Kamada Q4 Earnings Call Highlights

Kamada (NASDAQ:KMDA) executives told investors the institution delivered “excellent” operational and fiscal show successful 2025 and entered 2026 with momentum crossed its commercialized portfolio, portion besides addressing imaginable logistical concerns tied to the evolving concern successful the Middle East.

Chief Executive Officer Amir London said Kamada’s manufacturing works has been operating continuously and that operations and merchandise manufacturing are “proceeding arsenic planned.” While exports from Israel “may beryllium temporarily impacted” by the caller closure of Israeli airspace, London noted cargo flights person gradually resumed and the institution does not expect a worldly disruption to merchandise supply.

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For full-year 2025, absorption reported full revenues of $180.5 million, up 12% twelvemonth implicit year, and adjusted EBITDA of $42 million, an summation of 23%. London besides highlighted currency generation, with $25.5 million of currency from operating activities successful 2025, contributing to a year-end currency presumption of $75.5 million.

Chief Financial Officer Chaime Orlev said gross maturation successful 2025 was driven by “growth crossed our portfolio,” highlighting accrued income of Varizig and KedRAB successful the U.S., KAMRAB and GLASSIA successful ex-U.S. markets, and higher distribution-segment income supported by biosimilar launches and different products.

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On the spot of 2025 results, the committee declared a dividend of $0.25 per share, totaling astir $14.4 million, payable connected April 6 to shareholders of grounds arsenic of March 23. London said the dividend aligns with Kamada’s argumentation to administer an yearly dividend of astatine slightest 50% of yearly nett income, taxable to committee discretion and requirements nether Israeli law. In the Q&A, absorption clarified the dividend volition beryllium paid arsenic a one-time outgo successful the 2nd quarter.

Management affirmed 2026 guidance of $200 cardinal to $205 cardinal successful revenues and $50 cardinal to $53 cardinal successful adjusted EBITDA, which London said represents 13% and 23% growth, respectively, erstwhile comparing midpoints to 2025 results. London emphasized that the 2026 outlook is based “solely connected integrated growth,” adding that immoderate concern improvement oregon M&A transaction would beryllium incremental to the guidance.

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London described anti-rabies immunoglobulin KedRAB arsenic the company’s pb product, distributed successful the U.S. done a collaboration with Kedrion Biopharma. Sales of KedRAB to Kedrion accrued successful 2025 to astir $54 million, which absorption said was “well above” the declaration minimum commitment. Kamada besides has a steadfast committedness of $90 million from Kedrion for minimum orders from 2026 done 2027, and the existent proviso statement runs done 2031.