Kamada Q2 Earnings Call Highlights

Kamada (NASDAQ:KMDA) reported record revenue and adjusted EBITDA for the second quarter and first half of 2026, driven by higher sales of its specialty plasma-derived products, including KEDRAB, VARIZIG and HEPAGAM. The company reiterated its full-year guidance and said it expects initial sales under a new plasma supply agreement to begin in the fourth quarter.

Revenue for the first six months of 2026 totaled $100.2 million, up 13% from $88.8 million in the year-earlier period. Second-quarter revenue rose 23% year over year to a quarterly record of $54.9 million.

Net income for the first half increased 18% to $13.4 million, or $0.23 per diluted share, compared with $11.3 million, or $0.19 per diluted share, a year earlier. Second-quarter net income was $9.3 million, up 26% from the prior-year quarter.

Profitability and Cash Flow

Adjusted EBITDA reached $25.7 million in the first half, an increase of 14% from $22.5 million in the first six months of 2025. The figure represented a 26% margin on revenue. Second-quarter adjusted EBITDA rose 29% year over year to $14.1 million, also representing a 26% margin.

Chief Financial Officer Chaime Orlev said cash provided by operating activities was approximately $17.8 million during the first half, compared with $7.5 million in the comparable 2025 period. As of June 30, cash, cash equivalents and short-term investments totaled $70.1 million, down from $73.1 million at the end of March.

Orlev said the company maintained its cash position while making a $14.4 million dividend payment during the second quarter, which he said reflected Kamada’s ability to convert operating profit into cash flow.

During the question-and-answer session, CEO Amir London said quarterly gross margins can shift based on product and market mix. He emphasized that Kamada maintained a 26% adjusted EBITDA margin while increasing net income and cash generation.

Guidance Reaffirmed

Kamada reaffirmed its 2026 outlook for revenue of $200 million to $205 million and adjusted EBITDA of $50 million to $53 million. At the midpoints, the guidance would represent revenue growth of 12% and adjusted EBITDA growth of 23% from 2025 results, according to management.

London said first-half revenue and adjusted EBITDA each represented about 50% of the midpoint of the company’s full-year guidance. He said the company was comfortable with its outlook for the second half rather than raising guidance after the first-half results.

“We are executing to the plan,” London said, adding that the company expects another year of double-digit growth in 2027, although it has not yet completed its budget plan for next year.

Product Demand and Plasma Operations

Management attributed the first-half revenue increase primarily to increased U.S. sales of KEDRAB, Kamada’s anti-rabies immunoglobulin product, as well as VARIZIG and HEPAGAM sales. KEDRAB is distributed in the U.S. through the company’s collaboration with Kedrion.

London said end-user utilization of KEDRAB has continued to rise and that product supply to Kedrion is increasing beyond the partner’s contractual minimum commitment. Kamada also reported growing sales of KAMRAB, its anti-rabies immunoglobulin, in Canada, Latin America and Israel.

GLASSIA, the company’s second-largest franchise, benefited from sales outside the U.S., including in Argentina, Russia, Israel and Switzerland, as well as markets in Latin America. The franchise also generates royalty income from Takeda’s sales of the product in the U.S. and Canada, London said.

The company said demand has also been strong for VARIZIG, an anti-varicella zoster immunoglobulin, and HEPAGAM, a hepatitis B immunoglobulin. Kamada has continued activities intended to increase awareness of those products in the U.S. market.

In July, Kamada announced a three-year, $50 million agreement to supply normal-source plasma to a biopharmaceutical company focused on plasma-derived therapies. The company expects commercial sales under the agreement to begin by year-end and said projected revenue from the contract is included in its 2026 guidance.

London said the agreement effectively uses the current normal-plasma capacity of the company’s Houston and San Antonio collection centers. The company also operates a specialty plasma center in Beaumont, Texas, that collects plasma for use in Kamada’s own production activities.

During the call, London said the company had received approval for an in-house rabies virus-neutralizing antibody testing laboratory. He said bringing the testing process in-house should allow Kamada to obtain results more quickly and release KEDRAB product faster as demand grows.

Distribution Expansion and CFO Transition

Kamada said it has launched two biosimilar products in Israel and remains on track to introduce two additional biosimilars during the current quarter. Management expects the biosimilar portfolio to generate annual sales of $15 million to $20 million within the next several years.

The company is also expanding its distribution operations into the Middle East and North Africa region. London said Kamada has entered several distribution agreements, initiated local product-registration activities and remains in discussions with additional international companies.

Separately, London announced that Orlev will leave Kamada at the end of 2026 to pursue other opportunities. The company has initiated a search for a successor, and Orlev will provide transition support, London said.

Management said it continues to evaluate business-development and acquisition opportunities as part of its longer-term growth strategy, alongside organic product sales growth, expansion of distribution and in-licensing activities, and plasma collection operations.

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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