-- 2025 Full Year Revenue of $180.5 Million, up 12% Year-over-Year; Adjusted
EBITDA of $42.0 Million, up 23% Year-over-Year; Net Income of $20.2
Million, up 40% Year-over-Year
-- Company Affirms 2026 Annual Guidance of $200 Million -- $205 Million in
Revenues and $50 Million -- $53 Million of Adjusted EBITDA, Representing
Double-Digit Organic Growth
-- Generated $25.5 Million of Cash from Operations in 2025; as of December
31, 2025 had $75.5 Million of Available Cash
-- Company Aims to Secure New Business Development and M&A Transactions to
Accelerate Profitable Growth
-- Company Adopted an Annual Cash Dividend Policy and Declares Cash Dividend
of $0.25 Per Share (Totaling Approximately $14.4 Million)
-- Conference Call and Live Webcast Today at 8:30am ET
REHOVOT, Israel, and HOBOKEN, N.J., March 11, 2026 (GLOBE NEWSWIRE) -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, today announced financial results for the three months and full-year ended December 31, 2025.
"Our operational and financial performance in 2025 was excellent, with record total revenues of $180.5 million, representing a 12% year-over-year increase, and record adjusted EBITDA of $42.0 million, up 23% year-over-year," said Amir London, Kamada's Chief Executive Officer. "Results for the year were well within our 2025 annual guidance, and a testament to our ability to execute on our strategy and generate significant profitable growth through the diversity of our product portfolio. We also demonstrated our ability to convert profitability to operational cash flow, generating $25.5 million of cash from operating activities for the year, contributing to our strong cash position of $75.5 million at year-end 2025."
"We enter 2026 from a position of significant strength, continuing to benefit from growth across our commercial portfolio. Based on our positive outlook and consistent performance, we affirm our 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA, which respectively represent 13% and 23% growth when comparing 2026 guidance mid-points to 2025 results," continued Mr. London.
"In 2026, we will focus on the expansion of our entire commercial product portfolio, including continued investment in the commercialization and life cycle management of our six FDA-approved specialty plasma-derived products, supporting organic commercial growth in U.S. and ex-U.S. markets. We also anticipate growth of our Distribution segment through the launch of additional biosimilar products in the Israeli market, as well as the expansion of the Distribution business to the MENA region. We further expect to continue ramping up plasma collection in our three plasma centers with the aim of strengthening our vertical integration, reducing specialty plasma costs and supporting continued growth through sales of normal-source plasma. Lastly, we aim to secure new business development and M&A transactions, which will accelerate our profitable growth and expect these transactions to enrich our current portfolio of marketed products and generate synergies with our existing commercial operations," concluded Mr. London.
Financial Highlights for the Year Ended December 31, 2025
-- Total revenues for 2025 were $180.5 million, a 12% increase from the
$161.0 million generated in 2024. The overall increase in revenues was
driven by the diversity of the Company's portfolio, primarily
attributable to increased sales of VARIZIG$(R)$ and KEDRAB(R) in the U.S.
market, sales of KAMRAB(R) and GLASSIA(R) in ex-U.S. markets, and an
overall increased sales in the Distribution segment through the launch of
biosimilar and other products in our portfolio.
-- Gross profit and gross margins for 2025 were $76.4 million and 42%,
respectively, compared to $70.0 million and 43%, respectively, in 2024.
The increase in gross profit is in line with the increase in total
revenues. The slight decrease in gross margin is due to product and
markets sales mix.
-- Operating expenses, including R&D, S&M, G&A and other expenses, totaled
$50.2 million in 2025, as compared to $49.9 million in 2024. The
reduction in R&D expenses, year-over-year, related to the discontinuation
of the Inhaled AAT clinical study was offset by an increase in G&A
expenses required to support the growing commercial operation.
-- Net income for 2025 was $20.2 million, or $0.35 per diluted share, a 40%
increase as compared to net income of $14.5 million, or $0.25 per diluted
share, in 2024.
-- Adjusted EBITDA, as detailed in the tables below, was $42.0 million in
2025, a 23% increase as compared to $34.1 million in 2024.
-- Cash provided by operating activities in the year ended December 31,
2025, was approximately $25.5 million, as compared to $47.6 million for
the prior year. The decrease is correlated to the increase in the
Company's working capital.
Financial Highlights for the Three Months Ended December 31, 2025
-- Total revenues were $44.7 million in the fourth quarter of 2025, an
increase of 15% compared to $39.0 million in the fourth quarter of 2024.
-- Gross profit and gross margins were $17.0 million and 38%, respectively,
in the fourth quarter of 2025, compared to $17.0 million and 44%,
respectively, in the fourth quarter of 2024. The reduction in gross
margin is related to a change during the fourth quarter in product and
markets sales mix.
-- Operating expenses, including R&D, S&M, G&A and other expenses, totaled
$13.4 million in the fourth quarter of 2025, compared to $12.0 million in
the fourth quarter of 2024. The overall increase was in support of the
growing commercial operation.
-- Net income was $3.6 million, or $0.06 per diluted share, in the fourth
quarter of 2025, as compared to $3.8 million, or $0.07 per diluted share,
in the fourth quarter of 2024.
-- Adjusted EBITDA, as detailed in the tables below, was $7.8 million in the
fourth quarter of 2025, compared with $8.8 million achieved in the fourth
quarter of 2024.
-- Cash provided by operating activities was $7.6 million in the fourth
quarter of 2025, as compared to cash provided by operating activities of
$10.4 million in the fourth quarter of 2024.
Balance Sheet Highlights
As of December 31, 2025, Kamada had cash and cash equivalents of $75.5 million, as compared to $78.4 million as of December 31, 2024. The Company generated $25.5 million from operating activities, and recorded net cash used in investment activities of $9.8 million and net cash used in financing activities of $18.3 million, of which $11.5 million was associated with the payment of a special cash dividend, collectively resulting in the overall decrease in cash balance.
Recent Corporate Highlights
-- Adopted an annual cash dividend policy and announced the payment of a
cash dividend of $0.25 (approximately NIS 0.77) per share on the
Company's ordinary shares (totaling approximately $14.4 million) based on
Kamada's strong financial results for 2025 and solid cash position. The
cash dividend will be payable on April 6, 2026, to shareholders of record
at the close of business on March 23, 2026.
-- Announced a $10 million to $14 million extension of an existing tender
from the Canadian Blood Services (CBS) for the supply of four specialty
plasma-derived products, WINRHO(R), HEPAGAM(R), CYTOGAM(R), and
VARIZIG(R), for an additional two years. The award secures ongoing sales
of those products in the Canadian market between Q2-26 and Q1-28.
-- Announced discontinuation of the Company's Phase 3 Inhaled AAT clinical
trial.
Fiscal 2026 Guidance
Kamada is reiterating its 2026 annual financial guidance of total revenues in the range of $200 million to $205 million and adjusted EBITDA in the range of $50 million to $53 million, representing year-over-year increase of 13% in revenues and 23% in adjusted EBITDA based on 2026 annual guidance mid-points.
Conference Call Details
Kamada's management will host an investment community conference call on Wednesday, March 11, at 8:30am Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the call by dialing 1-877-407-0792 (from within the U.S.), 1-809-406-247 (from Israel), or 1-201-689-8263 (International) using conference I.D. 13758519. The call will be webcast live on the internet at: https://viavid.webcasts.com/starthere.jsp?ei=1751343&tp_key=e8c73d1516.
Non-IFRS financial measures
We present EBITDA and adjusted EBITDA because we use these non-IFRS financial measures to assess our operational performance for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes these non-IFRS financial measures are useful to investors because: (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and provide investors with a meaningful perspective on the current underlying performance of the Company's core ongoing operations; and (2) they exclude the impact of certain items that are not directly attributable to our core operating performance and that may obscure trends in the core operating performance of the business. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, our IFRS results. We expect to continue reporting non-IFRS financial measures, adjusting for the items described below,
and we expect to continue to incur expenses similar to certain of the non-cash, non-IFRS adjustments described below. Accordingly, unless otherwise stated, the exclusion of these and other similar items in the presentation of non-IFRS financial measures should not be construed as an inference that these items are unusual, infrequent or non-recurring. EBITDA and adjusted EBITDA are not recognized terms under IFRS and do not purport to be an alternative to IFRS terms as an indicator of operating performance or any other IFRS measure. Moreover, because not all companies use identical measures and calculations, the presentation of EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. EBITDA is defined as net income (loss), plus income tax expense, plus or minus financial income or expenses, net, plus or minus income or expense in respect of securities measured at fair value, net, plus or minus income or expenses in respect of currency exchange differences and derivatives instruments, net, plus depreciation and amortization expense, whereas adjusted EBITDA is the EBITDA plus non-cash share-based compensation expenses and certain other costs.
For the projected 2026 adjusted EBITDA information presented herein, the Company is unable to provide a reconciliation of this forward measure to the most comparable IFRS financial measure because the information for these measures is dependent on future events, many of which are outside of the Company's control. Additionally, estimating such forward-looking measures and providing a meaningful reconciliation consistent with the Company's accounting policies for future periods is meaningfully difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-IFRS measures are estimated in a manner consistent with the relevant definitions and assumptions noted in the Company's adjusted EBITDA for historical periods.
About Kamada
Kamada Ltd. (the "Company") is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company's controlling shareholder, beneficially owning approximately 38% of the outstanding ordinary shares. The Company's strategy is focused on driving profitable growth through four primary growth pillars: First, organic growth of its commercial portfolio, including continued investment in the commercialization and life cycle management of its proprietary products, consisting of six FDA-approved specialty plasma-derived products: KEDRAB(R) , GLASSIA(R) , CYTOGAM(R) , VARIZIG(R) , WINRHO SDF(R) and HEPAGAM B(R) , as well as KAMRAB(R) , and two types of equine-based anti-snake venom products. Second, distribution of third parties' pharmaceutical products in Israel & the MENA region through in-licensing partnerships, including the launch of several biosimilar products in Israel. Third, the Company is ramping up its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns three operating plasma collection centers in the United States, in Beaumont, Houston, and San Antonio, Texas. Fourth, the Company aims to secure new mergers and acquisitions, business development, in-licensing and/or collaboration opportunities, which are anticipated to enhance the Company's marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term profitable growth. The Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including statements regarding Mr. London's statements that Kamada 1) is entering 2026 from a position of significant strength and will continue to benefit from growth across its commercial portfolio; 2) is focused in 2026 on expansion of its entire commercial product portfolio, supporting organic commercial growth in U.S. and ex-U.S. markets, and its aim to secure new business development and M&A transactions expected to accelerate our profitable growth and enrich Kamada's current portfolio of marketed products and generate synergies with its existing commercial operations; 3) anticipates growth of its Distribution segment through the launch of additional biosimilar products in the Israeli market and expansion of the Distribution business to the MENA region; 4) will continue to ramp up plasma collection in its three plasma centers, reduce specialty plasma costs and support continued growth through sales of normal source plasma; 5) Kamada's 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA; and 6) Canadian Blood Services (CBS) tender extension secures ongoing sales of approximately $10 million-$14 million for the period between Q2-26 and Q1-28. Forward-looking statements are based on Kamada's current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to the evolving nature of the conflicts in the Middle East with bombing of Iran by the U.S. and Israel, and the impact of such conflicts in Israel, the Middle East and the rest of the world, the impact of these conflicts on market conditions and the general economic, industry and political conditions in Israel, the U.S. and globally, effect of potential imposed tariff on overall international trade and specifically on Kamada's ability to continue maintaining expected sales and profit levels in light of such potential tariff, the effect on establishment and timing of business initiatives, Kamada's ability to leverage new business opportunities and integrate it with its existing product portfolio, regulatory delays, Kamada's ability and board discretion to declare and pay annual cash dividends, and other risks detailed in Kamada's filings with the U.S. Securities and Exchange Commission (the "SEC") including those discussed in its most recent Annual Report on Form 20-F and in any subsequent reports on Form 6-K, each of which is on file or furnished with the SEC and available at the SEC's website at www.sec.gov. The forward-looking statements made herein speak only as of the date of this announcement and Kamada undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.
CONTACTS:
Chaime Orlev
Chief Financial Officer
IR@kamada.com
Brian Ritchie
LifeSci Advisors, LLC
212-915-2578
britchie@LifeSciAdvisors.com
---tables to follow---
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of December 31,
-----------------------------
2025 2024
--------------- -----------
U.S. Dollars in thousands
-----------------------------
Assets
-----------------------------------
Current Assets
-----------------------------------
Cash and cash equivalents $ 75,469 $ 78,435
Trade receivables, net 27,007 21,547
Other accounts receivables 5,656 5,546
Inventories 84,943 78,819
----------- ----------
Total Current Assets 193,075 184,347
----------- ----------
Non-Current Assets
-----------------------------------
Property, plant and equipment, net 41,367 36,245
Right-of-use assets 8,900 9,617
Intangible assets and other
long-term assets 97,511 103,226
Goodwill 30,313 30,313
Contract asset 7,544 8,019
Deferred taxes - 488
----------- ----------
Total Non-Current Assets 185,635 187,908
----------- ----------
Total Assets $ 378,710 $ 372,255
=========== ==========
Liabilities
-----------------------------------
Current Liabilities
-----------------------------------
Current maturities of lease
liabilities 2,121 1,631
Current maturities of other long
term liabilities 9,923 10,181
Trade payables 23,242 27,735
Other accounts payables 12,108 9,671
Deferred revenues - 171
----------- ----------
Total Current Liabilities 47,394 49,389
----------- ----------
Non-Current Liabilities
-----------------------------------
Lease liabilities 9,440 9,431
Contingent consideration 20,372 20,646
Other long-term liabilities 30,113 32,816
Deferred taxes 1,651 -
Employee benefit liabilities, net 670 509
----------- ----------
Total Non-Current Liabilities 62,246 63,402
----------- ----------
Shareholder's Equity
-----------------------------------
Ordinary shares 15,078 15,028
Additional paid in capital net 268,283 266,933
Capital reserve due to translation
to presentation currency (3,490) (3,490)
Capital reserve from hedges 177 51
Capital reserve from share-based
payments 5,711 6,316
Capital reserve from employee
benefits 385 364
Accumulated deficit (17,074) (25,738)
----------- ----------
Total Shareholder's Equity 269,070 259,464
----------- ----------
Total Liabilities and Shareholder's
Equity $ 378,710 $ 372,255
=========== ==========
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Three
For the Year Ended Months Ended
December 31, December 31,
-------------------- -------------------
2025 2024 2025 2024
-------- --------- ------- ---------
U.S. Dollars in U.S. Dollars in
thousands, except thousands, except
for per share data for per share data
-------------------- -------------------
Revenues from
proprietary
products $156,206 $ 141,447 $38,230 $ 31,415
Revenues from
distribution 24,254 19,506 6,448 7,590
------- -------- ------ --------
Total revenues 180,460 160,953 44,678 39,005
------- -------- ------ --------
Cost of revenues
from
proprietary
products 83,928 73,708 22,464 14,501
Cost of revenues
from
distribution 20,125 17,278 5,247 7,473
------- -------- ------ --------
Total cost of
revenues 104,053 90,986 27,711 21,974
------- -------- ------ --------
Gross profit 76,407 69,967 16,967 17,031
------- -------- ------ --------
Research and
development
expenses 12,995 15,185 2,894 2,673
Selling and
marketing
expenses 18,455 18,428 4,882 4,566
General and
administrative
expenses 18,724 15,702 5,640 4,124
Other expense - 601 - 590
------- -------- ------ --------
Operating income 26,233 20,051 3,551 5,078
Financial income 1,921 2,118 442 684
Income
(expenses) in
respect of
currency
exchange
differences and
derivatives
instruments,
net (1,171) (94) (405) (349)
Revaluation of
long-term
liabilities (2,652) (8,081) 1,405 (2,765)
Financial
expense (864) (660) (259) (189)
------- -------- ------ --------
Income before
tax on income 23,467 13,334 4,734 2,459
Taxes on income (3,269) 1,128 (1,172) 1,349
------- -------- ------ --------
Net Income $ 20,198 $ 14,462 $ 3,562 $ 3,808
------- -------- ------ --------
Other
Comprehensive
Income:
Amounts that
will be or that
have been
reclassified to
profit or loss
when specific
conditions are
met, net of
tax
Gain (loss) on
cash flow
hedges 1,069 (30) 299 33
Net amounts
transferred to
the statement
of profit or
loss for cash
flow hedges (943) (59) (468) 2
Items that will
not be
reclassified to
profit or loss
in subsequent
periods:
Remeasurement
gain (loss)
from defined
benefit plan 21 89 11 81
------- -------- ------ --------
Total
comprehensive
income $ 20,345 $ 14,462 $ 3,404 $ 3,924
------- -------- ------ --------
Earnings per
share
attributable to
equity holders
of the
Company:
---------------
Basic net
earnings per
share $ 0.35 $ 0.25 $ 0.06 $ 0.07
======= ======== ====== ========
Diluted net
earnings per
share $ 0.35 $ 0.25 $ 0.06 $ 0.07
======= ======== ====== ========
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three
For the year ended Months Ended
December 31, December 31,
------------------ -----------------
2025 2024 2025 2024
-------- ------- ------- -------
U.S. Dollars in U.S. Dollars in
thousands thousands
------------------ -----------------
Cash Flows
from
Operating
Activities
-------------
Net income $ 20,198 $14,462 $ 3,562 $ 3,808
Adjustments
to reconcile
net income to
net cash
provided by
operating
activities:
Adjustments
to the profit
or loss
items:
Depreciation
and
amortization 14,918 13,808 3,801 4,100
Financial
expense, net 2,766 6,717 (1,183) 2,619
Cost of
share-based
payment 845 874 458 174
Taxes on
income 3,269 (1,128) 1,172 (1,349)
Loss (gain)
from sale of
property and
equipment (8) 11 - -
Change in
employee
benefit
liabilities,
net 183 52 92 46
------- ------ ------ ------
21,973 20,334 4,340 5,590
------- ------ ------ ------
Changes in
asset and
liability
items:
Decrease
(increase) in
trade
receivables,
net (5,407) (1,977) 4,298 (5,226
Decrease
(increase) in
other
accounts
receivables (535) 593 (2,201) (859)
Decrease
(increase) in
inventories (6,124) 9,659 469 (7,261)
Decrease
(increase) in
contract
asset 475 476 144 140
Increase
(decrease) in
trade
payables (6,870) 1,226 (3,373) 11,973
Increase in
other
accounts
payables 950 1,413 1,203 1,570
Increase
(decrease) in
deferred
revenues (171) 23 (1,022) 130
------- ------ ------ ------
(17,682) 11,413 (482) 467
------- ------ ------ ------
Cash (paid)
received
during the
year for:
Interest paid (864) (594) (259) (170)
Interest
received 1,921 2,118 442 684
Taxes paid (56) (139) (37) 19
------- ------ ------ ------
1,001 1,385 146 533
------- ------ ------ ------
Net cash
provided by
operating
activities $ 25,490 $47,594 $ 7,566 $10,398
-------------- ------- ------ ------ ------
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
For the Three
For the year ended Months Ended
December 31, December 31,
-------------------- -------------------
2025 2024 2025 2024
-------- --------- ------- ---------
U.S. Dollars in U.S. Dollars in
thousands thousands
-------------------- -------------------
Cash Flows
from Investing
Activities
--------------
Purchase of
property and
equipment and
intangible
assets $ (9,846) $ (10,740) $(2,775) $ (2,924)
Proceeds from
sale of
property and
equipment 8 1 - -
------- -------- ------ --------
Net cash used
in investing
activities (9,838) (10,739) (2,775) (2,924)
------- -------- ------ --------
Cash Flows
from Financing
Activities
--------------
Proceeds from
exercise of
share base
payments 50 7 1 4
Repayment of
lease
liabilities (972) (1,251) (139) (361)
Dividend Paid (11,534) - - -
Repayment of
other
long-term
liabilities (5,889) (12,667) (1,041) (351)
------- -------- ------ --------
Net cash
provided by
(used in)
financing
activities (18,345) (13,911) (1,179) (708)
------- -------- ------ --------
Exchange
differences on
balances of
cash and cash
equivalent (273) (150) (140) (332)
------- -------- ------ --------
Increase in
cash and cash
equivalents (2,966) 22,794 3,472 6,434
Cash and cash
equivalents at
the beginning
of the year 78,435 55,641 71,997 72,001
--------------- ------- -------- ------ --------
Cash and cash
equivalents at
the end of the
year $ 75,469 $ 78,435 $75,469 $ 78,435
--------------- ======= ======== ====== ========
Significant
non-cash
transactions
--------------
Right-of-use
asset
recognized
with
corresponding
lease
liability $ 1,221 $ 3,304 $ 351 141
======= ======== ====== ========
Purchase of
property and
equipment in
credit $ 2,523 $ 1,955 $ 2,523 1,955
======= ======== ====== ========
NON-IFRS MEASURES
For the year Three months period
ended ended
December 31, December 31,
---------------- --------------------
2025 2024 2025 2024
------- ------- ---------- -------
U.S. Dollars in thousands
---------------------------------------
Net income $20,198 $14,462 $ 3,562 $ 3,808
Taxes on
income 3,269 (1,128) 1,172 (1,349)
Financial
expense
(income),
net 2,766 6,717 (1,183) 2,619
Depreciation
and
amortization
expense 14,924 13,218 3,802 3,510
Non-cash
share-based
compensation
expenses 845 867 458 167
------ ------ ------ ------
Adjusted
EBITDA $42,002 $34,136 $ 7,811 $ 8,755
====== ====== ====== ======
(END) Dow Jones Newswires
March 11, 2026 07:02 ET (11:02 GMT)