REHOVOT, Israel, and HOBOKEN, NJ – November 9, 2026 — Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field, today announced financial results for the three months and nine months ended September 30, 2026, an increase of its 2026 annual guidance, and a dividend payment.
“During the third quarter of 2026, we continued the strong operational and financial performance we have demonstrated throughout the year, with double-digit growth in revenues and adjusted EBITDA resulting in record high results for the first nine months of 2026,” said Amir London, Kamada’s Chief Executive Officer. “The underlying demand for our products, especially KEDRAB® in the U.S. market, as well as VARIZIG® and HEPAGAM®, continues to expand. Based on our excellent performance, we are increasing our 2026 annual guidance to a range of $205 million to $208 million of revenues and $52 million to $54 million of adjusted EBITDA, with the mid-points representing 14% and 26% growth, respectively, compared to 2025 results. Our strong growth momentum is expected to continue into 2027 with a projection of double-digit growth in both revenues and profitability.”
“We continue to ramp up plasma collection at our Texas-based facilities in support of our new three-year, approximately $50 million supply agreement. We also remain committed to expanding our current commercial portfolio through business development and M&A opportunities to further accelerate our organic growth. Lastly, we are pleased to announce another cash dividend of $0.14 per share for a total payment of approximately $8.0 million to be paid to our shareholders during the fourth quarter, which together with dividend payments made earlier this year amount to $32.2 million for the year. Our ability to continue paying dividends while continuing to invest in our commercial growth is indicative of our excellent financial and operational strength,” concluded Mr. London.
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Financial Highlights for the Three Months Ended September 30, 2026
Financial Highlights for the Nine Months Ended September 30, 2026
Balance Sheet Highlights
As of September 30, 2026, Kamada had cash, cash equivalents and short-term investment totaling $75.3 million, as compared to $75.5 million as of December 31, 2025. During the third quarter, the Company executed a $9.8 million dividend payment, bringing total dividends already paid in 2026 to $24.2 million. The Company’s ability to maintain its strong cash position while making these dividend payments is another indication of its ability to convert its increased profitability into cash flow.
Recent Corporate Highlights
Fiscal 2026 Guidance
Kamada is increasing its 2026 annual financial guidance to total revenues in the range of $205 million to $208 million and adjusted EBITDA in the range of $52 million to $54 million, with the mid-points representing year-over-year increases of 14% in revenues and 26% in adjusted EBITDA. Prior 2026 annual guidance was total revenues in the range of $200 million to $205 million and adjusted EBITDA in the range of $50 million to $53 million.
Conference Call Details
Kamada management will host an investment community conference call on Monday, November 9, at 8:30am Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the call by dialing 1-877-407-0792 (from within the U.S.), 1-809-406-247 (from Israel), or 1-201-689-8263 (International) using conference I.D. 13763380. The call will be webcast live on the internet at:
https://viavid.webcasts.com/starthere.jsp?ei=1779441&tp_key=96a5dea210
Non-IFRS financial measures
We present EBITDA and adjusted EBITDA because we use these non-IFRS financial measures to assess our operational performance, for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes these non-IFRS financial measures are useful to investors because: (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and provide investors with a meaningful perspective on the current underlying performance of the Company’s core ongoing operations; and (2) they exclude the impact of certain items that are not directly attributable to our core operating performance and that may obscure trends in the core operating performance of the business. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, our IFRS results. We expect to continue reporting non-IFRS financial measures, adjusting for the items described below, and we expect to continue to incur expenses similar to certain of the non-cash, non-IFRS adjustments described below. Accordingly, unless otherwise stated, the exclusion of these and other similar items in the presentation of non-IFRS financial measures should not be construed as an inference that these items are unusual, infrequent or non-recurring. EBITDA and adjusted EBITDA are not recognized terms under IFRS and do not purport to be an alternative to IFRS terms as an indicator of operating performance or any other IFRS measure. Moreover, because not all companies use identical measures and calculations, the presentation of EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. EBITDA is defined as net income (loss), plus income tax expense, plus or minus financial income or expenses, net, plus or minus income or expense in respect of securities measured at fair value, net, plus or minus income or expenses in respect of currency exchange differences and derivatives instruments, net, plus depreciation and amortization expense, whereas adjusted EBITDA is the EBITDA plus non-cash share-based compensation expenses and certain other costs.
For the projected 2026 adjusted EBITDA information presented herein, the Company is unable to provide a reconciliation of this forward measure to the most comparable IFRS financial measure because the information for these measures is dependent on future events, many of which are outside of the Company’s control. Additionally, estimating such forward-looking measures and providing a meaningful reconciliation consistent with the Company’s accounting policies for future periods is meaningfully difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-IFRS measures are estimated in a manner consistent with the relevant definitions and assumptions noted in the Company’s adjusted EBITDA for historical periods.
About Kamada
Kamada Ltd. (the “Company”) is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company’s controlling shareholder, beneficially owning approximately 38% of the outstanding ordinary shares. The Company’s strategy is focused on driving profitable growth through four primary growth pillars: First, organic growth of its commercial portfolio, including continued investment in the commercialization and life cycle management of its proprietary products, consisting of six FDA-approved specialty plasma-derived products: KEDRAB®, GLASSIA®, CYTOGAM®, VARIZIG®, WINRHO SDF® and HEPAGAM B®, as well as KAMRAB®, and two equine-based anti-snake venom products. Second, distribution of third parties’ pharmaceutical products in Israel & the MENA region through in-licensing partnerships, including the launch of several biosimilar products in Israel. Third, the Company is ramping up its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns three FDA approved operating plasma collection centers in the United States, in Beaumont, Houston, and San Antonio, Texas. Fourth, the Company aims to secure new mergers and acquisitions, business development, in-licensing and/or collaboration opportunities, which are anticipated to enhance the Company’s marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term profitable growth. The Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including statements regarding: (1) our increased 2026 annual guidance for total revenues and adjusted EBITDA; (2) our expectation of double-digit growth in revenues and profitability in 2027 and the timing of providing detailed 2027 guidance; (3) our ability to continue driving profitable growth and converting profitability into cash flow; (4) the declaration, amount and payment of cash dividends; (5) the ramp-up of plasma collection at our Texas-based facilities under our three-year, approximately $50 million plasma supply agreement; (6) the expected commercial availability and revenue contribution of our biosimilar products, including expected annual revenues of approximately $10 million in 2028 and approximately $20-$25 million by 2030; (7) continued demand for our KEDRAB®, VARIZIG® and HEPAGAM® products; and (8) our plans accelerate growth and to expand our commercial portfolio through business development and M&A transactions. Forward-looking statements are based on Kamada’s current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to the evolving nature of the conflicts in the Middle East and the impact of such conflicts in Israel, the Middle East and the rest of the world, the impact of these conflicts on market conditions and the general economic, industry and political conditions in Israel, the U.S. and globally, the potential effect of imposed tariffs on overall international trade and specifically on Kamada’s ability to continue maintaining expected sales and profit levels in light of such tariffs, the effect on the establishment and timing of business initiatives, Kamada’s ability to find business development and M&A transactions and leverage such opportunities and successfully integrate such opportunities with its existing product portfolio, unexpected results of clinical and development programs, regulatory delays, and other risks detailed in Kamada’s filings with the U.S. Securities and Exchange Commission (the “SEC”) including those discussed in its most recent Annual Report on Form 20-F and in any subsequent reports on Form 6-K, each of which is on file with or furnished to the SEC and available at the SEC’s website at www.sec.gov. The forward-looking statements made herein speak only as of the date of this announcement and Kamada undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.
CONTACTS:
Chaime Orlev
Chief Financial Officer
IR@kamada.com
Brian Ritchie
LifeSci Advisors, LLC
212-915-2578
britchie@LifeSciAdvisors.com