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1. Company Snapshot

1.a. Company Description

Kamada Ltd.provides plasma-derived protein therapeutics.It operates in two segments, Proprietary Products and Distribution.


The company offers KAMRAB/KEDRAB for prophylaxis of rabies disease; CYTOGAM for prophylaxis of cytomegalovirus disease in kidney, lung, liver, pancreas, heart, and heart/lung transplant; WINRHO SDF for immune thrombocytopenic purpura and suppression of rhesus isoimmunization; HEPAGAM B for prevention of hepatitis B recurrence liver transplants and post-exposure prophylaxis; VARIZIG for post exposure prophylaxis of varicella; and GLASSIA for intravenous AATD.It also provides KamRho (D) IM for prophylaxis of hemolytic disease of newborns; KamRho (D) IV for immune thermobocytopunic purpura; and snake bite antiserum to treat snake bites by the vipera palaestinae and echis coloratus.In addition, the company distributes BRAMITOB to manage chronic pulmonary infection; FOSTER to treat asthma; PROVOCHOLINE for the diagnosis of bronchial airway hyperactivity; AEROBIKA, an OPEP device; RUPAFIN for Allergic rhinitis and Urticaria; IVIG for immunodeficiency-related conditions; VARITECT for chicken pox and zoster herpes; ZUTECTRA and HEPATECT CP for hepatitis B; MEGALOTECT CP for cytomegalovirus virus; RUCONEST for angioedema attacks; heparin sodium injection for thrombo-embolic disorders and prophylaxis of deep vein thrombosis and thromboembolic events; ALBUMIN for blood plasma; Factor VIII for hemophilia type A; and Factor IX for hemophilia type B.


Further, it offers IXIARO for Japanese encephalitis; VIVOTIF for Salmonella Typhi; PROCYSBI for nephropathic cystinosis; LAMZEDE for alpha-mannosidosis ; and ELIGARD for prostate cancer.The company markets its products through strategic partners in the United States, as well as through distributors internationally.Kamada Ltd.


has strategic partnerships with Takeda Pharmaceuticals Company Limited; PARI GmbH; and Kedrion Biopharma.The company was incorporated in 1990 and is headquartered in Rehovot, Israel.

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1.b. Last Insights on KMDA

Kamada Ltd.'s recent performance was driven by a significant 8.1% jump in share price on above-average trading volume, as the company's stock crossed above its 50-day moving average. This trend suggests a potential shift in investor sentiment, with analysts setting new price targets. Additionally, Kamada secured a $10-$14 million extension of a Canadian supply tender for its specialty plasma-derived products, WINRHO, HEPAGAM, CYTOGAM, and VARIZIG, for an additional two years. This award secures ongoing sales in the Canadian market, valued at a range of $10-$14 million, between Q2-26 and Q1-28.

1.c. Company Highlights

2. Kamada Limited Surges with Robust Q4, Eyes 2026 Expansion

In its latest earnings release, Kamada Limited posted a 12% year‑over‑year increase in total revenue, reaching $180.5 million, while adjusted EBITDA climbed 23% to $42 million. The company’s earnings per share came in at $0.06, slightly below the consensus estimate of $0.09. With a cash balance of $75.5 million and a $14.4 million dividend ($0.25 per share), the firm maintains a solid liquidity profile. Market multiples reflect a moderately premium valuation: a P/E of 24.16, P/B of 1.82, P/S of 2.7, and an EV/EBITDA of 11.22, indicating investors are pricing in continued growth and a healthy dividend yield of 2.21 %. The free cash flow yield of 3.23 % and ROIC of 6.79 % underscore efficient capital deployment, while the negative net debt/EBITDA of –1.68 highlights a cash‑positive stance.

Publication Date: Apr -13

📋 Highlights
  • Revenue and EBITDA Growth: Total revenues rose 12% to $180.5 million, with adjusted EBITDA up 23% to $42 million.
  • KEDRAB Sales and Future Commitments: KEDRAB generated $54 million in 2025, with $90 million minimum orders secured for 2026–2027.
  • CYTOGAM Revenue Decline: CYTOGAM revenues fell due to antiviral usage, prompting post-market research to highlight its benefits.
  • 2026 Guidance: Projects $200–205 million revenue (13% growth) and $50–53 million adjusted EBITDA (23% growth).

Strategic KEDRAB Deal Fuels Revenue Growth

The flagship product KEDRAB drove a significant portion of the year’s revenue, generating approximately $54 million from Kedrion in 2025. A firm commitment of $90 million in minimum orders for 2026–2027 secures a steady revenue stream, reinforcing Kamada’s position in the immunoglobulin market and providing a foundation for the projected $200–205 million revenue target in 2026.

CYTOGAM Faces Headwinds, Yet Post‑Market Program Offers Hope

CYTOGAM’s sales dipped in 2025 as antiviral therapies gained traction, but the company has launched a comprehensive post‑market research initiative to highlight its efficacy and safety advantages. This effort aims to restore confidence among clinicians and potentially reverse the decline in sales, aligning with Kamada’s broader portfolio resilience strategy.

2026 Guidance Highlights Strong Organic Growth

For 2026, Kamada projects revenue growth of 13% and adjusted EBITDA growth of 23%, targeting $200–205 million and $50–53 million respectively. The guidance is anchored solely on organic expansion, with any M&A activity expected to accelerate growth further. The company also anticipates a surge in VARIZIG sales, driven by lower vaccination rates, increased chickenpox outbreaks, and intensified marketing.

Four‑Pillar Growth Strategy Drives Market Expansion

Investments are focused on four pillars: organic growth, distribution business expansion, plasma collection operations, and business development. Kamada is ramping up plasma collection at its three centers while launching new biosimilar products in Israel and the MENA region. These initiatives aim to broaden the commercial product portfolio and generate synergies across existing operations.

Shareholder Value and M&A Outlook

With a planned $14 million dividend payout in Q2 and a robust cash position, Kamada prioritizes long‑term shareholder value. The company’s pursuit of new business development and M&A opportunities is positioned to enrich its product portfolio and unlock operational synergies, potentially enhancing valuation multiples and delivering sustainable returns to investors.

3. NewsRoom

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Kamada Announces FDA Approval of its Plasma Collection Center in San Antonio, Texas

Mar -26

Source: globenewswire.com

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Kamada Ltd. (KMDA) Q4 2025 Earnings Call Transcript

Mar -11

Source: seekingalpha.com

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Kamada (KMDA) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates

Mar -11

Source: zacks.com

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Kamada (KMDA) Q4 Earnings and Revenues Miss Estimates

Mar -11

Source: zacks.com

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Kamada Reports Record Top- and Bottom-line 2025 Financial Results and Affirms 2026 Guidance Representing Continued Double-Digit Organic Profitable Growth

Mar -11

Source: globenewswire.com

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Kamada Declares Cash Dividend of $0.25 Per Share, to be Paid in Accordance with an Adopted Annual Cash Dividend Policy

Mar -11

Source: globenewswire.com

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Ahead of Kamada (KMDA) Q4 Earnings: Get Ready With Wall Street Estimates for Key Metrics

Mar -06

Source: zacks.com

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KMDA vs. ARGX: Which Stock Is the Better Value Option?

Mar -05

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.38%)

6. Segments

Proprietary Products

Expected Growth: 10%

Kamada Ltd.'s proprietary products drive 10% growth through strong demand for its plasma-derived products, particularly Glassia and KamRAB, which treat rare diseases. Increasing market share, geographic expansion, and strategic partnerships also contribute to growth. Additionally, investments in R&D and manufacturing capabilities enhance product offerings and improve operational efficiency.

Distribution

Expected Growth: 12%

Kamada Ltd.'s 12% growth is driven by increasing demand for its plasma-derived products, particularly its flagship product, Glassia, which treats alpha-1 antitrypsin deficiency. Strong sales in the US and European markets, coupled with strategic partnerships and expanding product offerings, contribute to the company's growth momentum.

7. Detailed Products

Glassia

Intravenous immunoglobulin (IVIG) for the treatment of primary immunodeficiency diseases and idiopathic thrombocytopenic purpura (ITP)

KamRAB

Rabies immunoglobulin for post-exposure prophylaxis against rabies

KamadaBG

Intravenous immunoglobulin (IVIG) for the treatment of autoimmune disorders and inflammatory diseases

Intravenous Immunoglobulin (IVIG)

Treatment of various autoimmune and inflammatory diseases

8. Kamada Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Kamada Ltd. is medium due to the availability of alternative products in the market.

Bargaining Power Of Customers

The bargaining power of customers for Kamada Ltd. is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Kamada Ltd. is medium due to the presence of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants for Kamada Ltd. is high due to the low barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry for Kamada Ltd. is high due to the presence of multiple competitors in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 3.51%
Debt Cost 5.16%
Equity Weight 96.49%
Equity Cost 5.16%
WACC 5.16%
Leverage 3.64%

11. Quality Control: Kamada Ltd. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Kamada

A-Score: 5.2/10

Value: 4.3

Growth: 5.7

Quality: 6.8

Yield: 3.1

Momentum: 8.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Pharmanutra

A-Score: 4.2/10

Value: 1.3

Growth: 6.6

Quality: 8.2

Yield: 3.1

Momentum: 2.0

Volatility: 4.0

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Stock-Card
Alliance Pharma

A-Score: 4.0/10

Value: 4.9

Growth: 2.9

Quality: 3.8

Yield: 1.9

Momentum: 9.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
InterCure

A-Score: 3.1/10

Value: 7.4

Growth: 2.3

Quality: 2.7

Yield: 0.0

Momentum: 5.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Benchmark

A-Score: 2.8/10

Value: 6.4

Growth: 2.3

Quality: 5.2

Yield: 0.0

Momentum: 0.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Probi

A-Score: 2.7/10

Value: 0.6

Growth: 3.0

Quality: 4.6

Yield: 0.0

Momentum: 4.0

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.49$

Current Price

8.49$

Potential

-0.00%

Expected Cash-Flows