Kamada Ltd. Q1 2026 Earnings Call Summary

• Performance successful Q1 was impacted by a $2.4 cardinal impermanent shipment hold of a azygous bid owed to Middle East formation limitations, though the bid was fulfilled successful April.

• Management attributes assurance successful 2026 guidance to expanding underlying request for the halfway specialty plasma portfolio, peculiarly KEDRAB and VARIZIG.

• The institution is pursuing a vertical integration strategy by ramping up 3 plasma centers to trim specialty plasma costs and make caller gross from mean root plasma sales.

• Strategic positioning for CYTOGAM is being reinforced done a post-marketing probe programme designed to supply objective information that justifies its usage alongside antivirals.

• The organisation conception is expanding beyond Israel into the MENA region, utilizing a full-service exemplary from registration to commercialization to pull planetary partners.

• Growth successful the GLASSIA franchise is driven by identifying and diagnosing caller patients successful highly misdiagnosed planetary markets similar Argentina, Russia, and Switzerland.

2026 Outlook and Strategic Initiatives

• Reiterated 2026 gross guidance of $200 cardinal to $205 cardinal and adjusted EBITDA of $50 cardinal to $53 million, based presently connected integrated maturation only.

• Normal root plasma income from the San Antonio and Houston centers are expected to commence successful the 2nd fractional of 2026 pursuing caller FDA approval.

• The biosimilar portfolio is projected to scope yearly income of $15 cardinal to $20 cardinal wrong the adjacent 4 to 5 years arsenic much products participate the Israeli market.

• Management is actively evaluating M&A and concern improvement opportunities to unafraid near-term transactions that complement existing commercialized operations.

• Plasma postulation centers are expected to scope afloat planned capableness by precocious 2027 oregon aboriginal 2028.

Operational Adjustments and Risk Factors

• Gross borderline compression to 42% successful Q1 was chiefly a effect of shifts successful merchandise and marketplace income mix.

• Operating expenses were mitigated by reduced R&D spending pursuing the termination of the Phase III InnovAATe objective trial.

• A dividend argumentation was established to administer astatine slightest 50% of yearly nett income, reflecting management's assurance successful liquidity and aboriginal currency flow.

• Geopolitical factors successful the Middle East were cited arsenic a circumstantial hazard to logistics and shipment timelines.

Q&A Session Highlights

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