What guidance did Kamada's management provide for the next earnings period?

What is the revenue and EPS growth rate for Kamada year over year?

What factors drove the changes in Kamada's revenue and profit?

What were the key takeaways from Kamada's earnings call?

What does Kamada do and what are its main business segments?

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What were the key takeaways from Kamada’s earnings call?

Did Kamada beat or miss consensus estimates last quarter?

- **Record 2025 Performance**: $180.5M revenue (+12%), $42M EBITDA (+23%), and $75.5M cash, with $0.25/share dividend.
- **2026 Growth Targets**: $200-205M revenue (+13%) and $50-53M EBITDA (+23%) via organic expansion.
- **Strategic Wins**: KEDRAB ($54M), VARIZIG WHO tender, and 2 new biosimilars launching mid-2026.
- **Plasma Center Timeline**: San Antonio FDA approval by H1 2026, full specialty plasma impact from 2027.
- **M&A Confidence**: Active pipeline with potential 2026 deals, despite dividend payout.

**【CEO Summary Section】**
- **2025 Financial Highlights**: Total revenue of $180.5M (+12% YoY), Adjusted EBITDA of $42M (+23% YoY), and $25.5M in operating cash flow, ending with $75.5M cash. 
- **Dividend Policy**: $0.25/share dividend ($14.4M total) declared, aligning with 50%+ net income payout policy.
- **2026 Guidance**: Organic growth targeting $200-205M revenue (+13% YoY) and $50-53M EBITDA (+23% YoY).
- **Strategic Pillars**: 
  1. **Product Portfolio Growth**: KEDRAB ($54M sales), GLASSIA ($35M), VARIZIG (tender win in Latin America), and CYTOGAM (SHIELD study for kidney transplants).
  2. **Distribution Expansion**: 2 new biosimilars launching mid-2026 in Israel, with MENA expansion underway.
  3. **Plasma Collection**: Houston (FDA-approved) and San Antonio (expected H1 2026 approval) centers ramping to $8-10M/year each by 2027.
  4. **M&A Focus**: Actively pursuing transactions to complement portfolio, with potential 2026 deals.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: U.S. sales growth (VARIZIG, KEDRAB), ex-U.S. expansion (KAMRAB, GLASSIA), and biosimilar distribution.
- **Gross Margin**: 42% (2025) vs. 43% (2024), impacted by product mix shifts.
- **Operating Expenses**: $50.2M (+0.6% YoY), driven by G&A to support commercial scale.
- **Q4 2025 Performance**: Revenue growth consistent with annual trend, but net income and EBITDA declined due to margin mix and expense growth.

**【Q&A Key Highlights】**
- **CYTOGAM Outlook**: Decline due to antiviral market access, but SHIELD study (kidney transplants) aims to demonstrate CYTOGAM's value post-antiviral prophylaxis.
- **Plasma Center Ramp-Up**: Currently at 30-40% capacity, full ramp by end-2027. Normal plasma sales to start in H2 2026, specialty plasma impact from 2027+.
- **M&A & Dividend**: Dividend reflects confidence in liquidity; M&A pipeline active, with potential 2026 transactions.
- **VARIZIG Momentum**: 2025 growth driven by U.S. outbreaks and WHO tender; expect continued ex-U.S. expansion.


Kamada Ltd.(KMDA)-20260311-2025 Q4 Earnings call transcript

- **Strategic Plasma Collection**: 2025 Texas expansion supporting 2025.

**【CEO Opening Remarks】**
- **Revenue and Profit Growth**: Q3 2025 total revenue of $47 million, up 13% YoY. Full-year 2025 guidance reaffirmed at $178-182 million revenue and $40-44 million adjusted EBITDA.
- **4-Pillar Strategy Progress**: Plasma collection centers in Texas approved, with $72 million cash on hand.

**【CFO Financial Highlights】**
- **Profitability**: 35% adjusted EBITDA growth YoY, driven by diversifying product portfolio.
- **Plasma Collection Expansion**: Houston and San Antonio centers expected to generate $8-10 million annual revenue at full capacity.

**【Q&A Highlights】**
- **AATD Trial Momentum**: 60% enrollment at 65%, with interim futility analysis results by end-2025.

Kamada Ltd. (KMDA) Q3 2025 Earnings Call Transcript

- **Revenue Expansion**: 11% H1 growth to $88.8M, driven by GLASSIA/VARIZIG and 2 new biosimilars. 
- **Profitability**: EBITDA up 35% to $22.5M, with 25%+ margin target. 
- **Strategic Momentum**: $40-44M EBITDA, 8 plasma centers, and $1.4B inhaled AAT market entry. 
- **Execution**: 50,000L plasma capacity and 2025 Phase III readout. 


**【CEO Summary Section】**
- **Revenue Growth**: Total revenue for the first half of 2025 was $88.8 million (11% YoY increase), with Q2 revenue at $44.8 million (5% YoY). Adjusted EBITDA reached $22.5 million (35% YoY growth). 
- **Strategic Pillars**: 
  1. **Organic Growth** via biosimilar launches (e.g., $2.5M+ in Israel) and ex-US GLASSIA sales. 
  2. **M&A/Business Development** with 2+ plasma centers and Phase III inhaled AAT trial. 
  3. **Plasma Expansion**: New Texas center with 50,000L annual capacity. 
- **Guidance Update**: 2025 EBITDA target $40-44M (23% YoY), revenue $178-182M (12% YoY). 

**【CFO Financial Commentary】**
- **Q2 2025 Results**: 
  - Revenues: $44.8M (42% gross margin vs. $42.5M in Q2 2024). 
  - EBITDA: $10.9M (20% YoY growth). 
  - Net Income: $7.4M (54% YoY increase in operating profits). 
- **Cash Position**: $66M post-dividend, with $8M from operations. 
- **Tariff Impact**: No disruption to pharma supply chains. 

**【Q&A Highlights】**
1. **Product Adoption**: KEDRAB and CYTOGAM meeting expectations, with GLASSIA/VARIZIG driving Q2 growth. 
2. **M&A Strategy**: $15-20M+ in biosimilars by 2030, targeting specialty pharma. 
3. **Inhaled AAT Trial**: $1.4B market with 6-8% annual growth, aiming for 2025 interim analysis. 
4. **Tax Rate**: 20-25% post-2025 NOLs. 


Kamada Ltd. (KMDA) Q2 2025 Earnings Call Transcript

- **Q1 Growth Strong**: $44M revenue (+17% YoY), $11.6M EBITDA (+54% YoY), beating guidance midpoints.
- **Guidance Reaffirmed**: 2025 targets +12% rev, +17% EBITDA vs 2024, driven by diversified portfolio.
- **Clinical Momentum**: 55% enrollment in AAT trial; CYTOGAM research program to expand CMV treatment data.
- **Financial Health**: $4M net income, strong cash reserves for M&A and growth initiatives.

**【CEO Opening Remarks】**
- Q1 2025 total revenue: $44 million (+17% YoY), driven by ex-U.S. sales of GLASSIA and KAMRAB, VARIZIG, and GLASSIA royalties.
- Adjusted EBITDA: $11.6 million (+54% YoY).
- 2025 annual guidance: Revenue $178-182 million, Adjusted EBITDA $38-42 million (midpoint +12% rev, +17% EBITDA vs 2024).
- Four-pillar growth strategy: Organic commercial growth, BD/M&A, plasma collection expansion, and inhaled AAT Phase III trial.

**【CFO Financial Highlights】**
- Gross profit: $20.7 million (47% margin vs 44% YoY), driven by product mix.
- Operating expenses: $13 million (flat YoY), reflecting cost discipline.
- Net income: $4 million (+67% YoY), despite one-time dividend payment.
- Strong cash position for new business initiatives.

**【Q&A Key Takeaways】**
- **CYTOGAM Research**: 10-study post-marketing program to generate CMV management data, with first results expected late 2025.
- **Tariffs Impact**: No direct impact on current product sales; monitoring global trade developments.
- **InnovAATe Trial**: 55% enrollment; interim futility analysis by end-2025.
- **Tax Rate**: Q1 40% tax rate due to deferred tax liability; no cash impact. Anticipate taxable income late 2025.


Kamada (KMDA)-14 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: 2024 revenue up 13% to $161 million, driven by KEDRAB ($50M) and CYTOGAM (+31% YoY).
- **Profitability Boost**: Gross margin 43%, Adjusted EBITDA up 42% to $34.1 million.
- **Strategic Moves**: $0.20 special dividend, 3 new plasma centers, and 2025 biosimilar launches targeting $15-20M annual sales.
- **Clinical Trial Update**: Inhaled AAT trial sample size reduced, futility analysis by end-2025 to determine continuation.

**【CEO Opening Remarks】**
- **Record Financial Performance**: 2024 total revenue of $161 million (+13% YoY), Adjusted EBITDA of $34.1 million (+42% YoY), driven by KEDRAB and CYTOGAM sales growth.
- **Special Dividend Announcement**: $0.20 per share dividend to be paid in April, reflecting strong cash position ($78.4 million at year-end).
- **2025 Guidance**: Revenue $178-182 million (+12% YoY), Adjusted EBITDA $38-42 million (+17% YoY), fueled by U.S. market expansion and biosimilar launches.

**【CFO Financial Highlights】**
- **Revenue Breakdown**: KEDRAB contributed $50 million (13% of total), CYTOGAM $23 million (+31% YoY), GLASSIA $39 million (+7% YoY).
- **Profitability**: Gross margin 43% (vs. 39% in 2023), operating expenses $49.9 million (+10% YoY) due to R&D and U.S. marketing costs.
- **Cash Flow**: $47.6 million from operations, supporting strategic initiatives like plasma centers and clinical trials.

**【Q&A Key Takeaways】**
1. **Inhaled AAT Trial Update**: Sample size reduced to 180 patients (from 220), futility analysis by end-2025 with potential to continue, modify, or halt study.
2. **Product Growth Drivers**: 
   - KEDRAB: $135 million minimum commitment from Kedrion for 2025-2027, plus Latin America tender ($25M over 3 years).
   - CYTOGAM: U.S. sales growth via KOL partnerships, biosimilar pipeline targeting $15-20 million annual sales by 2030.
3. **Plasma Center Expansion**: Third center in San Antonio to open this month, targeting $8-10 million annual revenue from normal plasma sales, with 20-25% allocated to specialty plasma.
4. **M&A Strategy**: Seeking commercial-stage assets in hyperimmune globulins, transplantation, and rare respiratory diseases, with 2025 transactions expected despite dividend payout.


Kamada (KMDA)-5 Mar 25-2024 Q4 Earnings call transcript

Kamada (KMDA)-13 Nov 24-2024 Q3 Earnings call transcript

Kamada (KMDA)-14 Aug 24-2024 Q2 Earnings call transcript

Kamada (KMDA)-8 May 24-2024 Q1 Earnings call transcript

- **Revenue Growth**: 10% YoY to $142.5 million, EBITDA up 35% to $24.1 million.
- **KEDRAB Momentum**: Sales doubled to $32.8 million, with $180 million pipeline from new agreement.
- **CYTOGAM Recovery**: Inventory resolved, 2024 studies to highlight CMV prevention benefits.
- **AAT Program**: FDA-endorsed statistical adjustments, potential 2024 acceleration with open-label extension.
- **2024 Outlook**: 11% revenue growth ($156-160 million), 18% EBITDA increase ($27-30 million).

**【CEO Summary Section】**
- **2023 Financial Highlights**: Total revenue of $142.5 million (10% YoY growth), EBITDA of $24.1 million (35% increase). KEDRAB sales doubled to $32.8 million, with a new 8-year agreement with Kedrion projecting $180 million in revenue over 4 years.
- **CYTOGAM Recovery**: Resolved inventory issues with fresh batches, promoting benefits in transplant studies (e.g., CMV prevention in lung transplants) with 2 studies accepted for 2024 medical conferences.
- **AAT Program Progress**: FDA feedback supports statistical plan adjustments (potential p-value of 0.1), open-label extension study to begin mid-2024. EU alignment discussions ongoing.
- **Kamada Plasma Expansion**: New Houston plasma center nearing completion, expected to open H2 2024, enhancing hyperimmune plasma capacity.

**【CFO Financial Commentary】**
- **2023 Financials**: Gross profit $55.5 million (39% margin), operating expenses $45.4 million (8% YoY increase). Net income $8.3 million ($0.15 per share), cash reserves of $55.6 million.
- **2024 Guidance**: Revenue $156-160 million (11% growth), EBITDA $27-30 million (18% increase). Operating expenses projected to rise 10-15% due to R&D and commercial activities.

**【Q&A Key Highlights】**
- **CYTOGAM Normalization**: 2023 sales gap of $5 million due to inventory resolved; 2024 expected recovery with promotional activities.
- **AAT Program Strategy**: Seeking strategic partners for inhaled AAT commercialization, leveraging non-invasive delivery and lower dose (1/8 of IV treatments).
- **Market Dynamics**: Sanofi's Inhibrx acquisition viewed as positive for Alpha-1 awareness, with Kamada's inhaled product differentiated by lung-targeted mechanism.

Actual									0.1259	0.0876	0.1556	0.0428	0.0644	0.0228	-0.0162	-0.1095	-0.0366	-0.0805	0.0176	0.0752	0	0.0447	0.0658	0.0966	0.0441	0.0842	0.0741	0.0731	0.0731	0.1317	0.092	0.0677
Forecast									0.0645	0.115	0.0634	0.0698	0.0891	0.0495	0.0266	-0.01	0.03	-0.02	-0.03	0.065	0.025	0.02	0.03	0.05	0.06	0.0567	0.0667	0.0533	0.0675	0.09	0.0925	0.0775
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+95.19%	-23.83%	+145.43%	-38.68%	-27.72%	-53.94%	-160.90%	-995.00%	-222.00%	-302.50%	+158.67%	+15.69%	-100.00%	+123.50%	+119.33%	+93.20%	-26.50%	+48.50%	+11.09%	+37.15%	+8.30%	+46.33%	-0.54%	-12.65%

KMDA

KMDA fundamentals

KMDA Q4 2025 Earnings

Earnings Call

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KMDA

KMDA fundamentals

KMDA Q4 2025 Earnings

Earnings Call

KMDA Earnings Call Summary for Q4/20258:30 AM on Mar 11, 2026

KMDA Earnings Call Summary for Q3/20258:30 AM on Nov 10, 2025

KMDA Earnings Call Summary for Q2/20258:30 AM on Aug 13, 2025

KMDA Earnings Call Summary for Q1/20258:30 AM on May 14, 2025

KMDA Earnings Call Summary for Q4/20248:00 AM on Mar 5, 2025

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