Brad will then provide an overview of the company's fourth quarter and full year 2025 financial results, and Terry will make some introductory comments. Earlier today, we issued a press release detailing the full year 2025 financial results and summarized certain achievements and recent corporate updates. 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.
For the full year, total revenue was $510 million, representing 20% year-over-year growth. Adjusted EBITDA was $231 million, increasing 40% year-over-year, and adjusted net income was $161 million, increasing 35% year-over-year. These results underscore the durability of our growth engine and the expanding operating leverage within our fully integrated U.S.-based business model. We expanded margins, improved our balance sheet, and executed several strategic initiatives that enhanced the long-term durability and earnings power of our company as we enter the next phase of growth.
For full year 2025, Asceniv achieved $363 million in net revenue, representing 51% year-over-year growth. Our differentiated, patent-protected specialty immune globulin exited the year at record utilization levels, driven by high demand and strong prescriber adoption. Before turning to additional operating highlights, I want to briefly address working capital. As demand builds and our McKesson distribution agreement ramps up, alongside further anticipated diversification of our distribution network, we expect improving working capital efficiency and cash conversion throughout 2026.