ADMA Biologics Inc (ADMA) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the ADMA Biologic's 3rd quarter 2025 financial results and Business Update conference call on Wednesday, November 5, 2025. (Operator Instructions)

下午好，歡迎參加 ADMA Biologic 於 2025 年 11 月 5 日星期三舉行的 2025 年第三季財務業績和業務更新電話會議。（操作說明）

At this time, I would like to introduce the company. Please. Go ahead

在此，我想向大家介紹一下公司。請。前進

Welcome everyone, and thank you for joining us this afternoon to discuss ADMA Biologic's financial results for the 3rd quarter of 2025 in recent corporate updates. I'm joined today by Adam Grossman, President and Chief Executive Officer, and Brad Tade, Chief Financial Officer and treasurer.

歡迎各位，感謝大家今天下午蒞臨，與我們一同探討 ADMA Biologic 公司 2025 年第三季的財務業績，這是近期公司最新動態的一部分。今天和我一起的有總裁兼執行長亞當·格羅斯曼，以及財務長兼財務主管布拉德·塔德。

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 3rd quarter of 2025 financial results.

在今天的電話會議上，Adam 將作一些開場白並介紹公司的最新進展，然後 Brad 將概述該公司 2025 年第三季的財務業績。

Finally, Adam will then provide some brief summary remarks before opening up the call for questions.

最後，亞當將作一些簡短的總結發言，然後開放提問環節。

Earlier today, we issued a press release detailing the 3rd quarter of 2025 financial results and summarized certain achievements in recent corporate updates. The release is available on our website at www. Amabiologics.com.

今天早些時候，我們發布了一份新聞稿，詳細介紹了 2025 年第三季的財務業績，並在最近的公司動態中總結了一些成就。新聞稿可在我們的網站 www.上取得。Amabiologics.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 1,995.

在我們正式發言之前，我要提醒各位，在今天的電話會議中，我們將做出一些前瞻性陳述，這些陳述代表了公司對未來事件的意圖、預期或信念，根據 1995 年《私人證券訴訟改革法案》的安全港條款，這些陳述構成前瞻性陳述。

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

所有前瞻性陳述均受多種因素、風險和不確定性的影響，例如今天宣布此次電話會議的新聞稿以及我們向美國證券交易委員會提交的文件中所詳述的因素、風險和不確定性，這些因素、風險和不確定性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。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截至任何後續日期的觀點。除聯邦證券法要求外，我們明確聲明不承擔更新任何此類聲明的義務。有關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的討論，請參閱我們今天發布的盈利公告中的披露通知部分，以及我們向美國證券交易委員會提交的截至 2025 年 9 月 30 日的季度報告（表格 10）中的風險因素部分。

Please note that the discussion on today's call includes certain non-GAAP financial measures including adjusted EBITDA and adjusted net income.

請注意，今天電話會議的討論內容包括某些非GAAP財務指標，包括調整後的EBITDA和調整後的淨收入。

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.

我們的獲利報告中提供了這些非GAAP財務指標與最直接可比較的GAAP指標的調節表。接下來，我將把電話交給亞當‧格羅斯曼。亞當，你繼續。

Good afternoon, everyone. ADMA delivered another record 25% of sequential and year over year growth, underscoring the strength of our business model and disciplined execution.

大家下午好。ADMA再次創下25%的環比和年增幅紀錄，凸顯了我們商業模式的實力和嚴謹的執行力。

We delivered total revenue of $134.2 million representing a 10% quarter over quarter increase and 12% growth year over year. GAAP net income reached $36.4 million up 6% quarter over quarter and 1% year over year, and adjusted EBITDA grew to $58.7 million representing 16% quarter over quarter growth and a 29% increase year over year.

我們實現了總收入 1.342 億美元，環比成長 10%，年增 12%。GAAP淨利達3,640萬美元，季增6%，年增1%；調整後EBITDA成長至5,870萬美元，季增16%，年增29%。

These results demonstrate the durability of our growth engine and the expanding leverage in our fully integrated US domicile business model.

這些結果證明了我們成長引擎的持久性和我們完全一體化的美國本土商業模式不斷擴大的優勢。

Our performance continues to be led. By incentive are differentiated and patent protected specialty IG exclusively targeting complex immunodeficient patients.

我們的業績持續領先。透過激勵措施，我們開發出差異化且受專利保護的專科免疫球蛋白，專門針對複雜的免疫缺陷患者。

A Senate delivered record utilization this quarter driven by strong prescriber adoption and sustained patient demand. 2026 payer negotiations are progressing positively and are expected to further expand coverage, improving access and accelerating growth.

本季度，參議院的醫保使用率創下歷史新高，這主要得益於處方醫生的積極採納和病人持續的需求。 2026 年的健保支付談判進展順利，預計將進一步擴大健保覆蓋範圍，改善醫療服務可近性並加速成長。

For select payers where restrictions previously existed, we anticipate improved incentive reimbursement access beginning next year. Equally important A retrospective cohort analysis and an investigator initiated study of primary immunodeficiency patients demonstrated statistically significant reduction in infection rates following transition from standard immune globulin therapy to ASCENIV.

對於先前存在限制的特定付款方，我們預計從明年開始，激勵性報銷管道將得到改善。同樣重要的是，一項回顧性隊列分析和一項研究者發起的針對原發性免疫缺陷患者的研究表明，從標準免疫球蛋白療法過渡到 ASCENIV 後，感染率在統計上顯著降低。

Patients experience 2.1 infections per year while receiving prior lines of standard IG therapy compared with 0.9 infections per year on ASCENIV, representing a reduction of greater than 50% with AP value considerably inside of 0.05.

接受先前標準 IG 療法的患者每年發生 2.1 次感染，而接受 ASCENIV 療法的患者每年發生 0.9 次感染，感染率降低了 50% 以上，AP 值也顯著低於 0.05。

These findings suggest that the Senate provides enhanced protection against infections in real world clinical practice. Data validation and extended analysis are ongoing. ADMA plans to submit these results for peer-reviewed publication in the near term, with additional findings planned to be submitted at the Clinical Immunology Society 2026 annual meeting.

這些研究結果表明，在現實世界的臨床實踐中，參議院能夠更好地預防感染。數據驗證和擴展分析正在進行中。ADMA計劃在近期將這些結果提交給同行評審期刊發表，並計劃在2026年臨床免疫學會年會上提交更多研究結果。

Operationally, the FDA's lot release of our first yield enhanced production batches represents a major inflection point.

從營運角度來看，FDA 批准我們首批產量提高的生產批次，標誌著一個重要的轉捩點。

This process innovation is expected to improve per batch output by 20% or more, driving sustained gross margin expansion beginning in the 4th quarter of 2025 and continuing through 2026 and beyond.

這項製程創新有望使每批次產量提高 20% 或更多，從而推動毛利率從 2025 年第四季開始持續成長，並持續到 2026 年及以後。

Regulatory release of these batches was achieved in the ordinary course, positioning us to realize our first full year of yield enhancement production in the entirety of 2026. In addition to strengthening our commercial operating model, we continue to invest in innovation and pipeline advancement.

這些批次的監管放行按正常程序完成，使我們能夠在 2026 年全年實現首次全面提高產量的生產。除了加強我們的商業營運模式外，我們還將繼續投資於創新和產品線推進。

Our SG 001 program is progressing as planned, and we recently submitted a CNPV voucher application to the FDA. If approved, this voucher could meaningfully accelerate further regulatory review timelines, giving us a clear advantage as we move into registrational clinical development.

我們的 SG 001 計畫正在按計劃進行，我們最近向 FDA 提交了 CNPV 代金券申請。如果獲得批准，該憑證可以顯著加快進一步的監管審查時間表，使我們在進入註冊臨床開發階段時獲得明顯的優勢。

SOO1 remains a meaningful long-term opportunity with the potential to address significant unmet medical needs in patients vulnerable to streptococcus pneumonia infection.

SOO1 仍然是一個有意義的長期機會，有可能解決易患肺炎鏈球菌感染的患者中尚未滿足的重大醫療需求。

Pre-clinical data for SG 001 demonstrated broad serotype-specific antibody activity encompassing a wider range of pneumococcal serotypes than those targeted by any currently available pneumococcal vaccine, underscoring the potential for SG 001 to provide enhanced protective coverage.

SG 001 的臨床前數據顯示，其具有廣泛的血清型特異性抗體活性，涵蓋的肺炎球菌血清型範圍比目前任何可用的肺炎球菌疫苗所針對的範圍都要廣，這凸顯了 SG 001 提供更強保護覆蓋範圍的潛力。

We view this program as a natural extension of our core competencies in hyper immune IG development and manufacturing and as a potential key value driver for ADMA's next phase of growth.

我們認為該計劃是我們高免疫 IG 開發和製造核心競爭力的自然延伸，也是 ADMA 下一階段成長的潛在關鍵價值驅動因素。

Although SG 001 is excluded from our $1.1 billion or more fiscal year 2029 revenue guidance, we believe approval could occur within this time frame, and if successful, we believe the new product could rapidly scale to peak revenues following potential commercial launch.

儘管 SG 001 不包含在我們 2029 財年 11 億美元或以上的收入預期中，但我們相信，該藥物可能會在此時間範圍內獲得批准，如果成功，我們相信，新產品在潛在的商業上市後可以迅速擴大規模，達到收入峰值。

We believe SG 001. Represents a potential $300 to $500 million in annual high margin revenue opportunity with IP protection through at least 2037.

我們相信SG 001。代表著每年潛在的 3 億至 5 億美元的高利潤收入機會，並且智慧財產權保護至少持續到 2037 年。

Turning to capital deployment, our approach remains disciplined and strategic, focusing on creating stockholder value.

在資本部署方面，我們依然秉持嚴謹和策略性的方法，專注於創造股東價值。

Following our successful JPMorgan led debt refinancing earlier this year, ADMA maintains an undrawn $225 million revolving credit facility, providing flexibility to fund growth and stockholder value initiatives.

繼今年稍早成功完成由摩根大通牽頭的債務再融資後，ADMA 仍擁有 2.25 億美元的未提取循環信貸額度，為成長和股東價值計畫提供了資金靈活性。

We continue to repurchase ADMA shares under our authorized program funded organically to date through free cash flow and maintain a strong capital position to potentially reinvest in high return initiatives that enhance stockholder value.

我們將繼續根據授權計劃回購 ADMA 股票，該計劃迄今已透過自由現金流提供資金，並保持強勁的資本實力，以便有可能再投資於能夠提升股東價值的高回報項目。

Looking forward, our focus remains clear. Expand incentive access and utilization, scale yield enhanced production and products makeshift.

展望未來，我們的目標依然明確。擴大激勵措施的取得和利用，擴大產量提高型生產和臨時產品。

Drive continued margin expansion, advance our capital efficient pipeline, and return capital to stockholders through share repurchases. We believe these priorities will collectively position us to achieve more than $1.1 billion or more in annual revenue in 2029, with a clear line of sight to durable earnings growth.

推動利潤率持續成長，推動資本高效的產品線，並透過股票回購向股東返還資本。我們相信，這些優先事項將共同使我們在 2029 年實現超過 11 億美元的年收入，並有清晰的前景實現可持續的盈利增長。

With that, I'll now turn the call over to Brad to review our 3rd quarter financials in more detail.

接下來，我將把電話交給布拉德，讓他更詳細地回顧我們第三季的財務狀況。

Thank you, Adam. Our 3rd quarter results highlight ADMA's consistent execution and expanding profitability. Total revenue for the quarter was $134.2 million up 10% from the second quarter and an increase of 12% year over year. Gross margins expanded to approximately 56.3% compared to 49.8% last year.

謝謝你，亞當。我們第三季的業績凸顯了ADMA持續的執行力和不斷增長的獲利能力。本季總營收為 1.342 億美元，比第二季成長 10%，年增 12%。毛利率較去年同期成長至約 56.3%（49.8%）。

Driven by incentive's growing mix and early yield enhancement benefits. Excluding the plasma sale of $13.8 million during the quarter, product level gross margins reached 63.7% during the third quarter of 2025.

受激勵措施組合不斷擴大和早期收益提升效益的推動。除去本季 1,380 萬美元的血漿銷售額，2025 年第三季產品毛利率達 63.7%。

GAAP net income totaled $36.4 million compared to $35.9 million in the prior year period. While adjusted EBITDA increased to $58.7 million representing 16% growth quarter over quarter and 29% year over year, reflecting continued operating leverage and cost efficiencies.

GAAP淨利潤總計3,640萬美元，而去年同期為3,590萬美元。調整後 EBITDA 增至 5,870 萬美元，季增 16%，年增 29%，反映了持續的營運槓桿和成本效益。

Year over year, net income growth was tempered by a higher effective tax rate and temporary competitive dynamics in the standard IVIG markets, mainly impacting Vivian. Enabled by the company's outperforming third-party plasma suppliers, ADMA opportunistically completed a sale of approximately $13.8 million of normal source plasma on the spot market at a negative margin contribution to optimize working capital and go forward cash flow.

與前一年相比，淨收入成長受到較高實際稅率和標準 IVIG 市場暫時競爭動態的影響，主要影響 Vivian。由於公司表現優異的第三方血漿供應商，ADMA 抓住機會，在現貨市場上以負利潤率完成了約 1380 萬美元的正常來源血漿銷售，以優化營運資本和未來的現金流。

These factors are short-term. Post quarter standard IVIG market conditions are stabilizing and record ASCENIV demand continues to drive margin expansion. ADMA ended the quarter with a strong balance sheet and liquidity position.

這些因素都是短期的。季度後的標準 IVIG 市場狀況趨於穩定，創紀錄的 ASCENIV 需求繼續推動利潤率擴張。ADMA本季末資產負債表和流動性狀況良好。

Third quarter cash reflected approximately $23 million in share repurchases settled during the period, planned inventory build and a $12.6 million dollar facility expansion investment. Working capital dynamics are expected to normalize in the coming quarters, supporting accelerated cash growth through 2026.

第三季現金流反映了當期結算的約 2,300 萬美元股票回購款項、計劃中的庫存增加以及 1,260 萬美元的設施擴建投資。預計未來幾季營運資金動態將趨於正常化，從而支持到 2026 年現金流加速成長。

We maintain a strong balance sheet with an undrawn $225 million dollar revolver providing ample flexibility for growth.

我們擁有穩健的資產負債表，未提取的 2.25 億美元循環信貸額度為成長提供了充足的靈活性。

Turning to our outlook, ADMA 's full year 2025 and 2026 financial outlook reflects continued ASCENIV demand strength, yield enhancement, production efficiencies, and disciplined operational execution.

展望未來，ADMA 2025 年和 2026 年全年財務展望反映了 ASCENIV 需求的持續強勁、產量的提高、生產效率的提升以及嚴謹的營運執行。

For 2025, total revenue is now expected to be $510 million up from prior guidance of more than $500 million.

預計到 2025 年，總收入將達到 5.1 億美元，高於先前預測的 5 億美元以上。

In 2025, adjusted net income is modestly adjusted to $158 million due to a higher effective tax rate. Fiscal year 2025, adjusted even to guidance remains expected to be $235 million. These forecasted annualized 2025 results position the company strongly to end the year on a high note and enter 2026 from a position of strength.

2025 年，由於實際稅率提高，調整後的淨收入小幅調整至 1.58 億美元。即使在按照預期調整後，2025 財年預計仍為 2.35 億美元。根據預測，2025 年的年度業績將使公司在年底取得佳績，並以強勁的勢頭進入 2026 年。

For 2026, total revenue is now expected to be at least $630 million up from $625 million or more previously. Adjusted net income is increased to more than $255 million up from $245 million previously.

預計到 2026 年，總收入將至少達到 6.3 億美元，高於先前預測的 6.25 億美元或更多。經調整後的淨收入從先前的 2.45 億美元增至超過 2.55 億美元。

An adjusted EBITDA is raised to more than $355 million up from $340 million or more from previous guidance. The increased 2026 adjusted net income guidance now considers a full corporate tax rate for fiscal year 2026.

調整後的 EBITDA 比先前的預期值 3.4 億美元或更多上調至 3.55 億美元以上。上調後的 2026 年調整後淨收入預期現在考慮了 2026 財年的全部企業所得稅稅率。

Looking longer-term, ADMA expects fiscal year 2029 total annual revenue to exceed $1.1 billion supported by yield enhancement efficiencies, expanding ascent of demand, and continued gross margin gains.

從長遠來看，ADMA預計2029財年總年收入將超過11億美元，這得益於殖利率提高、需求不斷增長以及毛利率持續提高。

Potential contributions from SG 001 and capacity expansion are excluded from this outlook and represent meaningful upside to ADMA's long-term earnings power.

SG 001 和產能擴張的潛在貢獻未包含在本次展望中，但對 ADMA 的長期獲利能力而言，這些貢獻代表著顯著的上行空間。

Following its JPMorgan led refinancing, ADMA maintains a strong balance sheet with an undrawn $225 million revolver and forecasted robust cash generation.

在摩根大通牽頭的再融資之後，ADMA 保持著強勁的資產負債表，擁有 2.25 億美元的未提取循環信貸額度，並預計現金流強勁。

Share repurchases continue to be funded organically, reflecting discipline, capital allocation, and long-term shareholder value focus. With that, I'll turn the call back to Adam for closing remarks.

股票回購繼續透過內部融資進行，反映了公司在資本配置、長期股東價值方面的嚴謹態度。接下來，我將把電話轉回給亞當，請他作總結發言。

Thank you, Brad. Before we open the call for questions, I wanted to take a step back and reflect on how far we've come and where we're heading. Just 3 years ago, ADMA was at the early stages of its commercial expansion.

謝謝你，布拉德。在正式開始提問之前，我想回顧一下我們已經走了多遠，以及我們將走向何方。僅僅3年前，ADMA還處於商業擴張的初期階段。

Today we're generating record revenue and profitability, achieving best in class gross margins with substantial expansion forecasted from here, and setting the stage for what should be sustained earnings growth across the next decade while advancing a compelling new product cycle.

今天，我們創造了創紀錄的收入和盈利能力，實現了業內最佳的毛利率，預計未來還將大幅擴張，為未來十年持續的盈利增長奠定了基礎，同時推進了一個引人注目的新產品週期。

Our yield enhancement milestone is a defining moment in that journey. It not only validates our technical capabilities, but also positions us among the most efficient plasma fractionators in the industry.

我們的產量提升里程碑是這一歷程中的重要時刻。這不僅驗證了我們的技術能力，也使我們躋身業界最高效的血漿分離器之列。

With FDA released yield enhanced production loss now flowing through our supply chain, we believe we are strongly positioned to finish 2025 on a high note and accelerate year over year growth rates in 2026 from a position of operational strength, with line of sight expected meaningful cost savings, improved production mix throughput, and the potential to add incremental manufacturing capacity without significant capital investment. Provides optimism for our future.

隨著 FDA 放出提高產量的措施，生產損失正在透過我們的供應鏈擴散，我們相信，憑藉強大的營運實力，我們已做好充分準備，在 2025 年取得佳績，並在 2026 年加速實現逐年增長。我們預計，這將帶來顯著的成本節約、產品組合的提高以及在無需大量資本投資的情況下增加生產能力的潛力。為我們的未來帶來樂觀。

On the commercial side, ASCENIV continues to outperform expectations and remains at the center of our growth story. We are witnessing both expanding utilization in existing accounts and growing interest from new treatment centers.

在商業方面，ASCENIV 繼續超越預期，並且仍然是我們成長故事的核心。我們看到現有客戶的使用量不斷增加，同時也有新的治療中心對此表現出越來越濃厚的興趣。

As payer access improves in 2026, we expect adoption to accelerate further, supporting our expectations of strong double-digit revenue growth well into the back half of the decade. The combination of expanding coverage, real world data validation, and increased patient acceptance is creating durable, powerful momentum across ADMA's healthcare ecosystem.

隨著支付方通路在 2026 年得到改善，我們預計採用率將進一步加快，這將支持我們對未來十年後半段實現強勁兩位數營收成長的預期。覆蓋範圍的擴大、真實世界數據的驗證以及患者接受度的提高，正在為 ADMA 的醫療保健生態系統創造持久而強大的發展勢頭。

Looking further ahead, our R&D platform continues to progress. The SG 001 program is advancing on schedule, and we remain enthusiastic about its long-term potential.

展望未來，我們的研發平台將持續發展。SG 001 專案正在按計劃推進，我們對其長期潛力仍然充滿信心。

We believe we can advance this pipeline program directly into registrational trials following continued and successful pre-clinical development and potential ultimate IND submission. When combined with our manufacturing know-how and regulatory expertise, SG 001 has the potential to expand ADMA's leading position in the specialty immunoglobulin space while adding meaningful, high margin revenue in the out years.

我們相信，在持續成功的臨床前開發和最終的潛在 IND 提交之後，我們可以將該管線計畫直接推進到註冊試驗階段。結合我們的製造技術訣竅和監管專業知識，SG 001 有潛力擴大 ADMA 在特種免疫球蛋白領域的領先地位，並在未來幾年帶來可觀的高利潤收入。

Financially, ADMA has never been stronger. We are operating with a clean balance sheet, a fully funded growth plan, and forecasted accelerating cash generation. Our capital allocation priorities are clear.

從財務角度來看，ADMA 的實力從未如此強勁。我們擁有健康的資產負債表、資金充足的成長計劃，並且預期現金流將加速成長。我們的資本配置優先事項很明確。

Reinvest for growth, maintain balance sheet flexibility, and return capital to our stockholders through opportunistic share repurchases. This strategy reflects our confidence in the business and our commitment to building enduring value.

透過擇機回購股票，將資金再投資以促進成長，保持資產負債表的彈性，並將資本返還給股東。這項策略體現了我們對業務的信心以及我們致力於創造持久價值的承諾。

In closing, I want to thank the entire admin team for another exceptional quarter. Your hard work, expertise, and passion make all of this possible.

最後，我要感謝整個管理團隊，感謝他們又一個季度出色的工作。你的辛勤工作、專業技能和熱情使這一切成為可能。

To our investors and stakeholders, thank you for your continued confidence in our company and partnership as we execute against our mission to improve patient lives while creating durable stockholder value. With that operator, please open up the call for questions.

致我們的投資者和利害關係人：感謝你們對我們公司和合作夥伴關係的持續信任，我們將繼續履行使命，改善病患生活，同時創造持久的股東價值。請透過該接線生開啟提問環節。

Anthony Petrone, Mizuo.

Anthony Petrone，瑞生。

Thanks and good afternoon everyone, hope everyone's doing well. Maybe to start with the data I want to congratulate you and the team there, 50% greater than 50% reduction in infections using ASCENIV. Versus standard IG therapy, you have a plan to publish those data. Present next year a clinical immunology in April. Maybe a little bit on some of the constructs of what we should expect in the publication, what types of adverse events maybe were avoided with the Senate, will there be, cost benefit analysis in those, in that study publication. And then I'll have a couple of follow-ups.

謝謝大家，下午好，希望大家一切安好。首先我想恭喜你和你的團隊，使用 ASCENIV 後感染率降低了 50% 以上。與標準IG療法相比，您有計劃公佈這些數據。明年四月將舉辦臨床免疫學研討會。或許可以稍微談談我們應該期待在出版物中看到的內容，例如參議院可能避免了哪些類型的不良事件，以及該研究出版物中是否會包含成本效益分析。然後我也會提出幾個後續問題。

Thanks for the question, Anthony. So I was very pleased that our compliance group allowed us to talk about this data, so I can't give away too much, but we evaluated a robust patient cohort that was appropriately sized, and we were able to generate statistically significant data. I'm very proud of this.

謝謝你的提問，安東尼。所以我很高興我們的合規部門允許我們討論這些數據，因此我不能透露太多，但我們評估了一個合適的、強大的患者群體，並且我們能夠產生具有統計意義的數據。我為此感到非常自豪。

The data demonstrates a significant reduction in infections in these patients that are switching off of their standard IG. And moving to incentive, this is the real world setting. These are complex PI patients that are switching, and again, we're just very pleased. I mean, 2.1 infections while they were on standard IVIG compared to less than 1 infection per year with P- value of less than 0.05. We think that this is really just a very clear way of demonstrating what clinicians have been reporting to us and what we've been reporting as a company about the clear clinical differentiation that provides compared to standard IG and why these complex and refractive and comorbid PI patients seem to do better on ASCENIV. We expect that the data is going to reinforce prescriber confidence. It's going to strengthen payer coverage.

數據顯示，這些患者停用標準免疫球蛋白後，感染率顯著降低。接下來談談激勵機制，這才是現實世界的設定。這些都是病情複雜的PI患者，他們正在轉換治療方案，對此我們感到非常高興。我的意思是，接受標準靜脈注射免疫球蛋白治療的患者平均每年感染 2.1 次，而接受 ASCENIV 治療的患者每年感染不到 1 次，P 值小於 0.05。我們認為，這非常清楚地表明了臨床醫生向我們報告的內容，以及我們公司一直以來所報告的內容，即 ASCENIV 與標準免疫球蛋白相比，在臨床上具有明顯的差異化優勢，並且這些複雜、難治性且合併其他疾病的原發性免疫缺陷患者在使用 ASCENIV 後似乎效果更好。我們預計這些數據將增強處方醫生的信心。這將加強支付方的覆蓋範圍。

Our negotiations with payers have progressed very nicely throughout 2025, and we're anticipating expanded access into 2026. So we're continuing to analyze this data. We plan for a peer review publication as you mentioned early in 2026, and we expect this and other investigator initiated studies that are ongoing to further validate ASCENIV's utility. And really define the patient profile that we're targeting.

2025 年，我們與支付方的談判進展非常順利，我們預計 2026 年將擴大服務範圍。所以我們正在繼續分析這些數據。正如您在 2026 年初提到的，我們計劃發表同行評審論文，我們期望這項研究以及其他正在進行的研究者發起的研究能夠進一步驗證 ASCENIV 的實用性。真正明確我們所針對的患者群體特徵。

In 2026, we really plan to ramp up medical education and publications. We plan to provide continued real world outcomes data and we think all this is going to bode well for incentives growth in 2026 and beyond.

2026年，我們計劃大力加強醫學教育和出版物的出版。我們計劃繼續提供真實世界的結果數據，我們認為所有這些都將有利於2026年及以後的激勵機製成長。

No, it's very helpful. The follow-up here would be, we've picked up from physicians that with data. And this certainly, with that data indication. Indicating that you can get, advocacy benefits for the ASCENIV that perhaps a, there's a percent of the immunologists out there out there that would consider using a ASCENIV sooner to treat some of these complex PI patients. So what do you think this data can do for demand?

不，這很有幫助。接下來，我們從醫生那裡了解到，他們掌握了相關數據。而數據也確實顯示了這一點。這表明，ASCENIV 可能帶來一些宣傳上的好處，也許有 1% 的免疫學家會考慮儘早使用 ASCENIV 來治療一些複雜的 PI 患者。那你認為這些數據對需求有什麼影響？

Into next year. And how should we be thinking about the growth curve, once this data is digested and of course your supply situation has improved, and I'll get back into you again. Congrats on the study.

進入明年。那麼，一旦我們消化了這些數據，當然，如果你們的供應情況有所改善，我們該如何看待成長曲線呢？到那時，我再和你們討論這個問題。恭喜你完成這項研究。

No, thank you so much, Anthony. I, look, we've seen record utilization of incentive throughout the 3rd quarter, and that has continued to be observed as we enter the 4th in in the middle of the 4th quarter. This data is really just reinforcing everything that we've experienced. Payer negotiations, I mean, look, we're, we still stand firm on our position that incentives should not be used as a first line therapy.

不，應該要非常感謝你，安東尼。你看，我們在第三季度看到了激勵措施的創紀錄使用率，而且這種情況在進入第四季度中期後仍在繼續。這些數據其實只是印證了我們所經歷的一切。支付方談判，我的意思是，你看，我們仍然堅持我們的立場，即激勵措施不應該作為一線療法。

We think that, your question about, could this in the minds of prescribers be used earlier in the treatment cycle, possibly?

我們認為，您提出的問題是，處方醫生是否有可能在治療週期的早期階段使用這種方法？

We do see some private payers moving incentive up where you don't have to fail as many step edits. There could be less. So, we think that a payer expansion is going to improve, and again, the more data that we can put and publish in the public domain, the better it's going to be to reinforce and maintain a sense of strong position.

我們看到一些私人支付方提高了激勵機制，這樣你就不必在很多步驟修改中失敗。可能還會更少。所以，我們認為支付方的擴張將會改善，而且，我們能夠公開發布的數據越多，就越有利於鞏固和維持我們強大的市場地位。

We do expect strong double-digit growth. We do think that the data that we're putting out there, the patient testimonials, our medical education strategy, and our enhanced publication strategy for next year is all going to work together to continue to drive utilization regarding the growth curve. I mean, look, we've increased guidance for 2026 top-line and earnings metrics, very proud of where we are with yield enhancement with our first FDA released commercial batches of yield enhanced product now flowing through the supply chain. So you know we think that you're going to see continued accelerating utilization of incentive, continued growth of our IG portfolio throughout 2026 and beyond. You'll get back in.

我們預計將實現兩位數的強勁成長。我們認為，我們發布的數據、患者的證詞、我們的醫學教育策略以及我們明年加強的出版策略，都將共同作用，繼續推動成長曲線的利用率。我的意思是，你看，我們已經提高了對 2026 年營收和盈利指標的預期，我們為產量提升方面取得的進展感到非常自豪，我們首批獲得 FDA 批准的商業化產量提升產品現在正在供應鏈中流通。所以，我們認為，在 2026 年及以後，激勵措施的使用將持續加速，我們的投資等級投資組合也將持續成長。你會重新進去的。

Thanks, Anthony.

謝謝你，安東尼。

Rick Miller, Cantor Fitzgerald.

里克·米勒，坎托·菲茨杰拉德。

Hey everyone, this is Rick Miller on for Kristen. Thanks for taking our questions. We've got 2 here for you. You've been saying, back half of this year you're expecting acceleration and then in the next year. So is there any additional color you can give us on what you were seeing that sort of gave you the confidence around raising the revenue guidance and then we'll have one more for you after that.

大家好，我是里克·米勒，代克里斯汀為您報道。謝謝您回答我們的問題。我們這裡有2個供您選擇。你之前說過，今年上半年預計會有加速成長，明年也會有。那麼，您能否再補充一些訊息，說明您觀察到的情況是如何讓您有信心提高營收預期的？之後我們也會問您另一個問題。

I mean, the confidence is that we see it in the redistribution data. I mean, the product pull through at record levels exceeding internal expectations throughout the 3rd quarter. 4th quarter is no different. We feel very confident in incentives utility.

我的意思是，我們有信心從重新分配資料中看到這一點。我的意思是，第三季產品銷售創歷史新高，超越內部預期。第四季也不例外。我們對激勵措施的效用非常有信心。

I think the data that I was just speaking about, this is what physicians and patients are experiencing in the real world setting, so. We're making a good drug. We're making more of it than we ever had before. We had more product available in the 3rd quarter than we have had historically, and we see it continuing to pull through at a rapid pace. So very encouraging. I mean, look again, Rick, we've talked about and I don't like to sound like a broken record, but The patients who are switching to ASCENIV are patients that are not thriving on their standard IG and they're looking for alternatives.

我認為我剛才提到的數據，正是醫生和病人在現實世界中所經歷的。我們正在研發一種好藥。我們現在的產量比以往任何時候都高。第三季我們的產品供應量比以往任何時候都多，而且我們預計這種成長勢頭將繼續快速下去。真是太令人鼓舞了。我的意思是，里克，你再聽我說一遍，我們已經討論過這個問題了，我不想老生常談，但是，那些改用 ASCENIV 的患者都是那些使用標準 IG 治療效果不佳，正在尋找替代方案的患者。

One thing I can say is that in the late summer we started our first direct to patient medical education programs, and we think that those are starting to have a meaningful impact as well. The key is, if you're an immune compromised patient receiving IG and you just don't feel well, have a conversation with your doctor.

我可以肯定地說，在夏末，我們啟動了第一個直接面向患者的醫學教育項目，我們認為這些項目也開始產生有意義的影響。關鍵是，如果你是一名免疫功能低下的患者，正在接受免疫球蛋白治療，並且你感覺不舒服，請與你的醫生溝通。

Talk to your nurse practitioners, advocate for yourself. You're your best advocate and see if incentive is the right product for you to switch to. So all these factors combined are what's contributing.

與你的執業護士溝通，維護自己的權益。您自己就是自己最好的宣傳者，看看激勵機制是否適合您，以及是否應該切換到該產品。所以，所有這些因素綜合起來就是造成這種情況的原因。

Our field team is working in unison. We've had some great hires throughout 2025 and we continue to just knock down doors and uncover new institutions that are starting their first patients, and it's everything that we've really described is that, same institutions are now starting to add patients that they've identified in their queue, if you will.

我們的現場團隊正在協同工作。2025 年我們招募到了一些非常優秀的人才，我們繼續努力開拓新的機構，尋找開始接收第一批病患的機構。正如我們之前所描述的，這些機構現在開始接收他們已經在隊列中確定的患者。

We've got more product available and that's been the message throughout the 3rd quarter that look, we've got more product for you. You can start putting patients on therapy and we see it in our supply chain. That we've got the ability to ensure the continuity of care for these patients, so we're starting them. They're staying on therapy, and they're doing well.

我們有更多產品可供選擇，這也是第三季我們一直傳達的訊息：看，我們有更多產品供您選擇。您可以開始讓患者接受治療，我們在供應鏈中也看到了這一點。我們有能力確保這些患者得到持續的護理，所以我們開始實施這項計劃。他們正在接受治療，而且情況良好。

That's what contributes to this growth and that's why in our fifth plus year or so from launch, we're forecasting. Very robust acceleration as we wind down 2025 and enter 2026.

這就是促成這種成長的原因，也是為什麼我們在推出後的第五年多時間裡做出預測的原因。2025 年即將結束，2026 年即將到來，我們將迎來非常強勁的加速成長。

I mean, yes, exactly, Adam, just to expand on that, I mean we're talking about the guidance that we just raised for 2026, and that's that represents 24% year over year growth on revenue. It represents 51% year over growth year over year growth on adjusted EBITDA, and 61% year over year growth on adjusted net income. So exactly what Adam was saying is those are the things that are providing us confidence to raise that guidance, and we are feeling pretty good and strong about 2026.

我的意思是，是的，沒錯，亞當，我再補充一點，我們剛才提到的是 2026 年的業績預期，這意味著收入將同比增長 24%。調整後 EBITDA 年成長 51%，調整後淨利年增 61%。所以亞當的意思正是，正是這些因素讓我們有信心提高預期，我們對 2026 年充滿信心。

Okay, and there may be one more after the FDA lot release for the yield enhanced product, are there any other dating factors here before we start to see the impact on 4Q?

好的，在 FDA 批准提高產量的產品批次後，可能還會有一次審批，在第四季度開始看到影響之前，還有其他日期因素需要考慮嗎？

No, we're going to see this flow through the majority of product sales in the 4th quarter we think will be from yield enhanced product, incentive certainly most of it we think will be from yield enhanced, but I'm very excited about this. Again, it was something that was an unknown that we said probably will go off in the normal course, which it did. And we're very pleased dialogue with the agency has been good and it's business as usual, so very excited for what the 4th quarter should bring in 2026.

不，我們認為第四季大部分產品銷售額將來自收益增強型產品，激勵措施當然也會帶來大部分收益增強型產品，對此我感到非常興奮。這又是一件未知的事情，我們當時說它可能會按部就班地發生，而事實也的確如此。我們很高興與該機構的對話一直很順利，一切照常進行，因此對 2026 年第四季的發展充滿期待。

All right, thank you that's it from us.

好的，謝謝，我們今天的分享就到這裡。

Thanks, Rick.

謝謝你，里克。

Gary Nachman, Raymond James.

Gary Nachman，Raymond James。

How are you doing, Gary?

加里，你好嗎？

Hey guys. Yes, no thanks and congrats on the progress. Thank you. So just following up on that last point, with the FDA releasing the first slots of the yield enhanced batches, just give us a sense of how long that process takes and will it now be a lot easier going forward? For new batches, just how that all works and then just also give us a sense of how much gross margin will expand in 4 and into next year what that cadence will look like I guess off the 63.7% and 3Q that was normalized.

嘿，大家好。是的，不用客氣，恭喜你們有進展。謝謝。關於上一點，FDA已經放出了第一批產量增加的批次，請問這個過程需要多久？以後會不會容易得多？對於新批次，請詳細說明其運作方式，並讓我們了解毛利率在 4 月及明年將增長多少，以及在 63.7% 和 3 季度正常化數據的基礎上，增長節奏會是什麼樣的。

Sure, so FDA lot release, as we've said, can be as short as call it 2weeks to 3 weeks to as long as, call it 6 to 8 weeks. There is no, there was nothing different that occurred with the yield enhanced batches, Gary. It was just, we just wanted to make sure that everything went through in the normal course, which it did. So we're receiving FDA lot releases routinely.

當然，正如我們所說，FDA 批次放行時間可能短至 2 到 3 週，也可能長至 6 到 8 週。加里，沒有，提高產量的批次也沒有什麼不同之處。我們只是想確保一切都按正常程序進行，而事實也的確如此。因此，我們定期收到FDA的批次放行通知。

No issues there, and we continue to have ample inventory and supply available of our IG product portfolio to meet the demands for the market. With respect to gross margins. I mean, we reported this quarter that if you back out the plasma revenue, Brad, keep me Honest here. Product level gross margins were 63.7%, so we're feeling very good about product level gross margins, and we feel that it should continue to expand as we continue with a set of makeshift from revenue and a unit perspective. Our goal is again to get to, using half the plant's capacity at least to make incentive, if not more. And that's what's going to drive us to our out-year guidance for 2029 now. That is $1.1 billion or more in revenue. So we're feeling very positive about it.

沒有任何問題，我們的IG產品組合庫存充足，供應穩定，能夠滿足市場需求。就毛利率而言。我的意思是，我們本季報告顯示，如果扣除血漿收入，布拉德，請你實話實說。產品層面的毛利率為 63.7%，因此我們對產品層面的毛利率感到非常滿意，我們認為，隨著我們從收入和單位角度繼續採取一系列臨時措施，毛利率應該會繼續擴大。我們的目標仍然是利用工廠至少一半的產能來創造效益，如果可能的話，甚至更多。而這正是促使我們制定 2029 年業績指引的原因。這意味著營收將達到11億美元或更多。所以我們對此感到非常樂觀。

Everything's going very well from a la release perspective, and the visibility with our third-party supply contracts is what's giving us this encouragement to get more patients on drugs. We're making more incentives. We're producing more batches than we originally planned for 2025, and that's going to ultimately give us more product to sell in 2026.

從上市的角度來看，一切進展都非常順利，第三方供應合約帶來的可見度也激勵我們讓更多病患用上藥。我們正在製定更多激勵措施。我們現在的產量比原計劃在 2025 年生產的批次要多，最終將使我們在 2026 年有更多的產品可供銷售。

And Gary, just to expand on that on the gross margin piece, I mean, as we get into 2026, we've always been saying that we're going to see margin expansion and at 63.7% less the plasma sale. We're at the beginning, I believe we're at the beginning at beginning of that, right? We're at the beginning of that margin expansion journey.

Gary，關於毛利率，我想再補充一點。我的意思是，到了 2026 年，我們一直說我們會看到利潤率擴張，而血漿銷售額將下降 63.7%。我相信我們現在還處於起步階段，對吧？我們正處於利潤率擴張之旅的開端。

The operations team's constantly looking for cost savings initiatives, and they're getting after it and they're getting after it hard. And as we continue to see this mixed shift between Operations team and ASCENIV, and we continue to see the yield enhancement lots roll out, if everything goes in our direction in 2026, we'll be, potentially hitting the, plus 70% gross margin line, and that's going to be very nice from a, drop through to net income and adjusted EBITDA.

營運團隊一直在尋找節約成本的方案，他們正在積極努力地推動這項工作。隨著我們繼續看到營運團隊和 ASCENIV 之間這種混合轉變，以及收益增強批次的推出，如果一切在 2026 年都朝著我們預期的方向發展，我們可能會達到 70% 以上的毛利率，這將對淨收入和調整後 EBITDA 產生非常好的影響。

Okay, thanks, that that's helpful. And then you know with the payer discussions that you're having to improve access next year just talk a little bit more on that because you previously said that you know that was in pretty good shape so just want to get a sense so you have to give up any discounts or rebates to get. More favorable access and then how much of the HEOR data is actually a factor there. We're obviously very excited to see that data as well so I'm curious if you started having discussions yet with the payers or that's still to come in terms of that that new data.

好的，謝謝，這很有幫助。然後，您也知道，在與支付方的討論中，您明年必須改善醫療服務獲取途徑，請您再多談談這方面，因為您之前說過，這方面的情況相當不錯，所以我想了解一下，您是否必須放棄任何折扣或回扣才能獲得醫療服務獲取途徑。更有利的獲取途徑，以及衛生經濟學和結果研究（HEOR）數據實際佔比是多少，才是真正起作用的因素。我們當然也很期待看到這些數據，所以我很好奇你們是否已經開始與付款方進行討論，還是說關於這些新數據的討論還有待進行。

So we are always in active discussions with a number of different commercial payers. Gary, you couldn't see me smiling when you were asking your question, but I was smiling. I mean, the payers certainly like their rebates, we're in active negotiations around this. We don't think that anything is going to be so significant that it's going to change our gross margin outlook or our product level margins significantly, but we all understand how it works.

因此，我們始終與多家不同的商業支付方保持積極的磋商。加里，你問問題的時候你可能看不到我的笑容，但我其實是在微笑。我的意思是，付款方當然喜歡他們的回扣，我們正在就此積極進行談判。我們認為不會有什麼事情會如此重大，以至於會顯著改變我們的毛利率預期或產品層面的利潤率，但我們都明白其中的運作方式。

So the negotiations with the payers are actually been pretty positive over the last couple of months as we ended the 3rd quarter and entered the 4th quarter. My field reimbursement and market access team is seeing some.

因此，在過去的幾個月裡，從第三季結束到第四季開始，與付款方的談判實際上相當積極。我的現場報銷和市場准入團隊已經發現了一些問題。

I don't know if you can ever use the word acceleration in approvals with commercial payers, but appropriately defined use case patients are getting approvals. Some payers are working more rapidly with us than others, and we're trying to alleviate the bottlenecks across the entire commercial payer landscape. Again, the majority of incentives, especially. Bivigamas well is through Medicare, where it's a lot easier to get.

我不知道在與商業支付方的審批過程中是否可以使用“加速”這個詞，但符合特定使用場景的患者確實可以獲得批准。有些支付方與我們合作的速度比其他支付方更快，我們正在努力緩解整個商業支付方領域的瓶頸問題。再次強調，大多數激勵措施尤其如此。Bivigamas 的水井是透過 Medicare 提供的，這樣更容易獲得。

Reimbursement more rapidly, but from a commercial payer perspective, which is about, call it 40-ish, 45% of utilization, we're seeing movement from some payers who had us restricted. We're coming off restricted lists. We're moving up from a step edit perspective, and I think you know as these negotiations transpire, if there's things to report, we'll certainly keep the street informed, but data obviously, the more data helps you asked about the outcomes data, the payers are seeing this in their own patient profiles.

報銷速度更快了，但從商業支付方的角度來看（大約佔使用率的 40% 到 45%），我們看到一些之前限制我們的支付方正在改變。我們即將從限制名單中移除。我們正在從逐步編輯的角度向前推進，我想您也知道，隨著這些談判的進行，如果有任何情況需要報告，我們一定會及時向外界通報，但顯然，數據越多，對您就越有幫助。您詢問結果數據，支付方正在他們自己的病患檔案中看到這一點。

I mean they're seeing that these are patients that have cost their plans money. These are patients that do get hospitalized maybe once or twice per year, and they're staying out of the hospital. They're not getting as sick.

我的意思是，他們意識到這些病人對他們的醫療計畫造成了經濟損失。這些患者每年可能住院一到兩次，現在他們已經不再住院了。他們的病情沒那麼嚴重了。

We're reporting today that that in this Investigator initiated study we're seeing a significant reduction in infections. This is not a one-off. This is what payers are seeing and all of this contributes to their decision to approve incentive and approve a switch from standard IG to this product. So everything seems to be working well again. Our field reimbursement team is doing a great job and our market access team.

我們今天報告稱，在這項由研究者發起的研究中，我們看到感染病例顯著減少。這並非個案。這就是付款者所看到的，所有這些都促使他們決定批准激勵措施，並批准從標準 IG 切換到該產品。一切似乎又恢復正常了。我們的現場報銷團隊和市場准入團隊都做得非常出色。

Is negotiating in a very collegial way with a number of different payers right now, and we wouldn't have put it in the prepared remarks or in the press release if we didn't feel confident that we were going to see improvements to our commercial payer profile. So we expect that to occur early in 2026 and we're very optimistic for the growth for the future.

目前我們正在與許多不同的支付方進行非常合作的談判，如果我們沒有信心看到我們的商業支付方情況有所改善，我們就不會將其寫進準備好的發言稿或新聞稿中。因此，我們預計這種情況將在 2026 年初發生，我們對未來的成長非常樂觀。

Okay, that's all very helpful. Thank you. And then just last one, just to follow-up on the earlier question about also using that data to expand the number of physicians or centers that are going to be using incentive, so. Just want to confirm, are you still currently around 100 or so, whether it's physicians or centers that are using incentive, and to get to your peak target for 2029 of greater than 1.1 billion, where does that need to go? Does it need to double? Could it, you've talked about the 300 sort of target, I guess, ultimately, how long do you think it'll take before you get there? Thanks.

好的，這些資訊都很有幫助。謝謝。最後一個問題，是想跟進先前關於利用這些數據來擴大使用激勵措施的醫生或中心數量的問題。我想確認一下，目前使用激勵措施的醫生或中心數量是否仍然在 100 人左右？為了達到 2029 年超過 11 億美元的高峰目標，需要增加到什麼程度？需要翻倍嗎？你能不能做到？你之前提到過 300 人左右的目標，我想，最終，你認為需要多久才能達到這個目標？謝謝。

All good questions. Thank you, Gary. We do say that there are about 300 clinical immunologists that follow large groups of these primary immune deficient patients. It's certainly greater than 100 prescribing docs now. I mean, we've really seen rapid uptake throughout the summer of new docs saying what, I'm ready. And the fact that, our commercial team since the start of the 3rd quarter has been out there saying that.

都是很好的問題。謝謝你，加里。我們確實提到，大約有 300 名臨床免疫學家正在追蹤研究大量原發性免疫缺陷患者。現在開處方的醫生肯定超過100位了。我的意思是，整個夏天我們都看到越來越多的新醫生表示：“我已經準備好了。”事實上，我們的商業團隊從第三季開始就一直這麼說。

We've got more product. You can start your patients on therapy. I mean, people took us seriously, so you know that certainly helps, Gary, when you're dealing with a scarce raw material like we are with incentive.

我們有更多產品了。您可以開始為您的患者進行治療。我的意思是，人們認真對待我們，所以你知道，加里，當你像我們一樣處理稀缺原材料並有激勵措​​施時，這肯定會有幫助。

Less than 5% of these plasma donors have the antibody profile that we're looking for, but the clinician universe that we target, they're well aware of our partnerships with Grifols, Kedrion, and others to access a wider group of collection centers to get more plasma.

不到 5% 的血漿捐贈者擁有我們正在尋找的抗體譜，但我們的目標臨床醫生群體非常清楚我們與 Grifols、Kedrion 和其他公司合作，以便接觸到更廣泛的採集中心，從而獲得更多血漿。

So folks have been listening to our messaging. They know that Grifols, Kedrion and others are reliable suppliers, and I think we've really been able to do a great job at building the confidence for the continuity of supply throughout 2025. And that's what's been encouraging for new docs to put patients on and existing prescribers to add more patients in their queue.

所以大家都在關注我們的訊息。他們知道 Grifols、Kedrion 等都是可靠的供應商，我認為我們在建立對 2025 年全年供應連續性的信心方面做得非常出色。這也鼓勵了新醫師接收病人，並促使現有醫生增加病人數量。

Look, we're, we increased the 2025 revenue, I believe right from 500 to 510. We feel confident about this. We feel good that Our ability to supply product to the healthcare community is solid, and that's really what's helping to drive this is the confidence of our commercial team telling the prescribers that look, we've got the product available. They're accelerating the accession of these patients, getting them on therapy, starting the payer conversations earlier.

你看，我們把 2025 年的營收預期從 500 提高到了 510。我們對此充滿信心。我們感到欣慰的是，我們向醫療保健界供應產品的能力很穩固，而真正推動這一趨勢的是我們商業團隊的信心，他們告訴處方醫生，我們已經有了所需的產品。他們正在加快這些患者的入院速度，讓他們接受治療，並更早開始與支付者溝通。

Our field reimbursement team has grown this year and it'll probably grow a little bit next year, but they're all working very hard to expedite new patient starts, and that's what's ultimately going to drive growth.

我們的現場報銷團隊今年有所壯大，明年可能還會略有成長，但他們都在努力加快新患者的治療啟動速度，而這最終將推動成長。

You're asking me about the full year 2029 revenue. I mean, I feel good that we're in a good position, Gary, both from, who the physicians are and where the patients are to hit 1.1 billion.

您問的是2029年全年的收入狀況。我的意思是，加里，我覺得我們現在處境很好，無論是醫生群體還是患者群體，都有可能達到 11 億的目標。

We feel good about our ability to collect the raw material. I mean, you've seen inventory step up. We're swapping out normal source plasma. We're placing it with high tighter plasma inventory to make more incentive.

我們對收集原料的能力感到滿意。我的意思是，你已經看到庫存增加了。我們正在更換常規的等離子體源。我們將其與高濃度、更緊張的血漿庫存一起投放，以提供更多激勵。

We're elbows deep in the budget for 2026, and we're forecasting more ASCENIV production than we had in 2025, and that's ultimately going to drive increasing revenues in 2026 and 2027, so. Is there an opportunity to achieve the 1.1 billion earlier than 2029? I think it's possible, but at this point in time we feel confident that we should hit this in 2029. And in normal a fashion, if we can do it faster, we certainly will.

我們正在全力以赴地制定 2026 年的預算，我們預測 ASCENIV 的產量將比 2025 年更多，這最終將推動 2026 年和 2027 年收入的成長。是否有可能在 2029 年之前實現 11 億人口的目標？我認為這是有可能的，但目前我們有信心在 2029 年實現這一目標。通常情況下，如果我們能更快完成，我們當然會這樣做。

Okay, great. Thank you for all that Color. Appreciate it.

好的，太好了。感謝你帶來的一切色彩。謝謝。

Thank you, Gary.

謝謝你，加里。

Anthony Petrone, Mizuho.

Anthony Petrone，瑞穗銀行。

Thanks. I was following up on the experience you're seeing with the new centers from earlier this year you mentioned a 5% hit rate on. A 5% hit rate on Collections at those new centers. I'm just wondering, as time goes on and, perhaps with your partnerships either with Grifols or Kedrion on you train those. Those sites to, sort of have more proactive donor outreach. Do you think that the donor, the 5% RSV hit rate in those additional centers can improve over time. Thanks.

謝謝。我正在跟進您今年早些時候提到的新中心的情況，您提到命中率只有 5%。這些新中心的催收成功率僅為 5%。我只是在想，隨著時間的推移，也許你和 Grifols 或 Kedrion 建立了合作關係，你會訓練這些。這些網站也更積極主動拓展捐贈者群體。你認為捐贈者中，這些額外中心的 5% RSV 感染率會隨著時間的推移而提高嗎？謝謝。

So the hit rate will always be the hit rate, but the amount of plasma that our third-party suppliers will collect of high tide or, I think will grow. Anthony, look, the third-party suppliers have meaningfully outperformed, full stop.

所以命中率永遠是命中率，但是我們的第三方供應商收集的血漿量將會大幅增加，或者我認為會增長。安東尼，你看，第三方供應商的表現已經明顯優於其他供應商，就這麼簡單。

The team at ADMA that does our proprietary RSV screening assay and testing, they've got it under control. They've ramped up. I mean, we invested time, money, effort, blood, sweat, tears to get to this point. And we feel really good about the supply chain continuity and the ability to rapidly identify these donors and collect that plasma from our third-party providers.

ADMA 團隊負責我們專有的 RSV 篩選分析和測試，他們已經完全掌控了局面。他們加大了力度。我的意思是，我們投入了時間、金錢、精力、心血、汗和淚才走到今天這一步。我們對供應鏈的連續性以及快速識別這些捐贈者並從我們的第三方供應商收集血漿的能力感到非常滿意。

As I mentioned, and I think folks can see in the contracts, I know that there are some terms that are redacted, but there are financial incentives for our third-party suppliers to hit.

正如我之前提到的，而且我認為大家可以從合約中看出，我知道有些條款被塗黑了，但我們的第三方供應商確實有經濟激勵措施來達到這些目標。

Our target collection goals, they all want their bonuses, and by golly we want to pay their bonuses. So I think it's a very symbiotic relationship. I think it's going very well, and again I cannot emphasize enough about how good the team has done here at ADMA, but our third-party suppliers have meaningfully outperformed. 2026 conversations with our third-party suppliers are going well.

我們的目標收款目標，他們都想要獎金，而我們當然也想支付他們的獎金。所以我認為這是一種非常互惠互利的關係。我認為一切進展順利，我再次強調ADMA團隊的出色表現，但我們的第三方供應商表現尤為突出。與第三方供應商就2026年進行的洽談進展順利。

We feel like we're in a great position to collect more plasma than we did this year for next year, and that's ultimately going to give us confidence into the 27, 28, and 29. So things are going very well from a plasma supply standpoint.

我們感覺我們處於非常有利的位置，可以為明年採集比今年更多的血漿，這最終將使我們對 27、28 和 29 年充滿信心。所以從血漿供應的角度來看，一切都很順利。

We're building inventory. We've got the inventory we need to be successful, and we feel like we're in a great position to at least meet, if not exceed the upwardly revised. Guidance targets that we've set for 2026.

我們正在建立庫存。我們已經擁有成功所需的庫存，我們感覺我們處於非常有利的位置，至少可以達到，甚至超過向上修訂後的目標。我們為 2026 年所設定的指導目標。

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

女士們、先生們，本次電話會議的問答環節到此結束。現在我想把發言權交還給亞當，讓他做最後的總結發言。

Thank you everybody for taking the time this afternoon. We really appreciate your continued support of ADMA Biologics, and if you have an ADMA biocenter or one of our third-party centers near you, please go donate plasma, save a life, and to the ADMA team that's listening, thank you for all you do. Let's crush it till the end of the year. Thanks everybody. Have a good afternoon.

感謝大家今天下午抽出時間。我們非常感謝您一直以來對 ADMA Biologics 的支持。如果您附近有 ADMA 生物中心或我們的第三方中心，請去捐血漿，拯救生命。同時，也感謝 ADMA 團隊所有聽到您聲音的人，感謝你們所做的一切。讓我們全力以赴，直到年底。謝謝大家。午安.

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。