Kamada Ltd. reported third‑quarter 2025 results that surpassed consensus revenue estimates while falling short of earnings expectations. Total revenue rose 13% to $47.0 million, a $0.7 million beat over the $46.3 million consensus. Earnings per share were $0.09 versus the $0.10 estimate, a $0.01 miss. The company reiterated its full‑year 2025 revenue guidance of $178 million to $182 million and adjusted EBITDA guidance of $40 million to $44 million, unchanged from the prior guidance period.
Revenue growth was driven primarily by strong performance in the Distribution segment and the U.S. sales of VARIZIG®, which grew 18% YoY. International sales of GLASSIA® also contributed, with a 15% increase outside the United States. The proprietary product mix shifted toward higher‑margin items, helping to offset modest growth in legacy products. Segment‑level data show that the Distribution segment accounted for 45% of total revenue, while the proprietary product segment contributed 35%, underscoring the company’s balanced growth strategy.
Gross profit margin expanded to 42% from 41% in the prior year, reflecting pricing power in the high‑margin proprietary product line and improved operational leverage. Adjusted EBITDA climbed 34% YoY to $11.7 million, driven by the revenue mix shift and disciplined cost management. Kamada’s cash position stood at $72.0 million as of September 30, 2025, providing a solid liquidity buffer for ongoing plasma collection expansion and the InnovAATe clinical program.
CEO Amir London highlighted the quarter as the “strongest of the year,” noting that “our operational and financial momentum continues as we delivered the strongest quarter of the year.” He emphasized confidence in the company’s four‑pillar growth strategy—organic commercial expansion, business development, plasma collection expansion, and the InnovAATe program—while acknowledging that the company remains focused on maintaining profitability amid a competitive specialty plasma market.
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