Kamada Ltd
NASDAQ:KMDA
Kamada Ltd
Kamada Ltd. engages in the development and production of pharmaceutical products. The firm uses its proprietary platform technology and know-how for the extraction and purification of proteins from human plasma to produce Alpha-1 Antitrypsin (AAT) in a highly-purified, liquid form, as well as other plasma-derived Immune globulins.
Kamada Ltd. engages in the development and production of pharmaceutical products. The firm uses its proprietary platform technology and know-how for the extraction and purification of proteins from human plasma to produce Alpha-1 Antitrypsin (AAT) in a highly-purified, liquid form, as well as other plasma-derived Immune globulins.
Results: Total 2025 revenue of $180.5 million, up 12% YoY, and adjusted EBITDA of $42 million, up 23% YoY — management called the year "excellent."
Guidance: 2026 outlook of $200 million–$205 million in revenue and $50 million–$53 million adjusted EBITDA, described as organic-only and representing mid-point growth of 13% (revenue) and 23% (EBITDA) vs. 2025.
Cash & Capital Return: Generated $25.5 million cash from operations in 2025, ended year with $75.5 million cash, and announced a $0.25/share dividend (~$14.4 million) payable April 6.
Key product drivers: KEDRAB sales to Kedrion were about $54 million in 2025 (above contract minimum); firm minimum orders of $90 million for 2026–2027 and supply agreement through 2031. GLASSIA contributed $35 million in revenue.
CYTOGAM headwind & response: CYTOGAM revenues declined in 2025, management attributes this mainly to increased antiviral uptake/coverage; company launched a post-market research program including the SHIELD randomized study to support usage.
Plasma strategy: Three U.S. plasma centers (each ~50 donor beds, ~50,000 L peak capacity). Houston approved, San Antonio expected H1 2026; centers currently ~30%–40% ramped and expected full ramp by end of 2027. Normal-source plasma sales expected to start in H2 2026; specialty-plasma gross-margin benefit expected from 2027 onward.
M&A & distribution: Management expects to continue pursuing in‑licensing/M&A and expansion of biosimilars in Israel and MENA; two additional biosimilar launches expected around midyear (end of Q2) 2026.
