Core Viewpoint - Kamada reported strong operational and financial performance in 2025, with positive momentum heading into 2026, despite potential logistical challenges due to the situation in the Middle East [1]. Operations Update and 2025 Results - The manufacturing plant has been operating continuously, with operations and product manufacturing proceeding as planned. Although exports from Israel may face temporary impacts due to airspace closures, cargo flights have resumed, and no material disruption to product supply is anticipated [2]. - For the full year 2025, total revenues reached $180.5 million, reflecting a 12% year-over-year increase, while adjusted EBITDA was $42 million, up 23%. The company generated $25.5 million in cash from operating activities, resulting in a year-end cash position of $75.5 million [2]. Revenue Growth Drivers - Revenue growth in 2025 was attributed to increased sales across the portfolio, particularly for Varizig and KedRAB in the U.S., KAMRAB and GLASSIA in international markets, and higher distribution segment sales supported by biosimilar launches and other products [3]. Dividend Declaration and 2026 Outlook - Based on the strong 2025 results, the board declared a dividend of $0.25 per share, totaling approximately $14.4 million, payable on April 6 to shareholders of record as of March 23. This aligns with the company's policy to distribute at least 50% of annual net income as dividends [4]. - The company affirmed its 2026 guidance, projecting revenues of $200 million to $205 million and adjusted EBITDA of $50 million to $53 million, representing growth of 13% and 23% respectively compared to 2025 results. The outlook is based solely on organic growth, with any business development or M&A activities considered incremental [5]. Product and Commercial Highlights - KedRAB, the company's lead product, saw sales to Kedrion Biopharma increase to approximately $54 million in 2025, exceeding the contract minimum commitment. Kamada has a firm commitment of $90 million from Kedrion for minimum orders from 2026 through 2027, with the current supply agreement extending through 2031 [6].

Financial Data and Key Metrics Changes - Total revenues for 2025 were $180.5 million, representing a 12% year-over-year increase from $161 million in 2024 [5][17] - Adjusted EBITDA was $42 million, up 23% year-over-year from $34.1 million in 2024 [5][19] - Net income for 2025 was $20.2 million or $0.35 per diluted share, a 40% increase compared to $14.5 million or $0.25 per diluted share in 2024 [19] - Cash and cash equivalents at year-end 2025 were $75.5 million, down from $78.4 million in December 2024 [19] Business Line Data and Key Metrics Changes - Sales of KedRAB increased to approximately $54 million in 2025, exceeding the contract minimum commitment [10] - GLASSIA contributed total revenue of $35 million, with growth in both ex-U.S. markets and royalty income from Takeda [10] - Revenues from Cytogam declined due to increased usage of antivirals, with ongoing efforts to demonstrate its advantages through a new clinical study [11][12] Market Data and Key Metrics Changes - The company secured a $10 million-$14 million extension of an existing tender from Canadian Blood Services for various products, ensuring ongoing sales in Canada from Q2 2026 to Q1 2028 [17] - The distribution segment is expected to grow through the launch of additional biosimilars in Israel and expansion into the MENA region [9][14] Company Strategy and Development Direction - The company focuses on expanding its commercial product portfolio, including investment in FDA-approved specialty plasma-derived products and biosimilars [9] - Plans to ramp up plasma collection at new centers in Houston and San Antonio, with expected annual revenues of $8 million-$10 million at full capacity [15] - The company aims to secure new business development and M&A transactions to enhance its product portfolio and generate synergies [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet supply obligations despite geopolitical challenges in the Middle East [4] - The company affirmed its 2026 annual guidance of $200 million-$205 million in revenues and $50 million-$53 million in adjusted EBITDA, representing 13% and 23% growth, respectively [8] - Management emphasized the importance of Cytogam as additional protection for high-risk organ transplant recipients and the potential for increased usage following clinical studies [25] Other Important Information - A dividend of $0.25 per share, totaling approximately $14.4 million, was declared, reinforcing confidence in business prospects and liquidity for growth investments [6][7] Q&A Session Summary Question: CMV market and Cytogam usage - Management noted no changes in CMV management protocols but acknowledged increased access to antivirals affecting Cytogam usage [23][24] Question: M&A opportunities and dividend implications - Management confirmed that the dividend payment does not indicate a change in M&A opportunities, expressing optimism for securing transactions in 2026 [26] Question: Plasma collection growth margin benefits - Management expects growth margin benefits from proprietary plasma collection to start impacting gross profit in 2027 and beyond [27] Question: Plasma collection center ramp-up - Current ramp-up is at 30%-40%, with full capacity expected by the end of 2027 [31] Question: Timing for new biosimilars - New biosimilars are expected to launch around mid-2026, with sales ramping up based on market demand [32] Question: Dividend payment timing - The entire dividend will be paid out in the second quarter [40]

Financial Data and Key Metrics Changes - Total revenues for 2025 were $180.5 million, representing a 12% year-over-year increase from $161 million in 2024 [5][17] - Adjusted EBITDA was $42 million, up 23% year-over-year from $34.1 million in 2024 [5][19] - Net income for 2025 was $20.2 million or $0.35 per diluted share, a 40% increase compared to $14.5 million or $0.25 per diluted share in 2024 [19] - Cash and cash equivalents at year-end 2025 were $75.5 million, down from $78.4 million in December 2024 [19] Business Line Data and Key Metrics Changes - Sales of KedRAB increased to approximately $54 million in 2025, exceeding the contract minimum commitment [10] - GLASSIA contributed total revenue of $35 million, with growth in both ex-U.S. markets and royalty income from Takeda [10] - Revenues from Cytogam declined due to increased usage of antivirals, with ongoing efforts to demonstrate its advantages through a new clinical study [11][12] Market Data and Key Metrics Changes - The company secured a $10 million-$14 million extension of an existing tender from Canadian Blood Services for various products, ensuring ongoing sales in Canada from Q2 2026 to Q1 2028 [17] - The company anticipates growth in its distribution segment through the launch of additional biosimilars in Israeli markets and expansion into the MENA region [9][14] Company Strategy and Development Direction - The company focuses on expanding its commercial product portfolio, including investment in FDA-approved specialty plasma-derived products and biosimilars [9] - Plans to ramp up plasma collection at new centers in Houston and San Antonio, with expected annual revenues of $8 million-$10 million per center at full capacity [15] - The company is pursuing new business development and M&A opportunities to enhance its product portfolio and generate synergies [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational and financial performance, despite geopolitical challenges in the Middle East [4] - The company affirmed its 2026 annual guidance of $200 million-$205 million in revenues and $50 million-$53 million in adjusted EBITDA, representing growth from 2025 results [8] - Management emphasized the importance of Cytogam in organ transplant protection and the potential for increased usage following clinical studies [25] Other Important Information - A dividend of $0.25 per share was declared, totaling approximately $14.4 million, reinforcing confidence in business prospects [6][7] - The company plans to continue investing in growth while maintaining dividend payments [26] Q&A Session Summary Question: CMV market and Cytogam usage - Management noted no changes in CMV management protocols but acknowledged increased access to antivirals affecting Cytogam usage [23][24] Question: M&A opportunities and dividend implications - Management confirmed that the dividend payment does not indicate a change in M&A opportunities, expressing optimism for securing transactions in 2026 [26] Question: Plasma collection growth margin benefits - Management expects growth margin benefits from plasma collection to start impacting gross profit in 2027 and beyond [27] Question: Plasma collection center ramp-up - Current ramp-up is at 30%-40%, with full capacity expected by the end of 2027 [31] Question: Timing for new biosimilars launch - New biosimilars are expected to launch around mid-2026, with sales ramping up based on market demand [32] Question: Dividend payment timing - The entire dividend will be paid in the second quarter [39]

Financial Data and Key Metrics Changes - Total revenues for 2025 were $180.5 million, a 12% year-over-year increase from $161 million in 2024 [5][17] - Adjusted EBITDA for 2025 was $42 million, reflecting a 23% increase compared to $34.1 million in 2024 [5][19] - Net income for 2025 was $20.2 million, or $0.35 per diluted share, a 40% increase from $14.5 million, or $0.25 per diluted share, in 2024 [19] - Cash and cash equivalents at year-end 2025 were $75.5 million, down from $78.4 million in December 2024 [19] Business Line Data and Key Metrics Changes - Sales of KedRAB increased to approximately $54 million in 2025, exceeding the contract minimum commitment [10] - GLASSIA contributed total revenue of $35 million, with growth in ex-U.S. markets and royalty income from Takeda [10] - Revenue from Cytogam declined due to increased usage of antivirals, but a comprehensive post-marketing research program is expected to support future growth [11][12] Market Data and Key Metrics Changes - The company anticipates growth in the distribution segment through the launch of additional biosimilars in Israeli markets and expansion into the MENA region [9][13] - The Canadian Blood Services awarded a $10 million-$14 million extension for the supply of various products, securing ongoing sales in the Canadian market [17] Company Strategy and Development Direction - The company focuses on expanding its commercial product portfolio and investing in the commercialization of FDA-approved specialty plasma-derived products [9] - Plans to ramp up plasma collection at new centers, aiming for significant revenue generation from normal source plasma sales starting in 2026 [14] - The company is pursuing M&A opportunities to enrich its product portfolio and generate synergies with existing operations [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational and financial performance, despite geopolitical challenges in the Middle East [4] - The company affirmed its 2026 guidance of $200 million-$205 million in revenues and $50 million-$53 million in adjusted EBITDA, representing growth from 2025 results [7][8] - Management emphasized the importance of Cytogam in organ transplant protection and the potential for increased utilization following ongoing clinical studies [24] Other Important Information - A dividend of $0.25 per share, totaling approximately $14.4 million, was declared, reinforcing confidence in business prospects and liquidity [6] - The company expects to launch two additional biosimilars in Israel in mid-2026, contributing to growth in the distribution business [13][32] Q&A Session Summary Question: Impact of antivirals on Cytogam market - Management noted no change in CMV management protocols but acknowledged increased access to antivirals affecting Cytogam usage [22][23] Question: M&A opportunities and dividend implications - Management confirmed that the dividend payment does not indicate a change in M&A opportunities, expressing optimism for securing transactions in 2026 [25] Question: Plasma collection growth margin benefits - Management expects growth margin benefits from proprietary plasma collection to start impacting gross profit in 2027 and beyond [26] Question: Ramp-up of plasma collection centers - Current ramp-up is at 30%-40%, with full capacity expected by the end of 2027 [31] Question: Timing of biosimilars launch - Two additional biosimilars are expected to launch around mid-2026, with sales ramping up based on market demand [32] Question: Dividend payment schedule - The entire dividend will be paid in the second quarter [40]

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 revenues for Q1 2025 were $44 million, representing a 17% increase year over year from $37.7 million in Q1 2024 [4][11] - Adjusted EBITDA for Q1 2025 was $11.6 million, up approximately 54% from $7.5 million in Q1 2024 [4][13] - Net income increased to $4 million or $0.07 per share, a 67% rise from $2.4 million or $0.04 per share in Q1 2024 [13] Business Line Data and Key Metrics Changes - Growth was primarily driven by increased sales of Glacia and Kamrab in ex-U.S. markets, as well as Varezig sales and Glacier royalties income [5][11] - Gross profit for Q1 2025 was $20.7 million with a gross margin of 47%, compared to $16.7 million and 44% in Q1 2024 [12] Market Data and Key Metrics Changes - The company expanded its plasma collection operation with a new center in San Antonio, Texas, which is expected to contribute annual revenues of $8 million to $10 million [9][10] - The company is active in over 35 countries, enhancing its global market presence [19] Company Strategy and Development Direction - The company is focused on a four-pillar growth strategy: organic commercial growth, business development and M&A, plasma collection operations, and advancing the Phase III inhaled Alpha-one program [6][40] - The company plans to launch two additional biosimilars later this year, with expectations of generating $15 million to $20 million in annual sales from this portfolio within the next five years [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued profitable growth throughout 2025, reiterating annual revenue guidance of $178 million to $182 million and adjusted EBITDA of $38 million to $42 million [5][6] - Management noted that the initiation of a comprehensive post-marketing research program for Cytogam aims to demonstrate its advantages in CMV disease management [7][8] Other Important Information - The company is currently at around 55% enrollment for the pivotal Phase III INNO2VATE clinical trial for inhaled alpha-one antitrypsin therapy [26] - The company maintains a strong cash position to fund new business development initiatives [13] Q&A Session Summary Question: Growth contributors for Cytogam - Management clarified that while Cytogam is a growth contributor, the significant growth this quarter came from other products, emphasizing the strength and diversity of their portfolio [16][18] Question: Impact of tariffs on global business - Management indicated that there should be no direct impact on sales from current tariff discussions, but they will continue to monitor the situation [22][24] Question: Timing of Cytogam post-marketing study completion - Management stated that the comprehensive program consists of multiple studies with varying timelines, some results expected as early as late 2025 and others extending to 2028 [30] Question: Impact of NIH spending cutbacks - Management does not anticipate any impact on the business from NIH spending cutbacks due to the unique nature of their products [31][32] Question: Tax rate changes - Management explained that the increase in tax rate is due to changes in fair tax liability, with no cash effect, and they expect to start paying taxes by the end of 2025 or early 2026 [33][34]

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]