Kamada Ltd. is a biopharmaceutical firm focused on developing, manufacturing, and distributing protein therapeutics derived from human plasma. The company operates through ...
Kamada Ltd. (NASDAQ: KMDA) is a vertically integrated biopharmaceutical company established in 1990 and headquartered in Rehovot, Israel. The company’s core mission centers on specialty plasma-derived protein therapeutics: it develops, manufactures, and commercializes therapies derived from human plasma, while also operating a distribution business for additional products. Kamada’s go-to-market approach ...Kamada Ltd. (NASDAQ: KMDA) is a vertically integrated biopharmaceutical company established in 1990 and headquartered in Rehovot, Israel. The company’s core mission centers on specialty plasma-derived protein therapeutics: it develops, manufactures, and commercializes therapies derived from human plasma, while also operating a distribution business for additional products. Kamada’s go-to-market approach includes marketing through strategic partners in the United States and via distributor networks internationally.
From a product perspective, Kamada maintains a portfolio of marketed therapies addressing serious and/or rare medical needs. Examples of its proprietary products include KAMRAB/KEDRAB (rabies prevention), CYTOGAM (prevention of cytomegalovirus disease in transplant recipients), WINRHO SDF (immune thrombocytopenic purpura and Rh isoimmunization), HEPAGAM B (hepatitis B recurrence prevention following liver transplantation and post-exposure prophylaxis), and VARIZIG (post-exposure chickenpox prophylaxis). The company also markets GLASSIA for intravenous alpha-1 antitrypsin deficiency (AATD), along with KamRho (D) for prophylaxis of hemolytic disease of the newborn and immune thrombocytopenic purpura, and antiserum products for specific snakebite indications.
In addition to its owned portfolio, Kamada distributes third-party pharmaceutical products spanning immunology, infectious diseases, respiratory conditions, diagnostic/clinical tools, and specialty therapies. This distribution capability broadens revenue streams and helps the company offer a wider range of therapies through its commercial infrastructure.
Financially and operationally, Kamada is positioned as a commercial-stage specialty biopharma with ongoing manufacturing and commercialization activities typical of plasma-derived therapeutic producers. With roughly 393 employees (placing it in the 201–500 range) and trading on the NASDAQ Global Select market, the company relies on scientific, regulatory, supply-chain, and quality-management capabilities to ensure product availability. Its balance sheet metrics and valuation indicators (as reflected in recent market data) suggest an enterprise-value framework consistent with a specialized healthcare manufacturer and marketer.
Key leadership includes CEO Amir London (in office since July 2015). The company’s ongoing strategy emphasizes maintaining and extending its plasma-derived product portfolio, ensuring reliable manufacturing and supply, and leveraging collaborations and partnerships to support global commercialization. Future “wishes” for such a business typically include continued portfolio growth (new indications or additional products), strengthening manufacturing scale and efficiency, and sustaining long-term supply of plasma materials while meeting quality and regulatory requirements across markets.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$180.5M
+12.1%
+21.4%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$20.2M
+39.7%
+124.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+42.3%
-2.6%
-3.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+14.5%
+16.7%
+12.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+11.2%
+24.6%
+84.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$16.9M
-54.1%
+1362.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+9.4%
-59.0%
+1140.2%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
4.3%
+0.8%
-2.5%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
4.07x
+9.1%
+21.8%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Greetings, and welcome to the Kamada Ltd., Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I would now like to turn the conference over to Brian Ritchie, Managing Director of LifeSci Advisors. Please go ahead, sir.
Brian Ritchie: Thank you, operator. This is Brian Ritchie with LifeSci Advisors. Thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer; and Chaime Orlev, Chief Financial Officer. Earlier today, Kamada announced its financial results for the 3 and 6 months ended June 30, 2026. If you have not received this news release, please go to the Investors page of the company's website at www.kamada.com. Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of Kamada. I encourage you to review the company's filings with the Securities and Exchange Commission, including, without limitation, the company's Forms 20-F and 6-K, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Furthermore, the content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, Wednesday, August 12, 2026. Kamada undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call. With that said, it's my pleasure to turn the call over to Amir London, CEO. Amir?
Amir London: Thank you, Brian, and thanks also to our investors and analysts for your interest in Kamada and for participating in today's call. I'm pleased to report that we continue to execute on our strategic multi-year growth plan, delivering record high operational and financial performance during the first half of 2026, with strong double-digit growth in revenues and adjusted EBITDA for both the 6 months and second quarter reporting periods. Before proceeding to the specifics, I'd like to point out that when examining and analyzing the company performance during recent months and without future binary events, it's clear that the company's growth strategy model based on our well-defined 4 growth pillars is working effectively. We are seeing growth and improvement across all financial metrics, including expanded sales and revenues, operational synergies and disciplined management of expenses. enhanced profitability and EBITDA, and a strengthened ability to generate cash from operations. It's important to note that the significant growth we are currently experiencing is driven solely by our existing commercial product portfolio, organic growth. And that once we execute the acquisitions and M&A transactions that are also part of our strategic plan, this growth will accelerate even …
