On March 24, 2026, Culper Research, an investigative research firm, published a report titled “ADMA Biologics Inc (ADMA): Channel Stuffing, an Undisclosed Related Party Distributor, and -3% Real Growth in 2025 vs. +20% Reported.” The report revealed, among other things, that in 2025 ADMA Biologics induced one of its distributors to “stock excess ASCENIV by offering rebates and extended payment terms in order to meet order expectations.” This allegedly allowed ADMA Biologics to book revenue and “report[] growth that was never there.” According to Culper Research, had ADMA Biologics not engaged in this alleged channel stuffing scheme, it would have experienced revenue declines of 3% in 2025 instead of the reported 20% growth.
