카마다(KMDA) 2026년 2분기 실적 발표 컨퍼런스 콜: 사상 최대 매출, 가이던스 재확인

핵심 요약

• 카마다는 2026년 2분기 매출이 전년 동기 대비 23% 증가한 5,490만 달러로 분기 기준 최대 실적을 기록했다고 발표했다. 조정 EBITDA는 29% 증가한 1,410만 달러를 기록하며 26%의 이익률을 유지했다.
• 상반기 매출은 1억 20만 달러로 13% 증가했으며, 조정 EBITDA는 2,570만 달러로 14% 성장했다. 순이익은 1,340만 달러로 18% 증가했다.
• 경영진은 매출 2억 달러~2억 500만 달러, 조정 EBITDA 5,000만 달러~5,300만 달러의 2026년 실적 전망(가이던스)을 재확인했다. 상반기 실적은 가이던스 중간값 기준으로 두 항목 모두의 약 50%를 달성했다.
• 성장은 미국 내 케드랩(KEDRAB)의 매출 증가와 바리직(VARIZIG) 및 헤파감(HEPAGAM)에 대한 수요 호조가 견인했다. 경영진은 현재의 확장이 기존 상업 포트폴리오에 기반한 유기적 성장이라고 설명했다.
• 카마다의 3년 간 5,000만 달러 규모 일반 혈장 공급 계약에 따른 초기 매출은 2026년 4분기에 발생할 것으로 예상되며, 연간 가이던스에 반영되어 있다.
• 상반기 영업활동으로 인한 현금흐름은 전년 동기의 750만 달러에서 1,780만 달러로 증가했다. 2분기 중 1,440만 달러의 배당금을 지급한 후, 2026년 6월 30일 기준 현금, 현금성 자산 및 단기 투자 자산은 총 7,010만 달러를 기록했다.

주요 재무 데이터

카마다의 2026년 6월 말 기준 현금, 현금성 자산 및 단기 투자 자산은 7,010만 달러로, 3월 말의 7,310만 달러 대비 감소했다.

사업 및 영업 성과

케드랩(KEDRAB)은 여전히 카마다의 주력 제품 자리를 유지했다. 미국 내 최종 소비자의 사용량이 지속적으로 증가했으며, 유통 파트너사인 케드리온(Kedrion)에 대한 공급량은 계약상 최소 약정 물량을 초과했다. 회사는 또한 캐나다, 라틴아메리카 및 이스라엘에서 캄랩(KAMRAB)의 성장이 지속되었다고 보고했다.

글라시아(GLASSIA) 매출은 아르헨티나, 러시아, 이스라엘, 스위스 등 미국 외 지역에서의 매출과 미국 및 캐나다 내 다케다(Takeda) 매출에 따른 로열티의 지원을 받았다.

경영진은 미국 내 제품 인지도 제고 활동 등에 힘입어 바리직(VARIZIG)과 헤파감(HEPAGAM)에 대한 강력한 수요가 발생했다고 언급했다. 사이토감(CYTOGAM)의 경우, 카마다는 고위험 신장 이식 환자를 대상으로 하는 SHIELD 임상 연구의 환자 등록과 시판 후 연구 프로그램을 계속 진행했다. 경영진은 도출될 데이터가 제품의 적용 범위 확대를 뒷받침할 수 있을 것으로 보고 있다.

유통 부문에서는 이스라엘에서 2종의 바이오시밀러가 이미 출시되었으며, 2026년 3분기 중 2종의 추가 출시가 계획되어 있다. 카마다는 바이오시밀러 포트폴리오를 통해 향후 수년 내에 연간 1,500만 달러에서 2,000만 달러의 매출을 올릴 것으로 예상한다. 또한 MENA(중동 및 북아프리카) 지역 진출의 일환으로 제품 등록 및 유통 계약 체결을 진행 중이다.

카마다의 휴스턴 및 샌안토니오 혈장 센터는 연간 총 1,600만 달러에서 2,000만 달러 규모의 매출 수용 능력을 갖추고 있다. 경영진은 이 일반 혈장 공급 능력이 3년간 5,000만 달러 규모의 계약에 사실상 배정되었다고 밝혔다. 해당 센터에서 채취되는 특수 혈장 또한 카마다의 자체 제조 운용을 지원하게 된다.

회사가 새롭게 승인받은 자체 광견병 항체 중화 시험실은 외부 연구소 검사를 대체함으로써 케드랩(KEDRAB)의 검사 및 제품 출하 소요 시간을 단축할 것으로 기대된다.

경영진 실적 전망(가이던스)

카마다는 다음과 같은 2026년 가이던스를 재확인했다.

• 매출액 2억 달러~2억 500만 달러.
• 조정 EBITDA 5,000만 달러~5,300만 달러.

중간값 기준으로 이번 전망치는 2025년 실적 대비 매출 12% 증가, 조정 EBITDA 23% 증가를 나타낸다. 경영진은 신규 혈장 공급 계약에 따른 4분기 예상 매출이 이미 이 가이던스에 포함되어 있다고 밝혔다.

회사는 2027년에도 두 자릿수 성장이 지속될 것으로 예상하지만, 경영진은 2027년 예산이 아직 확정되지 않았으며 공식 가이던스는 추후 제공될 것이라고 강조했다.

리스크 및 주요 점검 사항

제품 및 지역별 매출 비중에 따라 분기별 매출총이익률은 변동될 수 있다. 경영진은 구체적인 매출총이익률 전망을 제시하기보다 안정적인 26%의 조정 EBITDA 이익률에 중점을 두었다.

회사는 호실적을 기록했음에도 2026년 가이던스를 상향 조정하지 않았다. 상반기 매출과 조정 EBITDA가 각각 연간 가이던스 중간값의 약 50% 수준이며, 실적이 기존 계획에 부합하게 진행되고 있다는 이유에서다.

초기 혈장 매출은 2026년 4분기에 발생할 것으로 예상되며, 이는 재확인된 연간 전망의 이행에 대한 의존성을 형성한다. 아울러 사업 개발 및 M&A는 여전히 전략적 우선순위로 남아 있으나, 경영진은 구체적인 거래나 완료 일정에 대해서는 밝히지 않았다.

체임 오를레프(Chaime Orlev) 최고재무책임자(CFO)는 2026년 말 카마다를 떠날 예정이다. 회사는 후임자 물색에 착수했으며, 오를레프 CFO는 인수인계 업무를 지원할 것으로 예상된다.

애널리스트 Q&A 주요 내용

애널리스트들은 카마다가 가이던스를 상향하지 않고 유지한 이유에 주목했다. 경영진은 기존 전망치에 이미 상당한 연간 성장이 반영되어 있으며, 상반기 실적이 연간 계획에 부합한다고 답변했다.

수직적 통합에 따른 매출총이익 감소 및 이익률 개선 가능성에 대한 질문에 경영진은 분기별 매출총이익률 변동이 제품 및 시장 믹스에 기인한 것이라고 설명했다. 또한 자체 채취한 특수 혈장의 활용 확대가 향후 매출총이익률과 전반적인 수익성을 뒷받침할 것이라고 덧붙였다.

경영진은 상대적으로 낮은 판매 및 마케팅 비용에 대해 일회성 요인이 아닌 영업 시너지, 규모의 경제, 그리고 규율 있는 자원 배분 덕분이라고 밝혔다.

유기적 성장의 지속 가능성에 대해 경영진은 30개국 이상에서 판매되는 6개의 FDA 승인 제품, 유통 및 인라이센싱 활동 확대, MENA 지역 성장, 신규 혈장 공급 계약을 꼽았다. M&A가 이러한 성장에 추가적인 동력이 될 수 있으나, 현재의 실적은 기존 포트폴리오가 주도하고 있는 것으로 설명되었다.

실적발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.