Kamada Stock Earnings Reports

Kamada reported a solid start to 2026 with Q1 revenues of $42.5 million and adjusted EBITDA in line with expectations, despite a temporary $2.4 million shipment delay of a single order (delivered in April). Management reiterated full-year 2026 guidance of $200–205 million in revenues and $50–53 million of adjusted EBITDA (organic growth only). Key commercial drivers are continued uptake of KEDRAB (rabies IG) — including sales to Kedrion above its $90M minimum commitment — GLASSIA growth ex-U.S. and Takeda royalties in North America, expanding utilization of CYTOGAM supported by post-marketing studies (e.g., SHIELD and new investigator data), and rising demand for VARIZIG in Latin America and the U.S. The distribution business is scaling via biosimilar launches in Israel (5 biosimilars by year-end expected) and geographic expansion into the MENA region. Kamada received FDA approval for its San Antonio plasma center and plans to begin commercial normal-source plasma sales in H2 2026; Houston and San Antonio centers are expected to reach planned capacity by end-2027/early-2028. Q1 gross margin declined to 42% (from 47% YoY) due to product/market mix; operating expenses fell slightly to $12.1M driven by lower R&D after termination of a Phase III trial but with higher commercial investment. Cash on hand was $73.1M as of March 31, 2026. The company paid a $0.25 per-share cash dividend (~$14.4M) in April under a policy targeting at least 50% of annual net income (subject to board/Israeli law tests). Management continues to pursue organic growth, plasma vertical integration, distribution expansion, and selective M&A to build the portfolio and generate synergies.