Kamada Raises 2026 Revenue Guidance to $205–208 Million After Record Growth
Key Facts
On November 9, Kamada raised its 2026 revenue guidance to a range of $205–208 million and adjusted EBITDA guidance to $52–54 million, after reporting record revenue of $152.2 million for the first nine months. That represents an increase of 12% from $135.8 million in the same period of 2025, according to the company’s statement. Kamada estimates that the midpoints of the new guidance ranges reflect annual growth of 14% in revenue and 26% in adjusted EBITDA compared with 2025 results. The higher outlook came with the announcement of results for the third quarter and the nine months ended September 30. The revision puts full-year estimates above the range the company reaffirmed in August.
Third-quarter revenue alone was $52.0 million, up 11% from $47.0 million in the third quarter of 2025. The company said sales growth came mainly from higher U.S. sales of KEDRAB, along with VARIZIG and HEPAGAM, across its diversified product portfolio. Quarterly net income rose to $8.0 million, or $0.14 per diluted share, from $5.3 million, or $0.09 per share, a year earlier, an increase of 51%. Adjusted EBITDA was $15.2 million, up 30% from $11.7 million in the year-earlier quarter. The measure represented 29% of revenue during the quarter, compared with a figure the company did not specify in the available facts for the comparison period.
For the first nine months, net income was $21.4 million, up 29% from $16.6 million in the same period of 2025, while diluted earnings per share reached $0.37. Earnings growth reinforces the expansion reflected in revenue, with cash generated from operating activities rising to about $37.6 million, compared with $17.9 million in the first nine months of the previous year. Meanwhile, cash, cash equivalents and short-term investments totaled $75.3 million on September 30, close to $75.5 million on December 31, 2025. The company said underlying demand for its products, particularly KEDRAB in the U.S. market, as well as VARIZIG and HEPAGAM, continues to expand. That points to a link between third-quarter sales growth and broader demand for treatments across the portfolio.
The new guidance follows Kamada’s reaffirmation in August of a 2026 revenue range of $200–205 million and adjusted EBITDA of $50–53 million. At the time, it estimated that the midpoints of the two ranges represented growth of 12% and 23%, respectively, compared with 2025 results, according to its August 12 announcement. First-half revenue had reached a record $100.2 million, up 13% from $88.8 million in the first half of 2025. Second-quarter revenue was also $54.9 million, up 23% from $44.8 million a year earlier, with the company attributing the increase at the time to KEDRAB in the U.S., VARIZIG and HEPAGAM. In March, the company described its 2026 revenue guidance as reflecting growth of 13% when comparing the midpoint with 2025 results; the November revision then raised the midpoint growth estimate to 14% after the nine-month results were reported.
Alongside product demand, Kamada said it continues to increase plasma collection at its Texas facilities in support of a three-year supply agreement. The company expects the agreement, which covers natural source plasma, to generate about $50 million over its term, with initial commercial sales expected to be recorded in the fourth quarter of 2026. The agreement announcement had said that expected fourth-quarter sales were already included in the current annual guidance. The distribution segment also grew 35% year over year to $24.1 million in the first nine months of 2026. That revenue adds to the growth sources cited by the company, alongside sales of its core therapeutic products.
The company announced a new cash dividend of $0.14 per share, totaling about $8.0 million, as part of fourth-quarter 2026 payments. Before this dividend, it had paid $0.42 per share during the year, totaling about $24.2 million. Looking ahead, Kamada expects double-digit growth in revenue and profitability in 2027 and said detailed guidance for that year will be issued in January 2027. It also expects its biosimilar product portfolio to generate annual revenue of about $10 million in 2028, then $20–25 million by 2030. The company expects to make at least two additional products in this category commercially available during 2027.