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Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). Click either name above to swap in a different company.
ADMA BIOLOGICS, INC. is the larger business by last-quarter revenue ($139.2M vs $86.8M, roughly 1.6× IOVANCE BIOTHERAPEUTICS, INC.). On growth, ADMA BIOLOGICS, INC. posted the faster year-over-year revenue change (18.4% vs 17.7%). ADMA BIOLOGICS, INC. produced more free cash flow last quarter ($34.6M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 30.4%).
ADMA Biologics Inc. is a biopharmaceutical enterprise focused on the research, development, manufacturing and commercialization of specialty plasma-derived immunoglobulin therapies. It primarily operates in the United States, catering to patients with primary immunodeficiency and other immune-related disorders, healthcare providers and medical institutions across its core immune health therapeutic segment.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
ADMA vs IOVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $86.8M |
| Net Profit | $49.4M | — |
| Gross Margin | 63.8% | 67.4% |
| Operating Margin | 45.1% | -84.7% |
| Net Margin | 35.5% | — |
| Revenue YoY | 18.4% | 17.7% |
| Net Profit YoY | -55.9% | — |
| EPS (diluted) | $0.20 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $139.2M | $86.8M | ||
| Q3 25 | $134.2M | $67.5M | ||
| Q2 25 | $122.0M | $60.0M | ||
| Q1 25 | $114.8M | $49.3M | ||
| Q4 24 | $117.5M | $73.7M | ||
| Q3 24 | $119.8M | $58.6M | ||
| Q2 24 | $107.2M | $31.1M | ||
| Q1 24 | $81.9M | $715.0K |
| Q4 25 | $49.4M | — | ||
| Q3 25 | $36.4M | $-91.3M | ||
| Q2 25 | $34.2M | $-111.7M | ||
| Q1 25 | $26.9M | $-116.2M | ||
| Q4 24 | $111.9M | — | ||
| Q3 24 | $35.9M | $-83.5M | ||
| Q2 24 | $32.1M | $-97.1M | ||
| Q1 24 | $17.8M | $-113.0M |
| Q4 25 | 63.8% | 67.4% | ||
| Q3 25 | 56.3% | 43.0% | ||
| Q2 25 | 55.1% | 5.5% | ||
| Q1 25 | 53.2% | -0.8% | ||
| Q4 24 | 53.9% | 68.7% | ||
| Q3 24 | 49.8% | 46.2% | ||
| Q2 24 | 53.6% | -0.8% | ||
| Q1 24 | 47.8% | — |
| Q4 25 | 45.1% | -84.7% | ||
| Q3 25 | 38.0% | -140.7% | ||
| Q2 25 | 35.1% | -189.8% | ||
| Q1 25 | 30.4% | -245.8% | ||
| Q4 24 | 32.6% | -117.5% | ||
| Q3 24 | 33.1% | -152.1% | ||
| Q2 24 | 36.6% | -327.6% | ||
| Q1 24 | 26.7% | -16464.6% |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 27.1% | -135.3% | ||
| Q2 25 | 28.1% | -186.2% | ||
| Q1 25 | 23.4% | -235.5% | ||
| Q4 24 | 95.2% | — | ||
| Q3 24 | 30.0% | -142.7% | ||
| Q2 24 | 29.9% | -312.2% | ||
| Q1 24 | 21.7% | -15800.8% |
| Q4 25 | $0.20 | — | ||
| Q3 25 | $0.15 | — | ||
| Q2 25 | $0.14 | $-0.33 | ||
| Q1 25 | $0.11 | $-0.36 | ||
| Q4 24 | $0.45 | $-0.24 | ||
| Q3 24 | $0.15 | $-0.28 | ||
| Q2 24 | $0.13 | $-0.34 | ||
| Q1 24 | $0.08 | $-0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $87.6M | $297.0M |
| Total DebtLower is stronger | $72.1M | — |
| Stockholders' EquityBook value | $477.3M | $698.6M |
| Total Assets | $624.2M | $913.2M |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | $297.0M | ||
| Q3 25 | $61.4M | $300.8M | ||
| Q2 25 | $90.3M | $301.2M | ||
| Q1 25 | $71.6M | $359.7M | ||
| Q4 24 | $103.1M | $323.8M | ||
| Q3 24 | $86.7M | $397.5M | ||
| Q2 24 | $88.2M | $412.5M | ||
| Q1 24 | $45.3M | $356.2M |
| Q4 25 | $72.1M | — | ||
| Q3 25 | $72.4M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $72.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $477.3M | $698.6M | ||
| Q3 25 | $431.2M | $702.3M | ||
| Q2 25 | $398.3M | $698.5M | ||
| Q1 25 | $373.4M | $767.9M | ||
| Q4 24 | $349.0M | $710.4M | ||
| Q3 24 | $231.9M | $773.5M | ||
| Q2 24 | $188.3M | $768.5M | ||
| Q1 24 | $153.7M | $680.0M |
| Q4 25 | $624.2M | $913.2M | ||
| Q3 25 | $568.7M | $904.9M | ||
| Q2 25 | $558.4M | $907.4M | ||
| Q1 25 | $510.6M | $966.7M | ||
| Q4 24 | $488.7M | $910.4M | ||
| Q3 24 | $390.6M | $991.1M | ||
| Q2 24 | $376.4M | $964.3M | ||
| Q1 24 | $350.9M | $869.8M |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $35.6M | $-52.6M |
| Free Cash FlowOCF − Capex | $34.6M | $-61.9M |
| FCF MarginFCF / Revenue | 24.8% | -71.3% |
| Capex IntensityCapex / Revenue | 0.8% | 10.7% |
| Cash ConversionOCF / Net Profit | 0.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | $-52.6M | ||
| Q3 25 | $13.3M | $-78.7M | ||
| Q2 25 | $21.1M | $-67.4M | ||
| Q1 25 | $-19.7M | $-103.7M | ||
| Q4 24 | $50.2M | $-73.3M | ||
| Q3 24 | $25.0M | $-59.0M | ||
| Q2 24 | $45.6M | $-98.4M | ||
| Q1 24 | $-2.2M | $-122.3M |
| Q4 25 | $34.6M | $-61.9M | ||
| Q3 25 | $-1.1M | $-89.5M | ||
| Q2 25 | $18.7M | $-74.9M | ||
| Q1 25 | $-24.4M | $-109.9M | ||
| Q4 24 | $47.5M | $-77.5M | ||
| Q3 24 | $24.0M | $-61.3M | ||
| Q2 24 | $43.6M | $-98.9M | ||
| Q1 24 | $-4.6M | $-126.5M |
| Q4 25 | 24.8% | -71.3% | ||
| Q3 25 | -0.8% | -132.7% | ||
| Q2 25 | 15.3% | -124.9% | ||
| Q1 25 | -21.2% | -222.8% | ||
| Q4 24 | 40.4% | -105.1% | ||
| Q3 24 | 20.0% | -104.6% | ||
| Q2 24 | 40.7% | -317.9% | ||
| Q1 24 | -5.6% | -17685.3% |
| Q4 25 | 0.8% | 10.7% | ||
| Q3 25 | 10.7% | 16.1% | ||
| Q2 25 | 2.0% | 12.4% | ||
| Q1 25 | 4.1% | 12.6% | ||
| Q4 24 | 2.3% | 5.7% | ||
| Q3 24 | 0.9% | 3.9% | ||
| Q2 24 | 1.9% | 1.4% | ||
| Q1 24 | 2.9% | 583.4% |
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.36× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | -0.73× | — | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 1.42× | — | ||
| Q1 24 | -0.12× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADMA
| ADMA Bio Manufacturing Segment | $123.1M | 88% |
| Other | $16.0M | 12% |
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
