Kamada Q2 2026 Earnings Report

Kamada EPS Results

• Actual EPS: $0.16
• Consensus EPS: $0.11
• Beat/Miss: Beat by +$0.05
• One Year Ago EPS: N/A

Kamada Revenue Results

• Actual Revenue: $54.92 million
• Expected Revenue: $50.84 million
• Beat/Miss: Beat by +$4.08 million
• YoY Revenue Growth: N/A

Kamada Announcement Details

• Quarter: Q2 2026
• Date: 8/12/2026
• Time: Before Market Opens
• Conference Call Date: Wednesday, August 12, 2026
• Conference Call Time: 8:30AM ET

Kamada (NASDAQ:KMDA) is a biopharmaceutical company headquartered in Israel that specializes in the development, manufacturing and commercialization of plasma‐derived protein therapeutics. The company focuses on treatments for rare and serious diseases, leveraging its proprietary fractionation and purification technologies to produce purified human proteins. Kamada’s product portfolio addresses critical therapeutic areas in immunology, hematology and pulmonology, where alternative treatment options may be limited.

Among Kamada’s marketed products is Glassia®, an alpha‐1 antitrypsin augmentation therapy approved by the U.S. Food and Drug Administration for patients with alpha‐1 antitrypsin deficiency who have emphysema. In addition, Kamada holds commercial rights to KEDRAB®, a rabies immune globulin product used for post‐exposure prophylaxis, and has distributed plasma‐derived factor IX concentrate (marketed under various brands) for patients with hemophilia B. These products are manufactured at Kamada’s vertically integrated facilities in Israel, and are sold through its U.S. subsidiary and distributors across North America, Europe and other international markets.

Building on its established product base, Kamada maintains a development pipeline that includes hyperimmune therapies and monoclonal antibody candidates, such as investigational treatments for COVID‐19. The company has collaborated with academic and industry partners to advance preclinical and clinical studies of novel plasma‐derived and recombinant proteins, aiming to expand its reach into additional rare disease indications and emerging infectious diseases.

Founded in 1990, Kamada has grown into a global specialty biopharma organization while retaining a strong connection to its Israeli roots. Ronen Zohar, who has served as Chief Executive Officer since 2011, leads a management team experienced in regulatory affairs, manufacturing scale-up and strategic partnerships. Through ongoing investments in research, production capacity and international marketing, Kamada seeks to enhance patient access to its therapies and pursue new opportunities in the plasma‐derived protein market.

Kamada Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Record first-half performance: Revenue rose 13% year over year to $100.2 million, adjusted EBITDA increased 14% to $25.7 million, and net income grew 18% to $13.4 million. Second-quarter revenue and EBITDA also reached company records, with a 26% EBITDA margin.
• Neutral Sentiment: Kamada reiterated its 2026 guidance of $200 million–$205 million in revenue and $50 million–$53 million in adjusted EBITDA, noting that first-half results are approximately 50% of the annual midpoint and that it remains comfortable with second-half expectations.
• Positive Sentiment: The company signed a three-year, $50 million normal-source plasma supply agreement, with initial commercial sales expected in the fourth quarter of 2026. Houston and San Antonio facilities are expected to provide roughly $16 million–$20 million of annual capacity, while specialty plasma will support Kamada’s own products.
• Positive Sentiment: Management reported continued demand growth for KEDRAB, VARIZIG, HepaGam B and other commercial products, alongside expansion of its biosimilar distribution business in Israel and the MENA region. Kamada expects its biosimilar portfolio to generate $15 million–$20 million in annual sales within several years.
• Negative Sentiment: CFO Chaime Orlev will leave the company at the end of 2026 after nine years, and Kamada has begun searching for a successor, creating a near-term executive-transition risk.

Presentation

[Operator]

Greetings, and welcome to the Kamada Ltd second quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I would now like to turn the conference over to Brian Ritchie, Managing Director of LifeSci Advisors. Please go ahead, sir.

[Brian Ritchie, Managing Director at LifeSci Advisors]

Thank you, operator. This is Brian Ritchie with LifeSci Advisors. Thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer, and Chaime Orlev, Chief Financial Officer. Earlier today, Kamada announced its financial results for the three and six months ended June 30, 2026. If you have not received this news release, please go to the investor's page of the company's website at www.kamada.com. Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of Kamada. I encourage you to review the company's filings with the Securities and Exchange Commission, including, without limitation, the company's Forms 20-F and 6-K, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.

[Brian Ritchie, Managing Director at LifeSci Advisors]

Furthermore, the content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, Wednesday, August 12, 2026. Kamada undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call. With that said, it's my pleasure to turn the call over to Amir London, CEO. Amir?

[Amir London, CEO at Kamada]

Thank you, Brian. My thanks also to investors and analysts for your interest in Kamada and for participating in today's call. I'm pleased to report that we continue to execute on our strategic multi-year growth plan, delivering record high operational and financial performance during the first half of 2026, with strong double-digit growth in revenues and adjusted EBITDA for both the six months and second quarter reporting periods. Before proceeding to the specifics, I'd like to point out that when examining and analyzing the company performance during recent months and without future binary events, it's clear that the company growth strategy model, based on our well-defined four growth pillars, is working effectively. We are seeing growth and improvement across all financial metrics, including expanded sales and revenues, operational synergies and disciplined management of expenses, enhanced profitability and EBITDA, and a strengthened ability to generate cash from operation.

[Amir London, CEO at Kamada]

It's important to note that the significant growth we are currently experiencing is driven solely by our existing commercial product portfolio, organic growth, and that once we execute the acquisitions and M&A transactions that are also part of our strategic plan, this growth will accelerate even further, resulting in enhanced financial metrics. With that said, let's move on now to our first six months performance. Total revenues were a record high of $100.2 million for the first half, an increase of approximately 13% year-over-year. Adjusted EBITDA was a record high of $25.7 million, up 14% year-over-year, and representing a notable 26% margin of revenues. For the second quarter of the year, total revenues were $54.9 million, the strongest in our history, and representing a 23% year-over-year increase. Adjusted EBITDA was $14.1 million, up 29% year-over-year, and representing a 26% margin of revenues.

[Amir London, CEO at Kamada]

Net income for the first half was $13.4 million and 18% up year-over-year, and second quarter net income was $9.3 million, up 26% year-over-year. Our revenues and adjusted EBITDA for the first six months of the year represent approximately 50% of our 2026 annual guidance. Based on our first half performance, we are reiterating our 2026 annual guidance of $200 million-$205 million in revenues and $50 million-$53 million of adjusted EBITDA, respectively representing 12% and 23% growth when comparing 2026 guidance midpoints to 2025 results. As described on previous calls, we continue to be focused on our four growth drivers on a path for delivering continuous double-digit profitable annual growth. We are focused on continuing sales growth of our entire commercial portfolio, including our six FDA-approved specialty plasma-derived products.

[Amir London, CEO at Kamada]

In our distribution segment, growth is supported by the launch of additional biosimilar products in the Israeli market, as well as the expansion of the distribution business to the MENA region, which is ongoing with new distribution agreements being signed. We continue to ramp up plasma collection at our Texas-based facilities in support of our new three-year, $50 million supply agreement and expect to commence plasma sales by year-end. Lastly, securing new business development and M&A opportunities remains a core focus. As already said, we are committed to expanding our current commercial portfolio and accelerating our current double-digit organic growth. The underlying demand for our products, including for KEDRAB in the U.S. market, as well as VARIZIG and HEPAGAM, continues to increase. Our lead product continues to be our anti-rabies immunoglobulin, KEDRAB, which is being distributed in the U.S. through our collaboration with Kedrion.

[Amir London, CEO at Kamada]

End-user utilization of the product in the U.S. is continuing to increase significantly, and our product supply to Kedrion is increasing year-over-year and beyond Kedrion contractual minimum commitment. In addition to a significant market share in the U.S., we continue to grow sales of KAMRAB in leading international markets such as Canada, Latin America, and Israel. GLASSIA represents our second-leading franchise, with revenue contribution driven by our growing product sales in ex-U.S. markets such as Argentina, Russia, Israel, Switzerland, as well as additional markets, mainly in Latin America, as well as royalty income generated from sale of the product by Takeda in the U.S. and Canada. We continue to support the comprehensive post-marketing research program for CYTOGAM, which we launched last year, which we believe will help demonstrate the advantages of the product in the prevention and management of CMV disease.

[Amir London, CEO at Kamada]

This program was developed in collaboration with leading key opinion leaders to explore advancement of novel CMV disease management. The benefits of this program were recently highlighted by the presentation of data by Dr. Daniel Calabrese, Assistant Professor of Medicine at the UCSF Lung Transplant Programs at the 2026 International Society for Heart and Lung Transplantation Annual Meeting. Findings presented by Dr. Calabrese, based on analysis of CMV high-risk lung transplant recipients, suggest CYTOGAM use is associated with improved clinical outcomes, supporting increased CYTOGAM utilization. In addition, patients continue to be enrolled in the investigator-initiated trial titled the SHIELD study, which is a prospective randomized controlled multi-center study in CMV high-risk kidney transplant recipients.

[Amir London, CEO at Kamada]

The trial is investigating the benefit of CYTOGAM administered at the conclusion of antiviral prophylaxis to reduce the risk of clinically significant late CMV in kidney transplant recipients who are CMV seronegative and have a CMV seropositive donor. We believe that the data generated by this study will support increased product utilization for CYTOGAM in the large population of kidney transplant recipients. With respect to VARIZIG, our anti-varicella zoster immunoglobulin, and HEPAGAM, our hepatitis B immunoglobulin, we are experiencing strong market demand for these products, resulting, among other things, from our product awareness activities in the U.S. market. As for our distribution operation, as part of activities to advance organic growth, we already have two biosimilar products launched in the Israeli market, and we are on track to launch two other products during this quarter.

[Amir London, CEO at Kamada]

We have other biosimilar products in the pipeline to be launched in the coming years, and additional in-licensing agreements are in process. We believe that this portfolio will become an increasingly important portion of our distribution business, with biosimilar annual sales of between $15 million-$20 million within the next few years. We are also continuing to advance expansion of our distribution activity to the MENA region. We have recently entered into several distribution agreements and initiated activities to register the underlying product with local authorities. We continue to engage in discussion with additional international companies, offering them full service from registration all the way to commercialization. In July, we were very pleased to announce our three-year, $50 million sales agreement, the first of its kind, to supply normal source plasma to a leading biopharmaceutical company focused on plasma-derived therapies.

[Amir London, CEO at Kamada]

This agreement validates our plasma collection strategy and the investment we made in our U.S.-based state-of-the-art plasma collection centers, as well as our vertical integration strategy and multi-year revenue growth objectives. We expect that initial commercial sales under this agreement will be recorded in the fourth quarter of this year and have included these projected revenues in our current annual guidance. Moving to business development and M&A. We continue to evaluate opportunities to enrich our portfolio of marketed products and complement our existing commercial operation. This remains a core focus, and we are committed to expanding our current commercial portfolio, accelerating our long-term profitable growth. With that, I turn the call over to Chaime for a detailed discussion of our financial results. Chaime, please go ahead.

[Chaime Orlev, CFO at Kamada]

Thank you, Amir. As Amir stated at the top of the call, we're recording record-high financial results for the first six months and second quarter of 2026. Total revenues for the first six months of 2026 was $100.2 million, a 13% increase from the $88.8 million generated in the first six months of 2025. The increase in revenues primarily attributable to increased sales of KEDRAB in the U.S. market, as well as VARIZIG and HEPAGAM. Total revenues for the first six months of 2026 are at approximately 50% of the midpoint of our 2026 annual guidance. As an anecdote, approximately five years ago, we reported $103 million in total revenues for the full year ended December 31, 2021. Now we're reporting a similar revenue figure for the first six months. This is a strong indication of the company's significant growth track.

[Chaime Orlev, CFO at Kamada]

Total revenues for the second quarter of 2026 were $54.9 million, up 23% compared to the second quarter of 2025. Second quarter revenues represents the highest revenue for a given quarter in Kamada's history. Net income for the first six months of 2026 was $13.4 million, or $0.23 per diluted share, up 18% compared to $11.3 million or $0.19 per diluted share in the first six months of 2025. For the second quarter of 2026, net income was $9.3 million, up 26% compared to the second quarter of 2025. Adjusted EBITDA was $25.7 million in the first six months of 2026, a 14% increase as compared to the $22.5 million in the first six months of 2025. Adjusted EBITDA for the first six months of 2026 represents a 26% margin of revenues and is at 50% of the midpoint of our 2026 annual guidance.

[Chaime Orlev, CFO at Kamada]

Cash provided by operating activity during the first six months of 2026 was approximately $17.8 million, compared to $7.5 million during the first six months of 2025. As of June 30, 2026, we had cash and cash equivalent and short-term investments totaling $70.1 million, compared to $73.1 million at the end of March. The company's ability to maintain its cash position while making a $14.4 million dividend payment during the second quarter is indicative of its continued ability to convert operating profits into cash flow. With that, I will transfer the call back to Amir.

[Amir London, CEO at Kamada]

Thank you, Chaime. Before we open the call to questions, I want to take a moment to acknowledge the other news we issued earlier this morning. As we announced, Chaime will be leaving Kamada at the end of the year to pursue other opportunities. On behalf of everyone at Kamada, as well as our board of directors, I'd like to thank Chaime for his leadership and significant contribution to Kamada during his nine years of service. Chaime has been instrumental in our continued growth while maintaining a strong operating and financial position that underlies the growth track we reported on today. We've initiated a search for a new CFO, and Chaime is committed to providing transitional support. Please join me in wishing him all the best in his future endeavors. Operator, that concludes our prepared remarks. We are ready to open the call to questions.

[Operator]

Thank you. We will now conduct a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using a speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again, that's star one at this time. One moment while we poll for the first question. The first question comes from Annabel Samimy with Stifel. Please proceed.

[Annabel Samimy, Analyst at Stifel]

Hi. Thanks for taking my question, and congratulations on a good quarter. I'm going to have to ask the obvious. Given the solid quarter and the balanced growth across all your franchises, are there any specific reasons why you don't feel comfortable raising guidance at this time? Just as well with the gross profit, your EBITDA margins were great, and they're expanding. I was just curious about the gross profit as you're becoming more vertically integrated. I was curious why it was going down instead of up, and is there anything unusual in the quarter? Just that first, and I'll follow up with another question. Thanks.

[Amir London, CEO at Kamada]

Yeah. Thanks, Annabel. H1 performance is approximately 50% of an annual midpoint guidance. Per our guidance, we've already forecasted significant growth this year. 12% in revenue, 23% in EBITDA compared to last year, and we are executing to the plan. That's basically kind of the rationale. Based on our performance and annual guidance, we expect another strong year next year of double-digit growth. As we said, we believe that our growth model works. We guided between $200 million-$205 million. We're approximately 50% of that. We felt comfortable with the second part of the year expectations, and we will be guiding 2027 in due time, which will be another great year of significant growth for the company. As for the gross margin decline, gross margin is a little bit shifting between quarter to quarter based on the product mix and market mix.

[Amir London, CEO at Kamada]

Important to mention that we've maintained our EBITDA rate of 26% of revenue, which we believe is a significant achievement. We were able to significantly grow our net income by over 18% year over year. With those financial metrics, we believe that we are on a very strong track, also moving forward, generating significant profitability and significant cash operation, being able to convert that profitability into real money, real cash.

[Amir London, CEO at Kamada]

Okay. Can you hear me?

[Operator]

The next question comes from Jim Sidoti with Sidoti & Company. Please proceed.

[Jim Sidoti, Analyst at Sidoti & Company]

Hi. Good afternoon, and thanks for taking the question. Can you just give a little color? Why was it important for you to get that rabies virus-neutralizing antibody test approved and be able to do that yourself?

[Amir London, CEO at Kamada]

The labs that was approved was important for us in order to be even further vertically integrated. Until now, we were sending the samples of the anti-rabies product to an external lab. Having the lab in-house allows us quicker response and ability to get the product in process and final results, which allows us to release product faster to the market. With a significantly growing demand for KEDRAB, this is an important factor in our ability to continuously support a growing market demand.

[Jim Sidoti, Analyst at Sidoti & Company]

In the quarter, selling and marketing, to me, I thought was particularly low compared to the level of sales you had. Was there a one-time item there, or how were you able to keep that so low?

[Amir London, CEO at Kamada]

We have been very effective in the way we are utilizing our resources. I think we are happy to present our investor year after year profitable growth. It's not just we are just growing our top line, but also growing our revenues, growing our bottom line, EBITDA, and net profits, and that's all about synergies, economy of scales, and responsible management of our resources.

[Jim Sidoti, Analyst at Sidoti & Company]

It seems like you're on track to get those three plasma collection plants up and running. That $50 million, three-year contract, do you have enough capacity to fill other orders as well, or is that going to be the bulk of the output for those three plasma collection centers?

[Amir London, CEO at Kamada]

Since we launched the Houston and San Antonio centers, we spoke about the fact that each one of those two centers will contribute between $8 million-$10 million in revenue per year. So this is the capacity of those two centers. If you add the two centers together, you get to between $16 million-$20 million per year. If you take the $50 million divided by three, it's exactly this $17 million that we will be generating from those centers. So this is the current capacity, and this capacity has been basically sold based on the contract we signed. We are growing our specialty plasma collection in those centers, and that specialty plasma goes into our own production, and that's the second portion of this equation, of this formula.

[Amir London, CEO at Kamada]

We are not just selling plasma out as a way to grow and increase our revenue profitability, but we are also using specialty plasma for own products in a way that, over time, will allow us to keep growing, improving our growth margins, and overall profitability.

[Jim Sidoti, Analyst at Sidoti & Company]

What about the third center?

[Amir London, CEO at Kamada]

The third center is a specialty center. It collects only specialty plasma, which is being used by our need. This was the original center we acquired in Beaumont, and that is a specialty-focused center.

[Jim Sidoti, Analyst at Sidoti & Company]

Okay, understood. All right, great. All right, thank you.

[Operator]

Once again, ladies and gentlemen, to ask a question, please press star one on your telephone keypad. I would like to turn the call to Brian Ritchie for web questions at this time.

[Brian Ritchie, Managing Director at LifeSci Advisors]

Thank you. Just a couple, Amir, and they're related, so I will ask them together. First is, can you talk about whether or not the organic growth is sustainable? Then maybe just discuss the consistency that we have seen in the business over the last several years and how sustainable that is long-term.

[Amir London, CEO at Kamada]

Yeah, great question. Our business is highly sustainable, or the organic growth is highly sustainable. We have been able to grow our business year-over-year, double digits. We are projecting continued growth moving forward. We haven't completed yet our 2027 budget plan, but I can assure you that we will continue growing and all of this organically. This is based on a strong business model, strategic model, that is working very well for us. Six FDA-approved products in over 30 different countries, in-licensing a distribution segment which is growing, including the expansion to the MENA region, the newly signed plasma sales deal, which we just spoke about, and of course, the transaction M&A, BD activities that we are searching and we will be executing over time.

[Amir London, CEO at Kamada]

I think I mentioned it at the beginning of the call, but I would like to maybe to reiterate it. When examining and analyzing the company performance during recent months, Kamada does not have any future binary events. We are basically growing year after year, quarter after quarter. It's clear that the company growth strategy model is working and working effectively. We're seeing growth and improvement across all financial metrics. Look, compare our six months performance to previous year. Expanded sales, expanded revenues, operational synergies, disciplined management of expenses, enhanced profitability and EBITDA, and a very strong ability to generate cash from operation. I think that's basically the way to look at Kamada, a very strong, profitable, growing business, generating cash, generating ability to continue investing into the business.

[Amir London, CEO at Kamada]

We paid dividend last year and this year, and we believe that we have all the formula to continue growing in a very profitable way and bring value to our shareholders, especially when looking at our current share price and current valuation.

[Brian Ritchie, Managing Director at LifeSci Advisors]

Thanks, Amir. Maybe we'll just turn it back to you for the closing comments, please.

[Amir London, CEO at Kamada]

Okay. Thank you very much. As communicated at the beginning of the call and my answer to Brian, we continue to execute on our strategic multi-year growth plan, delivering record high operational and financial performance during the first half of 2026. We continue to reach new heights and deliver on our commitment to deliver double-digit profitable growth. We invest in our four-pillar growth strategy, continued progress made in organic growth of our existing commercial portfolio, expansion of distribution in in-licensing business, growth of our plasma collection operation, and advancing business development and M&A transactions to support and expedite our growth. We look forward to continuing to support clinicians and patients with important life-saving products that we develop, manufacture, and commercialize. We thank you all for your support. We remain committed to creating long-term shareholder value. We hope you all stay healthy and safe.

[Amir London, CEO at Kamada]

Thank you for joining our call today.

[Operator]

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

Participants

Executives

• Amir London, CEO
• Chaime Orlev, CFO

Analysts

• Brian Ritchie, Managing Director at LifeSci Advisors
• Annabel Samimy, Analyst at Stifel
• Jim Sidoti, Analyst at Sidoti & Company