KMDA — Kamada Ltd.

KMDA Q4 2025 Earnings Call Summary

1. Key Financial Results and Metrics:

• Total Revenues: $180.5 million for 2025, a 12% increase from $161 million in 2024.
• Adjusted EBITDA: $42 million, up 23% year-over-year from $34.1 million.
• Net Income: $20.2 million ($0.35 per diluted share), a 40% increase from $14.5 million ($0.25 per diluted share) in 2024.
• Gross Profit: $76.4 million with a gross margin of 42%, slightly down from 43% in 2024.
• Cash Position: $75.5 million at year-end, down from $78.4 million in 2024, with $25.5 million generated from operating activities.
• Dividend Declared: $0.25 per share, totaling approximately $14.4 million, payable on April 6, 2026.

2. Strategic Updates and Business Highlights:

• Kamada's operations and manufacturing are stable despite geopolitical tensions in the Middle East, with no anticipated material disruption to product supply.
• Continued growth in product sales, particularly in KEDRAB (anti-rabies immunoglobulin) and GLASSIA, which contributed $54 million and $35 million in revenue, respectively.
• Launch of additional biosimilars in Israel and expansion into the MENA region.
• Ongoing ramp-up of plasma collection at new centers in Houston and San Antonio, with expected revenues of $8 million to $10 million per center at full capacity.
• Initiation of a comprehensive post-market research program for CYTOGAM to enhance its market position.

3. Forward Guidance and Outlook:

• 2026 Revenue Guidance: $200 million to $205 million, representing a 13% increase from 2025.
• Adjusted EBITDA Guidance: $50 million to $53 million, a 23% increase from 2025.
• Guidance is based solely on organic growth, with potential M&A opportunities expected to further accelerate growth.

4. Bad News, Challenges, or Points of Concern:

• Decline in CYTOGAM Sales: Revenue from CYTOGAM decreased due to increased access to antiviral treatments, which may affect its market position. The company is addressing this through new clinical studies.
• Gross Margin Pressure: A decrease in gross margin from 43% to 42% attributed to product and market sales mix.
• Operational Challenges: Temporary impacts on exports due to Israeli airspace closures, although operations remain stable.

5. Notable Q&A Insights:

• Management confirmed that the decline in CYTOGAM usage is primarily due to improved access to antivirals, with no significant changes in treatment protocols.
• The dividend payment reflects confidence in the company's prospects and does not hinder potential M&A activities.
• Plasma collection centers are currently operating at 30-40% capacity, with expectations to reach full capacity by the end of 2027.
• Two additional biosimilars are expected to launch around mid-2026, with sales ramping based on market demand rather than initial stocking orders.
• VARIZIG sales have benefited from increased awareness and a significant tender win from the WHO for the Latin American region, indicating positive growth prospects.

Overall, Kamada reported strong financial performance and maintained a positive outlook for 2026, despite facing challenges in specific product lines and market conditions.