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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
Financial Highlights for the Three Months Ended December 31, 2025
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
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®, GLASSIA®, CYTOGAM®, VARIZIG®, WINRHO SDF® and HEPAGAM B®, as well as KAMRAB®, 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
[email protected]
Brian Ritchie
LifeSci Advisors, LLC
212-915-2578
[email protected]
---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 Year Ended December 31, | For the Three Months Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| U.S. Dollars in thousands, except for per share data | U.S. Dollars in thousands, except 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 year ended | For the Three Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| U.S. Dollars in thousands | U.S. Dollars in 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 year ended December 31, | For the Three Months Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| U.S. Dollars in thousands | U.S. Dollars in 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 ended | Three months period 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 | ||||||||
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