Israel's Kamada misses Q4 revenue estimates, reaffirms 2026 guidance

Overview

• Israel biopharma firm's Q4 revenue rose 15% yr/yr but missed analyst expectations

• Company adopted annual cash dividend policy and declared $0.25 per share dividend

• Kamada reaffirmed 2026 guidance, projecting double-digit revenue and adjusted EBITDA growth

Outlook

• Kamada affirms 2026 revenue guidance of $200 mln–$205 mln

• Company expects 2026 adjusted EBITDA of $50 mln–$53 mln

• Kamada aims to secure new business development and M&A transactions to accelerate growth

Result Drivers

• PRODUCT SALES MIX - Co said increased annual revenue was mainly due to higher sales of VARIZIG and KEDRAB in the U.S., KAMRAB and GLASSIA in ex-U.S. markets, and growth in the Distribution segment from biosimilar launches in Israel

• GROSS MARGIN PRESSURE - Co said gross margin declined due to changes in product and market sales mix

• OPERATING EXPENSES - Operating expenses rose in Q4 to support the growing commercial operation

Company press release: ID:nGNXbFnMZc

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Kamada Ltd is $13.00, about 45.1% above its March 10 closing price of $8.96

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 16 three months ago

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