<PAGE>   1





                       SECURITIES AND EXCHANGE COMMISSION

                           WASHINGTON, D. C.  20549

                                   FORM 10-Q

    [X]          QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                      FOR THE QUARTER ENDED JUNE 30, 1995

                                       OR

    [  ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934
     FOR THE TRANSITION PERIOD FROM                    TO               .  
                                    ------------------    --------------

                           COMMISSION FILE #0-4829-03


                        NORTH AMERICAN BIOLOGICALS, INC.
             (Exact name of registrant as specified in its charter)


          Delaware                                       59-1212264        
- -------------------------------                      ------------------
(State or other jurisdiction of                       (I.R.S. Employer 
incorporation or organization)                       Identification No.)


      5800 Park of Commerce Boulevard N.W., Boca Raton, FL        33487
- ------------------------------------------------------------------------------
(Address of principal executive offices)                         (Zip Code)


(Registrant's telephone number, including area code):   (407)989-5800
                                                        -------------

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.

                              YES (X)     NO ( )


The number of shares outstanding of registrant's common stock at August 8, 1995
was 19,486,910 shares.

<PAGE>   2


                  QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
                        NORTH AMERICAN BIOLOGICALS, INC.



<TABLE>
<CAPTION>
                                                                                              Page
                                           INDEX                                               No.
                                           -----                                               ---
                 <S>                                                                          <C>

                 PART I           FINANCIAL INFORMATION:


                     ITEM 1.      FINANCIAL STATEMENTS

                          Consolidated Balance Sheet, June 30, 1995
                            and December 31, 1994                                              3

                          Consolidated Statement of Operations
                            for the three month and six month periods ended
                             June 30, 1995 and 1994                                            4

                          Consolidated Statement of Cash Flows
                            for the six month periods ended
                             June 30, 1995 and 1994                                            5

                          Notes to Consolidated Financial Statements                           6


                     ITEM 2.      MANAGEMENT'S DISCUSSION AND ANALYSIS
                                    OF FINANCIAL CONDITION AND RESULTS
                                      OF OPERATIONS                                            8


                 PART II          OTHER INFORMATION:


                     ITEM 1.      LEGAL PROCEEDINGS                                           12


                     ITEM 4.      SUBMISSION OF MATTERS OF A VOTE OF
                                  SECURITY HOLDERS                                            12


                     ITEM 6.      EXHIBITS AND REPORTS ON FORM 8-K                            13

                          Exhibit  11  - Calculation of Earnings per Share                    14

                          Exhibit  27  - Financial Data Schedule (for SEC use only)

                          Signatures                                                          15
                                                                                                
</TABLE>



                                       2

<PAGE>   3

Part I Financial Information

Item 1 Financial Statements

                        NORTH AMERICAN BIOLOGICALS, INC.
                           CONSOLIDATED BALANCE SHEET
                      ($ THOUSANDS, EXCEPT PER SHARE DATA)


<TABLE>
<CAPTION>
                                                                          JUNE 30,           DEC 31,
                                                                            1995              1994
                                                                          --------           -------
                                                                         (UNAUDITED)
<S>                                                                       <C>                <C>
ASSETS
CURRENT ASSETS:
    Cash                                                                  $  1,863           $ 1,982  
    Trade accounts receivable, net                                          26,047            22,875  
    Inventories                                                             20,167            20,713  
    Prepaid expenses and other assets                                        3,055             2,485  
                                                                          --------           -------
      TOTAL CURRENT ASSETS                                                  51,132            48,055  
                                                                                                      
PROPERTY AND EQUIPMENT, NET                                                 24,369            14,225  
                                                                                                      
OTHER ASSETS:                                                                                         
    Excess of acquisition cost over net assets acquired, net                16,407            16,696  
    Intangible assets, net                                                   9,908            10,616  
    Other assets                                                             4,610             4,225  
                                                                          --------           -------
              TOTAL ASSETS                                                $106,426           $93,817  
                                                                          ========           =======  
LIABILITIES AND STOCKHOLDERS' EQUITY                                                                  
                                                                                                      
CURRENT LIABILITIES:                                                                                  
    Trade accounts payable                                                $  3,863           $ 6,559  
    Accrued expenses                                                        10,776            10,465  
    Notes payable                                                            6,471             5,479  
                                                                          --------           -------
      TOTAL CURRENT LIABILITIES                                             21,110            22,503  
                                                                                                      
                                                                                                      
NOTES PAYABLE                                                               27,007            19,549  

                                                                          --------           -------
      TOTAL LIABILITIES                                                     48,117            42,052  
                                                                                                      
COMMITMENTS AND CONTINGENCIES                                                   --                --  
                                                                                                      
STOCKHOLDERS' EQUITY:                                                                                 
    Convertible preferred stock, par value $.10 per share:                                            
         5,000 shares authorized; no shares outstanding                         --                --  
    Common stock, par value $.10 per share: 50,000 shares                                             
         authorized; 19,487 and 19,308 shares issued, respectively           1,949             1,931  
    Capital in excess of par value                                          37,701            37,781  
    Retained earnings                                                       18,659            12,179  
                                                                          --------           -------
                                                                            58,309            51,891  
    Note receivable from stockholder                                            --              (126) 
                                                                          --------           -------
      TOTAL STOCKHOLDERS' EQUITY                                            58,309            51,765  
                                                                          --------           -------  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                $106,426           $93,817  
                                                                          ========           =======

</TABLE>
                                                          

   The accompanying Notes are an integral part of these Financial Statements.




                                      3

<PAGE>   4
                        NORTH AMERICAN BIOLOGICALS, INC.
                      CONSOLIDATED STATEMENT OF OPERATIONS
                      ($ THOUSANDS, EXCEPT PER SHARE DATA)




<TABLE>
<CAPTION>
                                                               (UNAUDITED)                      (UNAUDITED)
                                                             Three Months Ended               Six Months Ended
                                                                  June 30,                       June 30,
                                                             ------------------               ----------------
                                                             1995          1994              1995         1994
                                                             ----          ----              ----         ----
<S>                                                         <C>          <C>               <C>          <C>
Sales                                                       $46,975      $41,644           $93,452      $77,280  
                                                                                                                 
Costs and expenses:                                                                                              
    Cost of products sold                                    37,066       33,208            74,201       61,507  
    Selling, general and administrative expenses              2,915        3,208             5,941        6,132  
    Other operating expenses                                  1,231          895             2,324        1,863  
                                                            -------      -------           -------      ------- 
Operating income                                              5,763        4,333            10,986        7,778  
                                                                                                                 
Interest expense, net                                          (238)        (929)             (533)      (1,766) 
                                                            -------      -------           -------      -------  
Income before provision for income taxes                      5,525        3,404            10,453        6,012  
                                                                                                                 
Provision for income taxes                                   (2,100)      (1,311)           (3,973)      (2,302) 
                                                            -------      -------           -------      -------  
Net income                                                  $ 3,425      $ 2,093           $ 6,480      $ 3,710  
                                                            =======      =======           =======      ======= 
Earnings per share                                          $  0.17      $  0.12           $  0.32      $  0.22  
                                                            =======      =======           =======      ======= 
Weighted average number of shares and                                                                            
    common share equivalents (thousands)                     20,450       17,077            20,347       16,670  
                                                            =======      =======           =======      =======

</TABLE>
                                        





   The accompanying Notes are an integral part of these Financial Statements.




                                      4

<PAGE>   5
                        NORTH AMERICAN BIOLOGICALS, INC.
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                 ($ THOUSANDS)



<TABLE>
<CAPTION>
                                                                                 (UNAUDITED)
                                                                               Six Months Ended
                                                                                   JUNE 30,
                                                                             ---------------------
                                                                             1995             1994
                                                                             ----             ----
<S>                                                                          <C>             <C>
CASH FLOW FROM OPERATING ACTIVITIES:
    Net income                                                               $6,480          $3,710  
     Adjustments to reconcile net income to net cash provided (used)                                 
         by operating activities:                                                                    
         Depreciation and amortization                                        2,229           2,252  
         Imputed interest and amortization of debt discount                      18             568  
         Provision for doubtful accounts                                       (116)            134  
         Compensation under employee stock plan                                  14              26  
    Change in assets and liabilities:                                                                
     Decrease (increase) in accounts receivable                              (3,056)         (1,654) 
     Decrease (increase) in inventories                                         546          (2,694) 
     Decrease (increase) in prepaid expenses                                   (581)         (1,423) 
     Decrease (increase) in other assets                                       (742)           (258) 
     Increase (decrease) in accounts payable and accrued liabilities         (2,604)         (1,171) 
                                                                             ------          ------              
        Total adjustments                                                    (4,292)         (4,220) 
                                                                             ------          ------              
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES                              2,188            (510) 
                                                                                                     
CASH FLOW FROM INVESTING ACTIVITIES:                                                                 
    Cash of businesses acquired, net of transaction costs                        --             614  
    Capital expenditures                                                    (11,024)         (1,599) 
    Collection of note receivable from stockholder                              126             166  
                                                                             ------          ------              
NET CASH USED BY INVESTING ACTIVITIES                                       (10,898)           (819) 
                                                                                                     
CASH FLOW FROM FINANCING ACTIVITIES:                                                                 
    Borrowings under term debt agreement                                         --           6,125  
    Repayments of term debt                                                  (1,167)         (5,250) 
    Net repayments under line of credit agreement                            (1,288)           (477) 
    Borrowings of flexible term notes                                         9,936              --  
    Other debt                                                                  949           2,007  
    Contingent purchase price obligation payments                                --            (612) 
    Proceeds from the exercise of options                                       161             113  
                                                                             ------          ------              
NET CASH PROVIDED BY FINANCING ACTIVITIES                                     8,591           1,906  
                                                                             ------          ------              
NET (DECREASE) INCREASE IN CASH                                                (119)            577  
                                                                                                     
CASH AT BEGINNING OF PERIOD                                                   1,982             824  
                                                                             ------          ------              
CASH AT END OF PERIOD                                                        $1,863          $1,401  
                                                                             ======          ======

</TABLE>
                                                              





   The accompanying Notes are an integral part of these Financial Statements.




                                      5

<PAGE>   6

                        NORTH AMERICAN BIOLOGICALS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (UNAUDITED)

NOTE 1       --  GENERAL

The consolidated financial statements include the accounts of North American
Biologicals, Inc. (the "Company") and its subsidiaries.  All significant
intercompany accounts and transactions are eliminated in consolidation.  These
statements should be read in conjunction with the consolidated financial
statements and notes thereto included in the Company's Annual Report to
Stockholders for the year ended December 31, 1994.

In the opinion of management, the unaudited consolidated financial statements
include all adjustments consisting only of normal recurring adjustments
necessary to present fairly the Company's consolidated financial position at
June 30, 1995 and the consolidated results of its operations for the three and
six month periods ended June 30, 1995 and 1994 and its consolidated cash flows
for the six months ended June 30, 1995 and 1994.  The interim results of
operations are not necessarily indicative of the results which may occur for
the fiscal year.


NOTE 2       --  INVENTORIES

The components of inventories, stated at the lower of cost (FIFO) or market,
are as follows:


<TABLE>
<CAPTION>
                                                                             JUNE 30,                  DECEMBER 31,
                 (In Thousands)                                               1995                        1994
                                                                              ----                        ----
                 <S>                                                         <C>                         <C>
                 Finished goods                                              $13,912                     $15,328
                 Work in process                                               2,002                       1,343
                 Raw materials                                                 4,253                       4,042
                                                                             -------                     -------
                                                                             $20,167                     $20,713
                                                                             =======                     =======
</TABLE>




NOTE 3     --    PROPERTY AND EQUIPMENT

Property and equipment and related allowances for depreciation and amortization
are summarized below:



<TABLE>
<CAPTION>
                                                                             JUNE 30,                DECEMBER 31,
                    (In Thousands)                                             1995                      1994
                                                                               ----                      ----
                    <S>                                                       <C>                       <C>
                    Land and buildings                                         $3,003                   $2,998
                    Furniture and fixtures                                      2,437                    2,287
                    Machinery and equipment                                    10,554                    9,635
                    Leasehold improvements                                      6,478                    5,420
                    Construction in progress                                   12,025                    3,133
                                                                              -------                   -------
                    Total property and equipment                               34,497                   23,473
                    Less accumulated depreciation
                       and amortization                                       (10,128)                  (9,248)
                                                                              -------                   -------
                                                                              $24,369                   $14,225
                                                                              =======                   =======
</TABLE>





                                       6

<PAGE>   7

Interest capitalized in connection with construction of the Company's
biopharmaceutical facility was approximately $318,000 at June 30, 1995 and
$40,000 at December 31, 1994.


NOTE 4       --  SUBSEQUENT EVENT

Effective July 21, 1995 the Company acquired certain assets including nine
plasma collection centers located in Arizona, Texas and Colorado from Blood
Systems, Inc. for $6 million.  The acquisition was funded through bank
borrowings and will be accounted for by the purchase method.  The excess of
acquisition cost over net assets acquired arising from the acquisition will be
amortized ratably over 25 years.


NOTE 5       --  OTHER MATTERS

In May 1995, the Company was named as a defendant in a civil action in which
the plaintiffs seek an unspecified amount of damages and also seek class action
status with respect to others similarly situated.  The Company denies all
allegations against it, and intends to vigorously defend the case.  Management
believes that the ultimate resolution of this matter will not have a material
adverse effect on the Company's financial position or results of operations.
For further information regarding this matter, see Part II - Other Information,

Item I - Legal Proceedings.





                                       7

<PAGE>   8


I
TEM 2.          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS




The following is a discussion and analysis of the major factors contributing to
the Company's financial condition and results of operations for the three and
six month periods ended June 30, 1995 and 1994.  The discussion and analysis
should be read in conjunction with the consolidated financial statements and
notes thereto.  All amounts are expressed in thousands of dollars, except per
share amounts.


                             RESULTS OF OPERATIONS

The following table sets forth the Company's results of operations for the
respective periods expressed as a percentage of sales:



<TABLE>
<CAPTION>
                                                                        THREE MONTHS ENDED               SIX MONTHS ENDED
                                                                             JUNE 30,                        JUNE 30,
                                                                       --------------------            --------------------
                                                                       1995            1994            1995            1994
                                                                       ----            ----            ----            ----
                 <S>                                                  <C>             <C>             <C>             <C>
                 Sales                                                100.0%          100.0%          100.0%          100.0%
                 Cost of products sold                                 78.9            79.7            79.4            79.6
                                                                      -----           -----           -----           -----
                 Gross margin                                          21.1            20.3            20.6            20.4

                 Selling, general and administrative expenses           6.2             7.7             6.3             7.9
                 Other operating expenses                               2.6             2.2             2.5             2.4
                                                                      -----           -----           -----           -----

                 Operating income                                      12.3            10.4            11.8            10.1
                 Interest expense, net                                  0.5             2.2             0.6             2.3
                                                                      -----           -----           -----           -----

                 Income before provision for income taxes              11.8             8.2            11.2             7.8
                 Provision for income taxes                             4.5             3.2             4.3             3.0
                                                                      -----           -----           -----           -----

                 Net income                                            7.3%            5.0%            6.9%            4.8%
                                                                      =====           =====           =====           =====
</TABLE>



The following tables set forth certain information concerning sales by industry
segment:


<TABLE>
<CAPTION>
                                                                                 THREE MONTHS ENDED JUNE 30,
                                                               ---------------------------------------------------------------
                                                               1995                %                 1994                   %
                                                               ----               ---                ----                  ---
                 <S>                                          <C>                 <C>               <C>                   <C>
                 Plasma     - Source                          $25,727             54.8%             $25,557                61.4%
                            - Specialty                        14,828             31.5               11,696                28.1
                                                              -------             ----              -------               -----
                                                               40,555             86.3               37,253                89.5
                 Therapeutic products                           3,989              8.5                2,101                 5.0
                 Diagnostic products and services               2,431              5.2                2,290                 5.5
                                                              -------             ----              -------               -----

                 TOTAL                                        $46,975             100.0%            $41,644               100.0%
                                                              =======             ====              =======               =====
</TABLE>





                                       8

<PAGE>   9




<TABLE>
<CAPTION>
                                                                                  SIX MONTHS ENDED JUNE 30,
                                                               ---------------------------------------------------------------
                                                               1995                %                 1994                   %
                                                               ----               ---                ----                  ---
                 <S>                                          <C>                <C>                <C>                   <C>
                 Plasma     -Source                           $54,172             58.0%             $47,992                62.1%
                            -Specialty                         28,489             30.5               19,958                25.8
                                                              -------            -----              -------               -----
                                                               82,661             88.5               67,950                87.9
                 Therapeutic products                           6,590              7.0                4,142                 5.4
                 Diagnostic products and services               4,201              4.5                5,188                 6.7
                                                              -------            -----              -------               -----

                 TOTAL                                        $93,452            100.0%             $77,280               100.0%
                                                              =======            =====              =======               =====
</TABLE>




                   THREE MONTHS ENDED JUNE 30, 1995 VS. 1994


The Company achieved record sales, operating income and net income for the
three month period ended June 30, 1995.  Operating income rose 33% to $5,763
for the second quarter of 1995 compared to $4,333 in the comparable 1994
quarter.  Net income for the second quarter of 1995 was $3,425, or $0.17 per
share, compared to $2,093, or $0.12 per share, in the second quarter of 1994.

                                     SALES

Sales for the second quarter of 1995 rose 13% to $46,975 compared to $41,644
for the second quarter of 1994.  Increased volume of specialty plasma shipments
as well as increased sales of the Company's proprietary therapeutic product, H-
BIG(R), were the primary factors for the increase in overall sales.


                                  GROSS MARGIN

The gross margin improved to $9,909 or 21.1% of sales in the second quarter of
1995 compared to a gross margin of $8,436 or 20.3% of sales in the second
quarter of 1994.  An improved sales mix resulting from increased sales of
H-BIG(R) and specialty plasma was primarily responsible for the enhanced gross
margin.


                  SELLING, GENERAL AND ADMINISTRATIVE EXPENSE

Selling, general and administrative expenses were $2,915 or 6.2% of sales for
the second quarter of 1995 compared to $3,208 or 7.7% of sales in the second
quarter of 1994.  The reduction in these expenses reflects the full integration
and economies associated with the Premier BioResources, Inc. acquisition in
January, 1994 and ongoing cost containment measures.


                            OTHER OPERATING EXPENSES

Other operating expenses were $1,231 or 2.6% of sales for the 1995 period
compared to $895 or 2.2% of sales for the second quarter of 1994.  Additional
royalties associated with increased sales of H-BIG(R) and freight expenses
associated with the increased volume of plasma shipments during the quarter
were primarily responsible for the increase in expenses.





                                       9

<PAGE>   10
                                INTEREST EXPENSE

Interest expense decreased to $238 or 0.5% of sales in the second quarter of
1995 from $929 or 2.2% of sales in the second quarter of 1994 primarily due to
the early retirement of the Company's subordinated and other debt in the fourth
quarter of 1994.  As reflected in Note 3, interest associated with borrowings to
finance construction of the Company's biopharmaceutical facility is being
capitalized as project cost until the facility is available for commercial
production.

                                 OTHER FACTORS

The effective income tax rates remained stable at 38% and 38.5% for the
quarters ended June 30, 1995 and 1994, respectively, and differed from the
federal statutory rate principally due to state income taxes and non-deductible
foreign losses in 1995, offset by the effects of foreign trade income.




                    SIX MONTHS ENDED JUNE 30, 1995 VS. 1994


                             RESULTS OF OPERATIONS

The Company achieved record sales, operating income and net income for the six
month period ended June 30, 1995.  Operating income rose 41% to $10,986 in the
first half of 1995 compared to $7,778 in the comparable 1994 period.  Net
income for the first six months of 1995 was $6,480, or $0.32 per share versus
$3,710 or $0.22 per share in the first six months of 1994.


                                     SALES

Sales for the first half of 1995 rose 21% to $93,452 compared to $77,280 for
the first half of 1994.  The increase was primarily attributable to increased
plasma shipments, primarily specialty plasma, and an increase in H-BIG(R)
sales.


                                  GROSS MARGIN

The gross margin of $19,251 or 20.6% of sales in the first half of 1995
compared favorably to a gross margin of $15,773 or 20.4% of sales in the first
half of 1994.  An improved sales mix resulting from increased sales of H-BIG(R)
and specialty plasma accounted for the improved gross margin.


                  SELLING, GENERAL AND ADMINISTRATIVE EXPENSE

Selling, general and administrative expenses were $5,941 or 6.3% of sales for
the first half of 1995 compared to $6,132 or 7.9% of sales in the first half of
1994.  The reduction in these expenses reflects the full integration and
economies associated with the Premier BioResources, Inc. acquisition in
January, 1994 and ongoing cost containment measures.






                                      10

<PAGE>   11

                            OTHER OPERATING EXPENSES


Other operating expenses were $2,324 or 2.5% of sales for the first half of
1995 compared to $1,863 or 2.4% of sales for the first half of 1994 primarily
as a result of higher royalty expenses associated with increased sales of
H-BIG(R) and additional freight expenses associated with the increased volume
of sales during the period.


                                INTEREST EXPENSE

Interest expense decreased to $533 or 0.6% of sales  in the first six months of
1995 from $1,766 or 2.3% of sales in the first six months of 1994 primarily due
to the early retirement of the Company's subordinated and other debt in the
fourth quarter of 1994.  As reflected in Note 3, interest associated with
borrowings to finance construction of the Company's biopharmaceutical facility
is being capitalized as project cost until the facility is available for
commercial production.


                                 OTHER FACTORS

The effective income tax rates remained stable at 38% and 38.3% for the first
half of 1995 and 1994, respectively, and differed from the federal statutory
rate principally due to state income taxes and non-deductible foreign losses in
1995, offset by the effects of foreign trade income.


                        LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 1995, the Company's current assets exceeded current liabilities
by $30 million as compared to a net working capital position of $25.6 million
at December 31, 1994.  Approximately $8.7 million in a term loan and $6.1
million in revolving credit loans, under the existing $12 million revolving
credit facility, were outstanding under a credit agreement with the Company's
principal lender at June 30, 1995.  On July 27, 1995, the Company amended its
existing credit agreement with its principal lender, increasing the
availability under the revolving line of credit to $18 million through December
31, 1995.  In addition, the Company had $15 million in flexible term notes
outstanding, the proceeds of which were used to finance the construction of a
new biopharmaceutical facility.  The flexible term note agreement provides for
a maximum outstanding principal amount of $18 million.


Projected capital expenditures for the remainder of 1995 include the completion
of construction of the new biopharmaceutical manufacturing facility, which also
includes the Company's executive offices; plasma center renovations and
relocations; and recurring improvements and continued automation of the
Company's laboratories and warehouse facilities.  The Company expects that
these expenditures and the Company's working capital requirements will be
furnished by a combination of funds on hand, borrowings under the term note
agreement, cash flow from operations and bank borrowings, as required, under
the Company's credit agreement.






                                      11

<PAGE>   12


P
ART II     --     OTHER INFORMATION


ITEM 1.            LEGAL PROCEEDINGS

On May 23, 1995 a civil action was filed in the Circuit Court of the 11th
Judicial Circuit of Dade County Florida (Case No. 95-10489 CA 02) against Bayer
Corporation, Armour Pharmaceutical Company, Rhone-Poulenc Rorer Inc., Baxter
Healthcare Corporation and Alpha Therapeutic Corporation (the "Drug
Companies"), the Company and The National Hemophilia Foundation.  The
plaintiffs in the case are ten individuals alleging the Company, the Drug
Companies and The National Hemophilia Foundation were responsible for the
production, sale/or and promotion of defective "coagulation products" used by
persons with hemophilia, and that the persons who used such coagulation
products consequently developed AIDs.  The plaintiffs seek an unspecified
amount of damages.  The plaintiffs also seek class action status with respect
to others similarly situated.  On June 23, 1995, the case was removed to the
United States District Court for the Southern District of Florida, Miami
Division, by the Drug Companies on the theory that the Company was improperly
joined as a defendant in this litigation only to circumvent federal diversity
jurisdiction.  Currently pending is the plaintiffs' motion to remand the case
to state court.  The Company has not filed an Answer or otherwise responded in
the case, but it denies all claims made against the Company, and intends to
vigorously defend the case.  The Company believes that the claims will not have
a material adverse effect on the Company's financial position or results of
operations.


ITEM 4.            SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The following matters were approved at the Company's annual stockholders'
meeting, which was held on May 26, 1995:

a)  Election of the following Board of Directors:


<TABLE>
<CAPTION>
                                                                                 VOTES
                                                                  -----------------------------------
                                                                     FOR                     WITHHELD
                                                                  ----------                 --------
                 <S>                                              <C>                         <C>
                 Paul Bogikes                                     17,910,254                  524,842
                 David L. Castaldi                                17,911,004                  524,092
                 David J. Gury                                    17,911,754                  523,342
                 Richard A. Harvey, Jr.                           17,910,354                  524,742
                 David A. Thompson                                17,909,554                  525,542
</TABLE>


b)  Adoption of a Stock Plan for Non-Employee Directors:


<TABLE>
<CAPTION>
                                                   VOTES
                        -------------------------------------------------------------
                           FOR                    AGAINST                   ABSTAINED
                        ----------               --------                   ---------
                        <S>                      <C>                         <C>
                        16,355,448               1,628,187                   451,461
</TABLE>


c)  Amendment to the Company's 1990 Equity Incentive Plan to increase the total
number of shares of Common Stock which may be awarded under such plan by
775,000 shares:


<TABLE>
<CAPTION>
                                                   VOTES
                        -------------------------------------------------------------
                           FOR                    AGAINST                   ABSTAINED
                        ----------               --------                   ---------
                        <S>                      <C>                         <C>
                        12,559,055               5,748,422                   127,619
</TABLE>






                                      12


<PAGE>   13


ITEM 6.            EXHIBITS AND REPORTS ON FORM 8-K

a.       Exhibits:

         11      Calculations of Earnings Per Share             Page 14

         27      Financial Data Schedule (for SEC use only)     


b.       Reports on Form 8-K:

         NONE






                                      13

<PAGE>   14


                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                            NORTH AMERICAN BIOLOGICALS, INC.





DATE:            August 11, 1995            By:/s/ ALFRED J. FERNANDEZ
                                               -----------------------------
                                               ALFRED J. FERNANDEZ
                                               Vice President, Finance and
                                               Chief Financial Officer




                                      15





<PAGE>   1
                                                                      EXHIBIT 11



                        NORTH AMERICAN BIOLOGICALS, INC.
                       CALCULATION OF EARNINGS PER SHARE
                     (IN THOUSANDS, EXCEPT PER SHARE DATA)




<TABLE>
<CAPTION>
                                                  Three Months Ended            Six Months Ended
                                                       JUNE 30,                      JUNE 30,
                                                 -------------------           -------------------
                                                 1995           1994           1995           1994
                                                 ----           ----           ----           ----
<S>                                             <C>            <C>            <C>            <C>
Net Income                                      $ 3,425        $ 2,093        $ 6,480        $ 3,710  
                                                                                                      
Weighted average number of common                                                                     
    shares outstanding during the period         19,464         15,557         19,428         15,147  
                                                                                                      
Add dilutive effect of common                                                                         
    stock equivalents:                                                                                
                                                                                                      
    Stock options and warrants                                                                        
       (as determined by the application                                                              
         of the treasury stock method)              986          1,520            919          1,523  
                                                -------        -------        -------        -------                              
Weighted average number of shares                                                                     
    and common share equivalents used                                                                 
       in primary earnings per share                                                                  
        computations                             20,450         17,077         20,347         16,670  
                                                =======        =======        =======        =======                              
                                                                                                      
Earnings per share                              $  0.17        $  0.12        $  0.32        $  0.22  
                                                =======        =======        =======        =======                              

</TABLE>
                                    




                                      14





<TABLE> <S> <C>

<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AT JUNE 30, 1995 (UNAUDITED) AND THE CONSOLIDATED
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED) AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               JUN-30-1995
<CASH>                                           1,863
<SECURITIES>                                         0
<RECEIVABLES>                                   26,047<F1>
<ALLOWANCES>                                         0
<INVENTORY>                                     20,167
<CURRENT-ASSETS>                                51,132
<PP&E>                                          24,369<F1>
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 106,426
<CURRENT-LIABILITIES>                           21,110
<BONDS>                                         27,007
<COMMON>                                         1,949
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                      56,360
<TOTAL-LIABILITY-AND-EQUITY>                   106,426
<SALES>                                         93,452
<TOTAL-REVENUES>                                93,452
<CGS>                                           74,201
<TOTAL-COSTS>                                   74,201
<OTHER-EXPENSES>                                 8,265
<LOSS-PROVISION>                                     0<F2>
<INTEREST-EXPENSE>                                 533
<INCOME-PRETAX>                                 10,453
<INCOME-TAX>                                     3,973
<INCOME-CONTINUING>                              6,480
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     6,480
<EPS-PRIMARY>                                     0.32
<EPS-DILUTED>                                        0
<FN>
<F1>Receivables and PP&E represent net amounts.
<F2>Loss provision included in other expenses.
</FN>
        


</TABLE>