Kamada Ltd.

What they do

Kamada develops, manufactures, and markets plasma-derived and other biopharmaceutical products. Its commercial portfolio includes proprietary products such as KEDRAB, GLASSIA, and CYTOGAM, and it also distributes third-party pharmaceutical products in Israel and the MENA region. The company operates plasma collection operations and engages in mergers, acquisitions, and in-licensing activities.

Revenue drivers

• KEDRAB — A rabies immune globulin product, one of the top three proprietary products by revenue.
• GLASSIA — An alpha-1 antitrypsin product sold by third-party partner Takeda; Kamada receives royalties expected to be $10-20 million per year from 2026 to 2040.
• CYTOGAM — A cytomegalovirus immune globulin product, the third leading proprietary product.
• Third-party distribution — Distribution of pharmaceutical products in Israel and the MENA region, including planned launches of biosimilars.

Recent performance

For fiscal year 2025, Kamada generated total revenues of approximately $177 million and adjusted EBITDA of about $41 million, based on the midpoint of the 2026 guidance implying 13% revenue growth and 23% adjusted EBITDA growth. The company declared a cash dividend of $0.25 per share (approximately $14.4 million) on March 11, 2026, payable April 6, 2026. KEDRAB, GLASSIA, and CYTOGAM continue to be the top three revenue contributors.

Strategy

Kamada's stated strategy is to drive profitable growth through four pillars: organic growth of its commercial portfolio, distribution of third-party products in Israel and the MENA region (including biosimilar launches), plasma collection operations, and merger/acquisition, in-licensing, or collaboration opportunities. Management expects to maintain a dividend policy and has guided 2026 revenues of $200-205 million and adjusted EBITDA of $50-53 million.

Risks

• Concentration in top products — A significant portion of revenue depends on KEDRAB, GLASSIA, and CYTOGAM; any decline in their sales would materially hurt results.
• Reliance on third-party manufacturer — Kamada expects to continue manufacturing HEPAGAM B, VARIZIG, and WINRHO SDF at Emergent BioSolutions, creating dependence on a single supplier.
• Royalty dependence on Takeda — Future royalties from GLASSIA sales depend on Takeda's performance and market conditions; shortfalls would reduce expected income.
• Geographic and geopolitical risk — Operations and distribution in Israel expose the company to regional instability, which could disrupt supply chains and sales.

Outlook

Management projects 2026 revenues of $200-205 million and adjusted EBITDA of $50-53 million, representing 13% and 23% year-over-year growth at the midpoint. They expect royalties from Takeda to range between $10-20 million annually from 2026 to 2040. The company plans to continue its dividend policy, with a next payment scheduled for April 6, 2026.