Kamada logo Kamada (NASDAQ:KMDA) executives told investors the company delivered “excellent” operational and financial performance in 2025 and entered 2026 with momentum across its commercial portfolio, while also addressing potential logistical concerns tied to the evolving situation in the Middle East. Operations update and 2025 results Chief Executive Officer Amir London said Kamada’s manufacturing plant has been operating continuously and that operations and product manufacturing are “proceeding as ...

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]

Kamada (NasdaqGS:KMDA) Q4 2025 Earnings call March 11, 2026 08:30 AM ET Speaker5Greetings, and welcome to the Kamada Ltd. fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the call, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to Brian Ritchie, Managing Dir ...

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]