Kamada Ltd.
- Open
- 8.20
- Day high
- 8.29
- Day low
- 8.14
- Prev close
- 8.29
- Volume
- 95K
- Mkt cap
- $475M
- P/E (TTM)
- 21.5
- EPS (TTM)
- $0.38
- P/B
- 1.8
- P/S
- 2.5
- Yield
- 4.34%
- Per share
- $0.36
Kamada Ltd. (KMDA) is a Healthcare company listed on NASDAQ. The stock is up 18% over the past year. Drillr has 1 published research article covering KMDA.
Kamada Ltd. (KMDA) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KMDA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 12, 2026 | $0.11 | $0.16 | +42.2% | $55M | +8.0% |
| May 13, 2026 | $0.12 | $0.07 | -41.7% | $45M | -3.2% |
| Mar 11, 2026 | $0.08 | $0.06 | -22.6% | $46M | -68.6% |
| Aug 13, 2025 | $0.09 | $0.13 | +44.4% | $45M | -71.1% |
| May 14, 2025 | $0.07 | $0.07 | +0.0% | $44M | -72.8% |
| Mar 5, 2025 | $0.05 | $0.07 | +40.0% | $39M | -74.5% |
| Aug 14, 2024 | $0.06 | $0.08 | +33.3% | $42M | +5.5% |
| Mar 6, 2024 | $0.05 | $0.09 | +80.0% | $38M | -1.2% |
| Nov 13, 2023 | $0.03 | $0.06 | +100.0% | $38M | -0.3% |
| Aug 16, 2023 | $0.02 | $0.04 | +100.0% | $37M | +0.1% |
| May 24, 2023 | $-0.03 | $0.04 | +260.0% | $31M | -10.6% |
| Mar 15, 2023 | $0.07 | $0.11 | +57.1% | $45M | +2.9% |
KMDA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 31, 2026 | Brenner Yaelofficer: VP Quality | Option | 10,000 | $6.25 |
| Aug 31, 2026 | Brenner Yaelofficer: VP Quality | Tax | 2,776 | $8.58 |
| Aug 6, 2026 | Asher-Topilsky Lilachdirector | Grant | 30,000 | $7.52 |
| Aug 6, 2026 | Dekel Benjamindirector | Grant | 30,000 | $7.52 |
| Aug 6, 2026 | Tsur Daviddirector | Grant | 30,000 | $7.52 |
| Aug 6, 2026 | Goldwasser Karnitdirector | Grant | 30,000 | $7.52 |
| Aug 6, 2026 | ITSHAYEK ASSAFdirector | Grant | 30,000 | $7.52 |
| Aug 6, 2026 | RECANATI LEONdirector | Grant | 30,000 | $7.52 |
| Aug 6, 2026 | Payorski Lilachdirector | Grant | 30,000 | $7.52 |
| Aug 6, 2026 | DAVIDI ISHAYdirector, 10 percent owner: | Grant | 30,000 | $7.52 |
| Aug 6, 2026 | Botzer Uridirector | Grant | 30,000 | $7.52 |
| Apr 9, 2026 | Livneh Nirofficer: VP, General Counsel | Grant | 9,485 | $5.33 |
| Apr 9, 2026 | Livneh Nirofficer: VP, General Counsel | Grant | 10,000 | $5.33 |
| Apr 9, 2026 | Livneh Nirofficer: VP, General Counsel | Grant | 15,000 | $7.25 |
| Apr 9, 2026 | ORLEV CHAIMEofficer: Chief Financial Officer | Grant | 22,500 | $5.90 |
Source: KMDA SEC Form 4 filings, latest Aug 31, 2026. For informational purposes only — not investment advice.
See the full KMDA insider & 13F page →Kamada Ltd. company profile
Overview
Kamada Ltd. (NASDAQ:KMDA) is an Israeli biopharmaceutical company founded in 1990 and headquartered in Rehovot, Israel. The company went public on NASDAQ in 2013 and has transformed from a single-product dependency into a diversified plasma-derived therapeutics company. Kamada specializes in developing, manufacturing, and commercializing plasma-derived protein therapeutics, primarily targeting rare diseases and immune-related conditions. The company operates through two main business segments: Proprietary Products and Distribution, with a growing focus on the U.S. market which now represents approximately 60-70% of its revenues.
Business
Kamada operates in the specialized biopharmaceutical sector focused on plasma-derived protein therapeutics. Plasma is the liquid component of blood that contains essential proteins, and plasma-derived therapeutics are medicines created by extracting and purifying these proteins to treat various medical conditions, particularly rare diseases and immune deficiencies. The company's business is divided into two primary segments: 1. Proprietary Products (Primary Revenue Driver): This segment includes six FDA-approved products that Kamada manufactures and markets globally. Key products include KEDRAB/KAMRAB for rabies prevention (generating $50 million in 2024 sales), CYTOGAM for preventing cytomegalovirus infections in organ transplant patients ($23 million in 2024), GLASSIA for treating alpha-1 antitrypsin deficiency (a genetic lung condition), and WINRHO SDF for immune thrombocytopenic purpura. This segment represents the majority of company revenues. 2. Distribution Segment: Kamada distributes third-party pharmaceutical products, including respiratory medications like FOSTER for asthma, various immunoglobulin products, and specialty treatments for conditions ranging from hemophilia to prostate cancer. This segment provides additional revenue streams and leverages the company's established distribution network. The company also operates plasma collection centers in Texas, which provide the raw material (human plasma) needed for manufacturing their therapeutic products. Additionally, Kamada has launched biosimilar products in Israel, starting with a bevacizumab biosimilar for cancer treatment, with expectations of developing 10-11 biosimilar products that could generate $30-34 million annually.
Revenue model
Kamada generates revenue through multiple business models centered around plasma-derived therapeutics. The primary revenue stream comes from direct product sales of their proprietary plasma-derived medicines to hospitals, healthcare providers, and distributors globally. Key products like KEDRAB and CYTOGAM are sold directly to medical institutions, particularly transplant centers and emergency departments. The company also earns revenue through royalty payments, notably from GLASSIA, which generated $12.2 million in royalties in 2022. Additionally, Kamada operates as a distributor for third-party pharmaceutical products, earning margins on the resale of various specialty medications. Their plasma collection operations serve dual purposes: providing raw materials for their own manufacturing while potentially selling excess plasma to other manufacturers. The company has invested in expanding plasma collection capacity with centers in Texas, with each new center expected to contribute $8-10 million in annual revenues. Several factors influence Kamada's profitability margins. Positive margin drivers include the specialized nature of their products which command premium pricing due to limited competition, growing demand for transplant-related therapies as organ transplant procedures increase, and economies of scale as they expand plasma collection and manufacturing capacity. The company's gross margins have improved from 36% in 2022 to 43% in 2024, reflecting operational efficiencies. Margin pressures come from the high cost of plasma collection and processing, regulatory compliance expenses for FDA-approved manufacturing, competition from larger pharmaceutical companies, and the cyclical nature of some product demands. Additionally, the company faces currency exchange risks as an Israeli company with significant U.S. operations, and potential supply chain disruptions affecting plasma availability.
Competitive moat
Kamada's competitive moat is moderate but meaningful, built primarily around regulatory barriers and specialized manufacturing expertise. The company's strongest defensive position comes from its FDA approvals and manufacturing capabilities for plasma-derived therapeutics, which require significant time, capital, and expertise to replicate. The plasma-to-product manufacturing process involves complex purification and safety protocols that create substantial barriers to entry. The company holds a 40-50% market share in KEDRAB (rabies immunoglobulin), benefiting from limited competition and the critical nature of the product for post-exposure rabies prevention. Their established relationships with transplant centers for CYTOGAM and other immunoglobulin products provide some customer stickiness, as switching costs can be high in critical care situations. However, Kamada's moat faces several challenges. Larger pharmaceutical companies like Takeda, CSL Behring, and Grifols have significantly more resources and broader product portfolios in the plasma therapeutics space. These competitors can potentially outbid Kamada for plasma supply or invest more heavily in research and development. The company's dependence on a relatively small number of key products creates vulnerability if competitors introduce superior alternatives or if treatment protocols change. The plasma collection expansion represents both an opportunity to strengthen the moat through vertical integration and a risk, as it requires substantial capital investment in a highly regulated industry. While the specialized knowledge and regulatory approvals provide some protection, the moat is not insurmountable for well-funded competitors, making Kamada's position defensible but not dominant in the broader plasma therapeutics market.
Risks & safety
Kamada demonstrates a strong margin of safety from a financial stability perspective, though valuation metrics suggest limited upside protection. • Liquidity and Solvency: Excellent financial position with $78.4 million in cash and short-term investments, current ratio of 3.73, and minimal debt (debt-to-equity ratio of 0.04). The company generates positive operating cash flow of $47.6 million annually and free cash flow of $36.9 million, indicating strong cash generation capabilities. • Valuation Metrics: Mixed signals with P/E ratio of 24.2x (reasonable for specialty pharma), EV/EBITDA of 10.2x (moderate), and price-to-book ratio of 1.35x. Graham number of 5.05 suggests the stock may be reasonably valued relative to fundamentals. • Other Considerations: Revenue growth trajectory of 13% annually provides some cushion, but concentration risk in key products (KEDRAB and CYTOGAM represent significant portion of revenues) creates vulnerability. The company's dependence on U.S. market (60-70% of revenues) and regulatory approval processes adds operational risk despite strong financial metrics.
Recent development
Over the past few years, Kamada has executed a strategic transformation from a single-product company into a diversified plasma therapeutics business. The company has significantly expanded its plasma collection operations, opening a second center in Houston, Texas, and completing construction of a third facility in San Antonio, with each center expected to contribute $8-10 million in annual revenues. A major development has been the launch of their biosimilar program in Israel, starting with bevacizumab for cancer treatment. Management expects to develop 10-11 biosimilar products over time, potentially generating $30-34 million in annual sales within five years. This represents a new revenue stream outside their traditional plasma-derived focus. The company has made substantial progress on their Phase 3 InnovAATe clinical trial for inhaled alpha-1 antitrypsin therapy, which targets a $2 billion market opportunity. The trial is approximately 50% enrolled, and management has been working with the FDA on statistical analysis modifications that could potentially reduce the required sample size. Business development activities have intensified, with management actively pursuing M&A opportunities and in-licensing deals, particularly focusing on commercial-stage assets in plasma-derived and transplantation products. The company's strong cash position of over $78 million provides flexibility for strategic acquisitions. Additionally, Kamada has strengthened its commercial capabilities by establishing dedicated sales teams and expanding international distribution partnerships, including a three-year contract for KAMRAB and VARIZIG in Latin America.
KMDA company profile · for informational purposes only — not investment advice.
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