Kamada's Record H1 and Plasma Deal Signal a New Growth Chapter

Record revenue and EBITDA, a landmark plasma supply agreement, and a CFO transition mark a pivotal quarter for Kamada.

KMDA · Earnings Call · 2026-08-12

Kamada delivered a standout first half of 2026, with total revenues reaching $100.2 million — a 13% year-over-year increase — and adjusted EBITDA climbing 14% to $25.7 million, representing a 26% margin. The second quarter was the strongest in company history, with revenues up 23% to $54.9 million and net income up 26% to $9.3 million. These results underscore the effectiveness of the company's four-pillar growth strategy, as articulated by CEO Amir London:

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.
Amir London, Chief Executive Officer · 2026-08-12

Management reiterated its 2026 guidance of $200–205 million in revenue and $50–53 million in adjusted EBITDA, confident that the first-half momentum will carry through. The record performance was driven by strong demand for KEDRAB, VARIZIG, and HEPAGAM, as well as sustained growth in the distribution segment, now bolstered by biosimilar launches in Israel and expansion into the MENA region.

Plasma Collection: From Investment to Revenue

The most notable development was the announcement of a 3-year, $50 million supply agreement for normal source plasma, signed in July. This deal validates the company's plasma collection strategy and moves it into a new revenue stream. Amir London noted: “We expect that initial commercial sales under this agreement will be recorded in the fourth quarter of this year.” — Amir London, Chief Executive Officer · 2026-08-12 The two FDA-approved centers in Houston and San Antonio are expected to generate roughly $16–20 million annually, matching the contracted amount, while the Beaumont center focuses on specialty plasma for internal use. This vertical integration is designed to improve gross margins over time, a point reiterated from prior calls when management said the centers would reach full capacity by end-2027/early-2028.

The keyword specialty plasma captures the strategic importance of this initiative, which is unique to Kamada and not a broad-market theme. The company is leveraging its plasma expertise to create a new, recurring revenue stream that also supports its proprietary products.

CFO Transition and M&A Optionality

Amid the positive results, the company announced that CFO Chaime Orlev will leave at the end of the year. While this adds leadership uncertainty, Orlev expressed confidence in the company's financial trajectory, highlighting strong cash generation: “Cash provided by operating activities during the first 6 months of 2026 was approximately $17.8 million compared to $7.5 million during the first 6 months of 2025.” — Chaime Orlev, Chief Financial Officer · 2026-08-12 This cash generation, alongside a $70.1 million cash position, provides ample flexibility for the ongoing M&A search. In prior calls, management expressed optimism about securing a transaction in 2026: “We are progressing in our pursuit of M&As, and we are optimistic that we'll be able to secure such a transaction already in 2026.” — Amir London, Chief Executive Officer · 2026-03-11

Kamada also continues to invest in clinical evidence for CYTOGAM, particularly in kidney transplant recipients through the SHIELD study, aiming to expand utilization beyond current indications. This long-term investment in product lifecycle management is a key differentiator.

What This Means

Kamada's record first half, combined with the new plasma supply agreement, marks a clear inflection point. The company has transitioned from a pure-play plasma-derived product distributor to a vertically integrated player with multiple growth engines. The record high revenue and EBITDA, alongside the cash from operation strength, demonstrate that the organic growth strategy is delivering. While the CFO departure adds a short-term overhang, the company's diversified portfolio and expanding plasma operations provide a solid foundation for sustained double-digit growth. The market should watch for the closing of this strategic chapter as new leadership takes the helm.