Israel's Kamada Q1 revenue rises less than expected, hurt by shipment delay

Overview

• Israel biopharma firm's Q1 revenue rose 3% yr/yr but missed analyst expectations

• Net income for Q1 increased 4% yr/yr; results impacted by temporary shipment delay

• Company reaffirmed 2026 revenue and adjusted EBITDA guidance

Outlook

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

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

• Kamada sees underlying demand supporting a stronger remainder of 2026

Result Drivers

• SHIPMENT DELAY - Q1 results were negatively impacted by a temporary shipment delay of a single order, which was delivered in April

• PRODUCT SALES MIX - Gross margin declined year-over-year due to changes in products and markets sales mix

• INCREASED PRODUCT DEMAND - Underlying demand for KEDRAB in the U.S. and KAMRAB and VARIZIG in ex-U.S. markets continued to increase, supporting expectations for stronger results ahead

Company press release: ID:nGNX3Nv1RR

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 54.2% above its May 12 closing price of $8.43

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 18 three months ago

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