Kamada Ltd. Q2 FY2025 earnings call

• Organic growth: Revenue growth driven by diverse portfolio, including GLASSIA ex-U.S. and VARIZIG; biosimilars pipeline with launches planned. - Business development and M&A: Conducting due diligence on potential commercial targets, expecting in-licensing, collaboration, or M&A transactions in 2025-2026. - Plasma collection: U.S. FDA approved a state-of-the-art plasma center in Houston, Texas; ramping up plasma collection at Texas centers. - Phase III trial: Advancing InnovAATe clinical trial with revised enrollment goal and interim futility analysis planned by end of 2025.

Total revenues for the first half of 2025 were $88.8 million, an 11% year-over-year increase. Second quarter revenues were $44.8 million, up 5% over the prior year quarter. Adjusted EBITDA for the first half was $22.5 million, up 35% year-over-year, and $10.9 million in the second quarter, up 20% year-over-year. Revenue growth in the first half was due to increased sales of GLASSIA in ex-U.S. market, VARIZIG sales in the U.S., and GLASSIA royalty payments. Biosimilars pipeline: launched one in Israel in 2024, anticipate 2 more in 2025, with potential annual sales of $15M-$20M in 5 years. Plasma collection: 3 Texas-based centers, U.S. FDA approved a center in Houston with 50,000 liters annual capacity, each Houston and San Antonio center expected to generate $8M-$10M in annual sales at full capacity. Phase III InnovAATe clinical trial for inhaled alpha-1 antitrypsin therapy on track with revised enrollment goal of ~180 subjects and interim futility analysis by end of 2025.

• Adjusted EBITDA guidance increased to between $40 million to $44 million. - Annual revenue guidance reiterated at $178 million to $182 million. - Midpoint of updated 2025 guidance represents ~12% revenue increase and ~23% adjusted EBITDA increase over 2024 results.

• Monitoring evolving tariff situation, but currently no impact on operations, cost, or pricing observed.

Q: About dynamics behind KEDRAB and CYTOGAM, are they performing as expected?

A: KEDRAB and CYTOGAM are performing according to expectations; CYTOGAM growth expected with additional clinical data.

Q: Regarding cash position and BD, how is funding for BD?

A: Plan to use existing cash, with additional funding sources available; actively screening commercial targets.

Q: Competitive landscape for inhaled AAT program?

A: Inhaled program is most advanced in pivotal efficacy study; market growing, and technology has potential to be strong competitor.

Q: On distributed revenue segment and SG&A expense?

A: Biosimilar launches part of ongoing infrastructure growth; SG&A expenses disciplined, with focus on improving EBITDA margin.

Q: Tax rate questions?

A: Currency exchange fluctuations affected tax results in June quarter; anticipate using tax losses carryforward by end of 2025, effective tax rate between 20%-25% in 2026 and beyond