Key Highlights

  • KMDA reported record second-quarter 2026 Revenue of $54.9 million, up 23 percent year over year and beating the $50.8 million estimate by 8.03 percent.
  • Adjusted EPS of $0.16 beat the $0.12 estimate by 33.33 percent, while adjusted EBITDA rose 14 percent to $25.7 million for the first half.
  • First-half revenue reached a record $100.2 million, up 13 percent year over year, representing approximately 50 percent of the company's full-year guidance midpoint.
  • The company reiterated full-year 2026 guidance of $200 million to $205 million in revenue and $50 million to $53 million in adjusted EBITDA.

Organic Growth Across Commercial Portfolio Drives Record Results

Kamada Ltd (NASDAQ:KMDA) reported second-quarter revenue of $54.9 million, the highest quarterly figure in the company's history, driven primarily by increased sales of its anti-rabies immunoglobulin KEDRAB in the United States, along with growth in VARIZIG and HEPAGAM. First-half revenue of $100.2 million was roughly equivalent to the company's full-year revenue five years earlier, a comparison management pointed to as evidence of the business's growth trajectory. Net Income for the quarter rose 26 percent to $9.3 million.

Management emphasized that the growth was generated entirely through the company's existing commercial portfolio rather than acquisitions, and that pending Business development transactions could accelerate growth further once completed. Because the company has not yet identified specific M&A targets, the timing and scale of any such acceleration remains uncertain.

Plasma Supply Agreement and Distribution Expansion Support Guidance

In July, Kamada signed a three-year, $50 million agreement to supply normal source plasma to a biopharmaceutical company, with initial commercial sales expected in the fourth quarter of 2026 and already incorporated into full-year guidance. Management said the agreement validates the company's Investment in its Texas-based plasma collection centers and its broader vertical integration strategy, with each of the two commercial centers expected to contribute between $8 million and $10 million in annual revenue.

The company's distribution segment continues to expand through the launch of additional biosimilar products in Israel, with two more expected this quarter, and new distribution agreements in the Middle East and North Africa region. Kamada expects biosimilar annual sales to reach between $15 million and $20 million within the next few years, though this growth depends on continued regulatory approvals and successful market launches across multiple jurisdictions.

CFO Transition Announced Alongside Results

Alongside its Earnings release, Kamada announced that Chief Financial Officer Chaime Orlev will depart at the end of the year after nine years with the company, with a search for a successor underway and Orlev providing transitional support. Gross Margin declined modestly in the quarter, which management attributed to shifting product and market mix rather than any underlying deterioration, noting that adjusted EBITDA margin was maintained at 26 percent of revenue. Cash and short-term investments totaled $70.1 million at quarter-end, even after a $14.4 million Dividend payment during the period.

Conclusion

Kamada's first-half performance keeps the company on track toward its reiterated full-year guidance, with management expressing confidence that double-digit organic growth can continue into 2027 as plasma collection capacity ramps and new biosimilar products launch. The upcoming CFO transition and the company's continued reliance on organic growth rather than completed acquisitions represent the main areas investors may watch closely in coming quarters, alongside execution on the newly signed plasma supply agreement.