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 planned.” While exports from Israel “may be temporarily impacted” by the recent closure of Israeli airspace, London noted cargo flights have gradually resumed and the company does not anticipate a material disruption to product supply.
Chief Financial Officer Chaime Orlev said revenue growth in 2025 was driven by “growth across our portfolio,” highlighting increased sales of Varizig and KedRAB in the U.S., KAMRAB and GLASSIA in ex-U.S. markets, and higher distribution-segment sales supported by biosimilar launches and other products.
Dividend declaration and 2026 outlook
On the strength of 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. London said the dividend aligns with Kamada’s policy to distribute an annual dividend of at least 50% of annual net income, subject to board discretion and requirements under Israeli law. In the Q&A, management clarified the dividend will be paid as a one-time payment in the second quarter.
Management affirmed 2026 guidance of $200 million to $205 million in revenues and $50 million to $53 million in adjusted EBITDA, which London said represents 13% and 23% growth, respectively, when comparing midpoints to 2025 results. London emphasized that the 2026 outlook is based “solely on organic growth,” adding that any business development or M&A transaction would be incremental to the guidance.
Product and commercial highlights: KedRAB, GLASSIA, Cytogam, and Varizig
London described anti-rabies immunoglobulin KedRAB as the company’s lead product, distributed in the U.S. through a collaboration with Kedrion Biopharma. Sales of KedRAB to Kedrion increased in 2025 to approximately $54 million, which management said was “well above” the contract minimum commitment. Kamada also has a firm commitment of $90 million from Kedrion for minimum orders from 2026 through 2027, and the current supply agreement runs through 2031.
GLASSIA was cited as the second-leading franchise, with total revenue contribution of $35 million, split between product sales in ex-U.S. markets and royalty income from Takeda’s sales in the U.S. and Canada.
Management said revenues from Cytogam, Kamada’s anti-CMV immunoglobulin, declined during 2025. London attributed the decline primarily to increased use of antivirals such as letermovir and maribavir, which he said benefited from improved market access coverage. In response to an analyst question, management said it is not aware of any change in CMV management protocols, but believes improved insurer coverage for antivirals may have affected Cytogam usage.
To support Cytogam’s future utilization, Kamada has initiated a comprehensive post-marketing research program. London highlighted an investigator-initiated trial within that program, the SHIELD study (Strategic Help with Immunoglobulin to Enhance Protection Against Late Disease CMV), a prospective randomized controlled multicenter study in CMV high-risk kidney transplant recipients. The study will evaluate the benefit of administering Cytogam at the conclusion of antiviral prophylaxis to reduce late CMV risk in kidney transplant recipients who are CMV seronegative with CMV seropositive donors. London said the study is being conducted by Dr. Camille Kotton of Massachusetts General Hospital and Dr. David Wojciechowski of UT Southwestern Medical Center.
In a written question addressed near the end of the call, London said Kamada was “very happy” with Varizig performance in 2025 and saw a “significant increase.” He attributed the trend to declining vaccination rates—particularly in the U.S.—that contributed to more chickenpox outbreaks, along with Kamada’s marketing and medical efforts to raise awareness of Varizig use in immunocompromised populations exposed to outbreaks. London said he expects the trend to continue in 2026 and noted Kamada won a WHO tender for Varizig in the Latin American region.
Distribution expansion, biosimilars, and plasma centers
London outlined growth initiatives across Kamada’s “four-pillar” strategy, including portfolio expansion, distribution growth, plasma collection ramp-up, and business development/M&A.
- Biosimilars and distribution: Management said it launched two biosimilar products in Israel in 2024 and 2025 and plans to launch two additional biosimilars in Israel in the coming months, with several more in the pipeline in coming years. London said the biosimilars portfolio could reach $15 million to $20 million in annual sales within the next 4–5 years. In Q&A, management said the two additional biosimilars are expected to launch around mid-year (around the end of Q2), with impact in the second half, and that stocking is not expected to be material because purchasing will be driven by market consumption.
- MENA region: London said Kamada commenced expansion of distribution activity to the MENA region in 2025, with initial agreements already signed.
- Plasma collection: Kamada is ramping plasma collection at its Houston and San Antonio centers, each with 50 donor beds and planned peak capacity of approximately 50,000 liters per year. Management said Houston is already FDA-approved, and it expects San Antonio to receive FDA approval in the first half of 2026. At full capacity, each center is expected to generate $8 million to $10 million in annual revenue from sales of normal source plasma. In Q&A, management said the centers are currently about 30% to 40% ramped and expects full ramp by the end of 2027. The company expects to start selling normal source plasma in the second part of 2026 once centers are approved, while gross profit impact from specialty plasma collection is expected to begin in 2027 and beyond.
Financial detail: margins, expenses, and cash flow
Orlev reported gross profit of $76.4 million in 2025, with gross margin of 42%, compared with $70.0 million and 43% in 2024. He attributed the year-over-year margin decline to product and market sales mix. Operating expenses were $50.2 million in 2025 versus $49.9 million in 2024. Orlev said R&D decreased year over year due to the decision to discontinue the inhaled AAT clinical study, while G&A increased to support expanded commercial operations.
Net income for 2025 was $20.2 million, or $0.35 per diluted share, up from $14.5 million, or $0.25 per diluted share, in 2024. Kamada ended 2025 with cash and cash equivalents of $75.5 million compared with $78.4 million at the end of 2024, reflecting operating cash flow of $25.5 million and cash used for investing and financing activities.
Discussing fourth-quarter trends, Orlev said revenue increases were consistent with the year’s performance, while the fourth-quarter gross margin decline reflected sales mix changes. He added that higher operating expenses to support the expanding commercial operation contributed to a decrease in net profitability and adjusted EBITDA quarter over quarter.
Looking ahead, London said Kamada is pursuing business development and M&A opportunities and expressed optimism it could secure a transaction in 2026, while reiterating that 2026 guidance reflects organic growth only.
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.
