There is no option for mysqladmin to add "IF EXISTS" to its drop database. It is hard-coded to accept a name of a database only, not any other syntax.
Here is line of code that formats the DROP DATABASE statement in the mysqladmin client:
sprintf(name_buff, "drop database `%.*s`", FN_REFLEN, db);
But you may not need IF EXISTS. Just try to drop the database. If it doesn't exist, the client will print an error, but the effect is the same.
Here's a demo I just ran in my shell:
$ mysqladmin -f drop test2
mysqladmin: DROP DATABASE test2 failed;
error: 'Can't drop database 'test2'; database doesn't exist'
The client will exit with status of 1. If you don't like that (like if you're running in a shell script with set -e in effect), you can suppress the exit status:
mysqladmin -f drop test2 || true
If you don't like to see the error message, you can redirect it:
mysqladmin -f drop test2 2>/dev/null || true
IFstatement?