Kamada Q1 Earnings Call Highlights

Kamada reaffirmed its full-year 2026 outlook for revenue of $200 million to $205 million and adjusted EBITDA of $50 million to $53 million, saying first-quarter results were broadly in line with expectations aside from a temporary shipment delay that pushed about $2.4 million of revenue into April.

Q1 revenue was $42.5 million, down slightly from $44 million a year ago, while net income held steady at $4.1 million and adjusted EBITDA was unchanged at $11.6 million. Lower gross margin and lower operating expenses reflected a mix shift and reduced R&D spending after ending the InnovAATe trial.

Management highlighted growth drivers including KEDRAB, GLASSIA, CYTOGAM, VARIZIG, expanding biosimilar and MENA distribution businesses, and new plasma collection centers. Kamada also said it is pursuing M&A while remaining focused on organic growth and long-term profitable expansion.

Kamada (NASDAQ:KMDA) reiterated its full-year 2026 outlook after reporting first-quarter results that management said were in line with expectations, excluding a temporary shipment delay that shifted revenue into April.

Chief Executive Officer Amir London said demand across the company’s product portfolio continues to support expectations for stronger results over the remainder of the year. Kamada maintained its 2026 guidance for revenue of $200 million to $205 million and adjusted EBITDA of $50 million to $53 million. London said the midpoint of that outlook represents 12% revenue growth and 23% adjusted EBITDA growth compared with 2025 results.

“Importantly, this 2026 annual guidance is based currently solely on organic growth,” London said.

First-quarter results affected by delayed shipment

Chief Financial Officer Chaime Orlev said first-quarter revenue was $42.5 million, compared with $44 million in the prior-year period. He said year-over-year revenue performance was primarily driven by increased sales of KEDRAB, Kamada’s anti-rabies immunoglobulin, and higher sales in the company’s distribution segment.

Gross profit was $19.1 million, with gross margin of 42%, compared with gross profit of $20.7 million and gross margin of 47% in the first quarter of 2025. Orlev said the lower gross margin reflected product and market sales mix.

Operating expenses, including research and development, sales and marketing, general and administrative, and other expenses, were $12.1 million, down from $13 million in the prior-year quarter. Orlev attributed the decline to lower R&D expenses following the termination of the Phase 3 InnovAATe clinical trial, partly offset by higher sales and marketing and G&A spending tied to investments in the commercial portfolio.

Net income was $4.1 million, or $0.07 per diluted share, compared with $4 million, or $0.07 per diluted share, a year earlier. Adjusted EBITDA was $11.6 million, unchanged from the first quarter of 2025.

In response to an analyst question, Orlev said the delayed shipment represented approximately $2.4 million in revenue and involved one shipment to an ex-U.S. territory for one of Kamada’s proprietary products. The delay was tied to limited flights to that destination because of conditions in the Middle East, and the order was delivered in April.

KEDRAB, GLASSIA and specialty products remain key growth drivers

London said KEDRAB remains Kamada’s lead product and continues to see rising end-user utilization in the U.S., where it is distributed through the company’s collaboration with Kedrion. He said Kamada expects product supply to Kedrion to exceed Kedrion’s firm minimum commitment of $90 million in sales for 2026 through 2027. Kamada’s current supply agreement with Kedrion runs through 2031.

Outside the U.S., London said Kamada continues to grow sales of KAMRAB in markets including Canada, Latin America, Australia and Israel.

GLASSIA remains the company’s second major franchise, with revenue coming from ex-U.S. product sales and royalty income from Takeda’s sales in the U.S. and Canada. London said Kamada is working with distributors in markets including Argentina, Russia and Switzerland, as well as directly in Israel, to grow its patient base and identify additional patients with alpha-1 antitrypsin deficiency.

For CYTOGAM, the company’s anti-CMV immunoglobulin, London highlighted ongoing post-marketing research intended to support broader use of the product. He discussed the SHIELD study, which is evaluating CYTOGAM at the end of antiviral prophylaxis in high-risk kidney transplant recipients, and a retrospective analysis presented by Dr. Daniel Calabrese of the VA San Francisco Health Care System and UCSF Lung Transplant Programs at the 2026 International Society for Heart and Lung Transplantation annual meeting.

London said the data presented by Calabrese suggested CMV may be associated with worse lung transplant outcomes through immune activation, not only viral replication, and that CMV immunoglobulin may be associated with immune modulation. He said Kamada believes data from these and other studies can support increased utilization of CYTOGAM.

London also said VARIZIG, Kamada’s anti-varicella zoster immunoglobulin, is seeing strong demand, particularly in Latin America and the U.S., due to product awareness efforts and an increase in chickenpox outbreaks.

Distribution business expands in Israel and MENA

Kamada is also expanding its distribution segment. London said the company plans to launch two additional biosimilar products in Israel by the end of the second quarter and beginning of the third quarter, with several more biosimilars in the pipeline for future years.

Management said during the question-and-answer session that Kamada distributes about 40 products in the Israeli market on behalf of more than 20 international companies. The company has already launched three biosimilars and expects to have five biosimilar products in the Israeli market by the end of 2026. Management said biosimilars could generate annual sales of $15 million to $20 million within the next four to five years.

The company is also expanding distribution activities in the Middle East and North Africa region. London said Kamada has entered several distribution arrangements and begun registration activities with local authorities. Management said the first products under these MENA distribution agreements are expected to launch in the second half of 2026 and into 2027.

Plasma collection centers expected to add revenue

London said Kamada received FDA approval in March for its plasma collection center in San Antonio, Texas, clearing the facility to begin commercial sales of normal source plasma. The company also plans to seek inspection and approval from the European Medicines Agency for its Houston and San Antonio centers.

Each of the Houston and San Antonio centers is expected to generate $8 million to $10 million in annual revenue from normal source plasma once operating at full capacity, London said. The company expects to begin normal source plasma sales in the second half of 2026.

In response to an investor question, management said the Houston and San Antonio centers are expected to reach their currently planned collection capacity around the end of 2027 or early 2028.

Dividend paid as company pursues M&A

As of March 31, Kamada had $73.1 million in cash and cash equivalents, compared with $75.5 million at the end of 2025. Orlev said the company declared a dividend of $0.25 per share in March, totaling about $14.4 million, which was paid on April 7.

Orlev said the dividend was paid under a board-approved policy to distribute an annual dividend of at least 50% of annual net income, subject to board discretion and Israeli legal requirements.

London said Kamada continues to evaluate business development and M&A opportunities aimed at adding marketed products and creating synergies with its commercial operations. He said the company’s growth strategy remains focused on expanding its commercial portfolio, growing its distribution business, ramping plasma collection operations and pursuing transactions that support long-term profitable growth.

About Kamada (NASDAQ:KMDA)

Kamada Ltd. 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.

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