ADMA Biologics Inc (ADMA) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the ADMA Biologics second quarter 2025 financial results and business update conference call on Wednesday, August 6, 2025. (Operator Instructions) 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 (inaudible) introduce the company. Please go ahead.

下午好，歡迎參加 2025 年 8 月 6 日星期三舉行的 ADMA Biologics 2025 年第二季財務業績和業務更新電話會議。（操作員指示）請注意，本次通話是根據公司的要求進行錄音的，並將在通話結束後約兩小時在公司網站上公佈。現在，我想（聽不清楚）介紹一下這家公司。請繼續。

Welcome, everyone, and thank you for joining us this afternoon to discuss ADMA Biologics' financial results for the second quarter of 2025 and recent corporate updates. I'm joined today by Adam Grossman, President and Chief Executive Officer; Brad Tade, 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 2025 financial results. Finally, Adam will then provide some brief summary remarks before opening up the call for questions.

歡迎大家，感謝您今天下午加入我們，討論 ADMA Biologics 2025 年第二季的財務表現和最近的公司動態。今天與我一起出席的還有總裁兼執行長亞當‧格羅斯曼 (Adam Grossman) 和財務長兼財務主管布拉德‧泰德 (Brad Tade)。在今天的電話會議中，亞當將提供一些介紹性評論並提供公司進展的最新情況，然後布拉德將概述公司 2025 年第二季的財務表現。最後，亞當將在開始提問之前提供一些簡短的總結性演講。

Earlier today, we issued a press release detailing the second quarter 2025 financial results and summarize certain achievements and recent corporate updates. The release is available on our website at www.admabiologics.com.

今天早些時候，我們發布了一份新聞稿，詳細介紹了 2025 年第二季的財務業績，並總結了某些成就和最近的公司動態。新聞稿可在我們的網站 www.admabiologics.com 上查閱。

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. 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 filings with the SEC, which may cause actual results to differ materially from the results expressed or implied by such statements.

在我們開始正式評論之前，我要提醒您，我們將在今天的電話會議中做出前瞻性的斷言，代表公司對未來事件的意圖、期望或信念，這些斷言構成了 1995 年《私人證券訴訟改革法案》安全港條款所指的前瞻性陳述。所有前瞻性陳述均受各種因素、風險和不確定因素的影響，例如今天宣布此次電話會議的新聞稿中以及我們向美國證券交易委員會提交的文件中詳細說明的因素、風險和不確定因素，這些因素、風險和不確定因素可能導致實際結果與此類陳述所表達或暗示的結果存在重大差異。

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 securities laws. We refer you to the disclosure notice section in our earnings release we issued today in the Risk Factors section in our SEC filings and our quarterly report on Form 10-Q for the quarter ended June 30, 2025, for a discussion of important factors that could cause actual results to differ materially from these forward-looking statements.

此外，任何前瞻性陳述僅代表我們截至本次電話會議之日的觀點，不應被視為代表我們在任何後續日期的觀點。我們明確表示不承擔更新任何此類聲明的義務，除非聯邦證券法另有要求。請您參閱我們今天發布的收益報告中的揭露通知部分，該部分位於我們向美國證券交易委員會提交的文件「風險因素」部分，以及我們截至 2025 年 6 月 30 日的 10-Q 表季度報告中，以了解可能導致實際結果與這些前瞻性陳述存在重大差異的重要因素。

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

請注意，今天電話會議的討論包括某些非 GAAP 財務指標，包括調整後的 EBITDA 和調整後的淨收入。我們的收益報告中提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳。

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

說完這些，我現在想把電話轉給亞當‧格羅斯曼。亞當，繼續吧。

Thank you, Skyler. Good afternoon, everyone. ADMA's second quarter 2025 performance underscores the strength of our operating model, the success of our strategic execution and our unwavering commitment to innovation. During the quarter, we advanced key growth initiatives, enhanced our supply chain infrastructure and further solidified ADMA's leadership position in the specialty biologics market.

謝謝你，斯凱勒。大家下午好。ADMA 2025 年第二季的業績凸顯了我們營運模式的實力、策略執行的成功以及對創新的堅定承諾。本季度，我們推進了關鍵成長計劃，增強了供應鏈基礎設施，並進一步鞏固了 ADMA 在專業生物製劑市場的領導地位。

We are pleased to report that commercial scale production utilizing our FDA-approved yield enhancement process is now successfully underway. Initial production has achieved the expected 20% or greater increase in bulk IG output, validating this proprietary manufacturing advancement. We expect this efficiency gain to drive meaningful gross margin expansion and improved production throughput beginning in early 2026, with continued benefits expected in the years ahead.

我們很高興地報告，利用我們經 FDA 批准的產量提高製程的商業規模生產現已成功進行。初始生產已實現預期的批量中空玻璃產量 20% 或更多的成長，驗證了這項專有製造技術的進步。我們預計，從 2026 年初開始，這種效率的提升將推動毛利率的大幅擴張和生產吞吐量的提高，並預計未來幾年將繼續帶來效益。

On the commercial front, ASCENIV continues to gain momentum with utilization reaching record highs in the second quarter. With expanded availability of high-titer plasma and strong forward demand indicators, we believe we are well positioned to deepen market penetration and broaden patient access. Medical community feedback remains positive, and the recent acceleration in new patient starts further highlights ASCENIV's differentiated clinical value.

在商業方面，ASCENIV 繼續保持成長勢頭，第二季利用率達到歷史新高。隨著高滴度血漿供應的擴大和強勁的遠期需求指標，我們相信我們有能力深化市場滲透並拓寬患者獲取藥物的機會。醫學界的回饋仍然積極，近期新患者數量的加速進一步凸顯了 ASCENIV 的差異化臨床價值。

Our financial results for the second quarter reflect substantial growth and operational achievements. Total revenues reached $122 million on a reported basis. On an underlying basis, excluding the nonrecurring $12.6 million Medicaid rebate accrual reversal that benefited the second quarter of 2024, total revenue grew by approximately 29%. On the same underlying basis, second quarter 2025 adjusted net income and adjusted EBITDA grew approximately 85% and 59% year-over-year, respectively.

我們第二季的財務表現反映了顯著的成長和營運成就。據報道，總收入達 1.22 億美元。從基本面來看，不包括 2024 年第二季受益的非經常性 1,260 萬美元醫療補助退款應計逆轉，總收入增加了約 29%。基於相同的基本基礎，2025 年第二季調整後淨收入和調整後 EBITDA 分別年增約 85% 和 59%。

We are constantly reaffirming all previously issued financial guidance with growth rates anticipated to accelerate significantly in the second half of 2025 and beyond. These results underscore the efficacy of our biologic therapies for immunocompromised patients across the US as well as the dedication and expertise of our leadership team and exceptional staff.

我們不斷重申所有先前發布的財務指導，預計 2025 年下半年及以後的成長率將顯著加快。這些結果強調了我們的生物療法對美國各地免疫功能低下患者的療效，以及我們的領導團隊和優秀員工的奉獻精神和專業知識。

Importantly, this week, we completed a JPMorgan-led debt refinancing, replacing our prior term loan and meaningfully reducing our borrowing costs. The new credit agreement totalling $300 million and comprised of a $75 million term loan to refinance the previously held debt with Ares as well as a $225 million revolving credit facility features leverage-based pricing tiers with revolving credit facility spreads ranging from 1.5% to 2% and term loan spreads from 2.5% to 3%.

重要的是，本週，我們完成了由摩根大通牽頭的債務再融資，取代了我們先前定期的貸款，並大幅降低了我們的借貸成本。新的信貸協議總額為 3 億美元，其中包括一筆 7,500 萬美元的定期貸款，用於為 Ares 之前持有的債務進行再融資，以及一筆 2.25 億美元的循環信貸額度，其特點是基於槓桿的定價等級，循環信貸額度利差為 1.5% 至 2%，定期貸款利差為 2.5% 至 3%。

This refinancing, which is effective as of August 5, 2025, and therefore, not yet reflected in the second quarter financial statements, is expected to lower ADMA's weighted average cost of debt enhance liquidity and provide additional financial flexibility to support our long-term strategic growth initiatives.

此次再融資自 2025 年 8 月 5 日起生效，因此尚未反映在第二季財務報表中，預計將降低 ADMA 的加權平均債務成本，增強流動性並提供額外的財務靈活性，以支持我們的長期策略成長計畫。

Operationally, in July, we expanded our operating infrastructure with the acquisition of a facility and adjacent land near our Boca Raton campus. This investment is expected to provide additional operating flexibility to support our growth trajectory through expanded cold storage, warehousing and inventory management, in-house testing and potential new distribution opportunities, as well as could enable up to a 30% expansion of cGMP manufacturing space over time.

在營運方面，7 月份，我們收購了博卡拉頓園區附近的一處設施和鄰近土地，擴大了我們的營運基礎設施。預計這項投資將提供額外的營運彈性，透過擴大冷藏、倉儲和庫存管理、內部測試和潛在的新分銷機會來支持我們的成長軌跡，並可能隨著時間的推移使 cGMP 製造空間擴大 30%。

Importantly, this acquisition further entrenches our fully US-based supply chain and should enhance our scalability and resilience in alignment with rising demand for American-made health care solutions. We expect go-forward capital expenditures supporting this infrastructure expansion to remain modest and ultimately expect to deliver a highly compelling return on investment.

重要的是，此次收購進一步鞏固了我們完全基於美國的供應鏈，並將增強我們的可擴展性和彈性，以滿足對美國製造的醫療保健解決方案日益增長的需求。我們預計支持這項基礎設施擴張的未來資本支出將保持適度，並最終有望帶來極具吸引力的投資回報。

In the second quarter, we also activated our authorized $500 million share repurchase program and repurchased approximately $15 million of ADMA common stock. Supported by strong free cash flow, we view these repurchases as a highly value accretive use of capital and intend to remain opportunistic in future periods. Including a proactive $19.3 million increase in inventories, primarily consisting of raw material to support accelerating ASCENIV production, we generated meaningfully positive free cash flow during the quarter, ending the period with $90.3 million in total cash.

第二季度，我們也啟動了授權的 5 億美元股票回購計劃，回購了約 1,500 萬美元的 ADMA 普通股。在強勁的自由現金流的支持下，我們認為這些回購是一種高價值的資本增值用途，並打算在未來時期繼續抓住機會。包括主動增加 1,930 萬美元的庫存（主要包括支持加速 ASCENIV 生產的原材料），我們在本季度產生了有意義的正自由現金流，期末現金總額為 9,030 萬美元。

Internal and external plasma collection volumes reached new highs, positioning us well to support ongoing commercial expansion. These achievements reinforce our confidence in delivering on our long-term growth targets, including reaching $1.1 billion or more in annual revenue prior to 2030, while continuing to expand access to our differentiated IG therapies. Beginning in the back half of 2025 and continuing on our pathway to this intermediate-term revenue target, we anticipate significant margin expansion on a go-forward basis. Our R&D pipeline continues to progress. We initiated studies in a first-of-its-kind animal model designed to evaluate S pneumoniae infection in both normal and immunocompromised hosts.

內部和外部血漿採集量達到新高，這使我們能夠很好地支持持續的商業擴張。這些成就增強了我們實現長期成長目標的信心，包括在 2030 年之前實現年收入達到 11 億美元或更多，同時繼續擴大我們差異化 IG 療法的可及性。從 2025 年下半年開始，我們繼續朝著這個中期收入目標邁進，預計未來利潤率將大幅擴大。我們的研發管道不斷取得進展。我們啟動了首創的動物模型研究，旨在評估正常和免疫功能低下宿主的肺炎鏈球菌感染。

In initial pilot testing, SG-001 treated animals exhibited no clinical signs of pneumoniae 24 hours post bacterial challenge, while placebo-treated animals developed observable symptoms. Establishing this model is expected to accelerate ADMA's preclinical research and development of SG-001. If successful, the product could represent a potential $300 million to $500 million annual revenue opportunity, supported by strong gross margins and patent protection through at least 2037. Following the initial data readout, we expect to be in a position to rapidly advance SG-001 into clinical and registrational studies, leveraging our existing commercial platform to drive a potentially accelerated path to peak sales.

在初步試驗測試中，接受 SG-001 治療的動物在細菌感染後 24 小時內沒有表現出肺炎的臨床症狀，而接受安慰劑治療的動物則出現了可觀察到的症狀。此模型的建立可望加速ADMA對SG-001的臨床前研發。如果成功，該產品可能帶來每年 3 億至 5 億美元的潛在收入機會，並得到強勁的毛利率和至少持續到 2037 年的專利保護的支持。在獲得初步數據後，我們期望能夠迅速推進 SG-001 進入臨床和註冊研究，利用我們現有的商業平台推動其加速實現銷售高峰。

Before turning over the call to Brad, I'd like to express my sincere appreciation to our exceptional team at ADMA. Your continued dedication, ingenuity and mission-driven focus continue to power our momentum. The progress we are reporting today is a direct reflection of your hard work and passion. And together, we are shaping a stronger future for patients and the broader health care ecosystem.

在將電話轉給布拉德之前，我想向 ADMA 的優秀團隊表達誠摯的感謝。你們持續的奉獻、獨創性和對使命的關注將繼續為我們的前進提供動力。我們今天報告的進展直接反映了你們的辛勤工作和熱情。我們共同為患者和更廣泛的醫療保健生態系統塑造更美好的未來。

With that, I'll now hand it over to Brad to walk through our second quarter financials in more detail.

現在，我將把時間交給布拉德，讓他更詳細地介紹我們第二季的財務狀況。

Thank you, Adam. Earlier today, we issued a press release outlining our second quarter 2025 financial results. I'll now summarize key highlights from the quarter. Total revenue was $122 million, up 14% year-over-year or approximately 29% when adjusting for the nonrecurring $12.6 million Medicaid rebate accrual reversal that benefited the second quarter of 2024. This growth was driven primarily by continued strong adoption and utilization of ASCENIV across physicians, payers and patients.

謝謝你，亞當。今天早些時候，我們發布了一份新聞稿，概述了我們 2025 年第二季的財務表現。我現在將總結本季的主要亮點。總營收為 1.22 億美元，年增 14%，如果扣除 2024 年第二季受益的非經常性 1,260 萬美元醫療補助退款累積逆轉，則成長約 29%。這一增長主要得益於醫生、付款人和患者對 ASCENIV 的持續大力採用和利用。

Gross profit increased to $67.2 million with gross margins improving to 55.1% from 53.6% a year ago. Adjusted for the prior year Medicaid rebate accrual, underlying gross margin expanded by 7.7%, reflecting a favorable mix of higher-margin IG sales and improved manufacturing efficiencies. GAAP net income was $34.2 million, while adjusted net income increased to $36 million, representing an 85% underlying growth year-over-year when normalizing for the prior year Medicaid rebate accrual.

毛利增至 6,720 萬美元，毛利率從一年前的 53.6% 提高至 55.1%。經上年醫療補助退款應計額調整後，基礎毛利率擴大了 7.7%，反映了利潤率較高的 IG 銷售和製造效率提高的有利組合。GAAP 淨收入為 3,420 萬美元，而調整後淨收入增至 3,600 萬美元，以上年醫療補助退款累積金額計算，較去年同期成長 85%。

Adjusted EBITDA grew to $50.8 million, up 59% on an underlying basis after adjusting for the Medicaid rebate accrual benefit. Including a strategic step-up in inventory of $19.3 million quarter-over-quarter to support ASCENIV demand, we delivered robust free cash flow, ending the quarter with $90.3 million in cash. Continued EBITDA growth and cash generation are expected to further strengthen our balance sheet in the second half of 2025, positioning ADMA to weather broader credit and equity market volatility.

調整後的 EBITDA 成長至 5,080 萬美元，在調整醫療補助退稅累積福利後，基本上成長了 59%。為了滿足 ASCENIV 的需求，我們策略性地增加了庫存，環比增加了 1,930 萬美元，實現了強勁的自由現金流，本季末現金餘額為 9,030 萬美元。預計持續的 EBITDA 成長和現金產量將在 2025 年下半年進一步加強我們的資產負債表，使 ADMA 能夠抵禦更廣泛的信貸和股票市場波動。

Reflecting this financial strength, we repurchased approximately $15 million of common stock under our $500 million program during the second quarter. We continue to view buybacks as a value-enhancing capital allocation strategy, supported by our growth trajectory and our earnings outlook. As Adam mentioned, this week, we executed a new $300 million senior secured credit facility led by JPMorgan, consisting of a $75 million term loan drawn at closing to replace previously held debt as well as an undrawn $225 million revolving credit facility.

為了體現這一財務實力，我們在第二季度根據 5 億美元的計劃回購了約 1500 萬美元的普通股。我們繼續將回購​​視為一種增值的資本配置策略，這受到我們的成長軌跡和獲利前景的支持。正如亞當所提到的，本週，我們執行了一項由摩根大通牽頭的新的 3 億美元優先擔保信貸安排，其中包括一筆在交易結束時提取的 7500 萬美元定期貸款，用於取代先前持有的債務，以及一筆尚未提取的 2.25 億美元循環信貸安排。

The facility features a three year tenor and is secured by a blanket lien on all assets and stock, consistent with customary market terms. Pricing is based on total leverage with drawn spreads ranging from adjusted SOFR plus 250 basis points to 300 basis points and commitment fees of 30 basis points to 35 basis points. We intend to utilize the revolving credit facility opportunistically, primarily to support share repurchases, working capital needs and other general corporate purposes while maintaining flexibility in our capital structure.

該貸款期限為三年，並以所有資產和股票的綜合留置權作為擔保，符合慣常的市場條款。定價基於總槓桿，提取的利差範圍為調整後的 SOFR 加 250 個基點至 300 個基點，承諾費為 30 個基點至 35 個基點。我們打算適時利用循環信貸額度，主要用於支援股票回購、營運資金需求和其他一般公司用途，同時保持資本結構的彈性。

Importantly, the refinancing replaces our prior indebtedness, lowers our overall cost of capital and enhances liquidity to support long-term growth initiatives. These terms, combined with anticipated strong cash generation, provide ADMA with meaningful flexibility and capacity to execute on our strategy and priorities. Building on our strong year-to-date performance, we are reaffirming our previously provided financial guidance for both 2025 and 2026. For 2025, we continue to expect total revenue of $500 million or more adjusted EBITDA of at least $235 million and adjusted net income of $175 million or more.

重要的是，再融資取代了我們先前的債務，降低了我們的整體資本成本，並增強了流動性，以支持長期成長計畫。這些條款加上預期的強勁現金產生能力，為 ADMA 提供了有意義的靈活性和能力來執行我們的策略和優先事項。基於我們今年迄今的強勁表現，我們重申先前提供的 2025 年和 2026 年財務指導。對於 2025 年，我們繼續預期總收入將達到 5 億美元或更多，調整後的 EBITDA 將達到至少 2.35 億美元，調整後的淨收入將達到 1.75 億美元或更多。

This guidance does not include any potential accretion from the monetization of products sold using our now approved enhanced yield process, reflecting conservative assumptions regarding the timing of production ramp-up and lot releases. Looking ahead to 2026, we are reaffirming our financial outlook underpinned by the recent FDA approval of our enhanced yield production process and continued commercial momentum.

本指引不包括使用我們現已批准的增強產量流程銷售的產品貨幣化所帶來的任何潛在增值，反映了對產量提升和批次發佈時間的保守假設。展望 2026 年，我們重申我們的財務前景，這得益於 FDA 最近批准我們的增產生產流程和持續的商業動能。

For 2026, we reaffirm our expectation of at least $625 million in total revenue, adjusted EBITDA of $340 million or more and adjusted net income of at least $245 million. This outlook remains consistent with our historical financial targets and reflects anticipated margin expansion driven by our growing ASCENIV revenue mix. Additionally, we reaffirm our expectation that annual revenue prior to 2030 will exceed $1.1 billion compared to our previously communicated expectation of $1 billion with meaningful margin expansion expected over the same period.

對於 2026 年，我們重申我們的預期：總收入至少​​為 6.25 億美元，調整後 EBITDA 為 3.4 億美元或更多，調整後淨收入至少為 2.45 億美元。這一前景與我們的歷史財務目標保持一致，並反映了我們不斷增長的 ASCENIV 收入組合所推動的預期利潤率擴張。此外，我們重申我們的預期，即 2030 年之前的年收入將超過 11 億美元，而我們之前預期的是 10 億美元，預計同期利潤率將大幅擴大。

Looking ahead, we believe we are well positioned to accelerate our revenue and growth and earnings growth rates in the back half of 2025, grow free cash flow and continue to reduce our weighted average cost of capital, all of which we are confidently executing on while concurrently advancing all our growth initiatives.

展望未來，我們相信我們已做好準備，在 2025 年下半年加速我們的收入、成長和獲利成長率，增加自由現金流，並繼續降低我們的加權平均資本成本，所有這些我們都在自信地執行，同時推進我們所有的成長計畫。

With that, I'll turn the call back over to Adam for closing remarks.

說完這些，我將把電話轉回給亞當，讓他做最後的總結發言。

Thank you, Brad. ADMA is executing across all fronts, commercially, operationally and strategically. The success of our yield enhancement production process, record ASCENIV utilization, debt refinancing and infrastructure investments all provide clear visibility into anticipated sustained margin expansion and earnings growth in the immediate quarters ahead.

謝謝你，布拉德。ADMA 在商業、營運和策略等各個方面都表現出色。我們的產量提升生產流程的成功、創紀錄的 ASCENIV 利用率、債務再融資和基礎設施投資都為未來幾季預期的持續利潤率擴張和盈利增長提供了清晰的可見性。

As we scale toward both our near-term and long-range financial goals, our focus remains centered on operational excellence, disciplined capital allocation and innovation that puts patients first. We believe our fully US domestic vertically integrated model continues to provide us with unique supply chain control and long-term resilience. We remain unwavering in our mission to deliver high-quality differentiated IG therapies to those who need the most.

在我們朝著短期和長期財務目標邁進的過程中，我們的重點仍然是卓越營運、嚴格的資本配置和以患者為先的創新。我們相信，我們完全在美國國內的垂直整合模式將繼續為我們提供獨特的供應鏈控制和長期的彈性。我們始終堅定不移地履行我們的使命，為最需要的人提供高品質的差異化 IG 療法。

Every investment we make, whether advancing SG-001, expanding US-based operations or strategically repurchasing shares is guided by a long-term growth mindset focused on maximizing value for stockholders and patients alike. With strong stakeholder partnerships, a growing base of treated patients and a passionate team driving us forward, we believe ADMA is uniquely situated to be one of the most durable and compelling growth stories in all of biopharma. We're proud of what we achieved and are energized for what lies ahead.

我們所做的每一項投資，無論是推進 SG-001、擴大美國業務或策略性地回購股票，都是以長期成長思維為指導，專注於為股東和患者實現價值最大化。憑藉強大的利害關係人合作夥伴關係、不斷增長的治療患者群體以及一支充滿熱情的團隊推動我們前進，我們相信 ADMA 具有獨特的優勢，可以成為整個生物製藥領域最持久、最引人注目的成長故事之一。我們為所取得的成就感到自豪，並對未來充滿信心。

With that, I'd now like to open up the call for questions. Thank you.

好了，現在我想開始提問。謝謝。

(Operator Instructions) Rick Miller, Cantor Fitzgerald

（操作員指示）Rick Miller，Cantor Fitzgerald

This is Rick on for (technical difficulty) Cantor Fitzgerald. I've got a couple here. You mentioned seeing record high ASCENIV utilization. Are you seeing any changes in trends in how physicians are deploying the specialized product and prioritizing different cases for ASCENIV?

這是 Rick 代替 Cantor Fitzgerald 表演的（技術難題）。我這裡有一對。您提到 ASCENIV 的使用率創歷史新高。您是否看到醫生部署專門產品和優先考慮 ASCENIV 不同病例的趨勢發生了任何變化？

Thanks, Rick. We're seeing the same thing that we've been seeing throughout ASCENIV's growth period, and we're seeing it into the third quarter. We've defined appropriate use. Again, it's this refractive highly comorbid PI patient that has been on IG, and we're seeing new patient starts, patients switching off of standard IG therapies, moving on to ASCENIV, and we're seeing the same trends continuing. Same-store utilization looks great.

謝謝，里克。我們看到的情況與 ASCENIV 整個增長期的情況相同，我們在第三季也看到了相同的情況。我們已經定義了適當的用途。再一次，正是這種屈光高度合併症的 PI 患者一直在使用 IG，我們看到新的患者開始使用，患者停止標準 IG 療法，轉而使用 ASCENIV，我們看到同樣的趨勢仍在繼續。同店利用率看起來很棒。

We're adding new docs all the time. We've got more product coming off the line. And everything we said, Rick, is happening right now. All the guidance that we provided previously is coming to fruition, and we're seeing really good utilization uptake in the market and expanding into new clinics. So it's pretty much the same as it has been, and we expect it to continue to compound as we progress throughout the second half of this year and into 2026.

我們一直在新增文件。我們有更多的產品即將下線。瑞克，我們所說的一切現在都正在發生。我們之前提供的所有指導都正在取得成果，我們看到市場利用率正在大幅提升，並且正在向新的診所擴張。因此，它與以前的情況基本相同，我們預計，隨著今年下半年和 2026 年的進展，它將繼續複合成長。

[Yes]. And hoping to ask a question also on the science behind yield enhancement. What does the actual process here for the yield enhancement process look like? Is your team basically working with different purification columns to sort of get back some of the IVIG that was previously lost? Anything to kind of help us understand what's going on sort of under the hood?

[是的]。並希望就提高產量背後的科學原理提出一個問題。這裡的產量提高過程的實際過程是什麼樣的？您的團隊是否基本上使用不同的淨化柱來恢復一些先前遺失的 IVIG？有什麼可以幫助我們了解幕後發生的事情嗎？

Sure. As we've explained previously, so when you produce IG, there are certain waste streams that are separated out of the final product. These waste streams contain some IgG. They also contain different aggregates and impurities that you want to remove. So the team here at ADMA developed a methodology where we can take one of the waste streams where we lose the largest portion of IG in the manufacturing process, resuspend that paste, purify it, put it over some chromatography columns, some filtration steps and then blend it back together with the original part of the process.

當然。正如我們之前所解釋的，當您生產 IG 時，會從最終產品中分離出某些廢物流。這些廢物流中含有一些 IgG。它們還含有您想要去除的不同聚合物和雜質。因此，ADMA 的團隊開發了一種方法，我們可以提取製造過程中損失最多 IG 的廢液之一，重新懸浮該糊狀物，對其進行淨化，將其放在一些色譜柱上，經過一些過濾步驟，然後將其與工藝的原始部分混合在一起。

So really, what it's doing is it's taking something that was waste and really bringing it back into the downstream purification part of our process. And we are seeing the anticipated gains of 20% or more from every batch of product that we are producing. We've been producing at this yield enhanced scale since I believe it's the middle of May, and we're seeing great results as expected.

所以，它實際上所做的就是將一些廢物帶回我們流程的下游淨化部分。我們預計我們生產的每一批產品都將獲得 20% 或更多的收益。我記得從五月中旬開始我們就一直在以這種產量增加的規模進行生產，並且正如預期的那樣，我們看到了很好的結果。

So taking something that was trash and turning it into 20% more bulk IG yield, again, this is going to enhance gross margins for our IG portfolio, BIVIGAM and ASCENIV and ultimately provide more product to patients that still seem to be in an undersupply situation in a growing IG market in the US

因此，將一些垃圾產品轉化為 20% 以上的批量 IG 產量，這將再次提高我們的 IG 產品組合 BIVIGAM 和 ASCENIV 的毛利率，並最終為美國不斷增長的 IG 市場中似乎仍處於供應不足狀態的患者提供更多產品

Anthony Petrone, Mizuho Americas.

瑞穗美洲公司的安東尼‧佩特羅內 (Anthony Petrone)。

Good afternoon, everyone. How are you, Adam? Maybe Adam and Brad want to just kind of go through moving parts on the reaffirmed guidance and the outlook through '26. You are getting the record RSV collections from, I would assume, the external supply contracts signed earlier in the year. Yield enhancement is now here. You're not baking it in. Just curious the calculus there.

大家下午好。你好嗎，亞當？也許亞當和布拉德只是想透過一些活動部分來重申指導方針以及對 26 年的展望。我認為，您從今年早些時候簽署的外部供應合約中獲得了創紀錄的 RSV 收集量。產量提升現已到來。你沒有把它烤進去。只是好奇那裡的微積分。

It sounds like there's more visibility on the supply front. What is going to be the trigger to sort of seeing that come through to fruition in the guidance, as we look into the second half of the year and the start of next year?

聽起來供應方面的可見度更高了。當我們展望今年下半年和明年年初時，有什麼因素會促使我們實現這一目標？

Sure. I mean I'll just start off by saying, Anthony, our guidance was strong as we ended last year and entered this year. We're conservative as always. The approach that we take to guidance construction has not changed. We are aiming to beat the guidance that we currently have out there, but we feel really, really good about where we are from a raw material perspective. Manufacturing has been going extremely well, especially with yield enhancement now. We're seeing that step-up in inventory valuation.

當然。我的意思是，我首先要說的是，安東尼，從去年年底到今年年初，我們的指導非常有力。我們一如既往地保守。我們採取的指導建構方法沒有改變。我們的目標是超越目前的指導，但從原料的角度來看，我們對目前的狀況感到非常非常滿意。製造業進展非常順利，尤其是現在產量不斷提高。我們看到庫存估價正在上升。

And we're working expeditiously to work through all of the previous process produced product that we would be selling at a lower margin and trying to accelerate to where we can realize revenue from the new FDA-approved yield enhancement process. It's not in 2025 guidance. It's heavily risk-adjusted for '26. And as we continue to progress, I mean, we do expect to see accelerating margin expansion and obviously, top line sales in the back half of this year. And that's the guidance that we've been given since January.

我們正在加緊努力，處理所有先前製程生產的產品，這些產品的利潤率較低，我們正在努力加快速度，以便從新的 FDA 批准的產量提高製程中實現收入。這不在 2025 年的指導範圍內。它針對 26 年進行了大幅風險調整。隨著我們不斷進步，我們確實預計今年下半年利潤率將加速擴張，而且顯然營收也將加速成長。這就是我們自一月份以來所得到的指導。

So again, conservative approach. We always said the beginning part of 2025, we're going to see growth, but it's going to be modest growth. And where you're going to see that acceleration is in the back half of this year. We've been making more ASCENIV. We made more ASCENIV at the end of last year, beginning of this year, working down some of our inventories.

所以再次強調，採取保守的方法。我們總是說，2025 年初我們將會看到成長，但這將是適度的成長。您將在今年下半年看到這種加速。我們一直在製作更多 ASCENIV。我們在去年年底和今年年初生產了更多的 ASCENIV，減少了部分庫存。

Our third-party suppliers, as you mentioned, have been delivering really, really well for us. Really very, very pleased with the relationship between Grifols and Kedrion. We're getting more plasma than we anticipated, and we feel really good about the inventory levels, and we're turning it into finished goods and the finished goods are moving off the shelf. So everything is coming together as we planned.

正如您所說，我們的第三方供應商為我們提供了非常出色的服務。真的非常非常滿意 Grifols 和 Kedrion 之間的關係。我們獲得的血漿比我們預期的要多，我們對庫存水平感到非常滿意，我們正在將其轉化為成品，而成品正在從貨架上移除。所以一切都按照我們的計劃進行。

Exactly. And I mean, you saw the strategic $19.3 million RSV investment. And obviously, we're doing that as we anticipate accelerated growth in the back half of 2025 and to support 2026 as well.

確切地。我的意思是，您看到了 1930 萬美元的 RSV 戰略投資。顯然，我們這樣做是因為我們預計 2025 年下半年將加速成長，也將為 2026 年提供支援。

That's helpful. Just a couple of follow-ups here. One would be on just kind of looking at how it's set now, if you take your first half and look at the second half of the year with the guidance unchanged, it's a little bit of a deceleration. So again, you don't have yield enhancement in there or the benefit of supply, but I would assume you're not signaling any major change in sort of the demand picture in the back half of the year.

這很有幫助。這裡僅有幾個後續問題。我們可以先看看現在的情況，如果以上半年的情況為準，然後在指導不變的情況下展望下半年，就會發現成長有點減速。所以，再說一次，你沒有看到收益率的提高或供應的好處，但我認為你並沒有預示下半年需求狀況會發生任何重大變化。

And the last one, if I could just sneak it in. Can you give just a high-level overview, Adam, of the cost benefit analysis to hospitals specifically here with an ASCENIV patient. These patients are typically hospitalized for quite a bit. It does appear there's literature out there that you get a sooner discharge. I'm just wondering if there's any numbers you can put around that. Thanks again.

最後一個，如果我能偷偷把它放進去的話。亞當，您能否簡要概述一下針對 ASCENIV 患者的醫院成本效益分析。這些病人通常需要住院相當長一段時間。確實有文獻顯示你可以提前出院。我只是想知道您是否能給一些數字來說明這一點。再次感謝。

Anthony, can you repeat that part again? This is with respect to ASCENIV in the hospital?

安東尼，你能再重複那部分嗎？這是關於醫院裡的 ASCENIV 嗎？

Yeah. So first is on the guide, just again, there's an implied decel in the second half. Just want to make sure that the demand picture is steady. And then just the cost benefit of using ASCENIV. You're certainly getting the benefit with these patients. Just wondering when you compare that head up to standard therapy, whether it's IG or combination therapy, how that stacks up?

是的。因此，首先從指南來看，後半部有一個隱含的減速。只是想確保需求狀況穩定。然後就是使用 ASCENIV 的成本效益。您肯定會從這些患者身上受益。只是想知道，當您將該療法與標準療法（無論是 IG 還是聯合療法）進行比較時，結果如何？

Sure. Understood. So first half of the year, total revenues are -- I'm just doing the math, like $236 million. Back half of the year will be growing at least, call it, $265 million. So there is growth that is going that is baked into our current guidance.

當然。明白了。因此，今年上半年的總收入——我算了一下，是 2.36 億美元。今年下半年的營收將至少成長 2.65 億美元。因此，我們正在實現的成長已經融入我們當前的指導中。

Again, as I've said, we take a conservative approach, and we are expecting to beat. And the way it looks from my vantage point is we've got the inventory in work in process and coming off the line, and we should have more product to deliver to the market. As I stated with Rick's question, the demand indicators are still very, very strong. We're still working through our health economics outcomes work, Anthony.

再說一次，正如我所說，我們採取保守的態度，並期望取得勝利。從我的角度來看，我們擁有在製品庫存和下線庫存，我們應該有更多的產品可以交付到市場。正如我回答 Rick 的問題時所說，需求指標仍然非常非常強勁。我們仍在努力完成我們的健康經濟成果工作，安東尼。

So we'll have information on that hopefully later this year. But I can tell you from a clinical perspective, patients that are on standard IG and that continue to suffer chronic and persistent infections costing the health care system money, taking up time at their physicians' offices, in and out of the ER, that are getting hospitalized for serious bacterial and viral infections, when these patients are switched from standard IG to ASCENIV, they don't go to the hospital. They don't suffer from these chronic and persistent infections that they have been experiencing for sometimes years.

因此我們希望今年稍後能獲得有關該方面的資訊。但我可以從臨床角度告訴你，使用標準 IG 並繼續遭受慢性和持續性感染的患者會花費醫療保健系統的金錢，佔用他們在醫生辦公室、進出急診室的時間，並因嚴重的細菌和病毒感染而住院，當這些患者從標準 IG 轉換為 ASCENIV 時，他們就不需要去醫院了。他們不會遭受這些已經持續數年的慢性和持續性感染。

So the value proposition is still there. You're taking these problematic patients that are causing tremendous problems for their treaters, for their families that are not living a normal quality of life. And we're giving them a renewed chance to live a productive and normal life while keeping them out of the hospital. So from my view, we're modeling a reacceleration of growth starting in the third quarter, that's what our guidance outlook tends to.

因此價值主張仍然存在。你接收的這些有問題的病人給他們的治療者、他們的家人帶來了巨大的麻煩，他們的生活品質也無法正常。我們為他們提供了重新過上富有成效的正常生活的機會，同時讓他們免於住院。因此，從我的角度來看，我們正在模擬從第三季開始的成長重新加速，這就是我們的指導前景趨勢。

Yeah, Anthony, I would say it's similar to how Adam is saying it is our guidance implies we are confidently reiterating a growth reacceleration in the third quarter and beyond. And we are preparing our supply chain and our manufacturing processes to meet and exceed that reaccelerated growth.

是的，安東尼，我想說的是，這與亞當所說的類似，我們的指導意味著我們有信心重申第三季及以後的成長加速。我們正在準備我們的供應鏈和製造流程，以滿足並超越這種重新加速的成長。

Gary Nachman, Raymond James.

蓋瑞納赫曼、雷蒙詹姆斯。

Thanks, and good afternoon, okay. So first, Adam, you noted more physicians are using ASCENIV. So maybe talk about some of the initiatives that you have to expand physician use of ASCENIV. If it's currently about 100 physicians or so, that's a number you've said in the past that are using it and maybe the target group is about 300, how do you bridge that gap? And when can you be more aggressive promoting to the docs? I mean do you need to have the supply in a certain place before you do that?

謝謝，下午好，好的。首先，亞當，您注意到越來越多的醫生正在使用 ASCENIV。那麼也許可以談談您為擴大醫生使用 ASCENIV 所採取的一些舉措。如果目前大約有 100 名醫生左右（這是您過去說過的數字），而目標群體可能大約有 300 名，那麼您如何彌補這一差距？什麼時候可以更積極地推廣文件？我的意思是，在這樣做之前，你需要在某個地方準備好供應嗎？

And as they're putting new patients on, are they getting any pushback at all from the payers? So just give us an update also on the whole reimbursement situation.

當他們接收新病人時，他們是否受到付款人的任何阻力？因此，請向我們介紹一下整個報銷情況。

Sure. So Gary, new docs are coming online all the time. From an aggressive standpoint, I mean, look, we've alleviated, what we believe have been the bottlenecks in producing product. And for the forward-looking periods, we believe that we've got product on the shelf ready to go to start these patients aggressively, and you're going to see that again beginning what we believe is this period in the third quarter throughout the back half of this year into 2026.

當然。所以加里，新的文檔一直在網路上發布。從正面的角度來看，我的意思是，我們已經緩解了我們認為的產品生產瓶頸。就前瞻性而言，我們相信我們已經準備好了產品，可以開始積極地為這些患者提供服務，而且您將再次看到這種情況，我們認為這種情況將從今年第三季度到下半年一直持續到 2026 年。

Nothing is easy with payers. But again, in the appropriate use cases, we're seeing limited payer pushback. We do have to jump through hurdles like all IGs do. Again, about 70% of IG requires prior authorization. And we built out our team from a field reimbursement perspective, and we're working hand-in-hand with these clinicians, providing them with data from the literature and helping them to alleviate any reimbursement hurdles that they may find.

對於付款人來說，沒有什麼是容易的。但同樣，在適當的用例中，我們看到付款人的反對有限。我們確實必須像所有 IG 一樣克服困難。再一次，約 70% 的 IG 需要事先授權。我們從現場報銷的角度組建了我們的團隊，並與這些臨床醫生攜手合作，為他們提供文獻數據，幫助他們減輕可能遇到的任何報銷障礙。

Patients who should be on ASCENIV are getting on to the product. It may take a couple of weeks, it may take a couple of months. But ultimately, these patients, if their doctors are advocating for it, they're getting therapy. Again, about half of our business for the immunoglobulin portfolio is through Medicare. The other half is through commercial payers. It's spread across 60 to 100 different commercial payers. So there isn't one payer bearing the burden. But things look very good.

應該使用 ASCENIV 的患者正在使用該產品。這可能需要幾週，也可能需要幾個月。但最終，如果醫生提倡，這些病人就會接受治療。再一次，我們的免疫球蛋白產品組合業務中約有一半是透過醫療保險進行的。另一半是透過商業付款人。它分佈在 60 到 100 個不同的商業付款人。因此，沒有一個付款人承擔負擔。但事情看起來非常好。

Medical education is really what triggers the light bulb in these patients', in these doctors' minds, targeting the IG infusion nurses, the nurses that are dealing with the patients directly or their families. And we're seeing no decline in level of interest or excitement about the product. And certainly, the experiences that have been reported to me from new clinics and new clinicians in the field when they've started with ASCENIV have nothing but been positive feedback to me.

醫學教育真正點燃了這些病人和醫生心中的靈感，針對的是胃腸道輸液護士，即直接與病人或其家人打交道的護士。我們發現人們對該產品的興趣和熱情並沒有下降。當然，新診所和新臨床醫生開始使用 ASCENIV 後向我報告的經驗對我來說都是正面的回饋。

Okay. And then just on that point regarding medical education and what you just responded before to Anthony regarding the HEOR data, you said you should have that later this year. Can you put a little bit of a time frame around that and what maybe we hope to see with that data? And how important you think that might be going out to the physicians and the payers, so they have a little bit more data and evidence about the benefit with ASCENIV?

好的。然後，就醫學教育這一點以及您之前對安東尼關於 HEOR 數據的回答，您說您應該在今年稍後得到這些數據。您能否為此設定一個時間框架，以及我們希望透過這些數據看到什麼？您認為這對醫生和付款人來說有多重要，以便他們能夠獲得更多有關 ASCENIV 益處的數據和證據？

Sure. We're continuing to generate data all the time through investigator-initiated grant studies and investigations; number of publications have been coming out poster presentations at various conferences around. We are culling the database and looking at claims data. And look, what I'm hoping to see is exactly what I've been explaining over the last couple of years is that you're going to see a large clinical benefit when you take an appropriate use patient who's been receiving IG and is in and out of the hospital, when you put them on ASCENIV. You're keeping them out of the hospital, you're reducing all total health care expenditures.

當然。我們一直在透過研究人員發起的資助研究和調查來產生數據；許多出版物已在各種會議上以海報展示的形式發表。我們正在篩選資料庫並查看索賠資料。瞧，我希望看到的正是我過去幾年一直在解釋的，當你為接受 IG 治療並進出醫院的適當用途患者使用 ASCENIV 時，你會看到巨大的臨床益處。您讓他們不用去醫院，您就減少了所有醫療保健的總支出。

And obviously, we believe that the clinical outcomes for ASCENIV in this patient population are certainly going to be great data. So later this year is all I can tell you. I'm not the statisticians, and I'm not the one digging in there, but we will keep you and the Street abreast of data as it comes available, and we'll make appropriate publications and presentations at medical conferences throughout the rest of this year and into next year.

顯然，我們相信 ASCENIV 在該患者群體中的臨床結果肯定會成為寶貴的數據。所以我只能告訴你今年晚些時候的事情了。我不是統計學家，也不是深入研究的人，但我們會隨時向您和華爾街通報可用的數據，我們將在今年剩餘時間和明年在醫學會議上進行適當的出版物和演示。

Okay. Great. And then just on the gross margins, which obviously are expected to improve. Just as we're thinking about the pace of this improvement, are there any headwinds maybe just in terms of -- I don't know if just the cost of ensuring that you have appropriate plasma supply or rebates that you're offering your customers or things like that? So is there anything going in the other direction that might be holding back gross margin a little bit?

好的。偉大的。然後就毛利率而言，顯然預計會有所提高。就在我們思考這種改進的速度時，是否存在任何阻力，可能只是在——我不知道是否只是確保您擁有適當的血漿供應的成本或您向客戶提供的回扣或諸如此類的東西？那麼，是否有其他因素可能會稍微抑制毛利率呢？

And I don't know if maybe you could bookend so we have a sense of how to think about gross margin expansion this year and maybe the magnitude of how that can improve next year?

我不知道您是否可以給出一個結論，以便我們了解如何看待今年的毛利率擴張，以及明年毛利率的改善幅度？

Gary, right now, we are not seeing any headwinds to gross margin. We have secured RSV plasma supply, which allows us to make the ASCENIV and products that we need. We will start monetizing yield-enhanced production batches, hopefully at the end of this year, certainly all of 2026. You'll continue to see margin accretion with yield enhancement and with IG mix shift. But again, right now, we are not seeing anything in our way from expanding and accreting gross margins.

加里，目前，我們沒有看到任何影響毛利率的阻力。我們已經確保了 RSV 血漿供應，這使我們能夠生產 ASCENIV 和我們所需的產品。我們將開始將提高產量的生產批次貨幣化，希望在今年年底，當然在整個 2026 年。隨著產量的提高和 IG 組合的變化，您將繼續看到利潤的增長。但目前，我們還沒有看到任何阻礙我們擴大和增加毛利率的因素。

And we are expecting as we continue to accelerate our growth in Q3 and beyond, we will continue to expect and you will see margin accretion in a meaningful way.

我們預計，隨著我們在第三季及以後繼續加速成長，我們將繼續期待並且您會看到利潤率以有意義的方式成長。

Okay. And then just last question regarding the new facility that you acquired, which I think is sort of a bullish statement that you think potentially there's a lot more to grow here. When you talk about expanding capacity by 30% potentially, and you're only going to have a modest level of CapEx behind that. what's a realistic time frame for you to be able to achieve that level of capacity expansion? Just so we could also think of how much you're going to be allocating in terms of your cash flow towards that capacity expansion?Thanks.

好的。最後一個問題是關於您收購的新設施，我認為這是一個樂觀的聲明，您認為這裡還有很大的發展潛力。當您談到可能將產能擴大 30% 時，您只需要投入適度的資本支出。您實現這一產能擴張水準的實際時間框架是怎樣的？這樣我們就可以考慮一下，您將從現金流中分配多少資金用於產能擴張？謝謝。

Thank you, Gary. So you're obviously referring to the real estate that we announced that we purchased in July, five-acre piece of land, there's a building on it. In the near term, our focus is scalability. This building is going to provide us the ability to enhance supply chain, cold storage, testing distribution. It was a reasonable purchase price.

謝謝你，加里。所以你顯然指的是我們在七月宣布購買的房地產，一塊五英畝的土地，上面有一棟建築。短期內，我們的重點是可擴展性。這座建築將幫助我們增強供應鏈、冷藏和測試分發的能力。這是一個合理的購買價格。

And the capacity expansion is really because we're looking at the future here. We are operating in a market that continues to grow rapidly. IG utilization is not slowing down. The demand for our products in that is growing at a very rapid clip.

擴大產能其實是因為我們著眼於未來。我們正處於一個持續快速成長的市場。IG 利用率並未放緩。我們的產品的需求正在快速成長。

You see with yield enhancement; we're reporting that we are experiencing the 20%-plus increase in both drug as well as finished goods. We need a place to keep it while it's finishing its testing and a place to distribute it from. So we're looking at this as it's really going to help support and sustain the durable growth outlook that we're looking for.

您會看到，隨著產量的提高，我們報告藥品和成品的產量都增加了 20% 以上。我們需要一個地方來保存它，直到它完成測試，並且需要一個地方來分發它。因此，我們認為這確實有助於支持和維持我們所尋求的持久成長前景。

With regard to capacity expansion, we figured someone would ask this question. We're thinking about the future. And the press release today talks about some encouraging developments with SG-001. That's our follow-on high-titer hyperimmune product with high levels of neutralizing antibodies targeting strep pneumoniae. The data is very encouraging there. And we want folks to understand that our Board and the management here is looking at building a highly durable cash-generating business into the future.

關於產能擴張，我們猜想有人會問這個問題。我們正在思考未來。今天的新聞稿談到了 SG-001 的一些令人鼓舞的進展。這是我們後續的高滴度高免疫產品，具有針對肺炎鏈球菌的高水平中和抗體。那裡的數據非常令人鼓舞。我們希望大家明白，我們的董事會和管理層正在考慮在未來建立一個高度持久的現金產生業務。

And I think everyone understands this, at least those that are following ADMA, we've got multiple buildings on our existing campus. And I'm speaking to you today from an office in the building that houses our GMP manufacturing area. Well, the best thing to do is to get rid of all the offices at some point in time and move those offices and turn what is office space today into GMP production space. So we don't have any plans to start it today, Gary.

我認為每個人都明白這一點，至少那些關注 ADMA 的人明白這一點，我們在現有的校園裡有多棟建築。今天，我在 GMP 製造區所在的大樓的辦公室向你們發表演說。那麼，最好的方法就是在某個時間點拆除所有辦公室，然後搬遷這些辦公室，將現在的辦公空間變成 GMP 生產空間。所以我們今天沒有任何計劃開始，加里。

So from a CapEx perspective, we're not looking at expanding capacity today. But what this infrastructure enhancement has done by acquiring this building adjacent to our campus here is allowing us to plan for the future, allowing us to really think about -- we don't want to take away capacity from one of our existing products if and when SGL-1 comes on board. If ASCENIV continues to outperform like it has been, our current capacity, we now can look at investors and other constituents straight in the face and say, we've got the ability to really expand here in a meaningful way. So we've given top line guidance of $1.1 billion. That doesn't bake in anything from this.

因此，從資本支出的角度來看，我們今天不考慮擴大產能。但是，透過收購這棟毗鄰我們園區的建築，這項基礎設施增強讓我們能夠規劃未來，讓我們能夠真正思考——如果 SGL-1 加入，我們不想從我們現有的產品中奪走產能。如果 ASCENIV 繼續像以前一樣表現出色，憑藉我們目前的產能，我們現在可以直接面對投資者和其他選民，並說，我們有能力以有意義的方式真正擴張。因此，我們給出了 11 億美元的最高指導價。這並沒有帶來任何好處。

So it could -- this is going to help us to support a multibillion-dollar revenue entity.

因此，這將幫助我們支持一個價值數十億美元的收入實體。

Yeah. Gary, just to further Adam's point. So we mentioned a $1.1 billion top line prior to 2030. We do not need this building or additional capacity to achieve that $1.1 billion, and I'll call it a milestone because it's a milestone. What this additional capacity does is it turns that milestone certainly not into a ceiling.

是的。加里，我只是想進一步闡述亞當的觀點。因此我們提到了 2030 年前的 11 億美元營業額。我們不需要這棟建築或額外的容量來實現 11 億美元，我稱之為里程碑，因為它是一個里程碑。這種額外的容量的作用是將這一里程碑轉變為一個上限。

This is part of our journey. This is part of what Adam is talking about, our future growth. So again, I just want to reiterate that, that $1.1 billion top line is not dependent on this additional capacity. This additional capacity will continue to help and grow our future.

這是我們旅程的一部分。這就是亞當所說的我們未來成長的一部分。因此，我再次重申，11 億美元的營業收入並不依賴這項額外產能。這些額外的產能將繼續幫助我們並促進我們的未來發展。

This will conclude our question-and-answer portion of the call. I'd like to turn it back over to Adam for additional closing remarks.

我們的電話問答部分到此結束。我想將發言權交還給亞當，請他做最後的補充發言。

Thanks again, everyone. Thanks for dialing into our call. Again, really excited about the performance. I want to take my hat off to the ADMA team. Yield enhancement is a tremendous achievement, and now we've got more product to treat more patients. So thank you to everybody. Donate plasma, and we look forward to speaking to you next quarter. Take care.

再次感謝大家。感謝您撥入我們的電話。再次，我對這場演出感到非常興奮。我要向 ADMA 團隊致敬。產量提高是一個巨大的成就，現在我們有更多的產品來治療更多的患者。所以感謝大家。捐獻血漿，我們期待下個季度與您交談。小心。

Ladies and gentlemen, this does conclude the conference call for today. We appreciate your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。