Good morning, everyone. My name's David Lowe. I cover healthcare for JPMorgan out of Australia, and with me today I have the pleasure of introducing Adam Grossman, CEO of ADMA Biologics. Over to you, Adam. We'll get Adam to do a presentation, and then we'll go into Q&A for the second half, so I'll be looking forward to audience participation. Thanks, Adam.
Thank you, David. Good morning, everybody, and thank you to JPMorgan, to the analysts and banking team. It truly is an honor to be able to present. It's my first time presenting at the conference, so we are a public company. Please refer to our forward-looking statements, slide, and disclosures in our Forms 10-Q and 10-K. So ADMA Biologics, who are we? We are an innovative producer of specialty biologic products. We operate an end-to-end vertically integrated commercial manufacturing company focused on the development, production, and commercialization of specialty intravenous immune globulin products. All the products that ADMA Biologics makes are derived from human plasma and extracting the polyclonal antibodies out of that plasma. We currently have three FDA-approved products: ASCENIV, BIVIGAM, and Nabi-HB.
We have 700 truly hardworking and dedicated employees across our manufacturing and commercial footprint, and we're really changing the conversation and really bringing a different approach to the production and manufacturing of these products and the go-to-market offering. This is mainly driven by the intellectual property that our company holds. So we have patents that protect the methods by which we identify plasma donors, who has high titers to certain infectious diseases and who doesn't, as well as on the composition of producing immunoglobulin products. So we've got patents on testing methods for identifying high-titer occurring antibodies. We also have patents on unique and novel immunization schedules of using commercially available vaccines to stimulate plasma donor antibodies, as well as extended patents that represent being able to take monoclonal antibodies and spiking them into a normal immunoglobulin pool to essentially produce a hyper-immunoglobulin product. Very proud of our vertical integration.
Everything that we do happens in the lower 48 United States. We are the only U.S. domiciled producer of immunoglobulin. All of our operations take place in the U.S., and we only market our products in one country in the world, and that's in the U.S., so as I mentioned, we have end-to-end control of our supply chain. It all starts with plasma collection. We operate 10 FDA-approved plasma centers located in the southeast U.S. These centers collect normal plasma as well as high-titer plasma for the production of ASCENIV and Nabi-HB. We've augmented our internal collections historically with third-party contracts, and this morning we made an announcement that we have signed multiple decade-long third-party supply contracts, which are really going to help provide all of the raw material that we need to provide durable and long-lasting growth into the future.
I'll speak more about those contracts in a few moments. All of our manufacturing, the upstream and downstream production of immunoglobulin, is done in our Boca Raton manufacturing facility. We also handle all of the in-process testing on site in Boca Raton, as well as the majority of our product release testing is controlled by ADMA. Fill, finish, filling, labeling, packaging is all done by us in-house, as well as we have a contract with a third party that augments our internal production. So we're really proud of this. We've enhanced our supply chain. We've made substantial investments into our manufacturing and testing infrastructure over the years, and we're really seeing the results of those investments with the growth that our company has been experiencing. Just to give you a little bit of background on the economics of plasma, I like to call it Plasmonomics.
Roughly, our manufacturing facility has a 600,000-liter annual capacity, and you can extract roughly somewhere between 3.8 to 4 grams of immunoglobulin out of a liter of plasma. So if we do the rough math, our production facility today has the ability of producing greater than 2 million grams of intravenous immunoglobulin. Now, the manufacturing cycle time, and this is something I want to hammer home to people who are new to the story, the manufacturing cycle time for ADMA, for any of the producers of immunoglobulin globally, takes anywhere from 7 to 9 to 12 months to produce and release a batch of drug. So the drug that we're making today, we've got unique visibility because we know what we're making today. We know that it's going to be available for commercial sale and distribution in roughly nine months from now.
We've got unique forward-looking visibility, which I think has given us the opportunity to provide guidance to the financial industry with some pretty good precision. I mentioned that we have 10 internal collection centers. They're operating very efficiently. This number is right-sized. We do not plan to make any additional investments in building out these centers. We have 10 centers, and that's where we're going to stay for now. They're all located in the Southeast U.S., and again, they collect normal source plasma as well as the high-titer plasma that we use to make ASCENIV. We're really proud of these third-party supply contracts, and we really feel that these contracts are going to alleviate the historic growth bottleneck that ASCENIV has experienced. We've always said that the plant is agnostic. It doesn't care whether it's making BIVIGAM or ASCENIV.
It's the same manufacturing process once you bring the plasma into the plant. All of the science that occurs with the production of our drugs happens before manufacturing. It's in the identification and selection of these plasma donors. So historically, we were collecting from anywhere from 50-70 plasma collection centers, 10 of ADMA centers, and then we had smaller third-party contracts. We announced this morning that we have signed multiple third-party supply contracts, decade-long supply contracts that will now allow us to obtain this plasma from over 250 plasma collection centers in the United States. There are roughly 1,200 collection centers in the U.S., and our partners roughly own about one-third of those centers. So if you think about it, it's a 5X opportunity for us to now collect from that many more centers. We believe that this is going to alleviate that supply bottleneck.
Again, it takes time to get these centers ramped up and providing plasma through our supply chain system, but we expect to onboard these centers by the middle of 2025, and this is really what's going to support the durable high-margin growth that we expect to get to $1 billion or more prior to 2030. Our internal capabilities are strong. Our third-party relationships really are robust and strong, and we've got all the visibility we need to alleviate the supply bottlenecks and grow to $1 billion or more thereafter by 2030. Some background on the U.S. immunoglobulin landscape. So we operate in the U.S. The U.S. is the highest user of immunoglobulin per capita in the world. It also has the highest pricing in the world. Roughly $12 billion U.S.
Market for immunoglobulin in 2023, and IG has been growing at low single digits to, excuse me, high single digits to low double-digit growth for the last decade or so. The market is expected to grow to over $20 billion by 2030, and what this means, it's not just for ADMA, but it's the whole plasma product production complex. There's a lot of room for growth. There's a lot of white space for all of us ahead. The chart below, the pie chart, represents market share in the U.S., and this is on a units basis. So ADMA has roughly a 2% share of the U.S. market from a unit perspective, but from a revenue perspective, we are about 3.5%-4% of the total revenue, and that's because we make products that command higher margins than some of our competitors.
With this being said, all of the producers of immunoglobulin sell everything they make. That's not unique to ADMA, but all of the companies that operate in this space, because there is a supply and demand imbalance. The reason for this growth and acceleration here is because the population is aging. We have better diagnostics to identify and detect immunocompromised patients earlier in life, as well as the rapid and growing use of novel monoclonal antibodies and other immunomodulatory drugs that work well for cancer and different autoimmune conditions. But ADMA, we target Primary Immune Deficiency. So for the layperson, that's called bubble boy disease. What is Primary Immune Deficiency? It's a class of genetic disorders, roughly 450 different types of genetic defects that are classified by the World Health Organization that define Primary Immune Deficiency.
What we know is that roughly 250,000 Americans are diagnosed with PI and typically receive intravenous immunoglobulin infusions every three to four weeks to allow them to live outside of the bubble and conduct normal lives. NIH estimates that there are about 500,000 people in the U.S. that are undiagnosed, and again, this also attributes to the white space for the industry to be able to provide and produce more immunoglobulin. So ASCENIV and BIVIGAM are both indicated for the treatment of PI, but ASCENIV is differentiated. Roughly 5% of plasma donors, 5%-10% of plasma donors, have the antibodies that we're looking for to make the special unique antibody profile that is ASCENIV. Something else that's interesting to note, whether the IG is a preferred brand, whether it's being used on label or in an evidence-based way, 70% of commercial payers require prior authorization.
So this is built into the way that clinicians and caregivers treat their patients. They understand that they have to champion for their patients. They have to write letters of medical necessity. So the fact that ASCENIV may not be a first-line therapy is actually a benefit, and we'll speak about that more in a moment. But ADMA is changing the conversation, and when we look at ASCENIV and we look at where the product could have had benefits, we look at the data, and the data in the market tells us that we can do better, that treaters are asking for something different, because about 90% of PI patients receiving immunoglobulin continue to have recurrent respiratory tract infections while on IG.
If we look a little further, about 30% of these patients develop COPD, asthma, or some other chronic lung disease throughout their treatment journey, and about 10 or 11% of these patients develop a serious condition called bronchiectasis. Patients with bronchiectasis have a tough time clearing any respiratory tract infection, and many of them will require organ transplantation later on in their treatment journey. So the unmet need is there, and prior to ASCENIV, which is ADMA's unique IG offering, there was nothing new, nothing new for 40 years. A lot of the investment into R&D has been involved in route of administration, room temperature storage, different stabilizers, a way to make more IG through manufacturing, but ASCENIV is really the first new offering with respect to antibody profile in 40 years.
Again, because of our patented methodologies, we're the only company that manufactures IG by blending high-titer plasma with normal plasma to create this unique antibody profile offering. When we did our phase three study, we had great results, hit our primary endpoint, and the secondary endpoints were trending to show improvements. I like to say that, you know, sure, we're a great marketing company. We're a great medical education company. We produce high-quality products, but really, what's driving the utilization and growth of ASCENIV? It's the results. The real-world pharmacoeconomic and quality-of-life improvements that doctors and patients are seeing when they switch patients from regular IG to ASCENIV is outstanding, and I'll speak about that more in a moment, but this is what happens when you make a good product that helps people.
This is what happens when you bring something to market that is actually giving patients new hope and making a difference in their treatment journey. Many of these patients receive IG, and they try multiple brands. They switch from one brand to the other. They increase their dose. They increase the frequency at which they're getting IG, but that's all treaters and payers have had to use for these patients historically until ASCENIV came to market. Now ASCENIV is used as a later-line therapy. It's not positioned as a front-line therapy, and we think this is a benefit also in the conversation with the commercial payer. I should add that roughly about half, a little bit over half of ASCENIV's utilization is through Medicare, but we're seeing commercial payer use growing.
But when you have a patient that has failed multiple brands of IG, you have a patient that presents with these chronic persistent infections. They're on concomitant antibiotics. They're on Tamiflu prophylactically. Vaccines do not work in PI patients. They do not work in genetically defective immunocompromised patients because if you give them the antigen, they do not make antibodies that are protective. So we really believe it's the real-world evidence, and it's the pharmacoeconomic and quality-of-life output that is driving the growth in the complex PI patient. If you haven't spent some time on the ASCENIV website, you should. I won't go into too much detail here, but this is what drives me. This is what drove me to start the company, and it's what drives the workforce at ADMA to really do the best job every single day because we know patients are counting on us.
If I could just spend a moment highlighting one patient's story, Tyler. Tyler is a 17-year-old boy. He has been diagnosed since he was very, very little, I think since he was about six years old or so, and long story short, missed 100-plus days of school every year, in and out of the hospital, chronically ill, tried multiple brands of IG, increased his dose, increased the frequency, and nothing was helping. His mother and he advocated to try ASCENIV, and in his own words, he has his life back. If you watch the video, every time I watch it, it makes the arm hairs stand up, but he's playing lacrosse. He's on the photography club. He's part of the yearbook committee, and to all of our patient advocates, I mean, we really are making a difference in giving them their life back.
ADMA is a great company, but the results that you're seeing from our operations, I mean, sure, we run a lean business. We control the middle of the income statement. We think our business is right-sized, but the growth that you're seeing is expressly due to the fact that we make a great product that helps people. So I've talked to you about the prevalence. There's plenty of patients out there. I've talked to you about how they're not all created equal. Many of these patients have different risk factors, and again, these highly refractive comorbid patients to standard immunoglobulin, we estimate that to be about 10% of the total PI population in the U.S. So our total addressable market for ASCENIV is 25,000 patients.
Clinicians have been asking, and patients want an alternative than just increasing their dose and frequency of regular IG, and we think ASCENIV is a step in the right direction for these patients, and if we look today, we've only penetrated just about 3%, a little bit over 3% of our total addressable market, so that's 700-900 patients. We see now with the supply contracts from our third-party plasma suppliers in place and our ability to continue to augment the manufacturing mix towards more ASCENIV, we think that there is significant upside potential with incremental penetration into this complex PI population. We really feel that, you know, look, the revenue mix has been shifting to ASCENIV from BIVIGAM.
From a unit perspective, we sell more units of BIVIGAM than we do ASCENIV, but from a revenue generation perspective, we sell more ASCENIV than we do BIVIGAM, and I think that that's reflected in our corporate gross margins. ASCENIV is a roughly 80%-85% gross margin product opportunity. BIVIGAM is 20% to mid-20% margin opportunity. Again, that's this side of yield enhancement, which I'll speak about in a moment, but when you look at it together, our blended corporate gross margins were over 50% this year, and it's really just due to the fact that ASCENIV is providing an alternative for the sickest patients in this population. The payers understand it, and the clinicians understand it. So we've got a great commercial team and a great distribution model. There are 300-400 immunologists in the U.S. that matter. They're the ones seeing the complex patients.
We know where the patients are. We know where the prescribers are. We have a 35-person commercial team today. It's growing a little bit, but it's pretty much right-sized. We've got, you know, great people that work at a very high level, and, you know, we're just really proud of our ability to partner with the clinicians. What I can tell you is that docs want to speak to my reps. Docs want to speak to my MSLs. It's not hard for them to get appointments. We go to trade shows. Our booths are swamped. We're having a different conversation than our competitors because we have a different go-to-market offering with ASCENIV, and that's what's driving growth here. We've got great distribution partners.
About 90% of our business is in the outpatient ambulatory infusion setting: doctor's offices, specialty pharmacies, home infusion, and our distribution partners are familiar with this, and they're able to service the needs and provide the white glove service that they expect from a high-caliber immunoglobulin company. So where are we going to grow, and what's the upside? You know, something I haven't talked about, but I've spent time previously, if you've been following our story: yield enhancement. I have to tip my hat to our scientific and technical ops team, process development team. We've done it. I mean, we really have, and we talked about it, but we got the regulatory filing into the FDA prior to year-end 2024. Very proud of that.
The team worked very, very hard through the holidays to get this done, and, you know, really just cutting to the chase, the reason why ADMA is able to do this is because we're a very nimble manufacturing company. We've got one plant. We focus on one market in the U.S. A number of the other producers of immunoglobulin are talking about yield enhancement, but it's taking them a longer time to bring this technology to market. Why? Well, look, their manufacturing footprints are more complex. They have, you know, 30, 40, 50, 60 countries in the world where they have to file registrational documents. We have one. So we're really happy with the fact that we're just focused on the U.S., and we've got our one plant, and it allows us to be nimble.
20% more immunoglobulin from the same starting plasma volume. Why does this matter? Well, I told you that the plasma that we're looking for is scarce. Roughly 5%-10% of plasma donors have the antibodies that we're looking for. So if we can get 20% more immunoglobulin out of that same plasma, it's only going to help us to treat more patients faster. From a financial perspective, the incremental cost to obtain this additional 20% of product is quite minimal to the overall manufacturing cost, outsized EBITDA and profitability contribution expected from this additional 20% yield enhancement. So we think there's significant upside potential. We expect to have approval, hopefully, middle of the year, and if we're really, really good, and to my team that's listening, if you're really, really good, we hope to have first commercial sales of yield-enhanced batches prior to year-end 2025.
So if you really think about it, and if you take some of the facts that I've given you today, and you know, a lot of investors that we've been speaking with today, they want to know, well, why can't we get these 250 plasma centers onboarded faster? Why can't we get the product out faster? Well, everything takes time, and I sort of break it down to say, you know, you can't have a baby faster. You can't gestate a baby faster. It's the same thing with making plasma products, but we're really excited here. 2025 is going to be a great growth year. 2026, if you think about it, is going to be phenomenal.
We're very excited about the forward-looking opportunities, but you take the new third-party supply contracts, you take some of the operational efficiencies that we're unlocking with our AI platform, dmalytics, and you take yield enhancement, and we are positioned to take this company to $1 billion or more into the future. I'll spend a few seconds talking about our pipeline. As I mentioned about our IP, we've got the ability to use commercially available vaccines. So we're going to take commercially available vaccines to Strep pneumonia, all the serotypes that we can vaccinate for. We have a novel methodology for stimulating donor antibody, and we're going to produce a hyperimmune, if you will, targeted to Strep pneumonia.
We think in the immunocompromised population, this could represent $300-$500 million or more revenue opportunity, and we think the margins could be closer to ASCENIV than BIVIGAM's margins because of the unique antibody profile that this offers. But the point here is we have a capital-efficient internal R&D engine. It's not going to cost us a tremendous amount of capital to bring new products to market. So we're excited about this, and hopefully sometime this year, we will be able to read out some animal data, and we're working on collecting plasma, and we will update the street as developments continue. Senior leadership team, I see some familiar faces in the audience. I'm still here. You're still investors, so I like to think that we know a little bit about what we're doing.
We've augmented our C-suite, and we've had some changeover in our board of directors, and we really feel that we're positioned to grow this company to be an extremely fast-growing, highly profitable commercial manufacturer of biologics into the future. So the summary here, as we think about this, you know, we're a company that's got high margins and is fast-growing. We see an accelerating rate of revenue and earnings growth in 2025, 2026, and beyond. We've increased top-line guidance again for 2025 now to $485 million with roughly 45% EBITDA margins. That's going to accelerate in 2026 to be over $600 million of revenue with 50% EBITDA margins, and we expect to be at $1 billion of revenue prior to 2030. And now with these supply contracts and the potential for yield enhancement coming on board, that's more of a reality than it has ever been before.
Again, I focus your attention to the significant margin expansion that we've experienced. We have the highest margins in the entire plasma products complex globally, and we're very proud of that. At the midpoint of the revenue range for 2024, we're roughly at $420-$421 million in total revenues for 2024, and we ended the year with over $100 million in cash, and that's pretty significant. We generated about $45 million in cash in the fourth quarter, and we've organically, from this organic cash generation throughout 2024, we paid down $60 million of debt. So we are sitting in a position now where we have $25 million of net cash when you factor in the remaining note that we have.
I remember when my chairman said to me, "Adam, at some point in your lifecycle, you're going to have to pay this debt back," and I'm very excited to be in a position, and thank you to Ares for the debt, but we like returning capital. And you know, something that I just like to add here, you know, I've invested in every round of financing that ADMA has ever had, and I'm aligned with shareholders, and you know, we're looking at, look, we make great products that help people. That was my family's mission. That's why we founded the company, was to make good products that help people, but we're also here looking to, you know, return value to our shareholders. So we're going to continue to pay down the debt with organic cash. We're going to continue to use capital in efficient ways.
As I've said previously, you know, I'm not necessarily an empire builder, but I do like to generate cash, and as we continue to do that, we'll think about the appropriate ways to return capital to shareholders and to continue to enhance shareholder value. That's who we are. You know, this is my IR and marketing team here. We're a smart company. We've got structural demand. The patients are there. The docs know how to stratify risk now. Our team has done a great job in medical education and commercial messaging. So we've got the demand in place to, if we can produce it, we believe we can sell it, and there are patients to receive the product. Manufacturing prowess and manufacturing optimization is on schedule and on track.
We really are a forward-thinking manufacturer of these products, and we've got some other tricks up our sleeve that hopefully we'll be able to develop in the future. We've got advanced technology in the plasma-derived immunoglobulin complex. To the best of my knowledge, we're the only company that has IP around the composition and the resulting unique antibody profile of an immunoglobulin. Raw material supply, I can't hammer it home enough to all the bears out there who thought we weren't going to be able to continue to collect plasma.
I think that we've really put that narrative to bed. We've got extensive headroom also above these 250 centers if we want to with our third-party collectors, but we've got real visibility now into being able to obtain enough material to grow faster and top-tier growth outlook with high margins. So, you know, we're, again, a unique company, vertically integrated. We have control of our most integral functions, and honestly, we've built a workforce and a team that is truly dedicated to delivering high-quality products to patients who are counting on us. So with that said, thank you for your attention, and I'm sure you have some questions, David, maybe in the room, but thank you, everybody.
Yeah, great. Thanks, Adam. For those in the room, I mean, there is a microphone if you'd like to ask a question. I mean, I've got a few questions to ask, but are there any questions from the floor? At the back there?
Hey, thank you for taking the time today to speak. I was curious about specifically the donor screening and plasma pooling methodologies you talked about, and then also curious about how that interacts with the new contracts for supply you have set up, how they're going to do that on their end.
Sure, so all of the science, and I don't know if there's video, so I'm putting my fingers in quote marks, but all of the science is done in-house by ADMA. So essentially, when a new plasma donor walks into a center, samples are taken from that plasma donation. Those samples are tested for a number of different things that are required by the FDA. We take a sample, and we pay for that sample from our third parties, and that sample comes to us in Boca Raton. We do the initial screen in-house. We have a third-party lab that does the actual quantification of the antibody titer, but we don't provide our technology to anyone else.
We control all of that in-house in Boca Raton at ADMA. So essentially, all we do is take samples from our third-party collectors. We test thousands of samples a week, and we identify who has these special antibodies, who are the high responders. So all of that is done by us in-house. We're working on methodologies with Admalytics to maybe accelerate that, but right now, it's a human process handpicking the donors.
Thank you. All right. There aren't other questions from the floor. I mean, Adam, can I get you to talk a little bit about, so that's a lot of new centers and therefore a lot of potential collection capacity.
What does it take to bring, you know, let's say, you know, center number one of that 250 online for ADMA? We started this last year. We've been onboarding new centers for a while now, and you know, our existing agreements, you know, we've got a public contract with Grifols, so you can imagine that we've expanded that relationship there. You know, so we've been adding centers organically over the last 12 months. You know, everyone laughed at me when I was talking about supply chain robustness back in 2019 when we launched that campaign, but we made investments into testing in that supply chain robustness, and we did that saying, "Oh, hey, what if we actually do hit it with this product?" Equipment that we bought and qualified in 2019, 2020, 2021 is paying off today.
Thank you to the investors who gave us capital because we used it properly. So we've got a head start, David. We've got the ability to, you know, right now test, you know, thousands of samples, approaching 10,000 samples a week. So that's what it takes. I mean, honestly, we are staffing up in our testing lab. We're working, I think, a double shift right now. Don't quote me on that. And if I'm saying something that my staff shouldn't hear yet, well, tough, I just said it. But you know, I think we're going to be running two shifts, and we're going to augment that team, but it's exciting. And again, we've got the space in Boca Raton to do this, and we've already made the investments into the equipment.
Great. And with the plant, the fractionation plant, I mean, what's your capacity utilization now? You know, you've talked about BIVIGAM still being higher volume than ASCENIV. You know, when do we see those crossover in terms of volumes? How do you think about that?
Sure. We're roughly running about 70%-80% of capacity. You know, I say 600,000 liters, but again, that's if we were going to run 24 hours a day, seven days a week, 365 days a year. For those that operate manufacturing facilities, it doesn't really work like that. So you have to have a couple of weeks for routine maintenance shutdown and qualification of equipment, cleaning. So we're running at about 70%-80% utilization. Probably about 70%-80% of what we're producing in the plant is BIVIGAM. And again, the manufacturing team and the manufacturing process, it's the same for ASCENIV and BIVIGAM.
Really, the only difference outside of the starting science about forming that plasma pool, we use high-titer plasma to make ASCENIV, and we blend that with normal plasma. We use normal plasma to make BIVIGAM. But really, the only difference from a manufacturing perspective are different labels. ASCENIV has a blue cap. BIVIGAM has a white cap, but that's the difference there. So, you know, as we look, the demand for ASCENIV is strong. The demand for BIVIGAM is strong. I mean, we like all of the other manufacturers of IG and providers, so everything we make. So what we're going to try to do is to collect more plasma faster. We're going to manage the production schedule, but we can easily swap out batches of BIVIGAM for ASCENIV when the plasma is available.
Great. Any other questions from the floor? We've got five minutes to go. All right. Look, a couple more from me. Adam, you talked about the yield lift, 20%. That's pretty significant. You've also put out guidance statements for 2025 today. You know, what's included in the numbers that you've put out there and what's not?
Sure. So the guidance that we've included today does not include any benefit from yield enhancement, so we do think that there's upside to 2025 guidance. To those of you who've been following the company for a while, we're taking the same conservative approach to guidance that we've always taken. We're setting reasonable growth targets. If business should stay the way it is without any approvals, we will meet or exceed this guidance. If we get the approvals, if we get them early, if we get them later, you know, that all is subject to changing the financial performance of the business, but we feel pretty good about the potential for upside for 2025.
2026 contemplates no guidance either from the yield-enhanced batches. It does contemplate the ramping up of these 250 new plasma collection centers that we're adding to the RSV testing program. So 2026 includes having 250 collection centers on board, but 2025 is essentially based on what we have today, and there is upside to both 25, 26. And we are saying that we should hit $1 billion prior to 2030. How fast we get there, I don't know, but I think that there's opportunities for this to occur very, very rapidly with the outsized. Look, if we find the plasma, David, and we get these donors to donate, I mean, I think that we could get there even faster than any of us think.
So let's see. And you know, look, if we could fill the whole plant with ASCENIV, which again, I'm not guiding to, but you know, to get to that $1 billion number, we need to put about roughly half of our manufacturing capacity to ASCENIV. So call it, you know, 2-300,000 liters. If we filled the whole plant with ASCENIV, and again, I said this at a previous investor conference, I'm not guiding to it, but we could do well over $2-$2.5 billion of high margin revenue. Could be pretty incredible. You know, I do think that with the clinical benefits and the real-world patient experience, the demand is there on the patient side, but we're going to take it stepwise and get to $1 billion first.
Okay. Look, and one last question from me before we finish things up. I mean, source plasma. So last year or last quarter, you sold some source plasma.
Yep.
Yeah. Talk to me a little bit about what you think's happening with the source plasma market or space. You know, what's happening to donor rates? Is there too much source plasma out there now?
Well, is there too much? I mean, we're still able to sell it. I certainly could buy it if I wanted to buy it too. So, you know, I think on the raw material side, you know, you've got some changes globally. The United States is, I think, a net exporter of plasma globally. So we do sell plasma in the U.S. as an industry to many countries around the world. You cannot alternatively buy plasma from foreign countries and use it in the U.S. You must use U.S. plasma to make the drugs here. But from ADMA's perspective, look, I think when you see these one-off plasma sales, I think that you could extrapolate, well, they're obviously making more ASCENIV and they're getting more high-titer plasma.
You know, I don't want to keep inventory even though it has a 10-year shelf life that I don't necessarily need. So you'll see some spot sales from ADMA, but you know, pricing is pretty stable, David. It's certainly down off of the highs. Pricing is down in the U.S. market, and I think that that's also to ADMA's benefit. That's why we were able to sign these contracts, because with, you know, a slight oversupply of raw material and with the fact that ADMA is willing to pay more for its plasma because of the extra steps that our third-party collectors have to do. I think that that afforded us the opportunity to sign these long-term, decade-long with extensions on top of that agreements. It's really solidifying our business to become a true cash-generating company, you know, substantial accelerating growth into the future.
All right. Well, with that, we're at time. Adam, thanks very much. That was a great presentation.
Thank you very much, JPMorgan. Thank you to the investors and to my staff. We appreciate it. Let's keep.