Kamada Forecasts 2026 Revenue of $200M to $205M

Kamada announced that, based on its positive outlook for 2026, it is forecasting continued double-digit profitable growth with 2026 annual guidance of $200M - $205M in revenues and $50M - $53M of adjusted EBITDA. Importantly, the projected 2026 growth is based solely on continued organic growth of the Company's diverse commercial products portfolio in multiple markets in both its Proprietary segment which covers the specialty plasma therapies and the Distribution segment which covers commercialization of in-licensing third parties biopharmaceutical products. The 2026 midpoint guidance range represents a year-over-year increase of 13% in revenues and 23% in adjusted EBITDA, based on the mid-points of Kamada's 2025 guidance. The Company further announced that it expects to achieve its 2025 financial guidance of $178M - $182M in revenues and $40M - $44M of adjusted EBITDA, with 2025 year-end cash of approximately $75M. Kamada intends to publish its 2025 financial results during the first half of March 2026. "We enter 2026 from a position of significant commercial and financial strength and are excited about the progress we have made over the past year," said Amir London, CEO. "We look forward to achieving our value generating objectives for 2026, driven by continued organic growth of our diverse commercial product portfolio marketed in over 30 countries. We are also pleased with our ability to consistently convert adjusted EBITDA into operational cash." Our projected growth in 2026 is expected to be driven by continued expansion of our entire commercial product portfolio, including growth in our U.S. sales, and continued increase in sales of KAMRAB, GLASSIA, HEPAGAM and VARIZIG in ex-U.S. markets. We also anticipate continued growth of 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, and initial sales of normal source plasma collected in our multiple centers in Texas. The overall profitable growth is achievable even after accounting for a reduction of the GLASSIA royalty payments rate received from TAKEDA, which became effective in August 2025 and will have its first full-year impact in 2026, further solidifying the strength of our diverse commercial infrastructure. We also continue to focus on identifying and securing compelling new business development and M&A transactions. We expect that these initiatives will enrich our current portfolio of marketed products and generate synergies with our existing commercial operations. In addition, we expect to continue increasing the plasma collection in our three plasma centers aiming to strengthen our vertical integration, reduce specialty plasma costs and support continued growth through sales of normal source plasma."