Kamada (NASDAQ:KMDA) outlined its growth strategy, product portfolio and financial outlook during a company presentation, emphasizing demand for specialty plasma-derived therapies and a plan to expand through product sales, distribution agreements, plasma supply and potential acquisitions.
The company said it expects 2026 revenue of $200 million to $205 million and EBITDA of $50 million to $53 million. Kamada reported revenue of approximately $100 million and EBITDA of $26 million during the first six months of the year, placing results near the midpoint of its full-year guidance.
Kamada said it has grown revenue at an average annual rate of 14% in recent years. The company cited revenue of $100 million in 2021, compared with projected sales exceeding $200 million this year, while projected EBITDA has increased from $6 million in 2021 to the current $50 million-to-$53 million range.
Dividend Policy and Growth Priorities
The company said it paid dividends totaling $0.42 per share this year, including $0.25 per share paid April 7 and an additional $0.17 per share paid more recently. Kamada said its board has adopted a policy to pay at least 50% of net profit as dividends, though a significant acquisition could temporarily affect dividend payments.
The presenter, Amir, said Kamada believes it can pursue business-development initiatives while continuing to return capital to shareholders because of its cash generation and profitability. The company reported having $70 million at the end of the quarter.
Kamada identified four growth pillars:
- Expanding sales of specialty plasma therapies in existing and additional markets.
- In-licensing products for distribution, primarily in Israel and the Middle East and North Africa region.
- Supplying plasma to third-party customers.
- Seeking acquisitions or licensing transactions involving products or assets in its areas of focus.
The company said it is conducting due diligence on potential business-development opportunities, although prior discussions over the past 12 months did not result in completed transactions. Management said a potential deal could involve an asset or product rather than an entire company.
Kedrab Demand and Plasma Supply
Kamada highlighted Kedrab, its anti-rabies immunoglobulin product, as a lead product. The company said the U.S. market for this category is about $200 million and currently has two suppliers. Kamada reported $54 million in Kedrab sales in 2025 and said it holds approximately 50% of the U.S. market through its partner Kedrion.
Management said the Centers for Disease Control and Prevention recently highlighted increased rabies exposure and anti-rabies treatment utilization in the U.S. Kamada also said it has experienced increased demand for its rabies treatment, marketed as Kamrab outside the U.S., in Australia, Canada, Israel, Latin America and certain European markets.
Amir said Kamada had anticipated higher demand early in the year based on projections from its U.S. partner and the Israeli Ministry of Health. The company expanded production, and management said the higher expected demand is largely incorporated into its 2026 production plan and financial guidance.
Kamada operates three plasma collection centers in Texas, located in Houston, San Antonio and Beaumont. In July, the company announced a three-year, $50 million agreement to supply plasma to a biopharmaceutical company. Sales under the agreement are expected to begin before the end of the year at an annual rate of roughly $17 million.
Management said the current source-plasma market is relatively soft, with sufficient supply available and prices at the lower end of the range it remembers. The company said the agreement covers its normal source-plasma capacity for the next three years.
Other Products and Distribution Expansion
Kamada also discussed GLASSIA, an alpha-1 antitrypsin treatment for alpha-1 deficiency. Takeda markets the product in the U.S. and Canada and pays Kamada royalties, which totaled $16 million in 2025, according to the company. Outside North America, Kamada sells through distributors in Latin America, the Commonwealth of Independent States, Israel and Switzerland. That business generated $19 million in 2025, up 27% from 2024, the company said.
For CYTOGAM, an immunoglobulin product used in solid-organ transplantation, Kamada reported 2025 sales of $17 million. The company said the SHIELD study is evaluating CYTOGAM’s potential to reduce late cytomegalovirus flare among kidney-transplant recipients. Data are expected in late 2028, though management said patient recruitment could affect the timing.
Kamada said its distribution business for third-party products exceeds $30 million and is expanding through biosimilar launches in Israel and the MENA region. The company has launched two biosimilars in 2024 and 2025, expects two additional launches this quarter and plans another two to three launches next year. Management expects the business to generate $15 million to $20 million in incremental sales over the next four to five years.
The company reiterated its 2026 guidance and said any revision would depend primarily on whether rabies exposure and Kedrab demand exceed the levels already incorporated into its outlook. Management said it expects its eventual 2027 guidance to reflect another year of double-digit growth.
About Kamada (NASDAQ:KMDA)
Kamada Ltd. is an Israel-based biopharmaceutical company focused on the development, manufacture and commercialization of plasma-derived and specialty pharmaceutical products. The company’s portfolio is aimed primarily at treating rare diseases and other conditions requiring replacement or immune-modulating therapies.
Kamada’s principal product is GLASSIA, an intravenous alpha-1 proteinase inhibitor used as augmentation therapy in adults with alpha-1 antitrypsin deficiency, a rare genetic disorder that can cause progressive lung disease.
