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Date

Wednesday, May 13, 2026 at 8:30 a.m. ET

Call participants

• Chief Executive Officer — Amir London
• Chief Financial Officer — Chaime Orlev
• Operator — [Not named, but included for material role in Q&A facilitation]

Takeaways

• Total Revenue -- $42.5 million, reflecting a 3% increase driven by higher KEDRAB and distribution segment sales, despite a one-time shipment delay that shifted $2.4 million in revenue to April.
• Gross Profit and Margin -- $19.1 million with a 42% margin, compared to $20.7 million and 47% in the prior-year period, reflecting an unfavorable shift in product and market sales mix.
• Operating Expenses -- $12.1 million, a reduction from $13 million previously, due to lower R&D following the InnovAATe trial termination offset by higher sales, marketing, and G&A spending for portfolio growth.
• Net Income -- $4.1 million, or $0.07 diluted EPS, up 4% from $4 million and unchanged per-share basis.
• Adjusted EBITDA -- $11.6 million, unchanged from GAAP EBITDA in the prior-year period.
• Cash and Equivalents -- $73.1 million as of March 31, 2026, versus $75.5 million at December 31, 2025.
• Dividend Declared -- $0.25 per share, totaling $14.4 million, paid in April as part of the company policy to distribute at least 50% of annual net income.
• 2026 Annual Guidance Reiterated -- Revenue of $200 million to $205 million and adjusted EBITDA of $50 million to $53 million, indicating 12% and 23% respective growth at guidance midpoints, based solely on organic growth.
• KEDRAB Sales Commitment -- Kedrion's minimum purchase commitment is $90 million in sales for 2026 through 2027, with actual supply expected to exceed that amount.
• Biosimilars Portfolio Expansion -- Five biosimilar products are expected to be on the Israeli market by year-end, with an annual sales target of $15 million to $20 million within 4-5 years.
• Plasma Collection Milestones -- FDA approval of the San Antonio center was obtained in March; Houston and San Antonio centers are expected to each generate $8 million to $10 million in normal source plasma revenue at full capacity, with sales starting in the second half of 2026.
• Distribution Portfolio Size -- By the end of 2026, approximately 45 products will be marketed in Israel under the distribution segment.
• Plasma Center Capacity Targets -- Full planned capacity for Houston and San Antonio centers is targeted by late 2027 to early 2028.

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Risks

• Gross margin declined to 42% from 47% due to an unfavorable product and market sales mix.
• A temporary shipment delay, attributed to limited flights in the Middle East, resulted in a $2.4 million revenue deferral from the first quarter.
• Reduced R&D expenditure reflects the termination of the Phase III InnovAATe clinical trial.

Summary

Kamada (KMDA +0.13%) delivered revenue growth and stable earnings, with management reaffirming full-year guidance despite a temporary shipment delay that shifted revenues out of the first quarter. Management highlighted expected biosimilar launches and new plasma center approvals as key contributors to future commercial expansion. The Q1 gross margin compression was explicitly linked to product and market mix, and both organic growth and M&A are positioned as strategic priorities.

• Amir London said, "our product supply to Kedrion is expected to increase beyond Kedrion's minimum commitment of $90 million sales in 2026 through 2027."
• Management confirmed that FDA-approved plasma products from Houston and San Antonio will "initiate normal source plasma sales during the second half of this year."
• Ongoing investment in CYTOGAM's post-marketing research program is described by Amir London as expected to "support increased product utilization."
• The company reported, "we intend to distribute an annual dividend of at least 50% of our annual net income, subject to the Board's discretion and satisfaction of dividend distribution tests under the Israeli company's law at the time of distribution."

Industry glossary

• KEDRAB/KAMRAB: Kamada's proprietary anti-rabies immunoglobulin distributed in the U.S. and international markets.
• CYTOGAM: A plasma-derived immunoglobulin targeting cytomegalovirus (CMV), primarily for transplant recipients.
• GLASSIA: Intravenous alpha-1 antitrypsin (AAT) product for treating AAT deficiency.
• Biosimilars: Biologic medical products highly similar to already approved reference products, typically introduced to promote competition as patent exclusivity expires.
• Normal Source Plasma: Plasma collected from healthy donors, used as raw material for fractionation into various plasma-derived therapies.

Full Conference Call Transcript

Amir London: Thank you, Brian. Thanks also to our investors and analysts for your interest in Kamada and for participating in today's call. I'm pleased to report that our operational and financial performance in 2026 is off to a solid start. First quarter revenues and adjusted EBITDA were in line with our expectations. Importantly, while a temporary shipment delay of a single order, which was already delivered in April, affected our first quarter financial results, the underlying demand for our products continues to increase, supporting our confidence for significantly stronger results over the remainder of 2026.

As such, we are reiterating our 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA, respectively, representing 12% and 23% growth percentage when comparing 2026 guidance midpoint to 2025 results. Importantly, this 2026 annual guidance is based currently solely on organic growth. We're excited about the growth prospects of our business over both the near and longer term. Our strategy is focused on the expansion of our entire commercial product portfolio, including continued investment in the commercialization and life cycle management of our 6 FDA-approved specialty plasma-derived products, supporting organic commercial growth in the U.S. as well as in ex U.S. markets.

As part of our commercial growth, we also anticipate growing 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 the plasma collection in our three plasma centers, aiming to strengthen our vertical integration, reduce specialty plasma costs and increase revenues through sales of normal source plasma. Lastly, we are focused on securing new business development and M&A transactions, which will enrich our current portfolio of marketed products and generate synergies with our existing commercial operation. I will now expand on each of these strategic growth pillars.

Our lead product continues to be our anti-rabies immunoglobulin, KEDRAB, which is being distributed in the U.S. through our collaboration with Kedrion. End user utilization of the product in the U.S. is continuing to increase significantly, and our product supply to Kedrion is expected to increase beyond Kedrion's minimum commitment of $90 million sales in 2026 through 2027. As a reminder, our current supply agreement with Kedrion runs through 2031. In addition to our significant market share in the U.S., we continue to grow sales of KAMRAB in leading international markets such as Canada, Latin America countries, Australia and Israel.

GLASSIA represents our second leading franchise with revenue contribution driven by growing product sales in ex-U.S. markets and royalty income generated from sale of the product by Takeda in the U.S. and Canada. By working diligently with our distributors in key markets such as Argentina, Russia and Switzerland as well as directly in the Israeli market, we are growing our patient base and revenues while continuing to identify and diagnose new patients suffering from AAT deficiency, which is a chronic, highly misdiagnosed disease. We are also continuing to explore opportunities for additional international markets where GLASSIA could be registered and launched. Moving on to our anti-CMV immunoglobulin, CYTOGAM.

Last year, we announced the initiation of a comprehensive post-marketing research program for CYTOGAM, which we believe will help demonstrate the advantages of the product in the prevention and management of CMV disease. We developed this program in collaboration with leading key opinion leaders to explore advancement of novel CMV disease management. I'd like to take this opportunity and talk about two of those investigator-initiated studies. The first study, patients continue to be enrolled into the study titled Strategic Health with Immunoglobulin to Enhance Protection against Late Disease CMV or the SHIELD study.

The SHIELD study investigates the benefit of CYTOGAM administrated at the conclusion of the antiviral prophylaxis to reduce the risk of clinically significant late CMV in kidney transplant recipients who are CMV seronegative and have a CMV seropositive donor. These patients are at the highest risk of developing late onset CMV infection, which is associated with the worst transplant recipient health and outcomes. The second study I'm going to talk supports data, which was recently presented by Dr. Daniel Calabrese, MD, Staff physician in the San Francisco VA Healthcare System and Assistant Professor of Medicine at the UCSF Lung Transplant Programs.

It was presented at the 2026 International Society for Heart and Lung Transplant, the ISHLT Annual Meeting in Toronto, Canada. In his presentation, Dr. Calabrese reported data suggesting that CMV may be associated with worse lung transplant outcomes, not only through viral replication, but also through immune activation as the CMV immunoglobulin, the CMV IVIg is associated with immune modulation of this response rather than effect on CMV viremia alone. Dr.

Calabrese further reported that in a retrospective analysis of CMV high-risk lung transplant recipients, patients who did not receive the CMV IVIg prophylaxis experienced worse clinical outcomes compared with those who did receive the CMV IVIg prophylaxis and other CMV serotype groups, highlighting the clinical relevance of the high-risk population and the potential role of CMV IVIg as a targeted intervention. We believe that the data generated by these studies and other studies planned in this program will support increased product utilization for CYTOGAM. Moving on to VARIZIG, our anti-varicella zoster immunoglobulin indicated for post-exposure prophylaxis in high-risk individuals.

We are experiencing strong market demand for the product, mainly in Latin America and in the U.S. market, resulting from our product awareness activities and the increase in number of chickenpox outbreaks. As for the distribution sector, -- as part of activities to advance organic growth, we will be launching soon in Israel two additional biosimilars by the end of the second quarter and the beginning of the third quarter, and we have several others in the pipeline to be launched in the coming years. We believe this portfolio will become an increasingly important portion of our distribution business with biosimilars annual sales of between $15 million to $20 million within the next 4 to 5 years.

We are also continuing to advance expansion of our distribution activity to the MENA region. We have recently entered into several distribution arrangements and initiated activities to register the underlying products with local authorities. We continue to engage in discussion with several additional international companies, offering them full service from registration to commercialization. Moving on to Kamada Plasma. In March, we announced FDA approval of our state-of-the-art plasma collection center in San Antonio, Texas, and the center is now geared to commence commercial sales of normal source plasma. With the FDA approval of this center in hand, we plan to seek subsequent inspection and approval by the European Medicine Agency of both the Houston and the San Antonio centers.

As a reminder, each of the Houston and San Antonio facilities are expected to generate annual revenues of between $8 million to $10 million in sales of normal source plasma at full capacity. We expect to initiate normal source plasma sales during the second half of this year. Moving on to business development and M&As. As previously discussed, we continue to evaluate such opportunities, and we're hopeful that this will be able to secure compelling transactions in the near term, which will enrich our portfolio of marketed products and complement our existing commercial operation. We plan that such transaction would generate synergies with our current commercial portfolio and support our long-term profitable growth.

With that, I'll turn the call over to Chaime for a detailed discussion of our Q1 2026 financial results. Chaime, please go ahead.

Chaime Orlev: Thank you, Amir. As Amir stated at the top of the call, results for the first quarter of 2026 were solid and in line with our expectations, exclusive the temporary shipment delay of a single order, which was already delivered during April. Total revenues for the first quarter were $42.5 million, a 3% increase from the $44 million in the prior year period. The increase in revenues year-over-year was primarily driven by increased sales of KEDRAB as well as increased sales in our distribution segment. Gross profit and gross margins were $19.1 million and 42% in the first quarter of 2026 compared to $20.7 million and 47% in the first quarter of 2025.

The reduction in gross margin during the first quarter was affected by products and market sales mix. Operating expenses, including R&D, sales and marketing and G&A and other expenses totaled $12.1 million in the first quarter of the year compared to $13 million in the first quarter of 2025. The decrease was driven by a reduction in R&D expenses related to the termination of the Phase III InnovAATe clinical trial, which were offset by increases in sales and marketing and G&A expenses related to our investments in the overall growth of the commercial products portfolio.

Net income was $4.1 million or $0.07 per diluted share in the first quarter of 2026, up 4% as compared to $4 million and $0.07 per diluted share in the first quarter of 2025. Adjusted EBITDA, as detailed in the table, was $11.6 million in the first quarter of 2026, equivalent to GAAP reported in the first quarter of 2025. As of March 31, 2026, Kamada had cash and cash equivalents of $73.1 million as compared to $75.5 million as of December 31, 2025. Lastly, in March, we were pleased to declare a dividend of $0.25 per share, totaling approximately $14.4 million. Cash dividend was paid on April 7 of this year.

This dividend payment was made in accordance with the dividend policy adopted by the Board under which we intend to distribute an annual dividend of at least 50% of our annual net income, subject to the Board's discretion and satisfaction of dividend distribution tests under the Israeli company's law at the time of distribution. The dividend payment reinforces our confidence in the company's future business, prospects and ample liquidity to continue investing in our commercial growth, including new business development and M&A transactions and dividends to our shareholders. With that, we are ready to open the call to questions. Operator?

Operator: [Operator Instructions]The first question is from Annabel Samimy from Stifel.

Jack Padovano: This is Jack on for Annabel. Two from us. First, could you give a bit more color on the revenue impact that the delayed shipment had on overall growth and which products were primarily impacted? And at this stage of your diversification, should we expect any seasonality from KEDRAB and VARIZIG? What has kind of kept the growth continuing this far into their product lives?

Amir London: Thank you for the question. So the delay was with one single shipment. Revenue was approximately $2.4 million. It was supposed to be shipped to one of the ex U.S. territories where we sell our proprietary products, and the delay was primarily because of situation in the Middle East with limited flights to that specific destination. In terms of seasonality, so there is some seasonality regarding KEDRAB in our sales to Kedrion and Kedrion sales in the market. But because we are basically acting as like a B2B type of company because Kedrion carries inventory, so we are less sensitive to that seasonality.

Seasonality is because the summertime, people are hanging more out at time that we see greater number of potential exposure to rabid animals. VARIZIG is related more to kind of chicken pox outbreaks. So it's less seasonality, maybe a little bit during the beginning of school year in September. but again, not significantly fluctuating. So it's more about when there are outbreaks, this is where our product is needed more.

Operator: The next question is from Jim Sidoti from Sidoti & Company.

James Sidoti: With the distribution business, can you tell us how many products are approved for sale right now?

Amir London: In total, in the Israeli market, Kamada has around 40 different products which we distribute. We service around 20, 20-plus different international companies. We are growing the biosimilars segment. We are working with multiple companies. In the past, we announced that we have an agreement with Alvotech. Since then, we've added additional companies that we present in Israel for the biosimilar segment. We have launched already three products, two more will be launched over the next few weeks. So we already have five products in the market by end of this year on the biosimilar side. In the MENA region, we are expanding.

We already signed multiple agreements to represent companies in the region, and we will be continuing to sign agreements and to register the products, and those products expected to be launched second part of this year into 2027. The first few products that we will be selling in the MENA region under a distribution agreement.

James Sidoti: Okay. But -- so the total number of products by the end of the year should be approximately 45 products?

Amir London: Approximately, yes. But there is a significant kind of variance between the level of the sales of each one of those products. Some products sells millions of dollars, some sell hundreds of thousands of dollars.

James Sidoti: So the increase in the first quarter, is that primarily because of the addition of the three products you added so far? Or is that also...

Amir London: It was across basically the entire portfolio that we have seen. It wasn't based on one single product.

James Sidoti: Okay. And for the plasma collection business, you indicated you're going to start selling source plasma right at the end of the year. So does that mean that you're right now close to collecting whatever plasma you need for your proprietary products at this point?

Amir London: No. It's -- each one of the centers started by collecting normal source plasma. That's kind of the first step for a new center once it was established. And then we are adding specialty programs to the Houston and San Antonio centers. The Beaumont center is collecting only specialty, and that has been since the day we acquired this center in 2021. So this is not one on account of the other. These programs are running in parallel.

The fact that now we have FDA approval for both Houston and San Antonio allows us to sell the normal source plasma that we've already collected since we opened those centers, and that's a sale that will be materialized starting second part of this year.

Operator: I will pass the call over to Brian Ritchie.

Brian Ritchie: Thank you. Just a couple of questions that have come in online. Amir, on the plasma collection centers, can you let us know when the Houston and San Antonio centers will reach full collection capacity?

Amir London: Yes. So we expect to be running at full capacity towards the end of 2027, early 2028 on the normal source, definitely on the specialty, we'll continue to collect and add more and more donors. So let's say, end of '27, early '28, this is when the centers expected to be running at their current planned capacity.

Brian Ritchie: And the last question here has to do with CYTOGAM. What are the current trends currently impacting that particular product?

Amir London: So as I mentioned during the call, we are making efforts investing in expanding the post-marketing clinical program. I mentioned on the call that we just had a strong basically report coming from Dr. Calabrese from UCSF was presented at ISHLT conference. And Dr. Calabrese basically showed a study that was made that basically highlighting the clinical relevance of CYTOGAM of CMV, IVIg as a potential targeted intervention for high-risk transplanted patients. This is in addition to other data that we've been collecting and presenting over the last few years since we acquired the product and started investing in the post-marketing clinical studies. We believe that the data generated by these.

Studies, and this is in addition to the SHIELD study that it will take a bit longer to see the data and other studies that we are running through investigator-initiated type of programs will support increased product utilization for CYTOGAM. So we think that the weakness of the -- that we were facing when we acquired the product was a lack of recent clinical data and that the investments we are making in the product life cycle management in order to show the benefit advantages of the product to be used in parallel to the antivirals and actually improve patient outcome.

Brian Ritchie: Thanks, Amir. Appreciate that comprehensive answer. And with that, I'll turn it back to you for closing remarks.

Amir London: Okay. Thank you, Brian. So in closing, we continue to invest in the 4-pillar growth strategy with continued progress made in the organic growth of existing commercial portfolio, expansion of distribution business, growth of our plasma collection operation and securing business development and M&A transactions to support and expedite our growth. We look forward to continuing to support clinicians and patients with important products that we develop, manufacture and commercialize. And we thank you all for your support, and we remain committed to creating long-term shareholder value. So thank you for participating in today's call, and we hope you all stay healthy and safe. Thank you.

Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.