Kamada Conference Call Summary Company Overview - Kamada is a global publicly traded biopharmaceutical company specializing in plasma-derived immunoglobulins with six FDA-approved products marketed in over 35 countries [5][6][17] - The company has experienced solid double-digit growth in both revenue and profitability, with Q3 results showing over 30% growth compared to the previous year [5][10] Key Growth Strategies 1. Organic Growth - Kamada's growth is driven by its existing product portfolio and marketing activities, with a focus on increasing awareness of its products in acute life-saving situations [6][10] - The company is optimistic about expanding its market presence, as it operates in niches with limited competition [5][6] 2. Mergers and Acquisitions (M&A) - Kamada is actively seeking M&A opportunities to enhance its product portfolio, focusing on commercial assets that can leverage its existing infrastructure [6][11] - A transaction is expected to be finalized in the coming months, which could significantly contribute to growth starting in 2026 [6][11] 3. Plasma Collection Centers - The company has opened its own plasma collection centers, enhancing its independence in sourcing plasma and allowing for additional revenue streams [7][50] - Each center is projected to contribute between $8 million and $10 million in revenue upon full ramp-up, with an overall expectation of $15 million to $20 million in additional revenue from plasma collection [7][50] Product Development and Clinical Trials Alpha-1 Antitrypsin Deficiency (AATD) - Kamada is in a pivotal phase three study for an inhaled AAT product, which is expected to provide a more efficient treatment option for patients with alpha-1 deficiency [8][21] - The market for AATD treatments is valued at $1.4 billion, growing at 7%-8% annually, with Kamada aiming for a $2 billion market opportunity upon successful trial results [22][23] Challenges in Recruitment - Recruitment for the clinical study has been challenging due to the availability of existing IV treatments, necessitating a focus on countries where such treatments are not reimbursed [25][26] - The company has adjusted its study parameters to maintain statistical power while addressing recruitment difficulties [26][27] Product Portfolio and Market Position Diverse Product Range - Kamada's portfolio includes various products, with different products leading growth in different quarters, showcasing the company's diverse market presence [38][39] - KEDRAB, an anti-herpes immunoglobulin, has a minimum purchase agreement of $180 million over four years, indicating strong market demand [39][40] CYTOGAM and VARIZIG - CYTOGAM, used in organ transplantation, addresses a significant unmet medical need, with ongoing clinical studies to generate new data [41][43] - VARIZIG, for chickenpox outbreaks in immunocompromised populations, has seen increased usage due to enhanced awareness efforts [44][45] Distribution Business and Biosimilars - Kamada has expanded its distribution business in Israel and the MENA region, representing various companies and launching new biosimilar products [53][54] - The distribution business is expected to generate an additional $15 million to $20 million in revenue, improving overall gross margins [54][55] Financial Position and Future Outlook - Kamada ended the quarter with $72 million in cash and is positioned for future M&A transactions, with a credit line of $40 million available [56][58] - The company is optimistic about its growth trajectory, with expectations for positive contributions from M&A activities starting in 2026 [56][60] Conclusion - Kamada is strategically positioned for growth through organic expansion, M&A, and enhanced plasma collection capabilities, with a strong focus on addressing unmet medical needs in its product offerings [47][49][60]

Core Insights - Kamada Ltd. has initiated a post-marketing clinical trial for CYTOGAM to evaluate its effectiveness in preventing late Cytomegalovirus (CMV) infection in high-risk kidney transplant recipients [1][2][3] - The SHIELD study aims to assess the benefits of administering CYTOGAM after the conclusion of antiviral prophylaxis in patients at high risk for late CMV infection [2][3] - CMV disease poses significant risks to transplant recipients, particularly those who are CMV seronegative with a CMV seropositive donor, highlighting the need for innovative prophylactic approaches [3][5] Company Overview - Kamada Ltd. is a global biopharmaceutical company specializing in rare and serious conditions, with a focus on specialty plasma-derived therapies [1][10] - The company has a portfolio of six FDA-approved specialty plasma-derived products, including CYTOGAM, and is expanding its plasma collection operations to support revenue growth [10] - Kamada's strategy includes organic growth, business development opportunities, and advancing research and development for additional product candidates [10] Clinical Study Details - The SHIELD study is a prospective, randomized, controlled multicenter trial led by experts in CMV and organ transplantation [2][4] - The study will specifically target kidney transplant recipients who are at the highest risk of developing late-onset CMV infection [3][5] - The trial is supported by Kamada, emphasizing the company's commitment to improving transplant patient outcomes [5]

Core Viewpoint - Kamada Ltd. is actively participating in key healthcare investment conferences to enhance investor engagement and showcase its growth strategy in the biopharmaceutical sector [1][2]. Company Overview - Kamada Ltd. is a global biopharmaceutical company specializing in rare and serious conditions, particularly in the specialty plasma-derived therapies field [3]. - The company has a portfolio of six FDA-approved specialty plasma-derived products, including KEDRAB, CYTOGAM, GLASSIA, WINRHO SDF, VARIZIG, and HEPAGAM B, along with other proprietary products [3]. Growth Strategy - The company's growth strategy is built on four primary pillars: 1. **Organic Growth**: Focus on commercialization and life cycle management of proprietary products, including the launch of several biosimilar products in Israel [3]. 2. **Business Development**: Pursue new business opportunities through in-licensing, collaborations, and mergers and acquisitions to enhance its product portfolio [3]. 3. **Plasma Collection Expansion**: Increase plasma collection operations to support revenue growth and meet the demand for hyper-immune plasma, with three operating centers in Texas [3]. 4. **R&D Advancements**: Leverage manufacturing and research expertise to develop additional product candidates, with a focus on the InnovAATe clinical trial for Inhaled AAT [3]. Conference Participation - CEO Amir London will present at the 2025 Wells Fargo Healthcare Conference on September 3, 2025, and at the H.C. Wainwright 27 Annual Global Investment Conference on September 8, 2025, with opportunities for one-on-one investor meetings [2][3].

Financial Data and Key Metrics Changes - Total revenue for 2024 was $161 million, a 13% increase from $143 million in 2023, meeting the top end of guidance [8][22] - Adjusted EBITDA reached a record $34.1 million, representing a 42% year-over-year growth from $24.1 million in 2023 [8][27] - Net income for 2024 was $14.5 million, or $0.25 per diluted share, up 75% from $8.3 million, or $0.15 per diluted share, in 2023 [26] Business Line Data and Key Metrics Changes - KEDRAB sales contributed $50 million in total sales during 2024, with a minimum commitment of $135 million from Kedrion for the remaining three years [23][49] - CYTOGAM sales were $23 million, a 31% increase compared to 2023 [24] - Gross profit for 2024 was $70 million with a gross margin of 43%, up from $55.5 million and 39% in 2023 [24] Market Data and Key Metrics Changes - The company expanded its presence in the MENA region and won a three-year contract for KAMRAB and VARIZIG in Latin America, expected to generate approximately $25 million in revenue [14][15] - The company launched its first biosimilar product in Israel in 2024 and plans to launch two additional biosimilars in 2025 [15][16] Company Strategy and Development Direction - The growth strategy focuses on organic growth, business development and M&A, expansion of plasma collection operations, and advancing the inhaled AAT product [12] - The company aims to continue delivering double-digit profitable growth in 2025, forecasting annual revenues of $178 million to $182 million [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's business prospects, citing strong financial results and a favorable outlook for 2025 [10] - The company is well-positioned with ample liquidity to execute on growth strategies and M&A activities [9][54] Other Important Information - A special cash dividend of $0.20 per share was declared, reflecting confidence in the company's financial health and commitment to shareholder value [9][54] - The company opened a second plasma collection center in Houston and plans to open a third center in San Antonio, expected to contribute $8 million to $10 million in annual revenues each [18][64] Q&A Session Summary Question: Inquiry about the futility analysis for the inhaled AAT program - Management confirmed that the futility analysis will be blinded and conducted by an external group, focusing on conditional efficacy data [34][35] Question: Additional growth drivers for KEDRAB and CYTOGAM - Management indicated that KEDRAB's growth is driven by international expansion, while CYTOGAM will see advancements in clinical work and presentations at medical conferences [46][52] Question: Reason for declaring a special dividend - The decision was based on strong financial results and a solid cash position, allowing the company to pay dividends while pursuing business development activities [54][55] Question: Details on the third plasma collection center - The San Antonio center is expected to reach peak revenue in 24 to 30 months, collecting both specialty and normal source plasma [63][64] Question: Impact of in-house plasma collection on gross margins - Management noted that using in-house collected plasma will improve cost efficiencies, but it will take time to replace purchased plasma with collected plasma [82][83]