Kamada reaffirmed 2026 revenue guidance of $200 million to $205 million in August
Key Facts
Kamada’s results for the nine months ended September 30, 2026, and whether the company raised its annual guidance could not be verified, although the results announcement was scheduled before the U.S. market open on November 9. In August, the company reaffirmed its 2026 revenue range of $200 million to $205 million and adjusted EBITDA guidance of $50 million to $53 million. Those figures therefore remain the latest guidance documented in the available materials and do not establish whether the company revised it in its November announcement. The company had scheduled a call to discuss the results and answer questions the same day at 8:30 a.m. Eastern time. Attention on the pending results is focused on performance in the latest period and how it aligns with the annual guidance reaffirmed in August.
Before the November announcement, Kamada reported first-half 2026 revenue of $100.2 million, up 13% from $88.8 million in the year-earlier period. The company attributed the growth mainly to higher U.S. sales of KEDRAB, along with VARIZIG and HEPAGAM. Net income was $13.4 million, up 18% year over year, while diluted earnings per share were $0.23. Adjusted EBITDA also reached $25.7 million, up 14% from $22.5 million in the first half of 2025. The company said the first half was the strongest in its history, with adjusted EBITDA equal to 26% of revenue.
In the second quarter alone, revenue was $54.9 million, up 23% year over year, while adjusted EBITDA was $14.1 million, up 29% and equal to a margin of 26% of revenue. First-quarter revenue was $45.2 million, up 3% year over year, and adjusted EBITDA was $11.6 million, with a margin of 26%. Kamada said in May that first-quarter results were temporarily affected by a delay in one order shipment, and that the shipment was delivered during April. In the same announcement, the company forecast much stronger performance in the rest of 2026. It also said in January that the midpoint of its 2026 annual guidance reflected expected growth of 13% in revenue and 23% in adjusted EBITDA compared with the midpoint of its 2025 guidance.
Among the operational factors cited by the company was a three-year plasma supply agreement announced in July, which Kamada expected to generate about $50 million over its term. The company said initial commercial sales under the agreement were expected to be recorded in the fourth quarter of 2026, and that those quarter’s sales were already included in current annual guidance. The agreement is based on plasma collected by the company at its two centers in Texas, in Houston and San Antonio. It said planned capacity at each center is about 50,000 liters a year once fully operational. Kamada also said in August that it had 6 FDA-approved plasma-derived specialty products.
On liquidity, cash and cash equivalents and short-term investments totaled $70.1 million on June 30, 2026, compared with $75.5 million on December 31, 2025. The company said it made a cash distribution of $14.4 million during the second quarter. Cash generated from operating activities was $17.8 million in the first half, compared with $7.5 million in the year-earlier period. The nine-month results and details of annual guidance after the November 9 announcement remain unverified in the available information. The company’s announced time for discussing the results with investors was 8:30 a.m. Eastern time on November 9.