[Management View]
Total revenues reached $47 million in Q3, a 13% increase YoY. Gross profit was $19.8 million with a margin of 42%. Net income was $5.3 million, up 37% YoY. Adjusted EBITDA was $11.7 million, up 34% YoY. Key drivers included ex-US GALASIA sales, Varizig in the US, and Distribution segment expansion.

[Outlook]
Management reiterated full-year revenue guidance of $178 million to $182 million and adjusted EBITDA of $40 million to $44 million. Future plans include new biosimilar launches, expansion of plasma collection centers, and ongoing M&A activities.

[Financial Performance]
YoY trends showed a 13% increase in total revenues, a 37% increase in net income, and a 34% increase in adjusted EBITDA. These figures exceeded expectations, driven by diverse revenue streams and strategic market expansions.

[Q&A Highlights]
Question 1: How does the Cytogam study differ from previous clinical data, and what population does it target?
Answer: The SHIELD study tests Cytogam for late CMV prophylaxis after antiviral treatment, targeting high-risk kidney transplant recipients. This differs from current use at transplantation or active disease treatment. The study aims to reduce late CMV risk post-antiviral treatment.

Question 2: What is the status of AATD enrollment, and how is competition affecting it?
Answer: Enrollment is at 60-65%, with competition from other studies. The futility analysis results are expected by year-end, potentially expediting recruitment. Completion is expected by early 2027, with top-line data in H1 2029.

Question 3: Is the recent distribution business growth sustainable?
Answer: Yes, growth is driven by a richer product portfolio and new launches. This level of growth is expected to continue and expand over the next few years.

Question 4: How much plasma is being collected relative to needs, and when will self-sufficiency be achieved?
Answer: Currently, the bulk of plasma collection is normal source plasma. Specialty plasma comes from the Beaumont site. Full self-sufficiency is not expected soon; diversification of suppliers will continue for risk management.

Question 5: How will interim data from the AATD clinical trial be released?
Answer: Results will be shared via a press release. The analysis will be conducted by an unblinded external DSMB, assessing the probability of success based on predefined thresholds.

Question 6: What are the significant growth drivers year to date?
Answer: Growth is driven by diverse products, including Glacia in ex-US markets, Varizig in the US, and the Israeli distribution business. Cytogam sales have been below plan but are expected to resume growth.

Question 7: What is the outlook for Glacia royalties?
Answer: Royalties declined to 6% but are expected to remain above $10 million in 2026, with a long-term agreement through 2040. The diverse portfolio compensates for the reduction.

Question 8: What is the status of current BD activities?
Answer: Active due diligence continues, with expected transaction execution in early 2026. Thorough due diligence is being conducted to ensure the right fit for Kamada.

[Sentiment Analysis]
Analysts were positive, focusing on growth drivers and strategic initiatives. Management was confident, emphasizing diverse revenue streams and long-term growth plans.

[Quarterly Comparison]
| Metric | Q3 2025 | Q3 2024 |
|-----------------------|---------|---------|
| Total Revenues | $47M | $41.7M |
| Gross Profit | $19.8M | $17.2M |
| Gross Margin | 42% | 41% |
| Net Income | $5.3M | $3.9M |
| Adjusted EBITDA | $11.7M | $8.7M |

[Risks and Concerns]
- Enrollment challenges in the AATD study due to competition.
- Cytogam sales below plan due to inventory management and fewer transplants.
- Dependence on external plasma suppliers for specialty plasma.

[Final Takeaway]
Kamada demonstrated strong financial performance in Q3 2025, driven by diverse revenue streams and strategic market expansions. The company remains focused on achieving its full-year guidance and advancing its growth strategy through new product launches, plasma collection expansion, and M&A activities. Despite some challenges, the outlook remains positive with significant growth potential in the near and long term.