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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 negatively impacted by the company's Israeli facility's operations being affected by the evolving circumstances in the Middle East. Despite the company's efforts to maintain business continuity, the global availability of its products is not expected to be interrupted. Additionally, the company's recent earnings release highlighted a 17% year-over-year top-line growth, but this was not enough to offset the potential disruptions caused by the Middle East situation. The company's profitability also increased by 54% year-over-year, but the impact of the current events on its operations remains a concern.

1.c. Company Highlights

2. Kamada Ltd.'s Q3 2025 Earnings: A Strong Performance

Kamada Ltd. reported a robust financial performance in Q3 2025, with total revenues reaching $47 million, a 13% year-over-year increase. The company's gross profit and gross margins were $19.8 million and 42%, respectively. Net income came in at $5.3 million or $0.09 per diluted share, a 37% increase compared to Q3 2024. Adjusted EBITDA was $11.7 million, up 34% over the same period last year. The earnings per share (EPS) was slightly below estimates, which were at $0.1. For the first nine months of 2025, total revenues were $135.8 million, an 11% year-over-year increase, with adjusted EBITDA reaching $34.2 million, up 35% year-over-year.

Publication Date: Nov -23

📋 Highlights
  • Revenue & Profit Growth:: Q3 2025 revenue hit $47M (+13% YoY), with gross margin at 42% and adjusted EBITDA of $11.7M (+34% YoY).
  • Annual Guidance Reaffirmed:: Full-year revenue projected at $178–182M; adjusted EBITDA at $40–44M, driven by ex-US AATD product sales and biosimilars.
  • Biosimilar Expansion:: Biosimilars to generate $2.5M+ in 2025, with two additional launches planned, boosting revenue diversification.
  • Cytogam Royalty Deal:: New 6% royalty agreement with Takeda (2025–2040) expected to yield >$10M in 2026, with annual growth of 1–9%.
  • Liquidity & M&A Strategy:: $72M cash balance as of Q3 2025, with active due diligence on commercial targets for potential 2026 acquisitions.

Revenue Growth Drivers

The revenue growth was primarily driven by increased sales of GALASIA, an AAT IV product in ex-US markets, particularly in Latin America and CIS countries. The company's focus on AATD disease awareness and diagnosis contributed to this growth. Additionally, VariSync had a strong performance in the US market, driven by efforts to increase awareness of using Varizig during chickenpox outbreaks. The Israel distribution business also grew, with solid sales of plasma-derived products, respiratory therapies, and biosimilars.

New Developments and Future Prospects

Kamada is advancing its pivotal Phase III inhaled AAT program, with an interim futility analysis expected by the end of 2025. The company is also launching biosimilars, including one product expected to generate $2.5 million in revenues in 2025. Furthermore, the SHIELD trial is underway to investigate the benefits of Cytogam in reducing the risk of clinically significant late CMV in kidney transplant recipients. Management is optimistic about the company's growth prospects, with analysts estimating a 9.9% revenue growth for next year.

Valuation and Outlook

With a current P/E Ratio of 20.15 and EV/EBITDA of 9.75, the market appears to be pricing in a certain level of growth for Kamada. The company's strong cash position of $72 million at the end of the quarter provides a solid foundation for future investments and potential M&A transactions. As Kamada continues to execute on its business development strategy, it remains committed to creating long-term shareholder value. As CEO Amir London mentioned, the company is actively conducting due diligence on potential commercial targets, aiming to secure a transaction in early 2026.

3. NewsRoom

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Kamada (NASDAQ:KMDA) Share Price Passes Below 200-Day Moving Average – Time to Sell?

Dec -03

Source: defenseworld.net

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Kamada Ltd. (KMDA) Q3 2025 Earnings Call Transcript

Nov -10

Source: seekingalpha.com

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Kamada (KMDA) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

Nov -10

Source: zacks.com

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Kamada (KMDA) Misses Q3 Earnings Estimates

Nov -10

Source: zacks.com

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Kamada Reports Strong Third Quarter and Nine Month 2025 Financial Results with over 30% Year-over-Year Profitability Growth

Nov -10

Source: globenewswire.com

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Kamada to Announce Third Quarter and Nine Months Ended September 30, 2025 Financial Results on November 10, 2025

Nov -03

Source: globenewswire.com

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

Oct -31

Source: zacks.com

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Wall Street Analysts Believe Kamada (KMDA) Could Rally 113.15%: Here's is How to Trade

Oct -30

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: 5.4/10

Value: 4.9

Growth: 5.7

Quality: 6.8

Yield: 3.1

Momentum: 9.0

Volatility: 3.0

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Pharmanutra

A-Score: 4.2/10

Value: 1.8

Growth: 6.6

Quality: 8.1

Yield: 3.1

Momentum: 0.5

Volatility: 5.0

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Alliance Pharma

A-Score: 4.0/10

Value: 5.0

Growth: 2.9

Quality: 3.6

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: 9.0

Growth: 2.3

Quality: 2.9

Yield: 0.0

Momentum: 3.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Probi

A-Score: 2.9/10

Value: 0.6

Growth: 3.0

Quality: 4.2

Yield: 0.0

Momentum: 8.5

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Benchmark

A-Score: 2.7/10

Value: 6.6

Growth: 2.3

Quality: 5.2

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

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

7.08$

Current Price

7.08$

Potential

-0.00%

Expected Cash-Flows