Kamada Ltd. Q3 FY2025 earnings call

• Strong Q3 2025 results with total revenues $47M (up 13% y-o-y) and adjusted EBITDA $11.7M (up 34% y-o-y).
• Reiterated annual revenue guidance of $178M to $182M and adjusted EBITDA guidance of $40M to $44M.
• KedRAB has firm commitments from Kedrion for minimum orders 2025-2027 with supply agreement extended to 2031.
• Cytogam's SHIELD study is a prospective randomized controlled multicenter trial in CMV high-risk kidney transplant recipients.
• Biosimilars: Launched in Israel in 2024 (expected $2.5M in 2025), with two more to launch in coming months and others in pipeline.
• Business development and M&A: Active due diligence on potential commercial targets for 2026.
• Plasma centers: Houston FDA approved, San Antonio expected early 2026, seeking EMA approvals, and engaging with customers for long-term plasma sales.

Total revenues for the first nine months of 2025 were $135.8 million, an 11% year-over-year increase. Adjusted EBITDA was $34.2 million, up 35% year-over-year and representing a 25% margin of revenues. KedRAB, the lead product, has strong sales in the US via collaboration with Kedrion and is growing in international markets like Canada, Latin America, and Asia. GALASIA (AAT IV product) saw revenue growth in ex-US markets, mainly Latin America and the CIS region, and generated royalty income from Takeda in the US and Canadian markets. Cytogam is part of a marketing research program with the SHIELD study for CMV high-risk kidney transplant recipients. Biosimilars launched in Israel with more to come, expected to contribute $15M to $20M annually in 5 years. Houston and San Antonio plasma centers are ramping up, with Houston having FDA approval and San Antonio expected in early 2026, each aiming for $8M to $10M annual normal source plasma sales at full capacity.

• Reiterated annual revenue guidance: $178 million to $182 million.
• Reiterated adjusted EBITDA guidance: between $40 million and $44 million, representing double-digit growth over 2024 results.
• Anticipates continued profitable growth for remainder of 2025.

• Competition in the AATD space may impact enrollment in the Phase III INNOVATE clinical trial.
• Potential delays in plasma center approvals from the EMA.
• Uncertainties in clinical trial recruitment for the SHIELD study due to the orphan disease nature.

Q: Can you talk about the performance of Cytogam to date this year and significant growth drivers?

A: Cytogam sales were below plan this year due to inventory management, formulary addition time, and fewer transplants, but addressing these issues with clinical program like SHIELD. Growth drivers include diverse portfolio with Glacia sales in ex-US, VariZig in US, Israel distribution business, KedRAB, GALASIA royalties, and Cytogam's clinical program.

Q: Your distribution business has seen growth, are these stocking orders or actual usage?

A: These are actual usage. The distribution business is growing due to a richer portfolio with new products launched in Israel, including biosimilars.

Q: With plasma collection centers in Texas, how much are you collecting relative to needs?

A: Bulk collection now is normal source plasma. Specialty collection will increase over time, but currently working with external suppliers, with gradual increase in self-collection for vertical integration.

Q: When will we get interim data from the AATD trial? How will it be released?

A: Futility analysis results will be out before end of 2025 via press release. Enrollment at ~60-65%, expecting completion by early 2027 and top-line data in H1 2029.