EQS-News: Kamada Q1 Results: Double-Digit Growth, Company Reiterates Guidance As It Hits Multiple Milestones Including Plasma Business Expansion

By Meg Flippin Benzinga

DETROIT, MICHIGAN - June 11, 2025 (NEWMEDIAWIRE) - Kamada Ltd. (NASDAQ: KMDA) recently reported earnings for the first quarter of 2025, which saw revenue up 17% and Adjusted EBITDA up 54% year-over-year. The results help position Kamada to drive growth organically, as well as through acquisitions and/or in-licensing deals. 

“Results for the first quarter of 2025 were in line with our expectations and consistent with the strong operational and commercial performance we generated over the course of the previous year,” said Amir London, Kamada’s CEO. “We continue to generate profitable growth through the diversity of our portfolio and disciplined management of operational expenses.”

Digging Into The Numbers

For the first quarter, Kamada posted revenue of $44.0 million, up 17% compared to $37.7 million in the year-ago first quarter. The company attributed the growth in revenue to the diversity of its portfolio, with revenue growth coming from GLASSIA® and KAMRAB® in non-U.S. markets, as well as sales of VARIZIG® and royalty income from GLASSIA. GLASSIA is the company’s medicine used for the treatment of adults with emphysema caused by severe genetic Alpha 1 -antitrypsin (AAT) deficiency, while KAMRAB is a human rabies immune globulin (HRIG) that is used as part of standard of care to prevent Rabies disease in people who have been potentially exposed to a rabid animal. VARIZIG was developed for post-exposure prophylaxis of varicella disease in high-risk individuals, including organ transplant patients, pregnant women, and immunocompromised population. Please refer to the bottom of this publication for Selected Important Safety Information for GLASSIA and VARIZIG.

The mix of product sales also drove gross margins higher, with Kamada reporting margins of 47% for the quarter, up from 44% in the year-ago period. Meanwhile, adjusted EBITDA at $11.6 million was up 54% from the $7.5 million reported in the first quarter of 2024. Kamada ended the quarter with $76.3 million in cash. 

Looking out to the remainder of 2025, Kamada reiterated its guidance and said it expects total revenue of between $178 million and $182 million and adjusted EBITDA of $38 million to $42 million. At the midpoint of the range, it would mark a 12% increase in revenue and a 17% increase in adjusted EBITDA.

Milestones Abound In First Quarter 

The first quarter was a busy three months for Kamada as it hit several milestones, including the launch of a new post-marketing research program aimed at generating new data to support the benefits of CYTOGAM®, the company’s Cytomegalovirus Immune Globulin used to prevent cytomegalovirus (CMV) disease in solid organ transplants. 

CYTOGAM is an intravenous immunoglobulin made up of antibodies derived from human plasma that acts in complimentary with an antiviral therapy by working outside the host cell to neutralize CMV at the same time a standard antiviral works inside the host cell. That combination, says the company, is beneficial in fighting CMV, specifically in patients who are at high risk for developing the disease. Please refer to the bottom of this publication for Selected Important Safety Information for CYTOGAM

The research program, developed in collaboration with multiple leading Key Opinion Leaders (KOLs), is directed at advancing CMV disease management through novel strategies focused on late-onset CMV prevention and mitigation of active CMV disease, exploring alternative dosing strategies and even investigating potential new applications of CYTOGAM.  

Plasma Business Expanding 

On the plasma collection front, during the quarter, Kamada announced it was expanding that business by opening a third plasma collection center in San Antonio, Texas. The 11,100-square-foot center, which will have about 50 donor beds and a total collection capacity of about 50,000 liters annually, will be operated by Kamada Plasma, the company’s fully-owned subsidiary. Once at full capacity, the new center is forecast to add $8 million to $10 million in annual revenue to the company. 

Since plasma is the main raw material for its plasma-derived commercial products, by developing its own plasma collection capabilities, Kamada expects to reduce some of the dependency on third-party suppliers and to become a supplier for industry peers. 

As for KAMRAB and VARIZIG, during the quarter, Kamada inked a deal with an international organization to provide both medicines in Latin America. The contract goes through 2027 and is estimated to result in about $25 million in revenue during the three years. Kamada is also advancing its ongoing pivotal phase 3 InnovAATe clinical trial for its inhaled Alpha-1 Antitrypsin therapy to treat AATD patients suffering from emphysema. Enrollment is progressing, and the company says it is on track to conduct an interim futility analysis by the end of 2025.

“We continue to invest in our four strategic growth pillars, consisting of organic commercial growth, business development and M&A transactions, our plasma collection operations, and advancement of our pivotal phase 3 Inhaled AAT program,” said London. “Based on our ongoing business development initiatives, we expect to secure compelling opportunities to enrich our portfolio of marketed products, complement our existing commercial operations and support our continued profitable growth.”

From boosting revenue to inking commercial deals, Kamada is fired up. With the first quarter in the bag and with growth expected for the remainder of the year, Kamada may be worth keeping an eye on.

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This content was originally published on Benzinga. Read further disclosures here.

To learn more about the most significant risks and contraindications, please visit: varizig.com, cytogam.com, and glassialiquid.com. 

This article 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 (among others) statements regarding: 1) expectations that the earnings for the first quarter of 2025 help position Kamada to drive growth organically, as well as through acquisitions and/or in-licensing deals, 2) Kamada’s 2025 guidance of total revenue of between $178 million and $182 million and adjusted EBITDA of $38 million to $42 million; at the midpoint of the range, it would mark a 12% increase in revenue and a 17% increase in adjusted EBITDA, 3) expectations that the post-marketing research program aimed at generating new data to support the benefits of CYTOGAM® will meet its goals, 4) the projections regarding the growth of the global CMV treatment market and the global transplant market, 5) the new plasma collection center in San Antonio will support about 50 donor beds and has planned annual collection capacity of approximately 50,000 liters with expected annual revenues contribution at $8 million to $10 million at full capacity, 6) reducing some of the dependency on third-party suppliers and becoming a supplier for industry peers by developing its own plasma collection capabilities, 7) estimation that total revenue under the deal with an international organization for sales of KAMRAB and VARIZIG in Latin America for 2025-2027 be approximately $25 million, 8) continued progress of the InnovAATe clinical trial and conducting an interim futility analysis by the end of 2025, 9) expectation to continue investing in the Kamada's four strategic growth pillars, consisting of organic commercial growth, business development and M&A transactions, its plasma collection operations, and advancement of its pivotal Phase 3 Inhaled AAT program, and 10) expectation to secure compelling opportunities to enrich Kamada's portfolio of marketed products, complement its existing commercial operations and support its continued profitable growth. 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, effect of potential imposed tariff on overall international trade and specifically on Kamada’s ability to continue maintaining expected sales and profit levels in light of such potential tariff, the effect on establishment and timing of business initiatives, Kamada’s ability to leverage new business opportunities, including M&A and in-license opportunities and integrate it with its existing product portfolio, operational capabilities of Kamada’s plasma centers, 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 or furnished with 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.

Important Safety Information for Cytogam:

Cytogam® is contraindicated in individuals with a history of a prior severe reaction associated with the administration of this or other human immunoglobulin preparations. Persons with selective immunoglobulin A deficiency have the potential for developing antibodies to immunoglobulin A and could have anaphylactic reactions to subsequent administration of blood products that contain immunoglobulin A, including Cytogam.  Minor reactions, such as flushing, chills, muscle cramps, back pain, fever, nausea, vomiting, arthralgia, and wheezing, were the most frequent adverse reactions observed during the clinical trials for Cytogam. Immune Globulin Intravenous (Human) products have been reported to be associated with renal dysfunction, acute renal failure, osmotic nephrosis, and death. Thrombotic events have been reported in association with IGIV. Cytogam® is derived from human plasma. As with all plasma-derived products, the risk of transmission of infectious agents, including viruses and, theoretically, the Creutzfeldt-Jakob disease (CJD) agent, cannot be completely eliminated. Please see full Prescribing Information for full prescribing details. 

Important Safety Information for Varizig:

VARIZIG® contains trace amounts of IgA. Individuals known to have anaphylactic or severe systemic (hypersensitivity) reactions to human immune globulin preparations should not receive VARIZIG®. IgA-deficient patients with antibodies against IgA and a history of hypersensitivity may have an anaphylactoid reaction. Thrombotic events may occur during or following treatment with immune globulin products. Administer VARIZIG® intramuscularly only. In patients who have severe thrombocytopenia or any coagulation disorder that would contraindicate intramuscular injections, only administer VARIZIG® if the expected benefits outweigh the potential risks. Severe hypersensitivity reactions may occur following VARIZIG® administration. In case of hypersensitivity, discontinue administration of VARIZIG® immediately and provide appropriate treatment. Because VARIZIG® is made from human plasma, it may carry a risk of transmitting infectious agents, e.g., viruses, the variant Creutzfeldt-Jakob disease agent, and, theoretically, the Creutzfeldt-Jakob disease agent. The most serious adverse drug reactions observed in clinical trials for all subjects and patients include pyrexia, nausea, and vomiting. The most common adverse drug reactions observed in clinical trials for all subjects and patients were injection site pain, headache, chills, fatigue, rash, and nausea. Please see full Prescribing Information for complete prescribing details. 

Important Safety Information for Glassia:

GLASSIA can cause severe allergic reactions including hives, swelling in the mouth or throat, itching, tightness in the chest, trouble breathing, wheezing, faintness or low blood pressure. If you will be taking GLASSIA outside a healthcare setting, ask your healthcare provider (HCP) about an epinephrine pen and/or other supportive care for certain severe allergic reactions. Do not use GLASSIA if you have immunoglobulin A (IgA) deficiency with antibodies to IgA or have a severe allergic reaction to human Alpha1-PI products. If any of the following problems occur contact your healthcare provider (HCP) or call emergency services right away: (1) Worsening or flare-up of your chronic obstructive pulmonary disease (COPD) or (2) Hives, swelling in the mouth or throat, itching, chest tightness, trouble breathing, wheezing, fainting or dizziness. These could be signs of a serious allergic reaction. For additional safety information, click for Information For Patients including Instructions For Use and discuss with your HCP.

To report SUSPECTED ADVERSE REACTIONS, contact Kamada at pharmacovigilance@kamada.com or 1-(866)-916-0077 or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

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