ADMA Biologics shares plummeted 26.88% in after-hours trading on Wednesday, following the release of the company's first quarter 2026 financial results.

The specialty biologics maker reported Q1 revenue of $114.5 million, falling short of the $141.8 million analyst consensus estimate. Adjusted net income for the quarter was $40.7 million, also missing expectations of $48.4 million. The company cited a 54% year-over-year decline in BIVIGAM revenue, driven by increased competition and distributor ordering variability, as a primary factor pressuring its topline results.

In a significant development, ADMA Biologics withdrew its long-term financial guidance, citing evolving competitive dynamics in the plasma-derived therapy and immune globulin market. The company provided fiscal year 2026 revenue guidance of $530 million to $560 million and adjusted EBITDA guidance of $265 million to $300 million, but the removal of longer-term outlook contributed to investor concerns about future growth prospects.