Kamada Projects Double-Digit Growth for 2026 Fueled by Plasma Portfolio and Distribution Expansion

Kamada Ltd., a global biopharmaceutical company, anticipates significant financial growth in 2026, with revenue projected between $200 million and $205 million and adjusted EBITDA expected to reach $50 million to $53 million. At the midpoint, these figures represent year-over-year increases of 13% and 23%, respectively, driven entirely by organic growth from the company's proprietary specialty plasma therapies and its distribution segment. This growth is notable as it follows expected 2025 results of $178 million to $182 million in revenue and $40 million to $44 million in adjusted EBITDA, with the company holding approximately $75 million in cash at year-end. Kamada plans to release its full 2025 financial results in early March.

Chief Executive Officer Amir London emphasized the company's strong position entering 2026, attributing anticipated growth to the continued organic expansion of its diverse commercial product portfolio, which is marketed in over 30 countries. London highlighted the company's consistent ability to convert adjusted EBITDA into operational cash as a key strength. Growth in 2026 is expected to be fueled by increased sales in the U.S. market for its specialty plasma-derived therapeutics and higher sales of products like KAMRAB®, GLASSIA®, HEPAGAM®, and VARIZIG® in international markets. The distribution segment is also poised to contribute, particularly through the launch of additional biosimilar products in Israel and expansion into the Middle East and North Africa region, as detailed in the company's forward-looking statements available at https://www.sec.gov.

A significant driver of growth will be the sale of normal source plasma collected at Kamada's three operational centers in Texas. The Houston and San Antonio sites each have an annual collection capacity of approximately 50,000 liters, with an estimated revenue contribution of $8 million to $10 million per site at full capacity. By developing its own plasma collection capabilities through its Kamada Plasma unit, the company reduces dependency on third-party suppliers and positions itself as a supplier to industry peers. This internal capability supports growth even as the company faces reduced royalty payments from Takeda Pharmaceutical Co. Ltd. for GLASSIA in 2026, which London cited as evidence of Kamada's underlying strength.

Beyond organic growth, Kamada is actively pursuing new business development deals and acquisitions to enrich its portfolio and create synergies with existing commercial operations. The company's forward-looking statements, which outline expectations for double-digit revenue growth and specific financial targets, are subject to risks including geopolitical tensions in the Middle East, regulatory challenges, and market conditions. These risks are documented in filings with the U.S. Securities and Exchange Commission. Kamada's strategy reflects a focused approach to capitalizing on demand in the biopharmaceutical market while maintaining financial discipline and operational efficiency.