卡马达 (KMDA) 2026年第二季度业绩电话会议：营收创历史新高，重申业绩指引

核心要点

• Kamada公布2026财年第二季度营收创历史新高，达5490万美元，同比增长23%。调整后EBITDA增长29%至1410万美元，维持26%的利润率。
• 上半年营收增长13%至1.002亿美元，调整后EBITDA增长14%至2570万美元。净利润增长18%至1340万美元。
• 管理层重申2026财年业绩指引，预计营收为2.00亿至2.05亿美元，调整后EBITDA为5000万至5300万美元。按中值计算，上半年业绩约占两个指引范围中值的50%。
• 增长主要受KEDRAB在美国市场销量增长以及VARIZIG和HEPAGAM强劲需求的推动。管理层将目前的业务扩张归因于由现有商业化产品组合推动的内生增长。
• 根据Kamada为期三年、总额5000万美元的普通血浆供应协议，首批销售预计将于2026财年第四季度实现，并已包含在全年业绩指引中。
• 上半年经营活动产生的现金流达1780万美元，而上年同期为750万美元。在第二季度支付1440万美元的股息后，截至2026年6月30日，现金、现金等价物及短期投资总额为7010万美元。

关键财务数据

截至2026年6月底，Kamada拥有的现金、现金等价物及短期投资为7010万美元，而截至3月底为7310万美元。

业务与经营业绩

KEDRAB仍是Kamada的核心产品。美国终端用户的使用量持续增加，对分销合作伙伴Kedrion的供应量超过了合同最低承诺量。公司还报告称，KAMRAB在加拿大、拉丁美洲和以色列保持持续增长。

GLASSIA的营收得到了美国境外销售（包括阿根廷、俄罗斯、以色列和瑞士）以及武田制药在美国和加拿大销售带来的特许权使用费的支撑。

管理层提到对VARIZIG和HEPAGAM的强劲需求，这部分得益于在美国开展的产品认知度推广活动。针对CYTOGAM，Kamada继续推行其上市后研究计划，并在面向高风险肾移植受者的SHIELD研究中招募患者。管理层相信，所得数据可能支持更广泛的产品应用。

在分销业务板块，两种生物类似药已在以色列上市，并计划在2026财年第三季度再推出两种。Kamada预计其生物类似药产品组合将在未来几年内创造1500万至2000万美元的年销售额。作为向中东和北非（MENA）地区拓展的一部分，公司也在办理产品注册并签署分销协议。

Kamada位于休斯敦和圣安东尼奥的血浆中心年营收产能合计约为1600万至2000万美元。管理层表示，该普通血浆产能已在为期三年、总额5000万美元的合同下得到有效分配。在这些中心采集的特异性血浆也将支持Kamada自有的生产运营。

公司最新获批的自有狂犬病抗体中和实验室预计将通过替代外部实验室检测，缩短KEDRAB的检测和产品放行周期。

管理层业绩指引

Kamada重申了以下2026财年业绩指引：

• 营收为2.00亿至2.05亿美元。
• 调整后EBITDA为5000万至5300万美元。

按中值计算，该展望代表着与2025财年业绩相比，营收增长12%，调整后EBITDA增长23%。管理层表示，新血浆供应协议带来的预期第四季度营收已纳入该指引。

公司预计2027财年将继续保持两位数增长，但管理层强调2027财年预算尚未制定完成，正式指引将于日后公布。

风险与关注事项

受产品和区域销售组合的影响，毛利率在各季度间可能出现波动。管理层侧重于维持26%的稳定调整后EBITDA利润率，而非提供具体的毛利率预测。

在取得强劲的季度业绩后，公司并未上调2026财年指引，解释称上半年的营收和调整后EBITDA均分别达到全年指引中值的50%左右，业绩表现与既定计划保持一致。

首批血浆销售预计将在2026财年第四季度实现，这在重申的全年展望中构成了执行依赖。此外，业务拓展与并购仍是战略重点，但管理层尚未确定具体的交易或完成时间表。

首席财务官Chaime Orlev将于2026年底离开Kamada。公司已启动继任者遴选工作，预计Orlev将提供过渡支持。

分析师问答环节要点

分析师关注的焦点在于Kamada为何维持而非上调指引。管理层回应称，现有的展望已假设了显著的年度增长，且上半年业绩与全年计划保持一致。

当被问及较低的毛利以及垂直整合带来的利润率提升潜力时，管理层将季度毛利率波动归因于产品和市场组合。管理层补充道，随着时间推移，增加使用内部采集的特异性血浆应有助于支撑毛利率和整体盈利能力。

管理层将相对较低的销售及推广费用归因于经营协同效应、规模效益和严格的资源配置，而非任何披露的一次性项目。

谈及内生增长的可持续性，管理层提到了在30多个国家销售的6款经FDA批准的产品、分销和许可引进业务的拓展、MENA地区的增长以及新的血浆供应协议。并购可能会进一步推动增长，但目前的业绩被描述为由现有产品组合驱动。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.