カマダ（KMDA）2026年第2四半期決算説明会：過去最高の売上高、ガイダンスを維持

主要ポイント

• カマダの2026年第2四半期売上高は前年同期比23%増の5,490万ドルとなり、過去最高を記録しました。調整後EBITDAは29%増の1,410万ドルとなり、26%のマージンを維持しました。
• 上半期の売上高は13%増の1億20万ドル、調整後EBITDAは14%増の2,570万ドルとなりました。純利益は18%増の1,340万ドルに増加しました。
• 経営陣は、売上高2億ドル〜2億500万ドル、調整後EBITDA 5,000万ドル〜5,300万ドルとする2026年通期ガイダンスを再確認しました。上半期の実績は、双方のガイダンスの中央値に対して約50%に達しています。
• 成長を牽引したのは、米国におけるKEDRABの販売増加と、VARIZIGおよびHEPAGAMの需要拡大です。経営陣は、現在の成長を既存の商用ポートフォリオによるオーガニックな展開であると説明しています。
• カマダの3年総額5,000万ドルの通常血漿供給契約に基づく最初の売上計上は2026年第4四半期に見込まれており、通期ガイダンスに含まれています。
• 上半期の営業活動によるキャッシュフローは1,780万ドルに達し、前年同期の750万ドルから増加しました。第2四半期中に1,440万ドルの配当支払いを行った後、2026年6月30日時点の現金・現金同等物および短期投資の合計は7,010万ドルとなりました。

主要財務データ

カマダの2026年6月末時点の現金・現金同等物および短期投資は7,010万ドルとなり、3月末時点の7,310万ドルから減少しました。

事業および営業パフォーマンス

KEDRABは引き続きカマダの主力製品であり続けました。米国におけるエンドユーザーの使用量は拡大を続けており、販売パートナーであるKedrionへの供給量は契約上の最低コミットメントを上回りました。また同社は、カナダ、中南米、イスラエルにおけるKAMRABの成長継続も報告しました。

GLASSIAの売上高は、アルゼンチン、ロシア、イスラエル、スイスを含む米国以外での販売と、武田薬品（Takeda）による米国およびカナダでの販売に伴うロイヤリティによって支えられました。

経営陣は、米国での製品認知拡大活動に一部支えられ、VARIZIGとHEPAGAMに対する需要が好調であったと言及しました。CYTOGAMについては、製造販売後調査プログラムおよび高リスク腎移植患者を対象としたSHIELD研究への症例登録を継続しました。経営陣は、得られるデータが製品の利用拡大を裏付けると考えています。

流通セグメントでは、イスラエルで既に2つのバイオシミラーが販売されており、2026年第3四半期中にさらに2つの発売が予定されています。カマダは、バイオシミラーポートフォリオが今後数年以内に年間1,500万ドル〜2,000万ドルの売上を生み出すと見込んでいます。また同社は、MENA地域への事業拡大の一環として、製品登録および販売代理店契約の締結を進めています。

ヒューストンとサンアントニオにあるカマダの血漿センターは、合わせて年間約1,600万ドル〜2,000万ドルの売上規模の供給能力を有しています。経営陣は、この通常血漿の供給能力が、3年総額5,000万ドルの契約のもとで実質的に割り当て完了したと述べました。同センターで採取される特殊血漿は、カマダ自社の製造事業も支えることになります。

新たに承認された同社の自社狂犬病抗体中和試験ラボは、外部研究機関への試験委託を代替することで、KEDRABの検査および製品出荷までの期間を短縮すると期待されています。

業績予想（ガイダンス）

カマダは、以下の2026年ガイダンスを再確認しました。

• 売上高：2億ドル〜2億500万ドル
• 調整後EBITDA：5,000万ドル〜5,300万ドル

中間値で見ると、この見通しは2025年実績と比較して12%の売上増、23%の調整後EBITDA増に相当します。経営陣は、新たな血漿供給契約による第4四半期の見込み売上高は、すでにこのガイダンスに組み込まれていると述べました。

同社は2027年も2桁成長が続くと見込んでいますが、経営陣は2027年の予算がまだ確定しておらず、正式なガイダンスは後日提供されると強調しました。

リスクと注視事項

粗利益率は、製品および地域ごとの売上構成によって四半期ごとに変動する可能性があります。経営陣は、特定の粗利益率見通しを示すことよりも、安定した26%の調整後EBITDAマージンを強調しました。

好調な四半期決算の後も同社は2026年ガイダンスを引き上げず、上半期の売上高と調整後EBITDAがそれぞれ年間ガイダンス中間値の約50%であり、実績は既存の計画通りに推移していると説明しました。

血漿の初回売上は2026年第4四半期に見込まれており、再確認された通期見通しの達成に向けた実行上の依存関係を生んでいます。また、事業開発やM&Aは引き続き戦略的優先事項ですが、経営陣は具体的な案件や完了時期を明らかにしませんでした。

CFOのハイム・オルレヴ（Chaime Orlev）氏は2026年末でカマダを退任します。同社は後任の選定を開始しており、オルレヴ氏は引継ぎ支援を行う予定です。

アナリスト質疑応答の要点

アナリストはカマダがガイダンスを引き上げず維持した理由に注目しました。経営陣は、既存の見通しにおいてすでに大幅な年間成長を前提としており、上半期の実績は通期計画に沿ったものであると述べました。

売上総利益の減少および垂直統合によるマージン拡大の可能性についての質問に対し、経営陣は四半期ごとの粗利益率の変動を製品および市場のミックスによるものと説明しました。また、社内で採取した特殊血漿の利用拡大により、長期的には粗利益率と全体の収益性が支えられるはずだと付け加えました。

経営陣は、販売費およびマーケティング費用が比較的低水準であった理由を、公表された一時的要因ではなく、営業上のシナジー、スケールメリット、および規律あるリソース配分によるものと説明しました。

オーガニック成長の持続可能性について、経営陣は30カ国以上で販売されている6つのFDA承認製品、流通およびインライセンス活動の拡大、MENAでの成長、そして新たな血漿供給契約を挙げました。M&Aがこの成長に加わる可能性もありますが、現在の業績は既存ポートフォリオによって牽引されていると説明されました。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Greetings, and welcome to the Kamada Ltd., Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I would now like to turn the conference over to Brian Ritchie, Managing Director of LifeSci Advisors. Please go ahead, sir.

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 3 and 6 months ended June 30, 2026. If you have not received this news release, please go to the Investors 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. 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, August 12, 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's my pleasure to turn the call over to Amir London, CEO. Amir?

Amir London

Thank you, Brian, and 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 we continue to execute on our strategic multi-year growth plan, delivering record high operational and financial performance during the first half of 2026, with strong double-digit growth in revenues and adjusted EBITDA for both the 6 months and second quarter reporting periods.

Before proceeding to the specifics, I'd like to point out that when examining and analyzing the company performance during recent months and without future binary events, it's clear that the company's growth strategy model based on our well-defined 4 growth pillars is working effectively. We are seeing growth and improvement across all financial metrics, including expanded sales and revenues, operational synergies and disciplined management of expenses. enhanced profitability and EBITDA, and a strengthened ability to generate cash from operations.

It's important to note that the significant growth we are currently experiencing is driven solely by our existing commercial product portfolio, organic growth. And that once we execute the acquisitions and M&A transactions that are also part of our strategic plan, this growth will accelerate even further, resulting in enhanced financial metrics.

With that said, let's move on now to our first 6 months performance. Total revenues were a record high of $100.2 million for the first half, an increase of approximately 13% year-over-year. Adjusted EBITDA was a record high of $25.7 million, up 14% year-over-year and representing a notable 26% margin of revenues. For the second quarter of the year, total revenues were $54.9 million, the strongest in our history, representing a 23% year-over-year increase.

Adjusted EBITDA was $14.1 million, up 29% year-over-year and representing a 26% margin of revenues. Net income for the first half was $13.4 million and 18% up year-over-year, and second quarter net income was $9.3 million, up 26% year-over-year. Our revenues and adjusted EBITDA for the first 6 months of the year represent approximately 50% of our 2026 annual guidance.

Based on our first half performance, 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 midpoints to 2025 results. As described on previous calls, we continue to be focused on our 4 growth drivers on a path for delivering continuous double-digit profitable annual growth. We are focused on continuing sales growth of our entire commercial portfolio, including our 6 FDA-approved specialty plasma-derived products.

In our Distribution segment, growth is supported by the launch of additional biosimilar products in the Israeli market, as well as the expansion of the Distribution business to the MENA region, which is ongoing with new distribution agreements being signed. We continue to ramp up plasma collection at our Texas-based facilities in support of our new 3-year $50 million supply agreement and expect to commence plasma sales by year-end.

Lastly, securing new business development and M&A opportunities remains a core focus. And as already said, we are committed to expanding our current commercial portfolio and accelerating our current double-digit organic growth. The underlying demand for our products, including for KEDRAB in the U.S. market, as well as VARIZIG and HEPAGAM, continues to increase. 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 increasing year-over-year and beyond Kedrion's contractual minimum commitment. 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 and Israel.

GLASSIA represents our second leading franchise, with revenue contribution driven by our growing product sales in ex-U.S. markets such as Argentina, Russia, Israel, Switzerland, as well as additional markets, mainly in Latin America as well as royalty income generated from sales of the product by Takeda in the U.S. and Canada. We continue to support the comprehensive post-marketing research program for CYTOGAM, which we launched last year, which we believe will help demonstrate the advantages of the product in the prevention and management of CMV disease.

This program was developed in collaboration with leading key opinion leaders to explore advancement of novel CMV disease management. The benefit of this program were recently highlighted by the presentation of data by Dr. Daniel Calabrese, Assistant Professor of Medicine at the UCSF Lung Transplant Program at the 2026 International Society for Heart and Lung Transplant Annual Meeting.

Findings presented by Dr. Calabrese based on analysis of CMV high-risk lung transplant recipients suggest CYTOGAM use is associated with improved clinical outcomes, supporting increased CYTOGAM utilization. In addition, patients continue to be enrolled in the investigator-initiated trial titled the SHIELD study, which is prospective randomized controlled multicenter study in CMV high-risk kidney transplant recipients.

The trial is investigating the benefit of CYTOGAM administrated at the conclusion of antiviral prophylaxis to reduce the risk of clinical significant late CMV in kidney transplant recipients who are CMV seronegative and have a CMV seropositive donor. We believe that the data generated by this study will support increased product utilization for CYTOGAM in the large population of kidney transplant recipients.

With respect to VARIZIG, our anti-Varicella Zoster Immune Globulin and HEPAGAM, our hepatitis B Immune Globulin, we are experiencing strong market demand for these products resulting, among other things, from our product awareness activities in the U.S. market. As for our distribution operation, as part of activities to advance organic growth, we already have 2 biosimilar products launched in the Israeli market, and we are on track to launch 2 other products during this quarter.

We have other biosimilar products in the pipeline to be launched in the coming years and additional in-licensing agreements are in process. We believe that this portfolio will become an increasingly important portion of our distribution business, with biosimilar annual sales of between $15 million to $20 million within the next few years.

We are also continuing to advance expansion of our distribution activity to the MENA region. We have recently entered into several distribution agreements and initiated activities to register the underlying products with local authorities. We continue to engage in discussion with additional international companies, offering them full service from registration, all the way to commercialization.

In July, we were very pleased to announce our 3-year $50 million sales agreement, first of its kind, to supply normal source plasma to a leading biopharmaceutical company focused on plasma-derived therapies. This agreement validates our plasma collection strategy and the investments we made in our U.S.-based state-of-the-art plasma collection centers, as well as our vertical integration strategy and multi-year revenue growth objectives. We expect that initial commercial sales under this agreement will be recorded in the fourth quarter of this year and have included these projected revenues in our current annual guidance.

Moving to business development and M&A. We continue to evaluate opportunities to enrich our portfolio of marketed products and complement our existing commercial operation. This remains a core focus, and we are committed to expanding our current commercial portfolio, accelerating our long-term profitable growth.

With that, I'll turn the call over to Chaime for a detailed discussion of our financial results.

Chaime, please go ahead.

Chaime Orlev

Thank you, Amir.

As Amir stated at the top of the call, we are recording record high financial results for the first 6 months and second quarter of 2026. Total revenues for the first 6 months of 2026 was $100.2 million, a 13% increase from the $88.8 million generated in the first 6 months of 2025. The increase in revenues is primarily attributable to increased sales of KEDRAB in the U.S. market, as well as VARIZIG and HEPAGAM.

Total revenues for the first 6 months of 2026 are at approximately 50% of the midpoint of our 2026 annual guidance. As an anecdote, approximately 5 years ago, we reported $103 million in total revenues for the full year ended December 31, 2021. And now we are reporting a similar revenue figure for the first 6 months. This is a strong indication of the company's significant growth track.

Total revenues for the second quarter of 2026 were $54.9 million, up 23% compared to the second quarter of 2025. Second quarter revenues represent the highest revenue for a given quarter in Kamada's history. Net income for the first 6 months of 2026 was $13.4 million, or $0.23 per diluted share, up 18% compared to $11.3 million, or $0.19 per diluted share in the first 6 months of 2025.

For the second quarter of 2026, net income was $9.3 million, up 26% compared to the second quarter of 2025. Adjusted EBITDA was $25.7 million in the first 6 months of 2026, a 14% increase as compared to the $22.5 million in the first 6 months of 2025. Adjusted EBITDA for the first 6 months of 2026 represents a 26% margin of revenues and is at 50% of the midpoint of our 2026 annual guidance.

Cash provided by operating activities during the first 6 months of 2026 was approximately $17.8 million compared to $7.5 million during the first 6 months of 2025. As of June 30, 2026, we had cash and cash equivalents and short-term investments totaling $70.1 million compared to $73.1 million at the end of March. The company's ability to maintain its cash position while making a $14.4 million dividend payment during the second quarter is indicative of its continued ability to convert operating profits into cash flow.

With that, I will transfer the call back to Amir.

Amir London

Thank you, Chaime.

Before we open the call to questions, I want to take a moment to acknowledge the other news we issued earlier this morning. As we announced, Chaime will be leaving Kamada at the end of the year to pursue other opportunities. On behalf of everyone at Kamada as well as our Board of Directors, I'd like to thank Chaime for his leadership and significant contribution to Kamada during his 9 years of service.

Chaime has been instrumental in our continued growth while maintaining a strong operating and financial position that underlies the growth track we reported on today. We've initiated a search for a new CFO, and Chaime is committed to providing transitional support. Please join me in wishing him all the best in his future endeavors.

Operator, that concludes our prepared remarks. We are ready to open the call to questions.

Operator

The first question comes from Annabel Samimy with Stifel.

質疑応答

Annabel Samimy

Congratulations on a good quarter. So, I'm going to have to ask the obvious. Given the solid quarter and the balanced growth across all your franchises, are there any specific reasons why you don't feel comfortable raising guidance at this time? And just as well with the gross profit, your EBITDA margins were great and they're expanding. I was just curious about the gross profit as you're becoming more vertically integrated. I was curious why it was going down instead of up. And so is there anything unusual in the quarter? So just that first. And I'll follow up with another question.

Amir London

Yes. Thanks, Annabel. So, H1 performance is approximately 50% of an annual midpoint guidance. Pure guidance, we have already forecasted significant growth this year, 12% in revenue, 23% in EBITDA compared to last year and we are executing to the plan. So, that's basically kind of the rationale based on our performance and annual guidance. We expect another strong year next year of double-digit growth. So as we said, we believe that our growth model works.

We guided between $200 million to $205 million or approximately 50% of that. We felt comfortable with the second part of the year expectations, and we will be guiding 2027 in due time, which will be another great year of significant growth for the company. As for the gross margin -- gross margin decline, so gross margin is a little bit shifting between quarter-to-quarter based on the product mix and market mix.

Important to mention that we have maintained our EBITDA rate of 26% of revenue, which we believe is a significant achievement. And we were able to significantly grow our net income by over 18% year-over-year. So with those financial metrics, we believe that we are on a very strong track also moving forward, generating significant profitability and significant cash from operations, being able to convert that profitability into real money, real cash.

Okay. Can you hear me?

Operator

The next question comes from Jim Sidoti with Sidoti & Company.

James Sidoti

Can you just give a little color, why was it important for you to get that rabies antibody neutralizing test approved and be able to do that yourself?

Amir London

The lab that was approved was important for us in order to be even further vertically integrated. Until now, we were sending the samples of the anti-rabies product to an external lab. Having the lab in-house allows us quicker response and ability to get the product in process and final results, which allows us to release product faster to the market. With a significantly growing demand for KEDRAB, it's an important factor in our ability to continuously support growing market demand.

James Sidoti

And then in the quarter, selling and marketing, to me, I thought was particularly low compared to the level of sales you had. Was there a one-time item there? Or how are you able to keep that so low?

Amir London

We have been very effective in the way we are utilizing our resources. I think we are happy to present our investors year-after-year profitable growth. So it's not just we are just growing our top line, but also growing our revenues, growing our bottom line, EBITDA and net profit. And that's all about synergies, economy of scale and responsible management of our resources.

James Sidoti

And then it seems like you're on track to get those 3 plasma collection plants up and running. That $50 million 3-year contract, does that leave you other -- do you have enough capacity to fill other orders as well? Or is that going to be the bulk of the output for those 3 plasma collection centers?

Amir London

So since we launched the Houston and San Antonio centers, we spoke about the fact that each one of those 2 centers will contribute between $8 million to $10 million in revenue per year. So, this is the capacity of those 2 centers. If you add the 2 centers together, you get to between $16 million to $20 million per year. And if you take the $50 million divided by 3, it's exactly this $17 million that we will be generating from those centers. So, this is the current capacity, and this capacity has been basically sold to -- based on the contract we signed.

We are growing our specialty plasma collection in those centers, and that specialty plasma goes into our own production. And that's the second portion of this equation or this formula. So, we're not just selling plasma out as a way to grow and increase our revenue and profitability, but we're also using specialty plasma for our own products in a way that, over time, will allow us to keep growing and improving our gross margins and overall profitability.

James Sidoti

And what about the third center?

Amir London

The third center is a specialty center, collects only specialty plasma, which is being used by our -- this was the original center we acquired in Beaumont, and that's a specialty focused center.

Operator

[Operator Instructions] I would like to turn the call to Brian Ritchie for web questions at this time.

Brian Ritchie

Just a couple, Amir, and they're related. So, I'll ask them together. First is, can you talk about whether or not the organic growth is sustainable? And then maybe just discuss the consistency that we've seen in the business over the last several years and how sustainable that is long term?

Amir London

Yes. Great question. So, our business is highly sustainable or the organic growth is highly sustainable. We've been able to grow our business year-over-year double digit. We are projecting continued growth moving forward. We haven't completed yet our 2027 budget plan, but I can assure you that we will continue growing and all of this organically. And this is based on a strong business model, strategic model that is working very well for us. 6 FDA-approved products in over 30 different countries, in-licensing and Distribution segment, which is growing, including the expansion to the MENA region, the newly signed plasma sales deals, which we just spoke about. And of course, the transaction, M&A, BD activities that we are searching and we will be executing over time.

So, I think I mentioned it at the beginning of the call, but I would like maybe to reiterate it that when examining and analyzing the company performance during recent months and Kamada does not have any future binary events, we are basically growing year after year, quarter after quarter. It's clear that the company's growth strategy model is working and working effectively. We are seeing growth and improvement across all financial metrics.

Look, compare our 6 months' performance to previous year, expanded sales, expanded revenues, operational synergies, disciplined management of expenses, enhanced profitability and EBITDA and a very strong ability to generate cash from operations. So, I think that's basically the way to look at Kamada, a very strong, profitable growing business, generating cash, generating ability to continue investing into the business. We paid dividends last year and this year. And we believe that basically we have all the formula to continue growing in a very profitable way and bring value to our shareholders, especially when looking at our current share price and current valuation.

Brian Ritchie

Thanks, Amir. Maybe we'll just turn it back to you for the closing comments, please.

Amir London

Okay. Thank you very much.

So as communicated at the beginning of the call and my answer to Brian, we continue to execute on our strategic multi-year growth plan, delivering record high operational and financial performance during the first half of 2026. We continue to reach new heights and deliver on our commitment to deliver double-digit profitable growth. We invest in our 4-pillar growth strategy, continued progress made in organic growth of our existing commercial portfolio, expansion of distribution and in-licensing business, growth of our plasma collection operation and advancing business development and M&A transactions to support and expedite our growth.

We look forward to continuing to support clinicians and patients with important life-saving products that we develop, manufacture and commercialize. We thank you all for your support. We remain committed to creating long-term shareholder value. We hope you all stay healthy and safe.

Thank you for joining our call today.

Operator

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.