Kamada Ltd. (KMDA) raised full-year 2026 revenue guidance to between $200 million and $205 million and projected adjusted EBITDA of $50 million to $53 million, according to a presentation at the Small-Cap Virtual Conference on Thursday.
First-half revenue reached $100 million, marking a 13% increase year over year and the company's strongest six-month period in its history. Adjusted EBITDA rose 14% to $26 million with a 26% margin. Operating cash flow came in at approximately $18 million, while EPS grew 21% compared with the prior-year period.
The second quarter was the company's best ever, with revenue rising 23% from a year earlier. Shares have gained more than 30% year-to-date and were trading near a 52-week high of $9.35.
Strong Balance Sheet and Shareholder Returns
Kamada ended the quarter with $70 million in cash and holds more cash than debt, with a current ratio of 4.06 and gross profit margins above 40%. Adjusted EBITDA over the trailing twelve months was $41.49 million.
The company said it distributes at least 50% of net profits to shareholders. Dividends totaled $0.42 per share in 2026 so far, comprising a $0.25 payment on April 7 and $0.17 paid later in the year, yielding approximately 1.94%.
CEO Amir emphasized the company's forecasting track record: "I haven't missed even a single annual guidance since I remember the company. I've been with the company for 12 years. We haven't missed a single guidance."
Product Sales Drive Growth
KedRAB, the company's anti-rabies immunoglobulin, controls roughly 50% of a $200 million U.S. market alongside one major competitor and finished 2025 with $54 million in sales to U.S. partner Kedrion.
The CDC recently highlighted a significant increase in U.S. rabies exposure and alpha-1 antitrypsin (AAT) utilization. Kamada expanded production capacity to meet rising international demand across Australia, Canada, Israel, Latin America, and Europe.
GLASSIA, the company's AAT therapy, generated $16 million in North American royalties from Takeda in 2025 and $19 million in direct distribution sales outside North America — a 27% increase from 2024 — across markets including Latin America, CIS countries, Israel, and Switzerland.
CYTOGAM, a CMV immunoglobulin, recorded $17 million in 2025 sales. Kamada is conducting the SHIELD study, led by CareWell, focused on reducing late CMV flare in kidney transplant recipients, with first data expected in late 2028 or early 2029.
Plasma Supply Deal and Strategic Expansion
In July 2026, Kamada announced a three-year, $50 million source plasma agreement with a leading biopharmaceutical company, yielding approximately $17 million annually and covering the company's entire normal source plasma capacity. Sales are scheduled to begin before year-end.
The company also reported more than $30 million in annual revenue from its distribution and in-licensing business in Israel and the MENA region via a Dubai office. Two biosimilar products launched in 2024 and 2025, two additional products launched in the current quarter, and two to three more are expected in 2027, with incremental sales of $15 million to $20 million projected over four to five years.
Kamada outlined four growth pillars: expanding specialty plasma therapy sales, growing its in-licensing and distribution business in Israel and MENA, generating revenue from third-party plasma sales, and pursuing mergers and acquisitions. The company said it is actively screening multiple targets and conducting due diligence in transplantation, plasma-derived products, distribution, and infectious disease.
Kamada operates six FDA-approved products across more than 40 countries, with dual headquarters in Hoboken, New Jersey, and Israel, and three plasma collection centers in Texas — Houston, San Antonio, and Beaumont. The company has operated in Israel for 36 years and experienced only a one-day shutdown during the October 2023 conflict.
