Kamada's Q2 2025: Tax Rate Fluctuations and Clinical Enrollment Contradictions Unveiled

Tax rate and taxable income, InnovAATe study enrollment, plasma collection and revenue expectations, tax rate expectations, and growth drivers and market share of KEDRAB are the key contradictions discussed in Kamada Ltd.'s latest 2025Q2 earnings call.



Strong Financial Performance in 2025:
- Kamada Ltd. reported total revenues of $88.8 million for the first half of 2025, representing an 11% year-over-year increase.
- Adjusted EBITDA was $22.5 million, up 35% year-over-year and representing a 25% margin of revenues.
- Growth was driven by the diversity of the product portfolio and disciplined management of operational expenses.

Increased Revenue from GLASSIA and VARIZIG:
- Revenue growth for the first half of 2025 compared to the first 6 months of 2024 was primarily due to increased sales of GLASSIA in ex-U.S. markets and VARIZIG sales in the U.S..
- This positive trend indicates the strength and diversity of Kamada's product portfolio and successful marketing activities across different territories and medical specialties.

Business Development and M&A Strategy:
- Kamada is currently conducting active due diligence of several potential commercial targets, expecting to secure compelling in-licensing, collaboration, and/or M&A transactions by the end of 2025.
- These transactions are expected to enrich the company's product portfolio and support future profitable growth by leveraging operational and/or commercial synergies with the existing commercial portfolio.

Plasma Collection Expansion:
- Kamada continues to ramp up plasma collection at its 3 Texas-based Plasma Centers, with the U.S. FDA approval of a state-of-the-art center in Houston, Texas.
- Each plasma collection center is expected to generate annual revenues of between $8 million to $10 million in sales of normal source plasma at full capacity.

Innovation and Clinical Trial Progress:
- The company continues to advance its pivotal Phase III InnovAATe clinical trial for inhaled alpha-1 antitrypsin therapy, with a revised enrollment goal of approximately 180 subjects.
- The trial is on track to conduct an interim futility analysis by the end of 2025, demonstrating progress in the development of innovative therapies.