker Change: FDA approved BLA is for both Senate and dividend.

Speaker Change: So we will submit data will complete conformance lot production, we will submit the package to the agency typically prior.

Speaker Change: Prior approval supplements typically are a six months review so we will keep the market apprised of our status as we move forward, but again, we are where we're really working very very hard to get to a place where.

Rick Meleron: So, you know, we'll submit data, we'll complete conformance law production, we'll submit the package to the agency and typically prior approval supplements typically are six months review. So, we will keep the market apprised of our status as we move forward, but again, we're we're we're really working very very hard to get to a place where we could have an approval sometime late next year or early 26.

Speaker Change: We could have an approval sometime late next year early 2006.

Rick Meleron: That's great. It helps a lot, and thanks again.

Rick Miller: That's great. That helps a lot. And thanks again.

Speaker Change: That's great that helps a lot and thanks again.

Adam Grossman: Thank you. Send our regards to Kristen.

Rick Meleron: Thank you.

Speaker Change: Thank you send our regards to Kristen.

Operator: Thank you so much. One moment for our next question, please. Our next question comes from the line of Gary Nachman with Raymond James. Your line is now open.

Speaker Change: Thank you so much one moment for our next question. Please.

Gary Nachman: Send over for our next question, please. Our next question comes from a line of Gary Nachman with Raymond James. Your line is now open.

Rick Meleron: That's great. It helps a lot and thanks again. Thank you.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Our next question comes from the line of Gary Nachman with Raymond James Your line is now open.

Unknown Executive: Send over for our next question please.

Gary Nachman: Hi guys, and my congratulations as well on the really, really great quarter. Very impressive.

Gary Nachman: Hi guys, and my congrats as well on a really, really great quarter. Very impressive. Yes. So, that's to the yield enhancements.

Gary Nachman: Hi, guys and my congrats as well on a really really great quarter very impressive.

Speaker Change: Yes.

Gary Nachman: Yes, so back to the yield enhancements. I mean, given your history of conservatism, should we be thinking about a 20% increase now as the max? Or could it be even higher than that over time with all your initiatives and the analytics program that you talked about? And then just on operating leverage, it's really incredible what you're able to do keeping the expenses in check. But with the penetration of the Senate still less than 3%, it begs the question if it makes sense to invest more, or do you have to first, you know, wait to have enough supply before you would spend more on sales and marketing, if that's a consideration.

Gary Nachman: Yes, so back to the yield enhancements I mean, given your history of conservatism should we be thinking about 20% increase now as the Max or could it be even higher than that over time with all your initiatives on the analytics program that you talked about.

Gary Nachman: I mean, given your history of conservatism, should we be thinking about a 20% increase now as the max, or could it be even higher than that over time with all your initiatives and the analytics program that you talked about. And then just on the operating leverage, you know, it's really incredible what you're able to do, keeping the expenses in check, but with the penetration of the sentence still less than 3%. It begs the question if it makes sense to invest more, or do you have to first, you know, wait to have enough to apply before you would spend more in sale for marketing if that's a consideration.

Speaker Change: And then just on the operating leverage.

Gary Nachman: Our next question comes from a line of Gary Nachman with Raymond James.

Speaker Change: It is really incredible.

Speaker Change: To do keeping the expenses in check, but with the penetration of the Senate is still less than 3%. It begs. The question. If it makes sense to invest more or do you have to first wait to have enough supply.

Gary Nachman: Your line is now open. Hi guys and my congrats as well on a really really great quarter. Very impressive. Yes. So, that's to the yield enhancements.

Adam Grossman: I mean, given your history of conservatism, should we be thinking about 20% increase now as the max or could it be even higher than that over time with all your initiatives and the analytics program that you talked about. And then just on the operating leverage, you know, it's really incredible what you're able to do keeping the expenses in check, but with the penetration of the sentence still less than 3%. It begs the question if it makes sense to invest more or do you have to first, you know, wait to have enough to apply before you would spend more in sale for marketing if that's a consideration.

Speaker Change: Before you would spend more in sales and marketing if that's a consideration.

Speaker Change: All great questions.

Adam Grossman: All great questions. Thank you for them.

Adam Grossman: All great questions. Thank you for them.

Gary Nachman: Thank you for them I wrote most of them down, but I do want to start off by saying Gary that Sky that reminded me that when you were on your first call with US I said, marking to the party.

Adam Grossman: I wrote most of them down, but I do want to start off by saying, Gary, that's got to remind me that when you were on your first call with us, I said, "Welcome to the party." So I hope you're having a good time. But with regard to yield enhancement and conservatism. Okay, so I do not think about conservatism with this. This is scientific data. This is actual process data. So, you know, the approach that I take and that my team takes and our advisors and counsel and board takes to financial guidance: you shouldn't apply that here.

Adam Grossman: I wrote most of them down, but I do want to start off by saying, Gary, that Skyler reminded me that when you were on your first call with us, I said, "welcome to the party." So I hope you're having a good time. But with regard to yield enhancement and conservatism, Okay. So I do not think about conservatism with this. This is scientific data. This is actual process data. So, you know, the approach that I take and that my team takes and our advisors, council, and board take to financial guidance, you shouldn't apply that here. This is pretty much what you're going to get.

Speaker Change: So I hope, you're having a good time, but.

Speaker Change: With regard to yield enhancement and conservative okay. So.

Speaker Change: I do.

Speaker Change: Do not think about conservatism with this this is scientific data. This is actual process data so.

Speaker Change: The approach that I take and that my team tapes and that our advisers and counsel and board takes two financial guidance you Shouldnt apply that here. This is this is pretty much what youre going to get.

Adam Grossman: All great questions. Thank you for them. I wrote most of them down but I do want to start off by saying Gary that's got to remind me that when you were on your first call with us, I said welcome to the party. So I hope you're having a good time. But with regard to yield enhancement and conservatism. Okay, so I do not think about conservatism with this. This is scientific data. This is actual process data.

Adam Grossman: This is pretty much what you're going to get. Is there some room for upside? I mean, Adam Grossman, the man thinks, sure. I think my team is very good at what they do. I think that there may be some room, but it's 20%. It's 20% on both drugs, and I think that as analysts and investors are looking at their models, I think that that is a very, very fair and appropriate target. So, so although I have this I guess stigma being highly conservative with financial guidance, that should stay for financial guidance. 20% is 20%. Fair guys, very fair.

Adam Grossman: Is there some room for upside? I mean, Adam Grossman, the man, thinks so. I think my team is very good at what they do. I think that there may be some room, but it's 20%. It's 20% on bulk drugs.

Adam Grossman: Is there some room for upside I mean, Adam Grossman demand things sure I think my team is very good at what they do I think that that there may be some room, but it's 20% is 20% on bulk drug.

Adam Grossman: And I think that as analysts and investors are looking at their models, I think that that is a very, very fair and appropriate target. So although I have this, I guess the stigma of being highly conservative with financial guidance. That should stay for financial guidance. 20% is 20%. Fair, guys? Fair, fair, fair, fair, fair, fair.

Speaker Change: And I think that as as analysts and investors are looking at their models.

Speaker Change: I think that that that is a very very fair and appropriate targets. So so although I have this.

Adam Grossman: So, you know, the approach that I take and that my team takes and our advisors and counsel and board takes to financial guidance, you shouldn't apply that here. This is pretty much what you're going to get. Is there some room for upside? I mean, Adam Grossman, the man thinks sure. I think my team is very good at what they do. I think that there may be some room but it's 20%. It's 20% on both drugs and I think that as analysts and investors are looking at their models, I think that that is a very, very fair and appropriate target.

Speaker Change: Yes.

Speaker Change: Stigma of being highly conservative with financial guidance that should stay for financial guidance, 20% or 20%.

Speaker Change: Fair guys are there.

Speaker Change: Sure.

Adam Grossman: You know, it's not about sales and marketing spend, Gary; it's really, you know, there are 300, 400 doctors that are seeing the primary immune deficient population in the US. We know who the doctors are; we're involved and engaged deeply with large prior practices, as well as the ambulatory and outpatient infusion centers, specialty pharmacy, and PBMs that are dealing with the primary immune deficient patients on IG. You know, we really feel very good about our geographic distribution and our ability to carry the message and to continue the medical education that we've been so successful with. You know, we use tapo-o-o-efficient measures to grow our customer base as well as to grow the incentive supply availability.

Adam Grossman: You know, it's not about sales and marketing spend, Gary. It's really about, you know. There are 300-400 doctors that are seeing the primary immune deficient population to grow our customer base as well as to grow the incentive supply availability. So we are working very, very hard within our own collection center network to incentivize RSD high-tire donors to come more frequently. We're working with our third-party suppliers to collect more, and you couple that with yield enhancement. We feel that we are spending appropriately to try to catch up to be able to run side-by-side with current demand for the product. So hopefully, that answers your question.

Speaker Change: It's not about sales and marketing spend Gary it's really.

Speaker Change: There are 300 400 doctors that are seeing the primary mutation population in the U S. We know who the doctors are we're involved and engaged deeply with large private practices as well as the Andrew.

Speaker Change: <unk>, an outpatient infusion centers specialty pharmacy pbms that.

Adam Grossman: So, so although I have this I guess stigma being highly conservative with financial guidance, that should stay for financial guidance. 20% is 20%. Fair guys, very fair. You know, it's not about sales and marketing spend, Gary, it's really, you know, there are 300, 400 doctors that are seeing the primary immune deficient population in the US. We know who the doctors are, we're involved and engaged deeply with large prior practices as well as the ambulatory and outpatient infusion centers, specialty pharmacy, PBMs that are dealing with the primary immune deficient patients on IG.

Speaker Change: That are dealing with.

Speaker Change: <unk> immune deficient patients on IAG.

Speaker Change: We really feel very good about our geographic distribution and our ability to carry the message and to continue the medical education.

Speaker Change: That we've been so successful with.

Speaker Change: We used capital efficient measures.

Speaker Change: Two.

Speaker Change: To grow our.

Speaker Change: Customer base as well as to grow the incentives supply availability. So we are working very very hard within our own collection Center network too.

Adam Grossman: So we are working very, very hard within our own collection center network to incentivize RSV, high-tire donors to come more frequently. We're working with our third-party suppliers to collect more, and you couple that with yield enhancement. We're feeling that we are spending appropriately to try to catch up to be able to run side by side with the current demand for the product.

Speaker Change: Incentivize RSV high titer donors to come more frequently.

Adam Grossman: You know, we really feel very good about our geographic distribution and our ability to carry the message and to continue the medical education that we've been so successful with. You know, we use tapo-o-o-efficient measures to grow our customer base as well as to grow the incentive supply availability. So we are working very, very hard within our own collection center network to incentivize RSV, high-tire donors to come more frequently. We're working with our third-party suppliers to collect more and you couple that with yield enhancement.

Speaker Change: We're working with our third party suppliers to collect more and.

Speaker Change: You couple that with yield enhancement.

Speaker Change: Where we're feeling that we are spending appropriately.

Speaker Change: To try to catch up to.

Speaker Change: Be able to run side by side with.

Speaker Change: The current demand for the product so.

Adam Grossman: So hopefully that answers your question. Yeah, just a further that point, right? I mean, you know, we have been leveraging our org structure, and we have set it a few times that we feel that we're structured in a way that we can grow. So we're going to have to augment certain areas of our structure absolutely, and we will continue to do that, and we have done that. But again, that's kind of the beauty of this: we are structured for growth. We'll have to do some augmenting here and there, but we're structured for growth, and the more the top-lying grows, the more it's going to fall through.

Speaker Change: Hopefully that answers. Your question, yes, just just to further that point right I mean.

Adam Grossman: Yeah, just further that point, right? I mean, you know, we have been leveraging our organizational structure, and we have said it a few times that we feel that we're structured in a way that we can grow. Are we going to have to augment certain areas of our structure? Absolutely.

Speaker Change: We have been leveraging our org structure and we have said it a few times that we feel that we're structured.

Speaker Change: In a way that we can grow.

Speaker Change: Are we going to have to augment certain areas of our structure, absolutely and we will continue to do that and we have done that but again, that's kind of the beauty of this is we are structured for growth. We will have to do some augmenting here and there, but we're structured for growth in that.

Adam Grossman: And we will continue to do that, and we have done that. But again, that's kind of the beauty of this: we are structured for growth. We'll have to do some augmentation here and there, but we're structured for growth, and the more the top line grows, the more it's going to fall through.

Adam Grossman: We're feeling that we are spending appropriately to try to catch up to be able to run side by side with the current demand for the product. So hopefully that answers your question. Yeah, just a further that point, right? I mean, you know, we have been leveraging our org structure and we have set it a few times that we feel that we're structured in a way that we can grow. So we're going to have to augment certain areas of our structure absolutely and we will continue to do that and we have done that.

Speaker Change: The more of the topline gross margin fall through.

Adam Grossman: So we're, we feel like we are. Yeah, you know, I'll just say, Gary, that we work hard here. I mean, we run Lean, we always have since the beginning.

Adam Grossman: So we feel like we're in a good place. Yeah, you know, I'll just say, Gary, that we work hard here. I mean, we run lean. We always have since the beginning, and you know, it's my staff listening. I know that you've got lots of places to work, but it's a lot more fun here and it's very rewarding. But we're going to continue to run through walls for our shareholders and continue to run through walls for our patients. We love what we do, Gary. We make a good product that helps people. It's the best motivation. It's the best team builder.

Speaker Change: We feel like we're in a good place.

Adam Grossman: And, you know, to my staff listening, I know that you've got lots of places to work, but it's a lot more fun here, and it's very rewarding, but we're going to continue to run through walls for our shareholders. We're going to continue to run through walls for our patients. (Inaudible) We love what we do, Gary. We make a good product that helps people. It's the best motivation. It's the best team builder. We feel really good about it. Everybody does it here. So

Speaker Change: Yes.

Speaker Change: I'll, just say Gary that we work hard here I mean, we run lean we always have since the beginning and.

Gary Nachman: No. It's my staff listening I know that you've got lots of places to work, but it's a lot more fund herein and it's very rewarding but.

Speaker Change: We're going to continue to run through walls for our shareholders, we're going to continue to run through walls for our patients.

Adam Grossman: But again, that's kind of the beauty of this is we are structured for growth. We'll have to do some augmenting here and there but we're structured for growth and the more the top-lying grows, the more it's going to fall through. So we feel like we're in a good place. Yeah, you know, I'll just say, Gary, that we work hard here. I mean, we run lean. We always have since the beginning and you know, it's my staff listening.

Speaker Change: We love what we do Gary we make a good product that helps people. It's the best motivation is the best team builder.

Adam Grossman: We feel really good about it. Everybody does here.

Gary Nachman: We feel really good about everybody does here, so we're going to be successful.

Gary Nachman: So we're going to be successful working on the team. That's great.

Gary Nachman: And as a team.

Gary Nachman: That's great. That was very helpful. And then just a couple more.

Gary Nachman: That's great that was very helpful. And then just a couple more do you think physicians are considering using incentive as first line at all for <unk> patients that have co morbid respiratory conditions, whereas all of the you still second line plus.

Gary Nachman: That was very helpful. And then just a couple more.

Gary Nachman: Do you think physicians are considering using a cent of first line at all for PIP patients that have comorbid respiratory conditions, whereas all of you still second line plus? And when you say a cent can contribute a significant majority over time, I know you chose those words carefully, but is that two thirds, seventy five percent, more than that? What's the reasonable expectation there? I mean, I hope it's a hundred percent, Gary. That's what I hope. I have no idea. I mean, my crystal ball didn't tell me all these things that are happening today. So I'm just going to say that we're going after the complex comorbid PIP.

Gary Nachman: Do you think physicians are considering using Ascentive as first line at all for PI patients that have comorbid respiratory conditions, or is all the use still second line plus? And when you say Ascentive can contribute a significant majority over time, I know you chose those words carefully, but is that two thirds, 75% more than that? What's a reasonable expectation there? I hope it's 100%, Gary. That's what I hope. I have no idea why. I mean, my crystal ball didn't tell me all these things that are happening today.

Adam Grossman: I know that you've got lots of places to work, but it's a lot more fun here and it's very rewarding, but we're going to continue to run through walls for our shareholders within a continue to run through walls for our patients. We love what we do, Gary. We make a good product that helps people. It's the best motivation. It's the best team builder. We feel really good about it. Everybody does here. So we're going to be successful working on the team. That's great.

Gary Nachman: When you say incentive can contribute a significant majority over time I know you chose those words carefully but is that two thirds, 75% more than that what's a reasonable expectation there I hope, it's a 100% Gary that's what I hope.

Gary Nachman: I have no idea I mean, my Crystal ball and tell.

Adam Grossman: So I'm just going to say that we're going after the complex comorbid PI patients. You know, Adam Grossman does not believe that in PI, you should use incentives as a first line of treatment. I just, I just don't, I just think that appropriate use is for patients. Like I described, if you haven't seen on the Ascended Product website, we want appropriate use.

Gary Nachman: Tell me all these things that are happening today so.

Gary Nachman: No.

Adam Grossman: That was very helpful. And then just a couple more. Do you think physicians are considering using a cent of first line at all for PIP patients that have comorbid respiratory conditions, whereas all of you still second line plus? And when you say a cent of can contribute a significant majority over time, I know you chose those words carefully, but is that two third, seventy five percent more than that? What's the reasonable expectation there?

Speaker Change: I'm, just going to say that.

Speaker Change: We're going after the the complex comorbid patient.

Adam Grossman: Foundation. You know, Adam Grossman does not believe that in PI, you should use a setting as a first line therapy. I just don't. I just think that appropriate use is for patients like I described. You know, if you haven't seen on on on the Ascentive Product website, you know, we want appropriate use. The right thing for the uncompromised patient population is appropriate use. Not every patient needs to be on Ascentive. And, you know, I'm sure there aren't a lot of CEOs who are going to say things like that, but not every patient needs to be on Ascentive.

Gary Nachman: Adam Grossman does not believe that NPI, you should use a save as a first line therapy.

Speaker Change: I just I just don't I, just think that appropriate use.

Speaker Change: For patients like I described if you havent seen on on the Senate product website.

Adam Grossman: I mean, I hope it's a hundred percent, Gary. That's what I hope. I have no idea. I mean, my crystal ball didn't tell me all these things that are happening today. So I'm just going to say that we're going after the complex comorbid PIP. Foundation. You know, Adam Grossman does not believe that in PI, you should use a setting as a first line therapy. I just don't. I just think that appropriate use are for patients like I described.

Speaker Change: We want appropriate use the right thing for the immune compromised patient population as appropriate use.

Adam Grossman: The right thing for the immune-compromised patient population is appropriate use. Not every patient needs to be on Ascentive. And, you know, I'm sure there aren't a lot of CEOs who are going to say things like that, but not every patient needs to be on Ascentive. Some patients do very, very well on standard, regular IGs.

Speaker Change: Not every patient needs to be honest.

Speaker Change: And I'm sure there aren't a lot of Ceos are going to say things like that but not every patient needs to be on <unk>.

Adam Grossman: Some patients do very, very well on standard regular IG. I mean, we've got patients on Divigame. It's a great drug. It's made the same way as Ascentive. It's got the same impurity profile as Ascentive. It's really a good, wonderful product. Some patients thrive on it, and we're very excited. But with respect to Ascentive and the refractive, comorbid, you know, more severely immunocompromised population, payers recognize the fact that we are defining appropriate use well. The pharmacoeconomic value proposition is resonating in this population. And I think that that's where we're going to be successful. There are plenty of patients out there.

Adam Grossman: I mean, we've got patients on Vivigam. It's a great drug. It's a great drug. It's made the same way as Ascentive. It's got the same impurity profile as Ascentive.

Speaker Change: Some patients do very very well on standard regular IGF I mean, we've got patients on <unk>, it's a great drug.

Speaker Change: It's a great drug it's made the same way as I said, it's got the same MP.

Speaker Change: Impurity profile of incentive.

Adam Grossman: You know, if you haven't seen on on on the Ascentive Product website, you know, we want appropriate use. The right thing for the uncompromised patient population is appropriate use. Not every patient needs to be on Ascentive. And, you know, I'm sure there aren't a lot of CEOs who are going to say things like that, but not every patient needs to be on Ascentive. Some patients do very, very well on standard regular IG.

Speaker Change: It's really a good wonderful product.

Adam Grossman: It's really a good, wonderful product. Some patients thrive on it, and we're very excited. But with respect to Ascentive and the refractive comorbid, you know, more severely immune compromised population.

Speaker Change: Some patients live on it and we're very excited but.

Speaker Change: With respect to assertive.

Speaker Change: And the refractive co morbid.

Speaker Change: More severely immune compromised population.

Adam Grossman: Payers recognize the fact that we are defining appropriate use well. The pharmacoeconomic value proposition is responding in this population, and I think that that's where we're going to be successful. There are plenty of patients out there. The IG market is robust and growing. You know, our brethren companies in this space are all reporting increased utilization. We're very proud that we make our products the way we do and that we've got a truly differentiated and unique product with a sentence. So, we're offering an alternative for doctors and patients who have tried everything that they can, increased doses, switched brands, sub-Q, and IV. If those...

Speaker Change: Payers recognize the fact that we are defining appropriate use well.

Speaker Change: The Pharmacopeia economic value proposition is resonating in this population and.

Adam Grossman: I mean, we've got patients on Divigame. It's a great drug. It's made the same way as Ascentive. It's got the same impurity profile as Ascentive. It's really a good wonderful product. Some patients thrive on it and we're very excited. But with respect to Ascentive and the refractive, comorbid, you know, more severely immunocompromised population, payers recognize the fact that we are defining appropriate use well. The pharmacally economic value proposition is resonating in this population.

Speaker Change: I think that that's where we're going to be successful, but there are plenty of patients out there the market is robust and growing.

Adam Grossman: The IG market is robust and growing. You know, our brethren companies in the space are all reporting increased utilization. You know, we're very proud that we make our products the way we do and that we've got a truly differentiated and unique product with Ascentive. So, we're offering an alternative for doctors and patients who have tried everything that they can: increased dose, switched brands, sub-Q, IV. If those fail, come to Ascentive; it makes it a little bit easier to work with the payer when you've got a patient who's using this product as a second, third, or fourth line therapy.

Speaker Change: Our brother companies in this space are all reporting.

Speaker Change: Increased utilization.

Speaker Change: We're very proud of that.

Speaker Change: We make our products the way, we do and that we've got a truly differentiated and unique product with the Senate. So we're offering an alternative for doctors and patients who have tried everything that they can increase.

Speaker Change: Increased dose switch brands sub Q IV.

Speaker Change: If those fail.

Adam Grossman: And I think that that's where we're going to be successful. There are plenty of patients out there. The IG market is robust and growing. You know, our brethren companies in the space are all reporting increased utilization. You know, we're very proud that we make our products the way we do and that we've got a truly differentiated and unique product with Ascentive. So, we're offering an alternative for doctors and patients who have tried everything that they can, increased dose, switched brands, sub-Q, IV. If those fail come to Ascentive, it makes it a little bit easier to work with the payer when you've got a patient who's using this product as a second, third or fourth line therapy.

Adam Grossman: Sale, come to the Senate. It makes it a little bit easier to work with the payer when you've got a patient who's using this product as a second, third, or fourth line therapist.

Speaker Change: Two incentives it makes it a little bit easier to work with the payer when you've got a patient who is using this product as a <unk>.

Speaker Change: Second third or fourth line therapy.

Gary Nachman: Okay, great. And congrats again, really. I'm very impressive. Thank you. Thank you, Jerry. Told you I wouldn't let you down. Thank you. All right.

Speaker Change: Okay, great and congrats again really very impressive.

Gary Nachman: Okay, great. And congrats again, really. Very impressive. Thanks. Thank you, Gary. I told you I wouldn't let you down.

Adam Grossman: Thank you, Gary. I told you I wouldn't let you down.

Gary Nachman: Thank you Gary.

Speaker Change: Hold your I wouldn't let you down.

Speaker Change: Yes.

Speaker Change: Thank you.

Speaker Change: Alright. Thanks.

Unknown Executive: Thank you so much. This can close the question and answer session.

Adam Grossman: Thank you so much. This concludes the question and answer session. I would now like to turn it back to Adam Grossman for closing remarks.

Speaker Change: Thank you so much.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: This concludes the question and answer session I would now.

Adam Grossman: I would now like to turn it back to Adam Grossman for closing remarks. I just want to thank the admin team. None of this is possible without all of you. You're doing great work. You're impacting, changing, improving lives. Let's keep it up to everyone else out there, to all of our stockholders, investors, and other constituents. We hope you're pleased. We're going to continue to do what we do: make good products that help people.

Speaker Change: Now I'd like to turn it back to Adam Grossman for closing remarks.

Adam Grossman: I just want to thank the ADMA team. None of this would be possible without all of you. You're doing great work. You're impacting, changing, and improving lives. Let's keep it up to everyone else out there, to all of our stockholders, investors, and other constituents. We hope you're pleased. We're going to continue to do what we do, making good products that help people. Thank you for your continued support, and we'll see you next quarter.

Speaker Change: Just want to thank the <unk> team.

Adam Grossman: None of this is possible with our view youre doing great work, you're impacting and changing improving lives, let's keep it up to everyone else out there to all of our stockholders.

Gary Nachman: Okay, great. And congrats again, really. I'm very impressive. Thank you. Thank you, Jerry. Told you I wouldn't let you down. Thank you.

Unknown Executive: All right.

Unknown Executive: Thank you so much.

Speaker Change: Investors and other constituents.

Speaker Change: We hope you're pleased we're going to continue to do what we do make good products that help people. So thank you for your continued support and we'll see you next quarter.

Unknown Executive: So thank you for your continued support, and we'll see you next quarter.

Unknown Executive: This can close the question and answer session.

Unknown Executive: All right.

Operator: Thank you. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

Speaker Change: Okay. Thank.

Unknown Executive: Thank you for your participation and today's conference. This does conclude the program.

Adam Grossman: I would now like to turn it back to Adam Grossman for closing remarks. I just want to thank the admin team. None of this is possible without all of you. You're doing great work. You're impacting, changing, improving lives. Let's keep it up to everyone else out there to all of our stockholders, investors, and other constituents. We hope you're pleased. We're going to continue to do what we do, make good products that help people. So thank you for your continued support and we'll see you next quarter. All right.

Speaker Change: Thank you for your participation in today's conference. This does conclude the program you may now disconnect.

Unknown Executive: You may now disconnect. Thank you very much for your time. Thank you very much. Thank you very much for your time. Thank you very much.

Speaker Change: Okay.

Speaker Change: [music].

Unknown Executive: Thank you for your participation and today's conference. This does conclude the program.

Unknown Executive: You may now disconnect.

Speaker Change: Yes.

Speaker Change: [music].

Unknown Executive: Anthony Petrone, Gary Nachman Executive, Brian Lenz Anthony Petrone, Gary Nachman Executive, Brian Lenz, Skyler Bloom, Anthony Petrone, Gary Nachman, Gary Nachman Executive, Brian Lenz, Gary Nachman Executive, Brian Lenz, Gary Nachman Executive, Brian Lenz, Skyler Bloom,[inaudible] Executive, Brian Lenz, Gary Executive, Brian Lenz, Gary Nachman Executive, Brian Lenz, Gary Nachman[inaudible] Executive, Brian Lenz, Gary Nachman Anthony Petrone, Gary Nachman, Anthony Petrone, Gary Nachman, Unknown Executive, Brian Lenz Anthony Petrone, Gary Nachman, Unknown Executive, Brian Lenz Anthony Petrone, Gary Nachman, Unknown Executive, Brian Lenz Anthony Petrone, Gary Nachman, Unknown Executive, Brian Lenz Anthony Petrone, Gary Nachman, Unknown Executive, Brian Lenz Anthony Petrone, Gary Nachman, Brian Lenz Anthony Petrone, Gary Nachman, Unknown Executive, Brian Lenz Anthony Petrone, Gary Nachman, Unknown Executive, Brian Lenz, Anthony Petrone, Gary Nachman, Anthony Petrone, Gary Nachman,

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: [music].

Unknown Executive: Anthony Petrone, Gary Nachman, Anthony Petrone, Gary Nachman, Unknown Executive, Brian Lenz I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it, but I know I'm not going to be able to do it.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Thanks.

Speaker Change: Okay.

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Speaker Change: [music].

Speaker Change: Yes.

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Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Thanks.

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Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Thank you.

Speaker Change: Thank you.

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Speaker Change: Yes.

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Speaker Change: Okay.

Speaker Change: Thanks.

Speaker Change: Yes.

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