Alpha-1 antitrypsin(Kamada Ltd.)

R ecord-High First Half Revenues of $100.2 Million, up 13% Year-over-Year ; Record-High First Half Adjusted EBITDA of $25.7 Million, a 26% margin of Revenues, up 14% Year-over-Year Record-High Second Quarter Revenues of $54.9 Million, up 23% Year-over-Year ; Second Quarter Adjusted EBITDA of $14.1 Million, a 26% margin of Revenues, up 29% Year-over-Year Net Income for the First Half was $13.4 Million, up 18% Year-over-Year ; Second Quarter Net Income of $9.3 Million, up 26% Year-over-Year Company Affirms 2026 Annual Guidance of $200 Million – $205 Million in Revenues and $50 Million – $53 Million of Adjusted EBITDA, Representing Annual Double-Digit Organic Profitable Growth Strong Cash Generated from Operating Activities of $17.8 Million During the First Six Months of 2026, Compared to $7.5 Million During the First Six Months of 2025 Secured a First-Time Strategic Three-Year Sales Agreement of approximately $50 Million to Supply Plasma to a Leading Biopharmaceutical Company Company Remains Focused on Accelerating Growth Through Business Development and M&A Transactions Conference Call and Live Webcast Today at 8:30am ET REHOVOT, Israel and HOBOKEN, N.J., Aug. 12, 2026 (GLOBE NEWSWIRE) -- 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 six months ended June 30, 2026. “We continue to execute on our 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 six-month and second quarter reporting periods,” said Amir London, Kamada’s Chief Executive Officer. “The first half of the year was the strongest in Kamada’s history with revenues of $100.2 million and adjusted EBITDA of $25.7 million, representing notable 26% margin of revenues. The underlying demand for our products, including KEDRAB ® in the U.S. market, as well as VARIZIG ® and HEPAGAM ® , continues to increase significantly. Based on our first half performance, representing approximately 50% of our annual guidance midpoints, we are reiterating our 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA, respectively, representing 12% and 23% growth when comparing 2026 guidance mid-points to 2025 results.” “For the second half of 2026, our focus continues to be on growing sales of our entire commercial portfolio, including our six FDA-approved specialty plasma-derived products. In our Distribution segment, growth is supported by the launch of additional biosimilar products in the Israeli market, as well as the expansion of the Distribution business to the MENA region, which is already ongoing with new distribution agreements being signed. We continue to ramp up plasma collection at our Texas-based facilities in support of our new three-year sale agreement of approximately $50 million. Lastly, securing new business development and M&A opportunities remain a core focus, and we are committed to expanding our current commercial portfolio and accelerating our current annual double-digit organic growth in the years to come,” concluded Mr. London. Financial Highlights for the Three Months Ended June 30, 2026 ezstandalone.cmd.push(function () { ezstandalone.showAds(131); }); Record-high total revenues of $54.9 million for the second quarter of 2026, up 23% compared to $44.8 million in the second quarter of 2025. The increase in revenues was driven by the diversity of the Company’s portfolio, primarily attributable to increased sales of KEDRAB in the U.S. market and VARIZIG and HEPAGAM. Gross profit and gross margins were $22.5 million and 41%, respectively, in the second quarter of 2026, as compared to $18.9 million and 42%, respectively, in the second quarter of 2025. The increase in gross profit is in line with the increase in total revenues. Operating expenses, including R&D, S&M, G&A and other expenses, totaled $13.0 million in the second quarter of 2026, as compared to $11.9 million in the second quarter of 2025. The increase was in support of our increased commercial operations. Net income was $9.3 million, or $0.16 per diluted share, in the second quarter of 2026, up 26% compared to $7.4 million, or $0.13 per diluted share, in the second quarter of 2025. Adjusted EBITDA, as detailed in the tables below, was $14.1 million in the second quarter of 2026, up 29% compared to $10.9 million in the second quarter of 2025. Adjusted EBITDA for the second quarter represents a 26% margin of revenues and is the outcome of our continued profitable commercial growth. Cash provided by operating activities was $18.1 million in the second quarter of 2026, as compared to $8.0 million in the second quarter of 2025. The increase in operating cash flow is indicative of the Company’s ability to convert its increased profitability into cash-flow. Financial Highlights for the Six Months Ended June 30, 2026 Record-high total revenues for the first six months of 2026 were $100.2 million, a 13% increase from $88.8 million generated in the first six months of 2025. The increase in revenues was driven by the diversity of the Company’s portfolio, primarily attributable to increased sales of KEDRAB in the U.S. market and VARIZIG and HEPAGAM. Total revenues for the first six months of 2026 are at approximately 50% of the mid-point of the 2026 annual guidance. Gross profit and gross margins for the first six months of 2026 were $41.6 million and 42%, respectively, compared to $39.7 million and 45%, respectively, in the first six months of 2025. The increase in gross profit is in line with the increase in total revenues. Operating expenses, including R&D, S&M, G&A and other expenses, totaled $25.1 million for the first six months of 2026, as compared to $24.8 million in the first six months of 2025, resulting from the continued disciplined management of our operational expenses while supporting the Company’s expanded commercial operations. Net income for the first six months of 2026 was $13.4 million, or $0.23 per diluted share, up 18% as compared to $11.3 million, or $0.19 per diluted share, in the first six months of 2025. Record-high Adjusted EBITDA, as detailed in the tables below, was $25.7 million in the first six months of 2026, a 14% increase as compared to $22.5 million in the first six months of 2025. Adjusted EBITDA for the first six months of 2026 is at 50% of the mid-point of the 2026 annual guidance. Cash provided by operating activities during the first six months of 2026 was approximately $17.8 million, as compared to $7.5 million during the first six months of 2025. The increase in operating cash flow is indicative of the Company’s ability to convert its increased profitability into cash-flow. Balance Sheet Highlights As of June 30, 2026, Kamada had cash and cash equivalents and short-term investment totaling $70.1 million, as compared to $75.5 million as of December 31, 2025. During the second quarter, the Company executed the $14.4 million dividend payment. Recent Corporate Highlights Announced a three-year sales agreement of approximately $50 million to supply plasma to a leading biopharmaceutical company focused on plasma-derived therapies. Initial commercial sales under the agreement are expected to be recorded in the fourth quarter of 2026. Expected fourth quarter sales from this agreement are included in the Company’s current annual guidance. Announced that results of an Investigator-Initiated Study were presented at the 2026 International Society for Heart and Lung Transplant (ISHLT) . Findings from analyses of CMV high-risk lung transplant recipients suggested CYTOGAM use is associated with improved clinical outcomes, supporting increased CYTOGAM utilization. The study is part of the Company’s comprehensive post-marketing research program aimed at generating key data in support of the benefits of CYTOGAM in the management of cytomegalovirus (CMV) in solid organ transplantation. Announced FDA approval of the Company’s new in-house Rapid Fluorescent Focus Inhibition Test (RFFIT) laboratory. RFFIT is the gold standard neutralizing test used to measure the level of rabies-neutralizing antibodies. Paid cash dividend of $0.25 (approximately NIS 0.77) per share on the Company’s ordinary shares (totaling approximately $14.4 million). The cash dividend was paid on April 7, 2026, to shareholders of record at the close of business on March 23, 2026. Concluded a renewal of the collective bargaining agreement with Histadrut - General Federation of Labor in Israel and the Employees’ Committee of Kamada’s Beit Kama production facility in Israel for a period of four years ending on December 31, 2029. Fiscal 2026 Guidance Kamada is reiterating its 2026 annual financial guidance of total revenues in the range of $200 million to $205 million, and adjusted EBITDA in the range of $50 million to $53 million, representing year-over-year increase of 12% in revenues and 23% in adjusted EBITDA based on mid-point of 2026 annual guidance. Conference Call Details Kamada management will host an investment community conference call on Wednesday, August 12, 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. 13761830. The call will be webcast live on the internet at: . 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) Kamada’s re-affirmation of its 2026 annual financial guidance; 2) expected growth in sales of the Company’s commercial portfolio and Distribution segment; 3) the expected timing and contribution of plasma sales under the Company’s new supply agreement, including revenue contributions to 2026 financial results; 4) the Company’s ability to secure new business development and M&A opportunities; 5) the Company’s expectations regarding long-term double-digit profitable growth; 6) the Company’s ability to convert profitability into cash flows; 7) the Company’s ability to expand its current commercial portfolio; and 8) optimism about increased sales of CYTOGAM based on results of an Investigator-Initiated Study. 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 effect of 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 furnished with the SEC and available at the SEC’s website at . 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 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of As of June 30, December 31, 2026 2025 2025 Unaudited U.S. Dollars in Thousands Assets Current Assets Cash and cash equivalents $ 29,473 $ 65,985 $ 75,469 Short-term investments 40,660 - - Trade receivables, net 36,707 30,501 27,007 Other accounts receivables 5,859 4,704 5,656 Inventories 86,875 82,079 84,943 Total Current Assets 199,574 183,269 193,075 Non-Current Assets Property, plant and equipment, net 43,271 37,894 41,367 Right-of-use assets 8,730 9,250 8,900 Intangible assets, and other long-term assets 93,967 99,640 97,511 Goodwill 30,313 30,313 30,313 Contract assets 7,307 7,807 7,544 Total Non-Current Assets 183,588 184,904 185,635 Total Assets $ 383,162 $ 368,173 $ 378,710 Liabilities Current Liabilities Current maturities of lease liabilities 2,286 1,866 2,121 Current maturities of other long term liabilities 6,031 9,850 9,923 Trade payables 28,351 25,077 23,242 Other accounts payables 12,330 8,804 12,108 Deferred revenues 161 177 - Total Current Liabilities 49,159 45,774 47,394 Non-Current Liabilities Lease liabilities 9,515 9,549 9,440 Contingent consideration 21,327 18,884 20,372 Other long-term liabilities 28,962 32,782 30,113 Deferred taxes 3,820 659 1,651 Employee benefit liabilities, net 821 571 670 Total Non-Current Liabilities 64,445 62,445 62,246 Shareholder’s Equity Ordinary shares 15,081 15,077 15,078 Additional paid in capital net 268,404 268,243 268,283 Capital reserve due to translation to presentation currency (3,490 ) (3,490 ) (3,490 ) Capital reserve from hedges 160 456 177 Capital reserve from share-based payments 7,110 5,226 5,711 Capital reserve from employee benefits 394 374 385 Accumulated deficit (18,101 ) (25,932 ) (17,074 ) Total Shareholder’s Equity 269,558 259,954 269,070 Total Liabilities and Shareholder’s Equity $ 383,162 $ 368,173 $ 378,710 CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Six months period ended Three months period ended Year ended June 30, June 30, December 31, 2026 2025 2026 2025 2025 Unaudited Unaudited U.S. Dollars in Thousands Revenues from proprietary products $ 83,926 $ 78,453 $ 47,699 $ 38,436 $ 156,206 Revenues from distribution 16,235 10,319 7,222 6,318 24,254 Total revenues 100,161 88,772 54,921 44,754 180,460 Cost of revenues from proprietary products 44,806 40,580 26,604 20,842 83,928 Cost of revenues from distribution 13,772 8,514 5,850 4,983 20,125 Total cost of revenues 58,578 49,094 32,454 25,825 104,053 Gross profit 41,583 39,678 22,467 18,929 76,407 Research and development expenses 4,381 7,465 2,200 3,219 12,995 Selling and marketing expenses 9,691 9,068 4,938 4,558 18,455 General and administrative expenses 11,048 8,265 5,819 4,067 18,724 Other expenses - 14 - 14 - Operating income 16,463 14,866 9,510 7,071 26,233 Financial income 859 987 434 453 1,921 Income (expenses) in respect of currency exchange differences and derivatives instruments, net (693 ) (723 ) (432 ) (974 ) (1,171 ) Revaluation of long- term liabilities (490 ) (2,380 ) 1,048 (605 ) (2,652 ) Financial expenses (559 ) (384 ) (371 ) (192 ) (864 ) Income before tax on income 15,580 12,366 10,189 5,753 23,467 Taxes on income (2,186 ) (1,026 ) (927 ) 1,623 (3,269 ) Net Income $ 13,394 $ 11,340 $ 9,262 $ 7,376 $ 20,198 Other Comprehensive Income (loss) : Amounts that will be or that have been reclassified to profit or loss when specific conditions are met Gain on cash flow hedges 784 563 694 677 1,069 Net amounts transferred to the statement of profit or loss for cash flow hedges (801 ) (158 ) (528 ) (104 ) (943 ) Items that will not be reclassified to profit or loss in subsequent periods: Remeasurement gain from defined benefit plan 9 10 20 2 21 Total comprehensive income (loss) $ 13,386 $ 11,755 $ 9,448 $ 7,951 $ 20,345 Earnings per share attributable to equity holders of the Company: Basic net earnings per share $ 0.23 $ 0.20 $ 0.16 $ 0.13 $ 0.35 Diluted net earnings per share $ 0.23 $ 0.19 $ 0.16 $ 0.13 $ 0.35 CONSOLIDATED STATEMENTS OF CASH FLOWS Six months period Ended Three months period Ended Year Ended June 30, June 30, December 31, 2026 2025 2026 2025 2025 Unaudited U.S Dollars In thousands Cash Flows from Operating Activities Net income $ 13,394 $ 11,340 $ 9,262 $ 7,376 $ 20,198 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Adjustments to the profit or loss items: Depreciation and amortization 7,742 7,357 3,891 3,746 14,918 Financial expenses net 883 2,500 (679 ) 1,318 2,766 Cost of share-based payment 1,520 270 720 95 845 Taxes on income 2,186 1,026 927 (1,623 ) 3,269 Gain from sale of property and equipment - (8 ) - - (8 ) Change in employee benefit liabilities, net 165 74 134 58 183 12,496 11,219 4,993 3,594 21,973 Changes in asset and liability items: Increase in trade receivables, net (9,948 ) (8,670 ) (191 ) (2,113 ) (5,407 ) Decrease (increase) in other accounts receivables (697 ) 1,078 (1,985 ) 1,749 (535 ) Increase in inventories (1,932 ) (3,260 ) (1,438 ) (3,721 ) (6,124 ) Decrease in contract asset 237 212 118 118 475 Increase (decrease) in trade payables 3,912 (4,131 ) 5,358 (383 ) (6,870 ) Increase (decrease) in other accounts payables (87 ) (883 ) 1,810 1,161 950 Increase (decrease) in deferred revenues 161 6 94 (28 ) (171 ) (8,354 ) (15,648 ) 3,766 (3,217 ) (17,682 ) Cash received (paid) during the period for: Interest paid (559 ) (384 ) (372 ) (208 ) (864 ) Interest received 859 987 434 453 1,921 Taxes (paid) received (59 ) (6 ) (15 ) 23 (56 ) 241 597 47 268 1,001 Net cash provided by operating activities $ 17,777 $ 7,508 $ 18,068 $ 8,021 $ 25,490 CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) Six months period Ended Three months period Ended Year Ended June 30, June 30, December 31, 2026 2025 2026 2025 2025 Unaudited U.S Dollars In thousands Cash Flows from Investing Activities Purchase of property and equipment and intangible assets (3,080 ) (3,482 ) (2,107 ) (2,014 ) (9,846 ) Investment in short term investments (40,660 ) - (435 ) - - Proceeds from sale of property and equipment - 8 - - 8 Net cash used in investing activities (43,740 ) (3,474 ) (2,542 ) (2,014 ) (9,838 ) Cash Flows from Financing Activities Proceeds from exercise of share base payments 3 49 3 3 50 Repayment of lease liabilities (857 ) (418 ) (468 ) (404 ) (972 ) Repayment of other long-term liabilities (4,577 ) (4,509 ) (4,110 ) (4,184 ) (11,534 ) Dividends Paid (14,421 ) (11,534 ) (14,421 ) (11,534 ) (5,889 ) Net cash used in financing activities (19,852 ) (16,412 ) (18,996 ) (16,119 ) (18,345 ) Exchange differences on balances of cash and cash equivalent (181 ) (72 ) 21 (153 ) (273 ) Decrease in cash and cash equivalents (45,996 ) (12,450 ) (3,449 ) (10,265 ) (2,966 ) Cash and cash equivalents at the beginning of the period 75,469 78,435 32,922 76,250 78,435 Cash and cash equivalents at the end of the period $ 29,473 $ 65,985 $ 29,473 $ 65,985 $ 75,469 Significant non-cash transactions Right-of-use asset recognized with corresponding lease liability $ 685 $ 509 $ 246 $ 157 $ 1,221 Purchase of property and equipment and Intangible assets $ 1,743 $ 1,030 $ 1,743 $ 1,030 $ 2,523 NON-IFRS MEASURES Six months period ended Three months period ended Year ended June 30, June 30, December 31, 2026 2025 202 6 2025 2025 In thousands Net income $ 13,394 $ 11,340 $ 9,262 $ 7,376 $ 20,198 Taxes on income 2,186 1,026 927 (1,623 ) 3,269 Financial expense (income), net 883 2,500 (679 ) 1,318 2,766 Depreciation and amortization expense 7,742 7,357 3,891 3,746 14,924 Non-cash share-based compensation expenses 1,520 270 720 95 845 Adjusted EBITDA $ 25,725 $ 22,493 $ 14,121 $ 10,912 $ 42,002