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Kamada (IL:KMDA)
:KMDA
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Kamada
(KMDA)
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Rating:70Outperform
Price Target:
2,602.00
▲(15.08% Upside)
Kamada's overall score is driven by strong financial performance and positive earnings call insights, indicating robust growth and strategic initiatives. However, technical indicators suggest bearish momentum, and valuation metrics show moderate attractiveness.
Positive Factors
Negative Factors
Kamada (KMDA) vs. iShares MSCI Israel ETF (EIS)
Market Cap
1.29B
Dividend YieldN/A
Average Volume (3M)53.08K
Price to Earnings (P/E)19.1
Beta (1Y)0.78
Revenue Growth7.06%
EPS Growth16.08%
CountryIL
Employees420
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)43.36
Shares Outstanding57,505,030
10 Day Avg. Volume80,614
30 Day Avg. Volume53,082
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
4,270.43Price Target Upside88.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Kamada Business Overview & Revenue Model
Company DescriptionKamada 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.
How the Company Makes MoneyKamada makes money primarily through the sales of its biopharmaceutical products. Its revenue model is centered around the commercialization of its proprietary plasma-derived therapeutics, both directly and through strategic distribution partnerships. Key revenue streams include product sales to hospitals, healthcare providers, and distributors. Additionally, Kamada engages in contract manufacturing for third parties, leveraging its expertise in plasma-derived therapeutics. The company also forms strategic partnerships and collaborations to co-develop and market its products in various regions, contributing to its earnings by expanding its market reach and maximizing product distribution.
Kamada Earnings Call Summary
Earnings Call Date:Aug 13, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 12, 2025
Earnings Call Sentiment Positive
The earnings call reflects a generally positive outlook for Kamada with strong revenue and EBITDA growth, increased financial guidance, and successful strategic initiatives such as biosimilar launches and plasma center expansion. However, challenges like the decrease in gross profit margin and tax rate fluctuations present areas to monitor.Q2-2025 Updates
Positive Updates
Strong Revenue and EBITDA Growth
Total revenues for the first half of 2025 were $88.8 million, representing an 11% year-over-year increase, and adjusted EBITDA was $22.5 million, up 35% year-over-year. Revenue for the second quarter was $44.8 million, up 5% over the prior year quarter, and adjusted EBITDA was $10.9 million, up 20% year-over-year.
Positive Outlook and Increased Guidance
Based on positive outlook, Kamada is increasing its adjusted EBITDA guidance to between $40 million to $44 million and reiterating its annual revenue guidance of $178 million to $182 million. This represents an increase of approximately 12% in revenues and approximately 23% in adjusted EBITDA over 2024 results.
Innovative Post-Marketing Research Program for CYTOGAM
Initiation of a comprehensive post-marketing research program for CYTOGAM aimed at demonstrating advantages in CMV disease management, potentially leading to additional organic growth.
Successful Biosimilar Launches
Following the successful biosimilar launch in Israel last year, Kamada anticipates launching 2 additional biosimilars later this year, aiming for annual sales of $15 million to $20 million within the next 5 years.
FDA Approval for Plasma Collection Center
U.S. FDA approved a new plasma collection center in Houston, Texas, with an annual collection capacity of approximately 50,000 liters of plasma, expected to generate annual revenues of between $8 million to $10 million at full capacity.
Negative Updates
Decrease in Gross Profit Margin
Gross profit margins decreased to 42% in the second quarter of 2025 from 45% in the second quarter of 2024, attributed to changes in product and territory sales mix.
Tax Rate Fluctuations
The company experienced tax rate fluctuations due to currency exchange changes and anticipates moving into tax payments once tax loss carryforwards are utilized, projecting a future tax rate of 20%-25%.
Company Guidance
During the Kamada Limited Second Quarter 2025 Earnings Conference Call, the company reported robust financial performance, with total revenues for the first half of 2025 reaching $88.8 million, marking an 11% year-over-year increase. Adjusted EBITDA for the same period was $22.5 million, up 35% year-over-year, representing a 25% margin of revenues. For the second quarter alone, revenues were $44.8 million, a 5% increase compared to the previous year, and adjusted EBITDA was $10.9 million, up 20% year-over-year. The company increased its adjusted EBITDA guidance to between $40 million and $44 million and reiterated annual revenue guidance of $178 million to $182 million. The midpoint of this updated 2025 guidance reflects an approximate 12% increase in revenues and a 23% increase in adjusted EBITDA compared to 2024. Kamada's growth was driven by increased sales of GLASSIA and VARIZIG, a diverse product portfolio, and disciplined expense management. The company also highlighted an active business development and M&A strategy, with expectations of further enhancing its portfolio and exploring opportunities in the plasma collection and specialty pharma sectors.Kamada Financial Statement Overview
Summary
Kamada shows strong revenue growth and improving profitability with a stable balance sheet. However, there are areas for improvement in cost management and free cash flow conversion.Income Statement
Kamada has demonstrated strong revenue growth with a TTM increase of 36.5% and consistent improvement in profitability metrics such as gross profit margin and net profit margin. The EBIT and EBITDA margins have also shown positive trends, indicating operational efficiency. However, the net profit margin remains moderate, suggesting room for improvement in cost management.78
Positive
Balance Sheet
The company's balance sheet is stable with a low debt-to-equity ratio of 0.044, indicating conservative leverage. Return on equity has improved over time, reflecting better profitability. However, the equity ratio suggests a moderate level of equity financing, which could be optimized further.72
Positive
Cash Flow
Kamada's cash flow performance is mixed, with a recent decline in free cash flow growth. The operating cash flow to net income ratio is strong, indicating good cash generation relative to earnings. However, the free cash flow to net income ratio suggests potential challenges in converting profits into free cash flow.65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 169.52M | 160.95M | 142.52M | 129.34M | 103.64M | 133.25M |
| Gross Profit | 73.94M | 69.97M | 55.49M | 46.70M | 30.33M | 47.55M |
| EBITDA | 34.21M | 27.80M | 21.53M | 15.66M | 5.21M | 24.13M |
| Net Income | 19.01M | 14.46M | 8.28M | -2.32M | -2.23M | 17.14M |
Balance Sheet | ||||||
| Total Assets | 368.17M | 372.25M | 354.91M | 322.38M | 318.67M | 210.66M |
| Cash, Cash Equivalents and Short-Term Investments | 65.98M | 78.44M | 55.64M | 34.26M | 18.59M | 109.27M |
| Total Debt | 11.41M | 11.06M | 8.82M | 20.60M | 24.35M | 4.94M |
| Total Liabilities | 108.22M | 112.79M | 110.89M | 146.36M | 141.84M | 32.03M |
| Stockholders Equity | 259.95M | 259.46M | 244.02M | 176.02M | 176.82M | 178.64M |
Cash Flow | ||||||
| Free Cash Flow | 31.59M | 36.85M | -1.53M | 24.80M | -12.55M | 13.62M |
| Operating Cash Flow | 40.12M | 47.59M | 4.32M | 28.59M | -8.82M | 19.11M |
| Investing Cash Flow | -8.52M | -10.74M | -5.84M | -3.78M | -61.05M | -13.13M |
| Financing Cash Flow | -21.91M | -13.91M | 22.68M | -9.34M | 18.59M | 23.36M |
Kamada Technical Analysis
Negative
2261.00
Price Trends
2350.84
Negative
2439.58
Negative
2452.39
Negative
Market Momentum
-29.04
Negative
46.62
Neutral
53.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IL:KMDA, the sentiment is Negative. The current price of 2261 is below the 20-day moving average (MA) of 2264.75, below the 50-day MA of 2350.84, and below the 200-day MA of 2452.39, indicating a bearish trend. The MACD of -29.04 indicates Negative momentum. The RSI at 46.62 is Neutral, neither overbought nor oversold. The STOCH value of 53.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IL:KMDA.
Kamada Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | 1.04B | 52.67 | 9.62% | ― | 23.45% | 670.44% | |
70 Outperform | 1.29B | 19.13 | 7.44% | ― | 7.06% | 16.08% | |
56 Neutral | 71.70B | -104.30 | ― | ― | -0.54% | 58.34% | |
56 Neutral | 649.83M | 32.37 | ― | 3.02% | 25.00% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
IL:KMDA
Kamada
2,320.00
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IL:ILX
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IL:DNA
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IL:NVLG
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.