Kamada Raises 2026 Outlook as Third-Quarter Revenue Climbs 11%

Kamada Ltd. (NASDAQ: KMDA) raised its 2026 revenue and adjusted EBITDA forecasts after third-quarter revenue rose 11% year over year, as net income and gross margin also increased.

Revenue for the three months ended Sept. 30 reached $52 million, up from $47 million a year earlier. Net income rose 51% to $8 million, or $0.14 per diluted share, from $5.3 million, or $0.09 per share. Gross profit increased to $23.3 million from $19.8 million, while gross margin climbed to 45% from 42%. Higher margins on proprietary products, reflecting product and market mix, lifted gross margin.

Adjusted EBITDA, a non-IFRS earnings measure, rose 30% to $15.2 million. Adjusted EBITDA is a non-IFRS measure and should not be treated as a substitute for IFRS results.

Kamada raised its 2026 revenue forecast to $205 million-$208 million from $200 million-$205 million. Its adjusted EBITDA forecast increased to $52 million-$54 million from $50 million-$53 million. The new ranges’ midpoints imply year-over-year growth of 14% in revenue and 26% in adjusted EBITDA.

The results followed Kamada’s previously scheduled release for Monday, Nov. 9, detailed in an earlier notice to investors. The company is ramping up plasma collection at its Texas facilities for a three-year supply agreement announced in July. The deal is expected to generate about $50 million in revenue, with initial commercial sales expected in the fourth quarter of 2026; those sales were included in the earlier 2026 guidance. Kamada operates three FDA-approved plasma collection centers in Beaumont, Houston and San Antonio, Texas.

“We continue to ramp up plasma collection at our Texas-based facilities in support of our new three-year, approximately $50 million supply agreement,” Kamada CEO Amir London said. Kamada launched two additional biosimilar products in Israel and expects its biosimilar portfolio to generate about $10 million in annual revenue in 2028 and $20 million-$25 million by 2030.

For the first nine months of 2026, revenue totaled $152.2 million, up 12% year over year, while distribution-segment revenue increased 35% to $24.1 million. Kamada projects double-digit revenue and profitability growth in 2027, with detailed guidance planned for January 2027.