Kamada Ltd ((IL:KMDA)) has held its Q3 earnings call. Read on for the main highlights of the call.
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The recent earnings call for Kamada Ltd. painted a generally positive picture, with the company showcasing robust revenue growth, increased EBITDA, and successful product launches. However, the call also highlighted some challenges, such as declining Glacia royalties, below-plan Cytogam sales, and slow clinical trial enrollment, which the company aims to address moving forward.
Strong Revenue Growth
Kamada Ltd. reported total revenues of $135.8 million for the first nine months of 2025, marking an 11% increase compared to the previous year. The third quarter alone saw revenues of $47 million, a 13% rise from Q3 2024. This growth underscores the company’s effective strategies in expanding its market reach and enhancing its product offerings.
Increased EBITDA
The company achieved an adjusted EBITDA of $34.2 million for the first nine months of 2025, reflecting a 35% year-over-year increase. With a 25% margin of revenues, Kamada’s financial health appears strong, driven by efficient operations and cost management.
Successful Product Launches
Kamada successfully launched biosimilar products in Israel, contributing $2.5 million to its revenue. The company is optimistic about further growth, with two additional product launches anticipated shortly, which are expected to bolster its revenue streams.
Plasma Collection Expansion
The FDA’s approval of Kamada’s Houston plasma facility marks a significant milestone, with the San Antonio site expected to follow in early 2026. Each facility is projected to generate $8-10 million annually at full capacity, enhancing Kamada’s plasma collection capabilities.
Promising Pipeline Developments
Kamada is advancing its Phase III clinical trial for inhaled AAT therapy, with a futility analysis expected by the end of the quarter. This development is a key component of the company’s strategy to innovate and expand its therapeutic offerings.
Decline in Glacia Royalty Income
The earnings call noted an expected decline in Glacia royalty income due to a reduction in the royalty rate effective from Q3 2025. This presents a challenge that Kamada will need to navigate in the coming quarters.
Below Plan Cytogam Sales
Cytogam sales have not met expectations, hindered by inventory management issues, slow hospital formulary additions, and fewer transplants. Kamada is working to address these challenges to improve sales performance.
Slow Enrollment in AATD Clinical Trial
Enrollment in the Phase III INNOVATE clinical trial for AATD therapy is progressing slowly, currently at 60-65%, with completion anticipated by early 2027. This slow pace poses a challenge to the timely advancement of this critical program.
Forward-Looking Guidance
Kamada Ltd. reiterated its annual revenue guidance of $178 million to $182 million and adjusted EBITDA guidance of $40 million to $44 million, indicating double-digit growth over 2024 results. The company plans to drive growth through organic commercial expansion, business development, and M&A transactions. Key programs include the advancement of the Phase III inhaled AAT study and the continued strong market presence of KedRAB. Kamada is also focusing on expanding its distribution segment and plasma collection operations, with strategic plans for in-licensing collaborations and M&A activities in 2026.
In summary, Kamada Ltd.’s earnings call reflects a positive outlook with strong financial performance and strategic growth plans. While challenges such as declining royalties and slow clinical trial enrollment persist, the company is actively working to overcome these hurdles. Investors can remain optimistic about Kamada’s future prospects, given its robust growth strategies and commitment to innovation.