Kamada (NASDAQ:KMDA) raised its 2026 revenue and adjusted EBITDA guidance after reporting double-digit third-quarter growth, as demand increased for its KEDRAB rabies treatment and other products.
On the company’s November 9 earnings call, CEO Amir London said Kamada now expects full-year revenue of $205 million to $208 million and adjusted EBITDA of $52 million to $54 million. At the midpoints, those forecasts represent growth of 14% and 26%, respectively, from 2025.
London said the company also expects double-digit growth in revenue and profitability in 2027, with detailed guidance to be provided in January. The current growth is driven by Kamada’s existing commercial portfolio, he said, while potential acquisitions could accelerate it.
Revenue and Profit Rise
Third-quarter revenue rose 11% year over year to $52 million, CFO Chaime Orlev said. Net income increased 51% to $8 million, or $0.14 per diluted share, while adjusted EBITDA grew 30% to $15.2 million, representing a 29% margin.
For the first nine months of 2026, revenue increased 12% to $152.2 million from $135.8 million a year earlier. Orlev attributed the increase primarily to higher sales of KEDRAB, VARIZIG and HEPAGAM, along with growth in the distribution segment. Distribution revenue rose 35% to $24.1 million.
Nine-month net income rose 29% to $21.4 million, or $0.37 per diluted share. Adjusted EBITDA increased 20% to $40.9 million, representing 27% of revenue. Gross profit was $64.9 million, with a 43% margin, compared with $59.4 million and a 44% margin a year earlier.
Operating cash flow for the nine months was approximately $37.6 million, up from $17.9 million a year earlier. Cash, cash equivalents and short-term investments stood at $75.3 million on September 30, compared with $75.5 million at the end of 2025.
The company announced another dividend of $0.14 per share, totaling approximately $8 million, to be paid in the fourth quarter. Together with $24.2 million already paid earlier in the year, the dividend would bring 2026 payments to approximately $32.2 million, London said.
KEDRAB Demand and Plasma Supply
London said Kamada believes KEDRAB has at least a 50% share of the U.S. market for anti-rabies immunoglobulin. He cited increased utilization following a health advisory from the Centers for Disease Control and Prevention and said the company has sufficient inventory and manufacturing capacity to meet further demand.
Kamada’s agreement with distributor Kedrion runs through the end of 2031, London said. Kedrion is ordering above its minimum commitment, and London said he expects the demand trend to continue into 2027 and potentially beyond. He also cited greater demand for the product, marketed as KAMRAB internationally, in Canada, Israel and Latin America.
Initial sales under an approximately $50 million, three-year agreement to supply normal source plasma are expected to be recorded in the fourth quarter and are included in the company’s annual guidance. London said the financial benefits of using Kamada’s own specialty plasma in manufacturing have yet to appear in its results because validation batches must first be manufactured.
Distribution Expansion and Acquisitions
Kamada recently launched two biosimilars in Israel: Ustekinumab-Kamada, a biosimilar to Stelara, and Enoxaparin-Kamada, a biosimilar to Clexane. London said the company expects to launch at least two additional biosimilars in Israel in 2027.
Management projects approximately $10 million in annual biosimilar revenue in 2028, rising to $20 million to $25 million by 2030. London also said Kamada is expanding its distribution business into the Middle East and North Africa through new agreements and product registration submissions.
Asked about business development opportunities, London said Kamada is screening opportunities and conducting due diligence. He said the company hopes to have news to report in the near term, but did not identify a transaction.
About Kamada (NASDAQ:KMDA)
Kamada Ltd. is a biopharmaceutical company focused on the development, manufacturing and commercialization of plasma-derived therapeutics and specialty pharmaceutical products. The company uses its expertise in plasma protein purification to address rare diseases, immune deficiencies and other serious medical conditions.
Kamada’s portfolio includes GLASSIA, an intravenous alpha-1 antitrypsin therapy used as augmentation treatment for adults with severe alpha-1 antitrypsin deficiency and emphysema.
