olivLaw · US equity research
Kamada Ltd. KMDA
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Kamada is a global biopharmaceutical company focused on specialty plasma-derived therapies for rare and serious conditions, with its own product portfolio and a distribution business in Israel. For 2026 it expects revenues of 200-205 million USD, which could confirm growth if the trend seen in 2025 holds.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Kamada Ltd. (KMDA) stock was 7.42 USD (+2.34% on the day), with market capitalisation 428.0 m USD, P/E 21.2 on diluted EPS of 0.35 USD over the last 12 months, dividend yield 2.69%, beta 0.82, 52-week range 6.62–9.31 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.5
- weak (30–45)
- Bollinger (20, 2)
- 7.32 – 8.18
- in the lower half of the band · %B 0.12 · band width 11.1%
- SMA 50 / 200
- 8.13 / 8.01
- mixed trend
- MACD (12, 26, 9)
- -0.17 / -0.12
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.3% | −2.0% | −5.3 pp | — |
| 3 months | +3.3% | −2.2% | +5.5 pp | — |
| 6 months | −10.4% | +4.3% | −14.7 pp | — |
| Year to date | +5.1% | +10.6% | −5.5 pp | — |
| 1 year | +11.2% | +10.5% | +0.8 pp | +16.6% |
| 3 years | +59.2% | +73.7% | −14.4 pp | +16.8% |
| 5 years | +25.8% | +61.7% | −36.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 57 percentile of its own 7-quarter history (min 9.1, median 20.2, max 40.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 114.5 m | 127.2 m | 133.2 m | 103.6 m | 129.3 m | 142.5 m | 161.0 m | 180.5 m |
| Revenue YoY | +11.3% | +11.1% | +4.8% | −22.2% | +24.8% | +10.2% | +12.9% | +12.1% |
| Net income | 22.3 m | 22.3 m | 17.1 m | -2.2 m | -2.3 m | 8.3 m | 14.5 m | 20.2 m |
| Net income YoY | +223.1% | −0.2% | −23.0% | −113.0% | unavailable | unavailable | +74.6% | +39.7% |
| Diluted EPS | 0.55 | 0.55 | 0.38 | -0.05 | -0.05 | 0.15 | 0.25 | 0.35 |
| Diluted EPS YoY | +205.6% | 0.0% | −30.9% | −113.2% | unavailable | unavailable | +66.7% | +40.0% |
| net % | 19.5% | 17.5% | 12.9% | -2.2% | -1.8% | 5.8% | 9.0% | 11.2% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 75.5 m USD
- Financial debt
- 9.9 m USD
- Net debt
- -65.5 m USD
- Equity
- 269.1 m USD
- Total assets
- 378.7 m USD
- Debt / equity
- 0.04x
- Current ratio
- 4.07x
- ROE
- 7.6%
- ROA
- 5.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 133.2 m | 103.6 m | 129.3 m | 142.5 m | 161.0 m | 180.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Cost of revenue | 85.7 m | 73.3 m | 82.6 m | 87.0 m | 91.0 m | 104.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Gross profit | 47.6 m | 30.3 m | 46.7 m | 55.5 m | 70.0 m | 76.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Research & development | 13.6 m | 11.4 m | 13.2 m | 13.9 m | 15.2 m | 13.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Operating income | 19.2 m | -696.0 k | 4.5 m | 10.1 m | 20.1 m | 26.2 m | SEC (XBRL)· 11 Mar 2026verified |
| Depreciation & amortisation | 3.2 m | 1.1 m | 1.0 m | 1.2 m | 1.5 m | 1.6 m | SEC (XBRL)· 11 Mar 2026verified |
| EBITDA | 22.5 m ≈ | 372.0 k ≈ | 5.6 m ≈ | 11.3 m ≈ | 21.5 m ≈ | 27.9 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Interest expense | 266.0 k | 283.0 k | 914.0 k | 1.3 m | 660.0 k | 864.0 k | SEC (XBRL)· 11 Mar 2026verified |
| Pre-tax income | 18.6 m | -1.9 m | -2.3 m | 8.4 m | 13.3 m | 23.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Income tax | 1.4 m | 345.0 k | 62.0 k | 145.0 k | -1.1 m | 3.3 m | SEC (XBRL)· 11 Mar 2026verified |
| Net income | 17.1 m | -2.2 m | -2.3 m | 8.3 m | 14.5 m | 20.2 m | SEC (XBRL)· 11 Mar 2026verified |
| Diluted EPS | 0.38 | -0.05 | -0.05 | 0.15 | 0.25 | 0.35 | SEC (XBRL)· 11 Mar 2026verified |
| Weighted average diluted shares | 44.6 m | 44.9 m | 44.9 m | 53.7 m | 57.8 m | 58.3 m | SEC (XBRL)· 11 Mar 2026verified |
| Dividend per share | — | — | — | — | — | 0.20 | SEC (XBRL)· 11 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 70.2 m | 18.6 m | 34.3 m | 55.6 m | 78.4 m | 75.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Inventories | 42.0 m | 67.4 m | 68.8 m | 88.5 m | 78.8 m | 84.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Current assets | 177.9 m | 130.0 m | 139.0 m | 170.0 m | 184.3 m | 193.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Property, plant & equipment, net | 25.7 m | 26.3 m | 26.2 m | 28.2 m | 36.2 m | 41.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Goodwill | — | — | 147.0 m | 30.3 m | 30.3 m | 30.3 m | SEC (XBRL)· 11 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.5 m | 154.4 m | — | — | — | — | SEC (XBRL)· 15 Mar 2022verified |
| Total assets | 210.7 m | 318.7 m | 322.4 m | 354.9 m | 372.3 m | 378.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Accounts payable | 7.5 m | 7.1 m | 7.6 m | 24.8 m | 27.7 m | 23.2 m | SEC (XBRL)· 11 Mar 2026verified |
| Short-term debt | 238.0 k | 2.6 m | 4.4 m | 15.0 m | 10.2 m | 9.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Long-term debt | 274.0 k | 20.0 m | 17.4 m | — | — | — | SEC (XBRL)· 15 Mar 2023verified |
| Current liabilities | 222.0 k | 54.1 m | 75.7 m | 49.6 m | 49.4 m | 47.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Equity | 178.6 m | 176.8 m | 176.0 m | 244.0 m | 259.5 m | 269.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Shares outstanding at year end | 44.7 m | 44.8 m | 44.8 m | 57.5 m | 57.5 m | 57.7 m | SEC (XBRL)· 11 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 19.1 m | -8.8 m | 28.6 m | 4.3 m | 47.6 m | 25.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Investing cash flow | -13.1 m | -61.1 m | -3.8 m | -5.8 m | -10.7 m | -9.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Financing cash flow | 23.4 m | 18.6 m | -9.3 m | 22.7 m | -13.9 m | -18.3 m | SEC (XBRL)· 11 Mar 2026verified |
| Dividends paid | — | — | — | — | — | 11.5 m | SEC (XBRL)· 11 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 75 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 428.0 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation69
- Returns38
- Quality61
- Balance sheet93
- Growth98
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.63 – 13.65 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA6.77 – 12.02 (Mid 9.05)4 companies used · median multiple 16.4x · quartiles 11.7x – 22.5xBHC, TEVA, VRTX, VTRS
- Peers: P/E4.78 – 13.65 (Mid 7.86)15 companies used · median multiple 22.5x · quartiles 13.7x – 39.0xABBV, ABT, ALNY, ANAB, BMY, JNJ, LLY, PFE, QTTB, REGN, RPRX, TGTX, UTHR, VRTX, ZTS
- Dividend discount (DDM)2.63 – 3.53 (Mid 3.01)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 75/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.4% | 62 (vs peers) | 14% |
| Net margin · Quality | 11.2% | 59 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 11.7% | 98 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -2.4x | 86 (vs peers) | 14% |
| Interest coverage · Balance sheet | 30.4x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 4.1x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 21.2x | 72 (vs peers) | 14% |
| EV/EBITDA · Valuation | 13.0x | 67 (vs peers) | 14% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.7% | 38 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet93/100 · 3/3 factors with a value
- Growth· partial98/100 · 1/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns· partial38/100 · 1/2 factors with a value
- Valuation69/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KAMADA LTD (KMDA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 180.5 m USD in 2025; YoY growth 12.1%; net margin 11.2%; ROE 7.6%; net debt/EBITDA -2.4x.
The estimated value range is 4.78–12.02 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 7.86 USD, the price of 7.42 USD leaves a potential of 5.9% (value / price − 1) and a margin of safety of 5.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 75/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 11.7%
- Net debt / EBITDA: -2.4x
- Interest coverage: 30.4x
- Current ratio: 4.1x
- P/E (TTM): 21.2x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,325.9 bn | 45.7 | 86.1% | 31.9% | +44.7% | +31% / +138% |
| JNJJohnson & Johnson | 640.8 bn | 40.4 | 20.0% | 16.2% | +6.0% | +29% / +72% |
| ONCBeone Medicines Ltd. | 524.7 bn | 817.5 | 14.7% | 10.7% | +40.2% | +4% / +90% |
| ABBVAbbVie Inc. | 505.5 bn | 49.2 | — | 15.7% | +8.6% | +26% / +101% |
| MRKMerck & Co., Inc. | 356.9 bn | 115.6 | 7.0% | 4.8% | +1.3% | +38% / +41% |
| ABTAbbott Laboratories | 190.6 bn | 30.6 | 12.4% | 13.9% | +5.7% | −15% / +5% |
| PFEPfizer Inc | 171.0 bn | 42.7 | 4.4% | 6.3% | −1.6% | +17% / −2% |
| VRTXVertex Pharmaceuticals Inc | 134.6 bn | 34.2 | 20.8% | 30.7% | +8.9% | +22% / +50% |
| BMYBristol-Myers Squibb Company | 126.1 bn | 13.7 | 44.1% | 18.5% | −0.2% | +25% / +25% |
| TEVATeva Pharmaceutical Industries Limited | 48.9 bn | 97.6 | 6.6% | 3.6% | +4.3% | +56% / +327% |
| ZTSZoetis Inc. | 34.3 bn | 13.7 | 64.4% | 27.5% | +2.3% | −35% / −53% |
| ROIVRoivant Sciences Ltd. | 26.0 bn | — | -6.2% | -3,535.0% | −71.6% | +73% / +277% |
| UTHRUnited Therapeutics Corporation | 25.8 bn | 21.5 | 19.3% | 41.6% | +10.6% | +24% / +151% |
| RPRXRoyalty Pharma plc | 25.8 bn | 37.6 | 8.5% | 32.1% | +5.1% | +66% / +145% |
| INSMInsmed Inc | 22.9 bn | — | -72.5% | -39.9% | +66.7% | −50% / +317% |
| VTRSViatris Inc. | 21.7 bn | — | -23.6% | -23.9% | −3.0% | +77% / +106% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.4 bn | 8.1 | 126.6% | 52.8% | +65.2% | −65% / −5% |
| TGTXTg Therapeutics, Inc. | 9.4 bn | 22.5 | 100.3% | 55.2% | +87.3% | +85% / +381% |
| BLRXBioLineRx Ltd | 4.9 bn | — | -12.8% | -171.7% | −95.9% | −46% / −97% |
| BHCBausch Health Companies Inc. | 3.1 bn | — | — | -7.6% | +6.7% | +31% / +17% |
| ANABAnaptysbio, Inc. | 1.4 bn | 11.5 | — | 82.4% | +157.0% | +71% / +404% |
| KURAKura Oncology, Inc. | 677.0 m | — | -167.7% | -384.3% | +25.2% | −37% / −21% |
| DMACDiaMedica Therapeutics Inc. | 580.8 m | — | -114.6% | — | unavailable | +25% / +341% |
| PHATPhathom Pharmaceuticals, Inc. | 461.7 m | — | — | -30.2% | +216.9% | −64% / −19% |
| KMDAKamada Ltd | 428.0 m | 21.2 | 7.6% | 11.2% | +12.1% | +11% / +59% |
1- and 3-year price returns: for KMDA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.71 Total return -34% · Per year -34% | 8.29 Total return 15% · Per year 15% | 12.46 Total return 72% · Per year 72% |
| 3 years | 5.26 Total return -22% · Per year -8% | 10.36 Total return 50% · Per year 14% | 16.98 Total return 142% · Per year 34% |
| 5 years | 5.87 Total return -8% · Per year -2% | 12.93 Total return 93% · Per year 14% | 23.14 Total return 237% · Per year 28% |
- Exit P/E± 2.59
- Net margin± 1.81
- Annual revenue growth± 1.39
- Annual dilution± 0.15
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 11 Mar 2026; since then the company filed 6-K (02 Nov 2026), 6-K (06 Oct 2026), 6-K (05 Oct 2026), 6-K (17 Sept 2026), 6-K (10 Sept 2026), 6-K (03 Sept 2026).
In brief
Kamada is a global biopharmaceutical company focused on specialty plasma-derived therapies for rare and serious conditions, with its own product portfolio and a distribution business in Israel. For 2026 it expects revenues of 200-205 million USD, which could confirm growth if the trend seen in 2025 holds 1.
SWOT
Strengths
- Portfolio of FDA-approved rare-disease therapies with direct presence and partner distribution in more than 30 countries 1.
- Owned manufacturing and plasma collection infrastructure that reduces reliance on external suppliers 1.
- Multi-year minimum purchase commitment from Kedrion for KEDRAB, giving visibility on part of future revenues 1.
Weaknesses
- High concentration on a few products and on royalty income from a single partner, making revenues sensitive to market events 1.
- Heavy dependence on the US market, which accounts for a majority share of revenues 1.
- A history of losses before recent profitability, and significant ongoing capital investment needs in manufacturing 1.
Opportunities
- Biosimilar launches in Israel and distribution expansion into the MENA region could add revenues 1.
- Sales of normal source plasma to other manufacturers could become a new revenue source once the Texas centers are fully operating 1.
- M&A or in-licensing of commercial products aimed at diversifying the portfolio 1.
Threats
- Antivirals and other alternative therapies could reduce demand for existing products, as already seen with CYTOGAM 1.
- Geopolitical and military instability in Israel and the region could affect operations and production 1.
- Supply disruptions or significant increases in source plasma prices could pressure margins 1.
Risks
- Concentration on a few productshigh
A small number of products and royalty income from one partner make up most revenues, so a market problem affecting them could have a significant effect 1.
- Dependence on the US markethigh
A large part of revenue comes from the United States, and changes in reimbursement or regulation could weigh on results 1.
- Plasma supplymedium
A shortage of specialty plasma or rising costs could limit production and profitability 1.
- Regional risksmedium
Political, economic and military instability in Israel could affect operations at the main Beit Kama plant 1.
- Reliance on third parties for distributionlow
Product distribution depends on third-party partners, and a disruption in these relationships could affect revenues 1.
Investment thesis
What would need to be true (bull case)
- If the 2026 guidance is met, the company could show growth in both revenues and adjusted EBITDA compared with the prior year 1.
- If NSP sales and biosimilars develop as planned, new revenue sources could reduce dependence on a few products 1.
- Minimum purchase commitments from Kedrion could give visibility on revenues over the coming years 1.
What would break the thesis
What to watch
- Delivery against 2026 revenue guidance of 200-205 million USD and adjusted EBITDA of 50-53 million USD2026
- FDA approval of the San Antonio collection center and the start of NSP sales2026
- Launch timing of the next biosimilars in Israel and expansion into the MENA region2026
- Results of the SHIELD study on CYTOGAM and the trend in that product's salesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 11 Mar 2026; since then the company filed 6-K (02 Nov 2026), 6-K (06 Oct 2026), 6-K (05 Oct 2026), 6-K (17 Sept 2026), 6-K (10 Sept 2026), 6-K (03 Sept 2026).
The business
Kamada Ltd. is a global biopharmaceutical company with a portfolio of marketed products for rare and serious conditions, particularly specialty plasma-derived therapies 1. Its strategy rests on four pillars: organic growth of its commercial portfolio, distribution of third-party products in Israel and expansion into the MENA region, growth of plasma collection, and pursuit of M&A or in-licensing deals 1. Its principal office is in Rehovot, Israel, and it has been listed on Nasdaq since June 2013 1.
The company manufactures and distributes six FDA-approved therapies, including KEDRAB, GLASSIA, CYTOGAM, WINRHO SDF, VARIZIG and HEPAGAM B, plus KAMRAB and two types of equine anti-snake venom 1. Main production takes place at its cGMP facility in Beit Kama, Israel, supplemented by third-party contract manufacturers 1. Management aims for profitable growth built on an already marketed portfolio and a financial base it describes as strong 1.
Commercial activity runs through two reporting segments: Proprietary Products, covering specialty plasma therapies and normal source plasma (NSP) sales, and Distribution, covering third-party products licensed for the Israeli market 1. An expansion of distribution into the MENA region is planned for 2026 1.
Segments
Proprietary Products
The Proprietary Products segment generated sales of 156.2 million USD in 2025, up from 141.4 million USD in 2024 1. It remains the main engine of the company, with KEDRAB, GLASSIA and CYTOGAM as key products, and the United States is its largest market 1.
Distribution
The Distribution segment reached sales of 24.3 million USD in 2025, up from 19.5 million USD in 2024, driven by the launch of two biosimilars in Israel 1. The company estimates biosimilar revenues could reach 15-20 million USD within the next four to five years 1.
Plasma collection
The company has expanded its collection operations in Texas, with three centers, and sales of normal source plasma could become a new revenue source, with estimates of 8-10 million USD annually per new center once fully operational 1.
Market context
The plasma-derived and immunoglobulin therapy market is described by the company as highly competitive, with pressure from new entrants or new methods of administration 1. The United States is the largest market, but Latin America, Israel and Canada also carry significant weight 1. Demand for KAMRAB in rabies prophylaxis is supported by WHO and CDC estimates of exposure 1.
In the US market, revenues depend on reimbursement and regulatory decisions, and the rise of antivirals such as letermovir and maribavir reduced CYTOGAM sales in 2025 1. If competing therapies extend their market access further, demand for Kamada products could be affected 1.
Trends
- Expansion of plasma collectiontailwind
The company is investing in its own collection centers to reduce reliance on third-party suppliers and to sell normal source plasma to other manufacturers 1. If NSP sales begin in the second half of 2026 as planned, this could diversify revenues 1.
- Biosimilars in Israeltailwind
The phased launch of biosimilars in Israel, at roughly 1-3 products per year, could become a growth driver for the Distribution segment if EMA and IMOH approvals arrive on schedule 1.
- Lower Takeda royalty rateheadwind
The royalty Takeda pays on GLASSIA fell from 12% to 6% starting August 2025, reducing royalty income; the company expects royalties of about 10 million USD in 2026 1.
- Antiviral competition for CYTOGAMmixed
The decline in CYTOGAM sales in 2025 is attributed to greater use of antivirals, and the post-marketing research program could support a recovery in demand 1.
Competitive position
Direct competition comes from other producers of plasma-derived therapies that address the same indications, such as rabies prophylaxis, alpha-1 antitrypsin deficiency and CMV prophylaxis 1. The source does not provide a full list of competitors but stresses that the market is highly competitive 1.
In Israeli distribution the company competes with other distributors that license international products, and in biosimilars progress depends on approvals and the pace of launches 1.
- Takeda PharmaceuticalTAK
Partner that markets GLASSIA in the US and Canada and pays royalties to the company 1.
- Kedrion
Strategic partner that distributes KEDRAB in the United States and is its main purchaser 1.
- CMV antiviral makers
Competing antiviral therapies that have reduced demand for CYTOGAM in the US market 1.
- Other plasma manufacturers
Companies that buy normal source plasma and could become customers for NSP sales 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Daichi Kamada signs new deal with Crystal PalaceThe Japan Times · 09 Jul 2026 · RO
- Goalscorer Kamada credits ex-Palace boss Glasner for his Japan turnaroundThe Japan Times · 16 Jun 2026 · RO
The latest news item in our archive is from 09 Jul 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)06 Oct 2026
- Current report (foreign issuer)05 Oct 2026
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)05 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Kamada Ltd. · 11 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.