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KMDA

KamadaC
Nasdaq / Pharmaceuticals, Biotechnology & Life Sciences
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2026-06-02
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2026-05-14
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Earnings documents stored for KMDA.

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Investor releaseQuarter not tagged2026-05-14

Kamada Q1 Earnings Call Highlights

MarketBeat

Interested in Kamada Ltd.? Here are five stocks we like better. Kamada reaffirmed its full-year 2026 outlook for revenue of $200 million to $205 million and adjusted EBITDA of $50 million to $53 million, saying first-quarter results were broadly in line with expectations aside from a temporary shipment delay that pushed about $2.4 million of revenue into April. Q1 revenue was $42.5 million, down slightly from $44 million a year ago, while net income held steady at $4.1 million and adjusted EBITDA was unchanged at $11.6 million. Lower gross margin and lower operating expenses reflected a mix shift and reduced R&D spending after ending the InnovAATe trial. Management highlighted growth drivers including KEDRAB, GLASSIA, CYTOGAM, VARIZIG, expanding biosimilar and MENA distribution businesses, and new plasma collection centers. Kamada also said it is pursuing M&A while remaining focused on organic growth and long-term profitable expansion. Kamada (NASDAQ:KMDA) reiterated its full-year 2026 outlook after reporting first-quarter results that management said were in line with expectations, excluding a temporary shipment delay that shifted revenue into April. Chief Executive Officer Amir London said demand across the company’s product portfolio continues to support expectations for stronger results over the remainder of the year. Kamada maintained its 2026 guidance for revenue of $200 million to $205 million and adjusted EBITDA of $50 million to $53 million. London said the midpoint of that outlook represents 12% revenue growth and 23% adjusted EBITDA growth compared with 2025 results. → Rocket Lab Just Hit a New All-Time High—Time to Buy or Let It Breathe? “Importantly, this 2026 annual guidance is based currently solely on organic growth,” London said. Chief Financial Officer Chaime Orlev said first-quarter revenue was $42.5 million, compared with $44 million in the prior-year period. He said year-over-year revenue performance was primarily driven by increased sales of KEDRAB, Kamada’s anti-rabies immunoglobulin, and higher sales in the company’s distribution segment. → MercadoLibre Boldly Invests in Growth: Discount Deepens Gross profit was $19.1 million, with gross margin of 42%, compared with gross profit of $20.7 million and gross margin of 47% in the first quarter of 2025. Orlev said the lower gross margin reflected product and market sales mix. Operating exp...

Investor releaseQuarter not tagged2026-05-14

Kamada Ltd (KMDA) Q1 2026 Earnings Call Highlights: Strategic Growth Amid Shipment Delays

GuruFocus.com

This article first appeared on GuruFocus. Total Revenue: $42.5 million for Q1 2026, a 3% increase from $44 million in Q1 2025. Gross Profit: $19.1 million in Q1 2026. Gross Margin: 42% in Q1 2026, compared to 47% in Q1 2025. Operating Expenses: $12.1 million in Q1 2026, down from $13 million in Q1 2025. Net Income: $4.1 million or $0.07 per diluted share in Q1 2026, up 4% from $4 million or $0.07 per diluted share in Q1 2025. Adjusted EBITDA: $11.6 million in Q1 2026, equivalent to Q1 2025. Cash and Cash Equivalents: $73.1 million as of March 31, 2026. Dividend Declared: $0.25 per share, totaling approximately $14.4 million, paid on April 7, 2026. Warning! GuruFocus has detected 3 Warning Signs with ALT. Is KMDA fairly valued? Test your thesis with our free DCF calculator. Release Date: May 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Kamada Ltd (NASDAQ:KMDA) reported first quarter revenues and adjusted EBITDA in line with expectations, despite a temporary shipment delay. The company reiterated its 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA, indicating strong growth prospects. Kamada Ltd (NASDAQ:KMDA) is expanding its commercial product portfolio, including six FDA-approved specialty plasma-derived products, supporting organic growth in the U.S. and international markets. The company is launching additional biosimilar products in the Israeli market and expanding its distribution business to the MENA region. Kamada Ltd (NASDAQ:KMDA) received FDA approval for its plasma collection center in San Antonio, Texas, and plans to initiate normal-source plasma sales in the second half of the year. A temporary shipment delay affected first quarter financial results, although the order was delivered in April. Gross margins decreased from 47% in Q1 2025 to 42% in Q1 2026, impacted by product and market sales mix. Operating expenses, including R&D, sales and marketing, and G&A, totaled $12.1 million, reflecting increased investments in commercial growth. Cash and cash equivalents decreased to $73.1 million as of March 31, 2026, from $75.5 million at the end of 2024. The plasma collection centers in Houston and San Antonio are not expected to reach full capacity until the end of 2027 or early 2028. Q: Could you give more color on the reve...

Investor releaseQuarter not tagged2026-05-14

Kamada Ltd. Q1 2026 Earnings Call Summary

Moby

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance in Q1 was impacted by a $2.4 million temporary shipment delay of a single order due to Middle East flight limitations, though the order was fulfilled in April. Management attributes confidence in 2026 guidance to increasing underlying demand for the core specialty plasma portfolio, particularly KEDRAB and VARIZIG. The company is pursuing a vertical integration strategy by ramping up three plasma centers to reduce specialty plasma costs and generate new revenue from normal source plasma sales. Strategic positioning for CYTOGAM is being reinforced through a post-marketing research program designed to provide clinical data that justifies its use alongside antivirals. The distribution segment is expanding beyond Israel into the MENA region, utilizing a full-service model from registration to commercialization to attract international partners. Growth in the GLASSIA franchise is driven by identifying and diagnosing new patients in highly misdiagnosed international markets like Argentina, Russia, and Switzerland. Reiterated 2026 revenue guidance of $200 million to $205 million and adjusted EBITDA of $50 million to $53 million, based currently on organic growth only. Normal source plasma sales from the San Antonio and Houston centers are expected to commence in the second half of 2026 following recent FDA approval. The biosimilar portfolio is projected to reach annual sales of $15 million to $20 million within the next 4 to 5 years as more products enter the Israeli market. Management is actively evaluating M&A and business development opportunities to secure near-term transactions that complement existing commercial operations. Plasma collection centers are expected to reach full planned capacity by late 2027 or early 2028. Gross margin compression to 42% in Q1 was primarily a result of shifts in product and market sales mix. Operating expenses were mitigated by reduced R&D spending following the termination of the Phase III InnovAATe clinical trial. A dividend policy was established to distribute at least 50% of annual net income, reflecting management's confidence in liquidity and future cash flow. Geopolitical factors in the Middle East were cited as a specific risk to logistics and shipment timelin...

Investor releaseQuarter not tagged2026-05-14

Kamada (KMDA) Q1 2026 Earnings Transcript

Motley Fool

Image source: The Motley Fool. Wednesday, May 13, 2026 at 8:30 a.m. ET Chief Executive Officer — Amir London Chief Financial Officer — Chaime Orlev Operator — [Not named, but included for material role in Q&A facilitation] Amir London: Thank you, Brian. Thanks also to our investors and analysts for your interest in Kamada and for participating in today's call. I'm pleased to report that our operational and financial performance in 2026 is off to a solid start. First quarter revenues and adjusted EBITDA were in line with our expectations. Importantly, while a temporary shipment delay of a single order, which was already delivered in April, affected our first quarter financial results, the underlying demand for our products continues to increase, supporting our confidence for significantly stronger results over the remainder of 2026. As such, we are reiterating our 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA, respectively, representing 12% and 23% growth percentage when comparing 2026 guidance midpoint to 2025 results. Importantly, this 2026 annual guidance is based currently solely on organic growth. We're excited about the growth prospects of our business over both the near and longer term. Our strategy is focused on the expansion of our entire commercial product portfolio, including continued investment in the commercialization and life cycle management of our 6 FDA-approved specialty plasma-derived products, supporting organic commercial growth in the U.S. as well as in ex U.S. markets. As part of our commercial growth, we also anticipate growing our distribution segment through the launch of additional biosimilar products in the Israeli market as well as the expansion of the distribution business to the MENA region. We further expect to continue ramping up the plasma collection in our three plasma centers, aiming to strengthen our vertical integration, reduce specialty plasma costs and increase revenues through sales of normal source plasma. Lastly, we are focused on securing new business development and M&A transactions, which will enrich our current portfolio of marketed products and generate synergies with our existing commercial operation. I will now expand on each of these strategic growth pillars. Our lead product continues to be our anti-rabies immunoglobulin, KEDRAB, which is b...

Investor releaseQuarter not tagged2026-05-13

Kamada: Q1 Earnings Snapshot

Associated Press

REHOVOT, Israel (AP) — REHOVOT, Israel (AP) — Kamada Ltd. (KMDA) on Wednesday reported first-quarter net income of $4.1 million. On a per-share basis, the Rehovot, Israel-based company said it had profit of 7 cents. The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share. The biopharmaceutical posted revenue of $45.2 million in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $46.5 million. Kamada expects full-year revenue in the range of $200 million to $205 million. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KMDA at https://www.zacks.com/ap/KMDA

Investor releaseQuarter not tagged2026-05-13

Earnings Scheduled For May 13, 2026

Benzinga

• Similarweb (NYSE:SMWB) is estimated to report quarterly earnings at $0.01 per share on revenue of $72.97 million. • Dominari Holdings (NASDAQ:DOMH) is projected to report earnings for its first quarter. • CTW Cayman (NASDAQ:CTW) is projected to report earnings for its first quarter. • Milestone Pharmaceuticals (NASDAQ:MIST) is projected to report quarterly earnings at $0.14 per share on revenue of $45.13 million. • Paysafe (NYSE:PSFE) is expected to report quarterly earnings at $0.35 per share on revenue of $424.33 million. • Caesarstone (NASDAQ:CSTE) is projected to report quarterly loss at $0.35 per share on revenue of $97.80 million. • Buda Juice (AMEX:BUDA) is expected to report quarterly earnings at $0.03 per share on revenue of $3.20 million. • Kamada (NASDAQ:KMDA) is expected to report quarterly earnings at $0.12 per share on revenue of $124.20 million. • Kornit Digital (NASDAQ:KRNT) is likely to report quarterly loss at $0.04 per share on revenue of $46.67 million. • Beasley Broadcast Group (NASDAQ:BBGI) is estimated to report earnings for its first quarter. • Xtant Medical Holdings (AMEX:XTNT) is expected to report quarterly loss at $0.02 per share on revenue of $19.79 million. • PDS Biotechnology (NASDAQ:PDSB) is projected to report earnings for its first quarter. • Humacyte (NASDAQ:HUMA) is likely to report quarterly loss at $0.11 per share on revenue of $1.42 million. • Hyatt Hotels (NYSE:H) is likely to report quarterly earnings at $0.63 per share on revenue of $2.33 billion. • Protalix BioTherapeutics (AMEX:PLX) is likely to report quarterly loss at $0.01 per share on revenue of $11.47 million. • Eos Energy Enterprises (NASDAQ:EOSE) is likely to report quarterly loss at $0.24 per share on revenue of $56.41 million. • Riskified (NYSE:RSKD) is likely to report quarterly earnings at $0.02 per share on revenue of $87.64 million. • Aprea Therapeutics (NASDAQ:APRE) is estimated to report earnings for its first quarter. • Immunic (NASDAQ:IMUX) is estimated to report earnings for its first quarter. • Valens Semiconductor (NYSE:VLN) is likely to report quarterly loss at $0.07 per share on revenue of $16.47 million. • DarioHealth (NASDAQ:DRIO) is projected to report quarterly loss at $0.90 per share on revenue of $5.48 million. • Compass Pathways (NASDAQ:CMPS) is likely to report earnings for its first quarter. • Zenas BioPharma (NASDAQ:ZBIO) is expect...

Investor releaseQuarter not tagged2026-05-13

Kamada (KMDA) Misses Q1 Earnings and Revenue Estimates

Zacks

Kamada (KMDA) came out with quarterly earnings of $0.07 per share, missing the Zacks Consensus Estimate of $0.12 per share. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -40.02%. A quarter ago, it was expected that this biopharmaceutical would post earnings of $0.09 per share when it actually produced earnings of $0.06, delivering a surprise of -33.33%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Kamada, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $45.24 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 2.63%. This compares to year-ago revenues of $44.02 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Kamada shares have added about 19.4% since the beginning of the year versus the S&P 500's gain of 8.1%. While Kamada has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Kamada was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks h...

Investor releaseQuarter not tagged2026-05-13

Kamada Q1 2026 Earnings Call: Complete Transcript

Benzinga

On Wednesday, Kamada (NASDAQ:KMDA) discussed first-quarter financial results during its earnings call. The full transcript is provided below. This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/. View the webcast at https://viavid.webcasts.com/starthere.jsp?ei=1760803&tp_key=7219e3b56c Kamada reported first-quarter revenues and adjusted EBITDA in line with expectations, despite a temporary shipment delay, and reiterated its 2026 guidance of $200-$205 million in revenues and $50-$53 million in adjusted EBITDA. The company's strategic focus includes expanding its commercial product portfolio, particularly in FDA-approved specialty plasma-derived products, and enhancing its distribution segment with biosimilars in Israel and the MENA region. Operational highlights include FDA approval for a plasma collection center in Texas, plans to launch additional biosimilar products, and ongoing post-marketing research for Cytogam to increase product utilization. Management emphasized strong market demand for key products like Kedrab and Varizig, and noted efforts to secure new business development and M&A opportunities to enhance its portfolio. The company reported a slight increase in net income to $4.1 million and maintained a strong cash position of $73.1 million, while planning continued investments in growth and shareholder dividends. OPERATOR Greetings and welcome to the Kamada Ltd first quarter 2026 earnings conference call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. Should anyone require operator assistance during the conference, please press Star 0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Ritchie of LifeSci Advisors. Thank you. You may begin. Brian Ritchie (Host) Thank you, Operator. This is Brian Ritchie with Life Sci Advisors. Thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer and Jaime Orlev, Chief Financial Officer. Earlier today, Kamada announced his financial results for the three months ended March 31, 2026. If you have not received this news release, please go to the Investors page of the company's [email protected]. before we begin, I would l...

Investor releaseQuarter not tagged2026-05-13

Kamada Reports First Quarter 2026 Financial Results and Affirms 2026 Annual Guidance; Expecting Significantly Stronger Remainder of the Year

GlobeNewswire

Q1-2026 Revenue of $45.2 Million, up 3% Year-over-Year; Adjusted EBITDA of $11.6 Million, representing a Robust 26% Margin of Revenues; Net Income of $4.1 Million, up 4% Year-over-Year Underlying Demand for the Company’s Products Continues to Increase, Supporting the Company’s Expectation for a Significantly Stronger Remainder of 2026 Company Affirms 2026 Annual Guidance of $200 Million – $205 Million in Revenues and $50 Million – $53 Million of Adjusted EBITDA, Representing Annual Double-Digit Organic Profitable Growth Q1-2026 Results Impacted by Temporary Shipment Delay of a Single Order, Subsequently Delivered during April Company Continues to Evaluate Near-Term Business Development and M&A Transactions to Further Enhance Long-Term Profitable Growth Conference Call and Live Webcast Today at 8:30am ET REHOVOT, Israel, and HOBOKEN, N.J., May 13, 2026 (GLOBE NEWSWIRE) -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field, today announced financial results for the three months ended March 31, 2026. “Our operational and financial performance in 2026 is off to a solid start, with first quarter revenues and adjusted EBITDA in line with our expectations,” said Amir London, Kamada’s Chief Executive Officer. “Total revenues for the first quarter were $45.2 million, an increase of approximately 3% year-over-year, and adjusted EBITDA was $11.6 million, representing a robust 26% margin of revenue. Net income for the quarter was $4.1 million, up 4% year-over-year. While temporary shipment delay of a single order, subsequently delivered during April, affected first quarter financial results, importantly, the underlying demand of our products, including for KEDRAB® in the U.S. market as well as KAMRAB® and VARIZIG® in ex-U.S. markets, continues to increase, supporting our confidence for a significantly stronger remainder of 2026. We are reiterating our 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA, respectively, representing 12% and 23% growth when comparing 2026 guidance mid-points to 2025 results.” “In 2026, our focus remains on the expansion of our entire commercial product portfolio, including our six FDA-approved specialty plasma-der...

Investor releaseQuarter not tagged2026-05-13

Kamada (KMDA) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates

Zacks

Kamada (KMDA) reported $45.24 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 2.8%. EPS of $0.07 for the same period compares to $0.07 a year ago. The reported revenue represents a surprise of -2.63% over the Zacks Consensus Estimate of $46.46 million. With the consensus EPS estimate being $0.12, the EPS surprise was -40.02%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Kamada performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenues- Distribution: $9.01 million compared to the $4.91 million average estimate based on three analysts. The reported number represents a change of +125.3% year over year. Revenues- Proprietary products: $36.23 million versus the three-analyst average estimate of $41.55 million. The reported number represents a year-over-year change of -9.5%. Gross Profit- Distribution: $1.09 million versus $0.56 million estimated by three analysts on average. Gross Profit- Proprietary products: $18.03 million versus the three-analyst average estimate of $20.26 million. View all Key Company Metrics for Kamada here>>> Shares of Kamada have returned +0.1% over the past month versus the Zacks S&P 500 composite's +8.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kamada Ltd. (KMDA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

TranscriptFY2026 Q12026-05-13

FY2026 Q1 earnings call transcript

Earnings source - 44 paragraphs
Operator

Greetings, and welcome to the Kamada Ltd. first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. Should anyone require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Ritchie of LifeSci Advisors. Thank you. You may begin.

Brian Ritchie

Thank you, operator. This is Brian Ritchie with LifeSci Advisors. Thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer, and Chaime Orlev, Chief Financial Officer. Earlier today, Kamada announced its financial results for the three months ended 31st March 2026. If you have not received this news release, please go to the investor's page of the company's website at www.kamada.com. Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of Kamada.

Brian Ritchie

I encourage you to review the company's filings with the Securities and Exchange Commission, including, without limitation, the company's Forms 20-F and 6-K, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Furthermore, the content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, Wednesday, 13th May 2026. Kamada undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call. With that said, it is my pleasure to turn the call over to Amir London, CEO. Amir?

Amir London

Thank you, Brian. Thanks also to our investors and analysts for your interest in Kamada and for participating in today's call. I'm pleased to report that operational and financial performance in 2026 is off to a solid start. First quarter revenues and adjusted EBITDA were in line with our expectations. Importantly, while a temporary shipment delay of a single order, which was already delivered in April, affected our first quarter financial results, the underlying demand for our product continues to increase, supporting our confidence for significantly stronger results over the remainder of 2026. As such, we are reiterating our 2026 annual guidance of $200 million-$205 million in revenues and $50 million-$53 million of adjusted EBITDA, respectively, representing 12% and 23% growth when comparing 2026 guidance midpoints to 2025 results.

Amir London

Importantly, this 2026 annual guidance is based currently solely on organic growth. We're excited about the growth prospect of our business over both the near and longer term. Our strategies focus on the expansion of our entire commercial product portfolio, including continued investment in the commercialization and lifecycle management over six FDA-approved specialty plasma-derived products, supporting organic commercial growth in the U.S. as well as in ex-U.S. markets. As part of our commercial growth, we also anticipate growing our distribution segment through the launch of additional biosimilar products in the Israeli market, as well as expansion of the distribution business to the MENA region. We further expect to continue ramping up the plasma collection in our three plasma centers, aiming to strengthen our vertical integration, reduce specialty plasma costs, and increase revenues through sales of normal source plasma.

Amir London

Lastly, we are focused on securing new business development and M&A transactions, which will enrich our current portfolio of marketed products and generate synergies with our existing commercial operation. I will now expand on each of these strategic growth pillars. Our lead product continues to be our anti-rabies immunoglobulin KEDRAB, which is being distributed in the U.S. through our collaboration with Kedrion. End-user utilization of the product in the U.S. is continuing to increase significantly, and our product supply to Kedrion is expected to increase beyond Kedrion's firm minimum commitment of $90 million sales in 2026 through 2027. As a reminder, our current supply agreement with Kedrion runs through 2031. In addition to our significant market share in the U.S., we continue to grow sales of KamRAB in leading international markets such as Canada, Latin America countries, Australia, and Israel.

Amir London

GLASSIA represents our second leading franchise with revenue contribution driven by our growing product sales in ex-U.S. markets and royalty income generated from sale of the product by Takeda in the U.S. and Canada. By working diligently with our distributors in key markets such as Argentina, Russia, and Switzerland, as well as directly in the Israeli market, we are growing our patient base and revenues while continuing to identify and diagnose new patients suffering from AAT deficiency, which is a chronic, highly misdiagnosed disease. We are also continuing to explore opportunities for additional international markets where GLASSIA could be registered and launched. Moving on to our anti-CMV immunoglobulin, CYTOGAM. Last year, we announced the initiation of a comprehensive post-marketing research program for CYTOGAM, which we believe will help demonstrate the advantages of the product in the prevention and management of CMV disease.

Amir London

We developed this program in collaboration with leading key opinion leaders to explore advancement of novel CMV disease management. I'd like to take this opportunity and talk about two of those investigator-initiated studies. The first study, patients continue to be enrolled into the study titled Strategic Help with Immunoglobulin to Enhance Protection against Late Disease CMV, or the SHIELD study. The SHIELD study investigates the benefits of CYTOGAM administered at the conclusion of the antiviral prophylaxis to reduce the risk of clinically significant late CMV in kidney transplant recipients who are CMV seronegative and have a CMV seropositive donor. These patients are at the highest risk of developing late-onset CMV infection, which is associated with worse transplant recipient health and outcomes.

Amir London

The second study I'm going to talk support the data which was recently presented by Dr. Daniel Calabrese, MD, staff physician at the San Francisco VA Health Care System and Assistant Professor of Medicine at the UCSF Lung Transplant Programs. It was presented at the 2026 International Society for Heart and Lung Transplantation, the ISHLT, annual meeting in Toronto, Canada. In his presentation, Dr. Calabrese reported data suggesting that CMV may be associated with worse lung transplant outcomes, not only through viral replication, but also through immune activation. That the CMV immunoglobulin, the CMV-IVIG, is associated with immune modulation of this response rather than effects on CMV viremia alone.

Amir London

Dr. Daniel Calabrese further reported that in a retrospective analysis of CMV high-risk lung transplant recipients, patients who did not receive the CMV-IVIG prophylaxis experienced worse clinical outcomes compared with those who did receive the CMV-IVIG prophylaxis and other CMV serotype groups, highlighting the clinical relevance of the high-risk population and the potential role of CMV-IVIG as a targeted intervention. We believe that the data generated by these studies and other studies planned in this program will support increased product utilization for CYTOGAM. Moving on to VARIZIG, our anti-varicella zoster immunoglobulin, indicated for post-exposure prophylaxis in high-risk individuals. We are experiencing strong market demand for the product, mainly Latin America and in the U.S. market, resulting from our product awareness activities and the increase in number of chickenpox outbreaks.

Amir London

As for the distribution sector, as part of our activities to advance organic growth, we will be launching, soon in Israel, two additional biosimilars by the end of the second quarter and the beginning of the third quarter. We have several others in the pipeline to be launched in the coming years. We believe this portfolio will become an increasingly important portion of our distribution business with biosimilars annual sales of between $15 million-$20 million within the next four to five years. We are also continuing to advance expansion of our distribution activity to the MENA region. We have recently entered into several distribution arrangements and initiated activities to register the underlying product with local authorities. We continue to engage in discussion with several additional international companies, offering them full service from registration to commercialization. Moving on to Kamada Plasma.

Amir London

In March, we announced FDA approval of our state-of-the-art plasma collection center in San Antonio, Texas. The center is now cleared to commence commercial sales of normal source plasma. With the FDA approval of this center in hand, we plan to seek subsequent inspection and approval by the European Medicines Agency of both the Houston and the San Antonio centers. As a reminder, each of the Houston and San Antonio facilities are expected to generate annual revenues of between $8 million-$10 million in sales of normal source plasma at full capacity. We expect to initiate normal source plasma sales during the second half of this year. Moving on to business development and M&As.

Amir London

As previously discussed, we continue to evaluate such opportunities, and we're hopeful that this will be able to secure compelling transactions in the near term, which will enrich our portfolio of marketed products and complement our existing commercial operation. We plan that such transaction will generate synergies with our current commercial portfolio and support our long-term profitable growth. With that, I now turn the call over to Chaime for a detailed discussion of our Q1 2026 financial results. Chaime, please go ahead.

Chaime Orlev

Thank you, Amir. As Amir stated at the top of the call, results for the first quarter of 2026 were solid and in line with our expectations, exclusive the temporary shipment delay of a single order, which was already delivered during April. Total revenues for the first quarter were $42.5 million, a 3% increase from $44 million in the prior year period. The increase in revenues year-over-year was primarily driven by increased sales of KEDRAB, as well as increased sales in our distribution segment. Gross profit and gross margins were $19.1 million and 42% in the first quarter of 2026, compared to $20.7 million and 47% in the first quarter of 2025. The reduction in gross margin during the first quarter was affected by products and market sales mix.

Chaime Orlev

Operating expenses, including R&D, sales and marketing and G&A and other expenses, totaled $12.1 million in the first quarter of the year compared to $13 million in the first quarter of 2025. The decrease was driven by reduction in R&D expenses related to the termination of the phase III InnovAATe clinical trial, which were offset by increases in sales and marketing and G&A expenses related to our investments in the overall growth of the commercial products portfolio. Net income was $4.1 million or $0.07 per diluted share in the first quarter of 2026, up 4% as compared to $4 million and $0.07 per diluted share in the first quarter of 2025. Adjusted EBITDA, as detailed in the tables, was $11.6 million in the first quarter of 2026, equivalent to that reported in the first quarter of 2025.

Chaime Orlev

As of March 31, 2026, Kamada had cash and cash equivalents of $73.1 million, as compared to $75.5 million as of December 31, 2025. In March, we were pleased to declare a dividend of $0.25 per share, totaling approximately $14.4 million. Cash dividend was paid on April 7 of this year. This dividend payment was made in accordance with dividend policy adopted by the board, under which we intend to distribute an annual dividend of at least 50% of our annual net income, subject to the board's discretion and satisfaction of dividend distribution tests under the Israeli company's law at the time of distribution. The dividend payment reinforces our confidence in the company's future business process, prospects and ample liquidity to continue investing in our commercial growth, including new business development and M&A transactions dividends to our shareholders.

Chaime Orlev

With that, we are ready to open the call to questions. Operator?

Operator

Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please while we pull for questions. The first question is from Annabel Samimy from Stifel. Please go ahead.

Speaker 5

Hi, team. This is Jack on for Annabel. Thanks for taking our questions. Two from us. First, could you give a bit more color on the revenue impact that the delayed shipment had on overall growth and which products were primarily impacted? At this stage of your diversification, should we expect any seasonality from KEDRAB and VARIZIG? What has kind of kept the growth continuing this far into their product lives?

Chaime Orlev

Thank you for the question. The delay was with one single shipment. Revenue-wise, approximately $2.4 million. It was supposed to be shipped to one of the ex-U.S. territories where we sell our proprietary products, and the delay was primarily because of situation in the Middle East, with limited flights to that specific destination. In terms of seasonality, there is some seasonality regarding KEDRAB in our sales to Kedrion and Kedrion sales in the market. Because we are basically acting as like a B2B type of company because Kedrion carries inventory, we are less sensitive to that seasonality. Seasonality is because the summertime, people are hanging more out. It's time that we see greater number of potential exposure to rabid animals. VARIZIG is related more to kind of chickenpox outbreaks.

Chaime Orlev

It's less seasonality, maybe a little bit, you know, during the beginning of school year in September, but again, not significantly fluctuating. It's more about, you know, when there are outbreaks, this is where our product is needed more.

Speaker 5

Great. Very helpful. Thank you.

Chaime Orlev

Hope I answered questions. Yeah. Yeah. Okay.

Operator

The next question is from Jim Sidoti from Sidoti & Company. Please go ahead.

Jim Sidoti

Hi. Good afternoon. Thanks for taking the questions. With the distribution business, can you tell us how many products are approved for sale right now?

Amir London

In total, in the Israeli market, Kamada has around 40 different products which we distribute. We service around 20+ different international companies. We are growing the biosimilars segment. We are working with multiple companies. In the past, we announced that we have an agreement with Alvotech. Since then, we've added additional companies that we represent in Israel for the biosimilar segment. We have launched already three products. Two more will be launched over the next, you know, few weeks. We'll already have five products in the market by end of this year on the biosimilar side. In the MENA region, we are expanding. We already signed multiple agreements to represent companies in the region, and we will be continuing to sign agreements and to register the products.

Amir London

Those products expected to be launched, second part of this year into 2027, the first few products that we will be selling in the MENA region under a distribution agreement.

Jim Sidoti

Okay. The total number of products by the end of the year should be approximately 45 products.

Amir London

Approximately, yes. There is a significant kind of variance between the level or the sales of each one of those products. Some product sells, you know, millions of dollars, some sell hundreds of thousands of dollars.

Jim Sidoti

The increase in the first quarter is that primarily because of the addition of the three products you've added so far, or is that also?

Amir London

No, it's across basically the entire portfolio that we have seen. It wasn't based on one single product.

Jim Sidoti

Okay. For the plasma collection business, you indicated you're gonna start selling sourced plasma by the end of the year. Does that mean that you're right now close to collecting whatever plasma you need for your proprietary products at this point?

Amir London

It's each one of the centers started by collecting normal source plasma. That's kind of the first step for a new center once it was established. We are adding specialty programs to the Houston and San Antonio centers. The Beaumont Center is collecting only specialty, and that has been since the day we acquired this center in 2021. This is not, you know, one on account of the other. These programs are running in parallel. The fact that now we have FDA approval for both Houston and San Antonio allows us to sell the normal source plasma that we've already collected since we opened those centers, and that's a sale that will be materialized starting second part of this year.

Jim Sidoti

All right. Thank you.

Amir London

You're welcome.

Operator

Yeah. I will pass the call over to Brian Ritchie.

Brian Ritchie

Thank you. Just a couple of questions that have come in online. Amir, on the plasma collection centers, can you let us know when the Houston and San Antonio centers will reach full collection capacity?

Amir London

Yeah. We expect to be running at full capacity towards end of 2027, early 2028 on the normal source. Definitely, on the specialty, we'll continue to collect and add more and more donors. Let's say end of 2027, early 2028, this is when the centers expected to be running at their current planned capacity.

Brian Ritchie

The last question here has to do with CYTOGAM. What are the current trends currently impacting that particular product?

Amir London

As I mentioned, during the call, we are making efforts investing in expanding the post-marketing clinical program. I mentioned the call that we just had, a strong, basically, report coming from Dr. Calabrese from UCSF. It was presented at ISHLT conference. Dr. Calabrese basically showed a study that was made that basically highlighting the clinical relevance of CYTOGAM, of CMV-IVIG, as a potential targeted intervention for high-risk transplanted patients. This, in addition to other data that we've been collecting and presenting over the last few years since we acquired the product and starting investing in the post-marketing clinical studies. We believe that the data generated by these studies, and this is in addition to the SHIELD study, that it will take a little bit longer to see the data.

Amir London

Other studies that we are running through investigator-initiated type of programs will support increased product utilization for CYTOGAM. We think that the weakness that we were facing when we acquired the product was a lack of recent clinical data. That investment we are making in the product lifecycle management in order to show the benefits, advantages of the product to be used in parallel to the antivirals and actually improve patient outcome.

Brian Ritchie

Thanks, Amir. Appreciate that comprehensive answer. With that, I'll turn it back to you for closing remarks.

Amir London

Okay. Thank you, Brian. In closing, we continue to invest in the four-pillar growth strategy with continued progress made in the organic growth by existing commercial portfolio, expansion of distribution business, growth of our plasma collection operation, and securing business development and M&A transactions to support and expedite our growth. We look forward to continuing to support clinicians and patients with the important product that we develop, manufacture, and commercialize. We thank you all for your support, and we remain committed to creating long-term shareholder value. Thank you for participating in today's call, and we hope you all stay healthy and safe. Thank you.

Operator

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

Investor releaseQuarter not tagged2026-05-12

Agenus (AGEN) Q1 Earnings and Revenues Miss Estimates

Zacks

Agenus (AGEN) came out with quarterly earnings of $1.02 per share, missing the Zacks Consensus Estimate of $2.1 per share. This compares to a loss of $1.03 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -51.43%. A quarter ago, it was expected that this biotechnology company would post a loss of $1.27 per share when it actually produced earnings of $0.56, delivering a surprise of +144.09%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Agenus, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $33.74 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 73.95%. This compares to year-ago revenues of $24.07 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Agenus shares have added about 21.7% since the beginning of the year versus the S&P 500's gain of 8.1%. While Agenus has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Agenus was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks...

As of 2026-05-30 • Updated weeklySource: Earnings sourceIngestion runbook