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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

 

For the Month of November 2025

 

Commission File Number 001-35948

 

Kamada Ltd.

(Translation of registrant’s name into English)

 

2 Holzman Street
Science Park, P.O. Box 4081
Rehovot 7670402
Israel
(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F ☒          Form 40-F ☐

 

 

 

 


  

This Form 6-K is being incorporated by reference into the Registrant’s Form S-8 Registration Statements, File Nos. 333-192720, 333-207933, 333-215983, 333-222891, 333-233267 and 333-265866.

 

1


 

The following exhibits are attached:

 

99.1   Kamada Reports Strong Third Quarter and Nine Month 2025 Financial Results with over 30% Year-over-Year Profitability Growth
     
99.2   Company’s Presentation – November 2025
     
99.3   Kamada Ltd’s Consolidated Financial Statements as of September 30, 2025 (Unaudited)
     
101.INS   Inline XBRL Instance Document
     
101.SCH   Inline XBRL Taxonomy Extension Schema Document
     
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document
     
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

2


  

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: November 10, 2025 KAMADA LTD.
   
  By: /s/ Nir Livneh
   

Nir Livneh

Vice President General Counsel and
Corporate Secretary

 

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EXHIBIT INDEX

 

EXHIBIT NO.   DESCRIPTION
99.1   Kamada Reports Strong Third Quarter and Nine Month 2025 Financial Results with over 30% Year-over-Year Profitability Growth
     
99.2   Company’s Presentation – November 2025
     
99.3   Kamada Ltd’s Consolidated Financial Statements as of September 30, 2025 (Unaudited)
     
101.INS   Inline XBRL Instance Document
     
101.SCH   Inline XBRL Taxonomy Extension Schema Document
     
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document
     
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

4

 

EX-99.1 2 ea026262101ex99-1_kamada.htm KAMADA REPORTS STRONG THIRD QUARTER AND NINE MONTH 2025 FINANCIAL RESULTS WITH OVER 30% YEAR-OVER-YEAR PROFITABILITY GROWTH

Exhibit 99.1

 

Kamada Reports Strong Third Quarter and Nine Month 2025 Financial Results with over 30% Year-over-Year Profitability Growth

 

Third Quarter Revenues of $47.0 Million, up 13% Year-over-Year, and Adjusted EBITDA of $11.7 Million, up 34% Year-Over Year

 

Nine Month Revenue of $135.8 Million, up 11% Year-over-Year; Adjusted EBITDA of $34.2 Million, up 35% Year-over-Year

 

Positive Outlook for Remainder of 2025 Based on the Company’s Diverse Product Portfolio Supports Full-Year Revenue Guidance of $178 Million-$182 Million and Adjusted EBITDA of $40 Million-$44 Million

 

Generated $17.9 Million of Cash from Operations During First Nine Months of 2025; as of September 30, 2025, had $72.0 Million of Available Cash

 

Company Continues to Focus on Advancing Business Development Opportunities to Support Continued Long-Term Annual Double-Digit Profitable Growth

 

Interim Futility Analysis of the Pivotal Phase 3 InnovAATe Clinical Trial for the Inhaled AAT Therapy to be Conducted in Current Quarter

 

Conference Call and Live Webcast Today at 8:30am ET

 

REHOVOT, Israel, and HOBOKEN, NJ – November 10, 2025 -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, today announced financial results for the three months and nine months ended September 30, 2025.

 

“Our strong operational and financial momentum continues as we delivered the strongest quarter of the year,” said Amir London, Kamada’s Chief Executive Officer. “We continue to execute on our strategy and generate significant profitable growth through the diversity of our product portfolio. Total revenues for the first nine months of the year of $135.8 million, representing an 11% year-over-year increase, and adjusted EBITDA of $34.2 million, up 35% year-over-year, representing a 25% margin of revenues. Based on our consistent, strong performance in the first nine months of the year, disciplined management of operational expenses, and positive outlook for the remainder of 2025, we are reiterating our full-year 2025 revenue guidance of between $178 million to $182 million and our annual adjusted EBITDA guidance of $40 million to $44 million.”

 

“We have consistently demonstrated our ability to convert profitability to operational cash flow, as we generated $17.9 million of cash from operating activities during the first nine months of the year, contributing to our strong cash position as of the end of the quarter of $72.0 million. As we advance our business development initiatives, we plan to leverage our financial strength to enrich our portfolio of marketed products and support our continued long-term annual double-digit profitable growth,” added Mr. London.

 

“Earlier this year we announced the launch of a comprehensive post-marketing research program for CYTOGAM® with the aim of generating key data in support of the benefits of the product in the management of cytomegalovirus (CMV) in solid organ transplantation. In connection with this program, we announced last week the initiation of the investigator-initiated SHIELD study, which will be conducted by leading experts in CMV and organ transplantation, investigating the benefits of CYTOGAM administered at the conclusion of the anti-viral prophylaxis to reduce the risk of clinically significant late CMV in kidney transplant recipients,” continued Mr. London.

 

“We continue to invest in our plasma collection operations and recently reported the receipt of an FDA approval for our Houston facility. We are ramping up plasma collection at our three operational centers and are in active discussions with potential customers to secure long-term sales agreements for normal source plasma. Lastly, we continue to advance our ongoing pivotal Phase 3 InnovAATe clinical trial for our inhaled Alpha-1 Antitrypsin therapy, with the interim futility analysis to be conducted by the end of this year,” concluded Mr. London.

 

 


 

Financial Highlights for the Three Months Ended September 30, 2025

 

Total revenues were $47.0 million in the third quarter of 2025, up 13% compared to $41.7 million in the third quarter of 2024. Consistent with previous quarters of the year, the increase in revenues was driven by the diversity of the Company’s portfolio, primarily attributable to increased sales of GLASSIA® in ex-U.S. markets, increased sales in the Distribution segment, as well as VARIZIG® U.S. sales.

 

Gross profit and gross margins were $19.8 million and 42%, respectively, in the third quarter of 2025, compared to $17.2 million and 41%, respectively, in the third quarter of 2024. The increase in both metrics is attributable to the continued improved sales mix and overall increased commercial scale.

 

Operating expenses, including R&D, S&M, G&A and other expenses, totaled $11.9 million in the third quarter of 2025, consistent with the level of these expenses in the third quarter of 2024. The reduction in R&D expenses during the quarter was mainly related to development projects timing changes.

 

Net income was $5.3 million, or $0.09 per diluted share, in the third quarter of 2025, up 37% as compared to $3.9 million, or $0.07 per diluted share, in the third quarter of 2024.

 

Adjusted EBITDA, as detailed in the tables below, was $11.7 million in the third quarter of 2025, up 34% over the $8.8 million achieved in the third quarter of 2024.

 

Cash provided by operating activities was $10.4 million in the third quarter of 2025, as compared to cash provided by operating activities of $22.2 million in the third quarter of 2024. The decrease is associated with the increase in working capital that supports the Company’s continued growth.

 

Financial Highlights for the Nine Months Ended September 30, 2025

 

Total revenues for the first nine months of 2025 were $135.8 million, an 11% increase from the $121.9 million generated in the first nine months of 2024. The overall increase in revenues was driven by the diversity of the Company’s portfolio, primarily attributable to increased sales of GLASSIA® in ex U.S. markets, increased sales in the Distribution segment, as well as VARIZIG® U.S. sales.

 

Gross profit and gross margins for the first nine months of 2025 were $59.4 million and 44%, respectively, compared to $52.9 million and 43%, respectively, in the first nine months of 2024. The increase in gross profit is in line with the continued improved sales mix and overall increased commercial scale.

 

Operating expenses, including R&D, S&M, G&A and other expenses, totaled $36.8 million in the first nine months of 2025, as compared to $38.0 million in the first nine months of 2024. The reduction in R&D expenses, year over-year, was mainly related to development projects timing changes.

 

Net income for the first nine months of 2025 was $16.6 million, or $0.29 per diluted share, a 56% increase as compared to net income of $10.7 million or $0.18 per diluted share, in the first nine months of 2024.

 

Adjusted EBITDA, as detailed in the tables below, was $34.2 million in the first nine months of 2025, a 35% increase as compared to $25.4 million in the first nine months of 2024.

 

Cash provided by operating activities during the first nine months of 2025 was approximately $17.9 million, as compared to $37.2 million during the first nine months of 2024. The decrease was associated with the increase in working capital that supports the Company’s continued growth.

 

Balance Sheet Highlights

 

As of September 30, 2025, Kamada had cash and cash equivalents of $72.0 million, as compared to $78.4 million as of December 31, 2024. While cash provided by operating activities totaled $17.9 million, net cash used in investment activities of $7.1 million and net cash used in financing activities of $17.2 million, of which $11.5 million was associated with the payment of a special cash dividend, collectively resulted in an overall decrease in cash balance.

 

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Recent Corporate Highlights

 

Announced that the first patient was enrolled into an investigator-initiated post-marketing clinical trial of CYTOGAM® (CMV-IGIV) to prevent late CMV infection, a common post-transplant infectious complication that remains an unaddressed medical need despite recent advances in anti-viral drug therapies. The Strategic Help with Immunoglobulin to Enhance protection against Late Disease (CMV), or SHIELD study, is a prospective, randomized, controlled multicenter investigator-initiated study in CMV high-risk kidney transplant recipients.

 

Announced that the FDA has approved the supplement to the Company’s existing Biologics License Application (BLA) for Kamada Plasma’s collection center in Houston, TX. The approval was obtained following an on-site inspection made by the FDA during the second quarter of this year. The center is now cleared to commence commercial sales of normal source plasma. The 12,000 square foot Houston facility supports 50 donor beds, with a planned capacity of approximately 50,000 liters per year and is anticipated to be one of the largest collection centers for specialty plasma in the U.S. Kamada intends to seek a subsequent inspection and approval by the European Medicines Agency (EMA) of this site.

 

Fiscal 2025 Guidance

 

Kamada is reiterating its annual financial guidance comprising of 2025 total revenues in the range of $178 million to $182 million and adjusted EBITDA guidance in the range of $40 million to $44 million, representing double digit top- and bottom-line growth year-over-year.

 

Conference Call Details

 

Kamada’s management will host an investment community conference call on Monday, November 10, at 8:30am Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the call by dialing 1-877-407-0792 (from within the U.S.), 1-809-406-247 (from Israel), or 1-201-689- 8263 (International) using conference I.D. 13756537. The call will be webcast live on the internet at: https://viavid.webcasts.com/starthere.jsp?ei=1738840&tp_key=92257bc662.

 

Non-IFRS financial measures

 

We present EBITDA and adjusted EBITDA because we use these non-IFRS financial measures to assess our operational performance, for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes these non-IFRS financial measures are useful to investors because: (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and provide investors with a meaningful perspective on the current underlying performance of the Company’s core ongoing operations; and (2) they exclude the impact of certain items that are not directly attributable to our core operating performance and that may obscure trends in the core operating performance of the business. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, our IFRS results. We expect to continue reporting non-IFRS financial measures, adjusting for the items described below, and we expect to continue to incur expenses similar to certain of the non-cash, non-IFRS adjustments described below. Accordingly, unless otherwise stated, the exclusion of these and other similar items in the presentation of non-IFRS financial measures should not be construed as an inference that these items are unusual, infrequent or non-recurring. EBITDA and adjusted EBITDA are not recognized terms under IFRS and do not purport to be an alternative to IFRS terms as an indicator of operating performance or any other IFRS measure. Moreover, because not all companies use identical measures and calculations, the presentation of EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. EBITDA is defined as net income (loss), plus income tax expense, plus or minus financial income or expenses, net, plus or minus income or expense in respect of securities measured at fair value, net, plus or minus income or expenses in respect of currency exchange differences and derivatives instruments, net, plus depreciation and amortization expense, whereas adjusted EBITDA is the EBITDA plus non-cash share-based compensation expenses and certain other costs.

 

For the projected 2025 adjusted EBITDA information presented herein, the Company is unable to provide a reconciliation of this forward measure to the most comparable IFRS financial measure because the information for these measures is dependent on future events, many of which are outside of the Company’s control. Additionally, estimating such forward-looking measures and providing a meaningful reconciliation consistent with the Company’s accounting policies for future periods is meaningfully difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-IFRS measures are estimated in a manner consistent with the relevant definitions and assumptions noted in the Company’s adjusted EBITDA for historical periods.

 

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About Kamada

 

Kamada Ltd. (the “Company”) is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. The Company’s strategy is focused on driving profitable growth through four primary growth pillars: First, organic growth from its commercial activities, including continued investment in the commercialization and life cycle management of its proprietary products, which include six FDA-approved specialty plasma-derived products: KEDRAB®, CYTOGAM®, GLASSIA®, WINRHO SDF®, VARIZIG® and HEPAGAM B®, as well as KAMRAB®, KAMRHO (D)® and two types of equine-based anti-snake venom products, and the products in the distribution segment portfolio, mainly through the launch of several biosimilar products in Israel. Second: the Company aims to secure significant new business development, in-licensing, collaboration and/or merger and acquisition opportunities, which are anticipated to enhance the Company’s marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term growth. Third: the Company is expanding its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns three operating plasma collection centers in the United States, in Beaumont Texas, Houston Texas, and San Antonio, Texas. Lastly, the Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need, with the lead product candidate Inhaled AAT, for which the Company is continuing to progress the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company’s controlling shareholder, beneficially owning approximately 38% of the outstanding ordinary shares.

 

Cautionary Note Regarding Forward-Looking Statements

 

This release includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including statements regarding: 1) positive outlook for the remainder of 2025, supporting the reiteration of our full-year 2025 revenue guidance of between $178 million to $182 million and our annual adjusted EBITDA guidance of $40 million to $44 million; 2) leveraging the Company’s financial strength to enrich our portfolio of marketed products and support our continued long-term annual double-digit profitable growth; 3) futility analysis of the Pivotal Phase 3 InnovAATe Clinical Trial for the Inhaled AAT Therapy to be conducted by the end of 2025; 4) launching a comprehensive post marketing research program for CYTOGAM® with the aim of generating key data in support of the benefits of the product in the management of cytomegalovirus (CMV) in solid organ transplantation; 5) discussions with potential customers to secure long-term sales agreements for normal source plasma; 6) the site in Houston, TX planned capacity of approximately 50,000 liters per year, anticipated to be one of the largest collection centers for specialty plasma in the U.S.; and 7) the intention to seek a subsequent inspection and approval by the European Medicines Agency (EMA) of the Houston site. Forward-looking statements are based on Kamada’s current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to the evolving nature of the conflicts in the Middle East and the impact of such conflicts in Israel, the Middle East and the rest of the world, the impact of these conflicts on market conditions and the general economic, industry and political conditions in Israel, the U.S. and globally, effect of potential imposed tariff on overall international trade and specifically on Kamada’s ability to continue maintaining expected sales and profit levels in light of such potential tariff, the effect on establishment and timing of business initiatives, Kamada’s ability to leverage new business opportunities and integrate it with its existing product portfolio, unexpected results of clinical and development programs, regulatory approvals and regulatory delays, and other risks detailed in Kamada’s filings with the U.S. Securities and Exchange Commission (the “SEC”) including those discussed in its most recent Annual Report on Form 20-F and in any subsequent reports on Form 6-K, each of which is on file or furnished with the SEC and available at the SEC’s website at www.sec.gov. The forward-looking statements made herein speak only as of the date of this announcement and Kamada undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.

 

CONTACTS:

Chaime Orlev

Chief Financial Officer

IR@kamada.com

 

Brian Ritchie

LifeSci Advisors, LLC

212-915-2578

britchie@LifeSciAdvisors.com

 

---tables to follow---

 

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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 

    As of
September 30,
    As of
December 31,
 
    2025     2024     2024  
    Unaudited        
Assets                  
Current Assets                  
Cash and cash equivalents   $ 71,997     $ 72,001     $ 78,435  
Trade receivables, net     31,379       16,295       21,547  
Other accounts  receivables     3,945       4,555       5,546  
Inventories     85,413       71,558       78,819  
Total Current Assets     192,734       164,409       184,347  
                         
Non-Current Assets                        
Property, plant and equipment, net     38,100       33,746       36,245  
Right-of-use assets     9,189       9,854       9,617  
Intangible assets and other long-term assets     99,186       104,728       103,226  
Goodwill     30,313       30,313       30,313  
Contract assets     7,688       8,159       8,019  
Deferred taxes     -       -       488  
Total Non-Current Assets     184,476       186,800       187,908  
Total Assets   $ 377,210     $ 351,209     $ 372,255  
Liabilities                        
Current Liabilities                        
Current maturities of lease liabilities     1,912       1,586       1,631  
Current maturities of other long term liabilities     10,585       9,480       10,181  
Trade payables     24,875       14,786       27,735  
Other accounts payables     9,443       8,104       9,671  
Deferred revenues     1,022       41       171  
Total Current Liabilities     47,837       33,997       49,389  
                         
Non-Current Liabilities                        
Lease liabilities     9,558       9,574       9,431  
Contingent consideration     19,730       17,630       20,646  
Other long-term liabilities     32,539       34,121       32,816  
Deferred taxes     1,723       -       -  
Employee benefit liabilities, net     591       618       509  
Total Non-Current Liabilities     64,141       61,943       63,402  
                         
Shareholder’s Equity                        
Ordinary shares     15,077       15,024       15,028  
Additional paid in capital  net     268,222       266,588       266,933  
Capital reserve due to translation to presentation currency     (3,490 )     (3,490 )     (3,490 )
Capital reserve from hedges     346       16       51  
Capital reserve from share-based payments     5,339       6,394       6,316  
Capital reserve from employee benefits     374       283       364  
Accumulated deficit     (20,636 )     (29,546 )     (25,738 )
Total Shareholder’s Equity     265,232       255,269       259,464  
Total Liabilities and Shareholder’s Equity   $ 377,210     $ 351,209     $ 372,255  

 

5


 

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

 

 

    Nine months period ended     Three months period ended     Year ended  
    September 30,     September 30,     December 31,  
    2025     2024     2025     2024     2024  
    Unaudited     Unaudited        
                               
Revenues from proprietary products   $ 117,976     $ 110,032     $ 39,523     $ 37,128     $ 141,447  
Revenues from distribution     17,806       11,916       7,487       4,612       19,506  
                                         
Total revenues     135,782       121,948       47,010       41,740       160,953  
                                         
Cost of revenues from proprietary products     61,464       59,207       20,884       20,869       73,708  
Cost of revenues from distribution     14,878       9,805       6,364       3,637       17,278  
                                         
Total cost of revenues     76,342       69,012       27,248       24,506       90,986  
                                         
Gross profit     59,440       52,936       19,762       17,234       69,967  
                                         
Research and development expenses     10,101       12,512       2,636       3,414       15,185  
Selling and marketing expenses     13,573       13,862       4,505       4,501       18,428  
General and administrative expenses     13,084       11,578       4,819       4,014       15,702  
Other expenses (income)     -       11       (14 )     11       601  
Operating income     22,682       14,973       7,816       5,294       20,051  
                                         
Financial income     1,479       1,434       492       646       2,118  
Income (expenses) in respect of currency exchange differences and derivatives instruments, net     (766 )     255       (43 )     (60 )     (94 )
Financial Income (expense) in respect of contingent consideration and other long- term liabilities.     (4,057 )     (5,316 )     (1,677 )     (1,766 )     (8,081 )
Financial expenses     (605 )     (471 )     (221 )     (167 )     (660 )
Income (expense) before tax on income     18,733       10,875       6,367       3,947       13,334  
Taxes on income     (2,097 )     (221 )     (1,071 )     (84 )     1,128  
                                         
Net income (loss)   $ 16,636     $ 10,654     $ 5,296     $ 3,863     $ 14,462  
                                         
Other comprehensive income (loss) :                                        
Amounts that will be or that have been reclassified to profit or loss when specific conditions are met:                                        
Gain (loss) from securities measured at fair value through other comprehensive income                                        
Gain (loss) on cash flow hedges     770       (63 )     207       32       (30 )
Net amounts transferred to the statement of profit or loss for cash flow hedges     (475 )     (61 )     (317 )     (4 )     (59 )
Items that will not be reclassified to profit or loss in subsequent periods:                                        
Remeasurement gain (loss) from defined benefit plan     10       8       -       -       89  
Total comprehensive income (loss)   $ 16,941     $ 10,538     $ 5,186     $ 3,891     $ 14,462  
                                         
Earnings per share attributable to equity   holders of the Company:                                        
Basic net earnings per share   $ 0.29     $ 0.19     $ 0.09     $ 0.07     $ 0.25  
Diluted net earnings per share   $ 0.29     $ 0.18     $ 0.09     $ 0.07     $ 0.25  

 

6


 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

    Nine months period Ended     Three months period Ended     Year Ended  
    September, 30     September, 30     December 31,  
    2025     2024     2025     2024     2024  
    Unaudited        
    U.S Dollars In thousands  
Cash Flows from Operating Activities                                        
Net income   $ 16,636     $ 10,654     $ 5,296     $ 3,863     $ 14,462  
                                         
Adjustments to reconcile net income to net cash provided by (used in) operating activities:                                        
                                         
Adjustments to the profit or loss items:                                        
                                         
Depreciation and impairment     11,117       9,708       3,760       3,242       13,808  
Financial expenses, net     3,949       4,098       1,449       1,347       6,717  
Cost of share-based payment     387       700       117       224       874  
Taxes on income     2,097       221       1,071       84       (1,128 )
Loss (gain) from sale of property and equipment     (8 )     11       -       12       11  
Change in employee benefit liabilities, net     91       6       17       17       52  
      17,633       14,744       6,414       4,926       20,334  
Changes in asset and liability items:                                        
                                         
Decrease (increase) in trade receivables, net     (9,705 )     3,249       (1,035 )     10,004       (1,977 )
Decrease in other accounts receivables     1,666       1,452       588       510       593  
Decrease (increase) in inventories     (6,593 )     16,920       (3,333 )     7,155       9,659  
Decrease in deferred expenses     331       336       119       97       476  
Increase (decrease) in trade payables     (3,497 )     (10,747 )     634       (5,655 )     1,226  
Increase (decrease) in other accounts payables     (253 )     (157 )     630       881       1,413  
Increase (decrease) in deferred revenues     851       (107 )     845       14       23  
      (17,200 )     10,946       (1,552 )     13,006       11,413  
Cash received (paid) during the period for:                                        
                                         
Interest paid     (605 )     (424 )     (221 )     (158 )     (594 )
Interest received     1,479       1,434       492       646       2,118  
Taxes paid     (19 )     (158 )     (13 )     (70 )     (139 )
      855       852       258       418       1,385  
                                         
Net cash provided by operating activities   $ 17,924     $ 37,196     $ 10,416     $ 22,213     $ 47,594  

 

7


 

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

 

    Nine months period Ended     Three months period Ended     Year Ended  
    September, 30     September, 30     December 31,  
    2025     2024     2025     2024     2024  
    Unaudited     Audited  
    U.S Dollars In thousands  
Cash Flows from Investing Activities                              
Purchase of property and equipment and intangible assets   $ (7,071 )   $ (7,816 )   $ (3,589 )   $ (2,124 )   $ (10,740 )
Proceeds from sale of property and equipment     8       1       -       -       1  
Net cash used in investing activities     (7,063 )     (7,815 )     (3,589 )     (2,124 )     (10,739 )
                                         
Cash Flows from Financing Activities                                        
                                         
Proceeds from exercise of share base payments     49       3       -       1       7  
Repayment of lease liabilities     (833 )     (890 )     (415 )     (319 )     (1,251 )
Repayment of other long-term liabilities     (4,848 )     (12,316 )     (339 )     (4,468 )     (12,667 )
                                         
Dividends Paid     (11,534 )     -       -       -       -  
Net cash used in financing activities     (17,166 )     (13,203 )     (754 )     (4,786 )     (13,911 )
                                         
Exchange differences on balances of cash and cash equivalent     (133 )     182       (61 )     151       (150 )
                                         
Increase (decrease) in cash and cash equivalents     (6,438 )     16,360       6,012       15,454       22,794  
                                         
Cash and cash equivalents at the beginning of the period     78,435       55,641       65,985       56,547       55,641  
                                         
Cash and cash equivalents at the end of the period   $ 71,997     $ 72,001     $ 71,997     $ 72,001     $ 78,435  
                                         
Significant non-cash transactions                                        
Right-of-use asset recognized with corresponding lease liability   $ 870     $ 3,163     $ 360     $ 2,642     $ 3,304  
Purchase of property and equipment and Intangible assets   $ 555     $ 1,040     $ (475 )   $ 1,040     $ 1,955  

 

8


 

NON-IFRS MEASURES

 

    Nine months period ended     Three months period ended     Year ended  
    September 30,     September 30,     December 31,  
    2025     2024     2025     2024     2024  
    U.S Dollars In thousands  
Net income   $ 16,636     $ 10,654     $ 5,296     $ 3,863     $ 14,462  
Taxes on income     2,097       221       1,071       84       (1,128 )
Financial expense (income), net     3,949       4,098       1,449       1,347       6,717  
Depreciation and amortization expense     11,122       9,708       3,765       3,242       13,218  
Non-cash share-based compensation expenses     387       700       117       224       867  
Adjusted EBITDA   $ 34,191     $ 25,381     $ 11,698     $ 8,760     $ 34,136  

 

9

 

EX-99.2 3 ea026262101ex99-2_kamada.htm COMPANY'S PRESENTATION - NOVEMBER 2025

Exhibit 99.2

 

November 2025 9M/2025 & Q3/2025 Investors Call NASDAQ: KMDA; TASE: KMDA.TA

 


2 FORWARD - LOOKING STATEMENT This presentation is not intended to provide investment or medical advice . It should be noted that some products under development described herein have not been found safe or effective by any regulatory agency and are not approved for any use outside of clinical trials . This presentation contains forward - looking statements, which express the current beliefs and expectations of Kamada’s management . Such statements include 2025 financial guidance ; growth strategy and plans for double digit growth ; growth prospects related to CYTOGAM®, GLASSIA®, and the Israeli distribution business segment ; success in identifying and integrating M&A targets for growth ; advancement and future expected revenues driven by our plasma collection operation ; and continued progression of the inhaled AAT clinical study, its benefits and advantages, potential market size, reduction of the study sample to approximately 180 patients, and the plan to conduct an interim futility analysis by the end of 2025 . These statements involve a number of known and unknown risks and uncertainties that could cause Kamada's future results, performance or achievements to differ significantly from the projected results, performances or achievements expressed or implied by such forward - looking statements . Important factors that could cause or contribute to such differences include, but are not limited to, risks relating to Kamada's ability to successfully develop and commercialize its products and product candidates, progress and results of any clinical trials, introduction of competing products, continued market acceptance of Kamada’s commercial products portfolio, impact of geo - political environment in the middle east, impact of any changes in regulation and legislation that could affect the pharmaceutical industry, difficulty in predicting, obtaining or maintaining U . S . Food and Drug Administration, European Medicines Agency and other regulatory authority approvals, restrains related to third parties’ IP rights and changes in the health policies and structures of various countries, success of M&A strategies, environmental risks, changes in the worldwide pharmaceutical industry and other factors that are discussed under the heading “Risk Factors” of Kamada’s 2024 Annual Report on Form 20 - F (filed on March 5 , 2025 ), as well as in Kamada’s recent Forms 6 - K filed with the U . S . Securities and Exchange Commission . This presentation includes certain non - IFRS financial information, which is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS . The non - IFRS financial measures may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies . In accordance with the requirement of the SEC regulations a reconciliation of these non - IFRS financial measures to the comparable IFRS measures is included in an appendix to this presentation . Management uses these non - IFRS financial measures for financial and operational decision - making and as a means to evaluate period - to - period comparisons . Management believes that these non - IFRS financial measures provide meaningful supplemental information regarding Kamada’s performance and liquidity . Forward - looking statements speak only as of the date they are made, and Kamada undertakes no obligation to update any forward - looking statement to reflect the impact of circumstances or events that arise after the date the forward - looking statement was made, except as required by applicable law .

 


3 9 M - 25 CONTINUING THE GROWTH YoY DOUBLE DIGIT REVENUE AND PROFITABILITY INCREASE Paid special cash dividend of $0.20 per share (totaling approximately $11.5M) on April 7, 2025 GROSS PROFIT REVENUE 12% 2024 $52.9 2025 $ 59.4 11% 2024 $121.9 2025 $ 135.8 Adj. EBITDA EPS 35% 2024 $25.4 2025 $ 34.2 61% 2024 $0.18 2025 $0.29

 


4 6 18 24 34 40 - 44 2021 2022 2023 2024 2025 104 129 142 161 178 - 182 2021 2022 2023 2024 2025 ADJUSTED EBITDA US$M 61% CAGR 2025 represents annual guidance 2025 represents annual guidance ANNUAL DOUBLE - DIGIT GROWTH TRAJECTORY REVENUES US$M 15% CAGR Quarter - End Strong Cash Position of $72.0 Million 9 M $ 136 M ( 75 %) 9 M $ 34 M ( 81 %)

 


DELIVERING ON OUR COMMITMENTS 5

 


6 KAMADA ’ S ROADMAP FOR CONTINUED ANNUAL DOUBLE - DIGIT GROWTH Organic Growth Portfolio of 6 FDA - approved products; Over 30 territories; and Distribution portfolio in Israel M&A Transactions Support growth through M&A transactions Plasma Collection Centers Each new center expected to contribute annual revenues of $ 8 M - $ 10 M at peak capacity Inhaled AAT Phase III pivotal clinical study, targeting a market of over $ 2 B

 


$ 150 M Total U.S HRIG market size, KEDRAB presents double - digit growth YoY Only anti - Rabies IgG product with FDA approved label confirming safety and effectiveness in children KEDRAB /KAMRAB $ 50 M 2024 U.S. Revenues; $ 135 M Minimum sales in the U.S. expected in 2025 - 2027 Only 2 FDA approved products Leading HRIG in Canada, Australia, Israel, Latin America and additional territories A GLOBAL LEADER IN ANTI - RABIES IMMUNE GLOBULIN (HRIG) For Important Safety Information, visit https://kedrab.com/ 7

 


8 Licensed to Takeda in the USA, Canada, Australia and New Zealand Commencing in 2022 , Takeda is paying Kamada royalties at a rate of 12 % on its net market sales through August 2025 , and 6 % thereafter until 2040 Projected royalties in the range of $ 10 M to $ 20 M per year Outside the Takeda territories, GLASSIA is marketed by Kamada through a network of partners and distributors . Key countries include Argentina, Switzerland, Russia, Israel, and other international markets . Sales in these territories is expected to continue growing, as result of better disease awareness and patients’ diagnosis . GLASSIA $ 17 M 2024 Royality Income; Up 5 % over 2023 LIQUID AAT FOR THE TREATMENT OF AAT DEFICIENCY (AATD) $ 15 M 2024 Glassia sales by Kamada; Up 205 % over 2023

 


9 CYTOGAM is the only plasma - derived IgG approved in the U.S. and Canada for prophylaxis of CMV disease after Solid Organ Transplantation. CMV is the leading cause for organ rejection post - transplant. CYTOGAM $ 23 M 2024 Revenues; Up 31 % over 2023 CMV IMMUNE GLOBULIN Growth Continued growth expected in the U.S. and Canada markets Launched, in collaboration with multiple KOLs, a post - marketing research program aimed at generating key data in support of the benefits of CYTOGAM in the management of CMV in solid organ transplantation. Initiated the investigator - initiated SHIELD study, conducted by leading experts and KOLs in CMV and organ transplantation, investigating the benefits of CYTOGAM in reducing the risk of late CMV in kidney transplant recipients.

 


10 DISTRIBUTION SEGMENT GROWTH More than 25 products exclusively licensed from leading international pharmaceutical companies, marketed in the Israeli market EXCLUSIVE DISTRIBUTOR IN ISRAEL FOR LEADING BIOPHARMACEUTICAL COMPANIES EXPANDING THE DISTRIBUTION SEGMENT MODEL TO THE MENA REGION Key areas : plasma - derived, respiratory, rare diseases, infectious diseases, biosimilar portfolio of several product candidates, mainly from Alvotech First biosimilar launched in 2024 and two additional expected to be launched in Israel in the coming months Additional biosimilar products are expected to be launched in Israel over the coming years, at a rate of 1 - 3 products per year Biosimilar portfolio expected to generate annual sales of $ 15 - 20 M within the next five years

 


11 M&A TRANSACTIONS EXPECT TO SECURE NEW BUSINESS DEVELOPMENT AND M&A TRANSACTIONS DURING 2025 ; LEVERAGING OVERALL FINANCIAL STRENGTH AND COMMERCIAL INFRASTRUCTURE Screening strategic business development opportunities to identify potential acquisition or in - licensing to accelerate long - term growth Focusing on products synergistic to our existing commercial and/or production activities as well as marketing infrastructure Strong financial position, commercial infrastructure and proven successful M&A capabilities

 


12 KAMADA PLASMA EXPANDING VERTICAL INTEGRATION & REVENUE GROWTH Collecting hyper - immune plasma for our specialty IgG products and normal source plasma (NSP) to support revenue growth Operating three plasma collection centers in Texas; Houston, San Antonio and Beaumont Houston center now FDA approved At full collection capacity, each of the Houston and San Antonio centers is expected to generate annual revenues of $ 8 M to $ 10 M from sales of NSP

 


13 $ 2 Billion A substantial market opportunity ( 2028 ) č Based on expected changes to the statistical analysis plan, intend to reduce the study sample size to approximately 180 patients , and conduct an interim futility analysis by the end of 2025 FDA reconfirmed overall study design, endorsed positive safety data to date, and confirmed its agreement with our proposed P - value of 0.1 in evaluating the trial’s efficacy primary endpoint INHALED AAT PHASE 3 PIVOTAL STUDY InnovAATe - a global, double - blind, randomized, placebo - controlled pivotal Phase 3 clinical trial testing the safety and efficacy of inhaled AAT in patients with AATD. Study design meets FDA and EMA ’ s requirements 1. Source: CantorFizgerald, JAN 11 2024

 


14 Adjusted EBITDA is defined as net income, plus ( i ) tax expense, (ii) financial income (expense), net, (iii) depreciation and amortization ; and (v) non - cash share - based compensation expenses STRONG 9 M - 25 FINANCIAL RESULTS DETAILS FY 2024 Q3/24 Q3/25 9M/24 9M/25 US $ M Increase driven by GLASSIA® Ex - US sales and VARIZIG® US sales 141.4 37.1 39.5 110.0 118.0 PROPRIETARY 19.5 4.6 7.5 11.9 17.8 DISTRIBUTION 9M/2025 - 11% YoY increase; 161.0 41.7 47.0 121.9 135.8 TOTAL REVENUES 70.0 17.2 19.8 52.9 59.4 GROSS PROFIT 43 % 41 % 42 % 43 % 44 % GROSS MARGIN ( 49.9 ) ( 11.9 ) ( 11.9 ) ( 38.0 ) ( 36.8 ) OPEX 9M/2025 - 56% YoY increase 14.5 3.9 5.3 10.7 16.6 NET PROFIT 9M/2025 - 35% YoY increase; 25% of revenues 34.1 8.8 11.7 25.4 34.2 Adjusted EBITDA Special dividend of $11.5M paid in April 2025 78.4 72.0 72.0 CASH Including acquisition related intangible assets ($124M @ Sep 25) 372.3 351.2 377.2 TOTAL ASSETS 11.1 11.2 11.5 LEASE LIABILITIES Acquisition related contingent consideration 63.6 61.2 62.9 CONTINGENT LIABILITIES 259.5 255.3 265.2 EQUITY Contingent and lease liabilities net of available cash 3.7 ( 0.4 ) ( 2.4 ) NET DEBT

 


KEDRAB® CYTOGAM® HEPGAM B® VARIZIG® WINRHO® GLASSIA® KAMADA - A GLOBAL BIOPHARMACEUTICAL COMPANY 6 FDA - Approved Products 15 % CAGR (from 2021) $ 178 - 182 M 2025 Revenues Guidance $ 40 - 4 Đ M 2025 Adj. EBIDTA Guidance 4 Pillars of Growth A LEADER IN SPECIALTY PLASMA THERAPIES, WITH A PORTFOLIO OF MARKETED PRODUCTS INDICATED FOR RARE AND SERIOUS CONDITIONS $ 72.0 M Cash @ Sep 30 , 2025 15 Organic Growth M&A Transactions Inhaled AAT Pivotal Study Plasma Collection Centers

 


THANK YOU www.kamada.com NASDAQ: KMDA; TASE: KMDA.TA

 


17 NON - IFRS MEASURES – ADJUSTED EBITDA Adjusted EBITDA is defined as net income, plus ( i ) tax expense, (ii) financial income (expense), net, (iii) depreciation and amortization ; and (v) non - cash share - based compensation expenses FY 2024 Q3/24 Q3/25 9M/24 9 M/ 25 US $ M 14.5 3.9 5.3 10.7 16.6 NET PROFIT (1.1) 0.1 1.1 0.2 2.1 TAXES ON INCOME 8.1 1.8 1.7 5.3 4.1 REVALUATION OF ACQUISITION RELATED CONTINGENT CONSIDERATION (1.4) ( 0.4 ) ( 0.2 ) ( 1.2 ) ( 0.1 ) OTHER FINANCIAL EXPENSE, NET 7.1 1.8 1.8 5.3 5.3 AMORTIZATION OF ACQUISITION RELATED INTANGIBLE ASSETS 6.2 1.5 2.0 4.4 5.8 OTHER DEPRECIATION AND AMORTIZATION EXPENSES 0.9 0.2 0.1 0.7 0.4 NON - CASH SHARE - BASED COMPENSATION EXPENSES 34.1 8.8 11.7 25.4 34.2 ADJUSTED EBITDA

 


18 6 FDA - APPROVED SPECIALTY PLASMA PRODUCTS KEDRAB® [Rabies Immune Globulin (Human)] Post exposure prophylaxis of rabies infection CYTOGAM® [Cytomegalovirus Immune Globulin (Human)] Prophylaxis of CMV disease associated with transplants HEPGAM B® [Hepatitis B Immune Globulin (Human)] Prevention of HBV recurrence following liver transplants VARIZIG® [Varicella Zoster Immune Globulin (Human)] Post - exposure prophylaxis of varicella in high - risk patients WINRHO® [Rho(D) Immune Globulin (Human)] Treatment of ITP & suppression of Rh isoimmunization (HDN) KEY FOCUS ON TRANSPLANTS & RARE CONDITIONS For Important Safety Information, visit www.Kamada.com GLASSIA® [Alpha 1 - Proteinase Inhibitor (Human)] Augmentation therapy for Alpha - 1 Antitrypsin Deficiency (AATD)

 

Exhibit 99.3

 

KAMADA LTD.

 

CONSOLIDATED FINANCIAL STATEMENTS

 

AS OF September 30, 2025

 

TABLE OF CONTENTS

  

    Page
     
Condensed Consolidated interim Statements of Financial Position   1
     
Condensed Consolidated interim Statements of Profit or Loss and Other Comprehensive Income   2
     
Condensed Consolidated interim Statements of Changes in Equity   3-5
     
Condensed Consolidated interim Statements of Cash Flows   6-7
     
Notes to the Interim Consolidated Financial Statements   8-13

 

- - - - - - - - - - -

 

i


 

KAMADA LTD.

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 

    As of
September 30,
    As of
December 31,
 
    2025     2024     2024  
    Unaudited        
Assets                  
Current Assets                  
Cash and cash equivalents   $ 71,997     $ 72,001     $ 78,435  
Trade receivables, net     31,379       16,295       21,547  
Other accounts  receivables     3,945       4,555       5,546  
Inventories     85,413       71,558       78,819  
Total Current Assets     192,734       164,409       184,347  
                         
Non-Current Assets                        
Property, plant and equipment, net     38,100       33,746       36,245  
Right-of-use assets     9,189       9,854       9,617  
Intangible assets and other long-term assets     99,186       104,728       103,226  
Goodwill     30,313       30,313       30,313  
Contract assets     7,688       8,159       8,019  
Deferred taxes    
-
     
-
      488  
Total Non-Current Assets     184,476       186,800       187,908  
Total Assets   $ 377,210     $ 351,209     $ 372,255  
Liabilities                        
Current Liabilities                        
Current maturities of lease liabilities     1,912       1,586       1,631  
Current maturities of other long term liabilities     10,585       9,480       10,181  
Trade payables     24,875       14,786       27,735  
Other accounts payables     9,443       8,104       9,671  
Deferred revenues     1,022       41       171  
Total Current Liabilities     47,837       33,997       49,389  
                         
Non-Current Liabilities                        
Lease liabilities     9,558       9,574       9,431  
Contingent consideration     19,730       17,630       20,646  
Other long-term liabilities     32,539       34,121       32,816  
Deferred taxes     1,723      
-
     
-
 
Employee benefit liabilities, net     591       618       509  
Total Non-Current Liabilities     64,141       61,943       63,402  
                         
Shareholder’s Equity                        
Ordinary shares     15,077       15,024       15,028  
Additional paid in capital  net     268,222       266,588       266,933  
Capital reserve due to translation to presentation currency     (3,490 )     (3,490 )     (3,490 )
Capital reserve from hedges     346       16       51  
Capital reserve from share-based payments     5,339       6,394       6,316  
Capital reserve from employee benefits     374       283       364  
Accumulated deficit     (20,636 )     (29,546 )     (25,738 )
Total Shareholder’s Equity     265,232       255,269       259,464  
Total Liabilities and Shareholder’s Equity   $ 377,210     $ 351,209     $ 372,255  

 

The accompanying Notes are an integral part of the Consolidated Financial Statements.

 

1


 

KAMADA LTD.

 

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

 

    Nine months period ended     Three months period ended     Year ended  
    September 30,     September 30,     December 31,  
    2025     2024     2025     2024     2024  
    Unaudited     Unaudited        
                               
Revenues from proprietary products   $ 117,976     $ 110,032     $ 39,523     $ 37,128     $ 141,447  
Revenues from distribution     17,806       11,916       7,487       4,612       19,506  
                                         
Total revenues     135,782       121,948       47,010       41,740       160,953  
                                         
Cost of revenues from proprietary products     61,464       59,207       20,884       20,869       73,708  
Cost of revenues from distribution     14,878       9,805       6,364       3,637       17,278  
                                         
Total cost of revenues     76,342       69,012       27,248       24,506       90,986  
                                         
Gross profit     59,440       52,936       19,762       17,234       69,967  
                                         
Research and development expenses     10,101       12,512       2,636       3,414       15,185  
Selling and marketing expenses     13,573       13,862       4,505       4,501       18,428  
General and administrative expenses     13,084       11,578       4,819       4,014       15,702  
Other expenses (income)    
-
      11       (14 )     11       601  
Operating income     22,682       14,973       7,816       5,294       20,051  
                                         
Financial income     1,479       1,434       492       646       2,118  
Income (expenses) in respect of currency exchange differences and derivatives instruments, net     (766 )     255       (43 )     (60 )     (94 )
Financial Income (expense) in respect of contingent consideration and other long- term liabilities.     (4,057 )     (5,316 )     (1,677 )     (1,766 )     (8,081 )
Financial expenses     (605 )     (471 )     (221 )     (167 )     (660 )
Income (expense) before tax on income     18,733       10,875       6,367       3,947       13,334  
Taxes on income     (2,097 )     (221 )     (1,071 )     (84 )     1,128  
                                         
Net income (loss)   $ 16,636     $ 10,654     $ 5,296     $ 3,863     $ 14,462  
                                         
Other comprehensive income (loss) :                                        
Amounts that will be or that have been reclassified to profit or loss when specific conditions are met:    
 
     
 
     
 
     
 
     
 
 
Gain (loss) from securities measured at fair value through other comprehensive income    
 
     
 
     
 
     
 
     
 
 
Gain (loss) on cash flow hedges     770       (63 )     207       32       (30 )
Net amounts transferred to the statement of profit or loss for cash flow hedges     (475 )     (61 )     (317 )     (4 )     (59 )
Items that will not be reclassified to profit or loss in subsequent periods:                                        
Remeasurement gain (loss) from defined benefit plan     10       8      
-
     
-
      89  
Total comprehensive income (loss)   $ 16,941     $ 10,538     $ 5,186     $ 3,891     $ 14,462  
                                         
Earnings per share attributable to equity   holders of the Company:                                        
Basic net earnings per share   $ 0.29     $ 0.19     $ 0.09     $ 0.07     $ 0.25  
Diluted net earnings per share   $ 0.29     $ 0.18     $ 0.09     $ 0.07     $ 0.25  

 

 

The accompanying Notes are an integral part of the Consolidated Financial Statements.

 

2


 

KAMADA LTD.

 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

    Share
capital
    Additional
paid in
capital
    Capital reserve
due to
translation to
presentation
currency
    Capital
reserve
from
hedges
    Capital reserve
from
sharebased
payments
    Capital
reserve
from employee
benefits
    Accumulated
deficit
    Total
equity
 
    Unaudited  
    In thousands  
Balance as of January 1, 2025 (audited)   $ 15,028     $ 266,933     $ (3,490 )   $ 51     $ 6,316     $ 364     $ (25,738 )   $ 259,464  
Net income     -       -       -       -       -       -       16,636       16,636  
Other comprehensive income (loss)     -       -       -       295       -       10       -       305  
Total comprehensive income (loss)     -       -       -       295       -       10       16,636       16,941  
Exercise and forfeiture of share-based payment into shares     49       1,289       -       -       (1,364 )     -             (26 )
Cost of share-based payment                             387                   387  
Dividend                                         (11,534 )     (11,534 )
Balance as of September 30, 2025   $ 15,077       268,222       (3,490 )     346       5,339       374       (20,636 )     265,232  

 

    Share
capital
    Additional
paid in
capital
    Capital reserve
due to
translation to
presentation
currency
    Capital
reserve
from
hedges
    Capital reserve
from
sharebased
payments
    Capital
reserve
from employee
benefits
    Accumulated
deficit
    Total
equity
 
    Unaudited  
    In thousands  
Balance as of January 1, 2024 (audited)   $ 15,021     $ 265,848     $ (3,490 )   $ 140     $ 6,427     $ 275     $ (40,200 )   $ 244,021  
Net income    
-
     
-
     
-
     
-
     
-
     
-
      10,654       10,654  
Other comprehensive income (loss)    
-
     
-
     
-
      (124 )    
-
      8      
-
      (116 )
Total comprehensive income (loss)    
-
     
-
     
-
      (124 )    
-
      8       10,654       10,538  
Exercise and forfeiture of share-based payment into shares     3       740      
-
     
-
      (740 )    
-
     
 
      3  
Cost of share-based payment    
 
     
 
     
 
     
 
      707      
 
     
 
      707  
Balance as of September 30, 2024   $ 15,024       266,588       (3,490 )     16       6,394       283       (29,546 )     255,269  

 

The accompanying Notes are an integral part of the Consolidated Financial Statements.

 

3


 

KAMADA LTD.

 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

    Share
capital
    Additional
paid in
capital
    Capital reserve
due to
translation to
presentation
currency
    Capital
reserve
from
hedges
    Capital reserve
from
sharebased
payments
    Capital
reserve
from employee
benefits
    Accumulated
deficit
    Total
equity
 
    Unaudited  
    In thousands  
Balance as of July 1, 2025   $ 15,077     $ 268,243     $ (3,490 )   $ 456     $ 5,226     $ 374     $ (25,932 )   $ 259,954  
Net income    
-
     
-
     
-
     
-
     
-
     
-
      5,296       5,296  
Other comprehensive income (loss)    
-
     
-
     
-
      (110 )    
-
     
-
     
-
      (110 )
Total comprehensive income (loss)    
-
     
-
     
 
      (110 )    
-
     
-
      5,296       5,186  
Exercise and forfeiture of share-based payment into shares    
-
      (21 )    
-
     
-
      (4 )    
-
     
-
      (25 )
Cost of share-based payment    
-
     
-
     
-
     
-
      117      
-
     
-
      117  
Balance as of September 30, 2025   $ 15,077       268,222       (3,490 )     346       5,339       374       (20,636 )     265,232  

 

    Share
capital
    Additional
paid in
capital
    Capital reserve
due to
translation to
presentation
currency
    Capital
reserve
from
hedges
    Capital reserve
from
sharebased
payments
    Capital
reserve
from employee
benefits
    Accumulated
deficit
    Total
equity
 
    Unaudited  
    In thousands  
Balance as of July 1, 2024   $ 15,023     $ 266,313     $ (3,490 )   $ (12 )   $ 6,444     $ 283     $ (33,409 )   $ 251,152  
Net income    
-
     
-
     
-
     
-
     
-
     
-
      3,863       3,863  
Other comprehensive income (loss)    
-
     
-
     
-
      28      
-
     
-
     
-
      28  
Total comprehensive income (loss)    
-
     
-
     
 
      28      
-
     
-
      3,863       3,891  
Exercise and forfeiture of share-based payment into shares     1       275      
-
     
-
      (275 )    
-
     
-
      1  
Cost of share-based payment    
-
     
-
     
-
     
-
      225      
-
     
-
      225  
Balance as of September 30, 2024   $ 15,024     $ 266,588     $ (3,490 )   $ 16     $ 6,394     $ 283     $ (29,546 )   $ 255,269  

 

4


 

KAMADA LTD.

 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

     Share     Additional
paid in
    Capital reserve
due to translation to
presentation
    Capital reserve
from
    Capital
reserve
from share
based
    Capital
reserve
from
employee
    Accumulated     Total  
    capital     capital     currency     hedges     payments     benefits     deficit     equity  
    U.S. Dollars in Thousands  
Balance as of January 1, 2024 (audited)   $ 15,021     $ 265,848     $ (3,490 )   $ 140     $ 6,427     $ 275     $ (40,200 )   $ 244,021  
Net income    
-
     
-
     
-
     
-
     
-
     
-
      14,462       14,462  
Other comprehensive income (loss), net of tax)    
-
     
-
     
-
      (89 )    
-
      89      
-
     
-
 
Total comprehensive income (loss)    
-
     
-
     
-
      (89 )    
-
      89       14,462       14,462  
Exercise and forfeiture of share-based payment into shares     7       985      
-
     
-
      (985 )    
-
     
-
      7  
Cost of share-based payment    
-
     
-
     
-
     
-
      874      
-
     
-
      874  
Income tax impact associated with issuance of shares    
-
      100      
-
     
-
     
 
     
 
     
-
      100  
Balance as of December 31, 2024   $ 15,028     $ 266,933     $ (3,490 )   $ 51     $ 6,316     $ 364     $ (25,738 )   $ 259,464  

  

The accompanying Notes are an integral part of the Consolidated Financial Statements.

 

5


 

KAMADA LTD.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

    Nine months period Ended     Three months period Ended     Year Ended  
    September, 30     September, 30     December 31,  
    2025     2024     2025     2024     2024  
    Unaudited        
    U.S Dollars In thousands  
Cash Flows from Operating Activities                              
Net income   $ 16,636     $ 10,654     $ 5,296     $ 3,863     $ 14,462  
                                         
Adjustments to reconcile net income to net cash provided by (used in) operating activities:                                        
                                         
Adjustments to the profit or loss items:                                        
                                         
Depreciation and impairment     11,117       9,708       3,760       3,242       13,808  
Financial expenses, net     3,949       4,098       1,449       1,347       6,717  
Cost of share-based payment     387       700       117       224       874  
Taxes on income     2,097       221       1,071       84       (1,128 )
Loss (gain) from sale of property and equipment     (8 )     11      
-
      12       11  
Change in employee benefit liabilities, net     91       6       17       17       52  
      17,633       14,744       6,414       4,926       20,334  
Changes in asset and liability items:                                        
                                         
Decrease (increase) in trade receivables, net     (9,705 )     3,249       (1,035 )     10,004       (1,977 )
Decrease in other accounts receivables     1,666       1,452       588       510       593  
Decrease (increase) in inventories     (6,593 )     16,920       (3,333 )     7,155       9,659  
Decrease in deferred expenses     331       336       119       97       476  
Increase (decrease) in trade payables     (3,497 )     (10,747 )     634       (5,655 )     1,226  
Increase (decrease) in other accounts payables     (253 )     (157 )     630       881       1,413  
Increase (decrease) in deferred revenues     851       (107 )     845       14       23  
      (17,200 )     10,946       (1,552 )     13,006       11,413  
Cash received (paid) during the period for:                                        
                                         
Interest paid     (605 )     (424 )     (221 )     (158 )     (594 )
Interest received     1,479       1,434       492       646       2,118  
Taxes paid     (19 )     (158 )     (13 )     (70 )     (139 )
      855       852       258       418       1,385  
                                         
Net cash provided by operating activities   $ 17,924     $ 37,196     $ 10,416     $ 22,213     $ 47,594  

 

6


  

KAMADA LTD.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

 

    Nine months period Ended     Three months period Ended     Year Ended  
    September, 30     September, 30     December 31,  
    2025     2024     2025     2024     2024  
    Unaudited     Audited  
    U.S Dollars In thousands  
Cash Flows from Investing Activities                              
Purchase of property and equipment and intangible assets   $ (7,071 )   $ (7,816 )   $ (3,589 )   $ (2,124 )   $ (10,740 )
Proceeds from sale of property and equipment     8       1      
-
     
-
      1  
Net cash used in investing activities     (7,063 )     (7,815 )     (3,589 )     (2,124 )     (10,739 )
                                         
Cash Flows from Financing Activities                                        
                                         
Proceeds from exercise of share base payments     49       3      
-
      1       7  
Repayment of lease liabilities     (833 )     (890 )     (415 )     (319 )     (1,251 )
Repayment of other long-term liabilities     (4,848 )     (12,316 )     (339 )     (4,468 )     (12,667 )
                                         
Dividends Paid     (11,534 )    
-
     
-
     
-
     
-
 
Net cash used in financing activities     (17,166 )     (13,203 )     (754 )     (4,786 )     (13,911 )
                                         
Exchange differences on balances of cash and cash equivalent     (133 )     182       (61 )     151       (150 )
                                         
Increase (decrease) in cash and cash equivalents     (6,438 )     16,360       6,012       15,454       22,794  
                                         
Cash and cash equivalents at the beginning of the period     78,435       55,641       65,985       56,547       55,641  
                                         
Cash and cash equivalents at the end of the period   $ 71,997     $ 72,001     $ 71,997     $ 72,001     $ 78,435  
                                         
Significant non-cash transactions                                        
Right-of-use asset recognized with corresponding lease liability   $ 870     $ 3,163     $ 360     $ 2,642     $ 3,304  
Purchase of property and equipment and Intangible assets   $ 555     $ 1,040     $ (475 )   $ 1,040     $ 1,955  

 

 

The accompanying Notes are an integral part of the Consolidated Financial Statements.

 

7


 

KAMADA LTD.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 1:- General

 

General description of the Company and its activity

 

Kamada Ltd (the “Company”) is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. The Company’s strategy is focused on driving profitable growth through four primary growth pillars: First, organic growth from its commercial activities, including continued investment in the commercialization and life cycle management of its proprietary products, which include six FDA-approved specialty plasma-derived products: KEDRAB®, CYTOGAM®, GLASSIA®, WINRHO SDF®, VARIZIG® and HEPAGAM B®, as well as KAMRAB®, KAMRHO (D)® and two types of equine-based anti-snake venom products, and the products in the Distribution segment portfolio, mainly through the launch of several biosimilar products in Israel. Second, the Company aims to secure significant new business development, in-licensing, collaboration and/or merger and acquisition opportunities, which are anticipated to enhance the Company’s marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term growth. Third, the Company is expanding its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns three operating plasma collection centers in the United States, in Beaumont Texas, Houston Texas, and San Antonio, Texas. Lastly, the Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need, with its lead product candidate Inhaled AAT, for which the Company is continuing to progress the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial.

 

In November 2021, the Company acquired, pursuant to an Asset Purchase Agreement, CYTOGAM, WINRHO SDF, VARIZIG and HEPGAM B from Saol Therapeutics Ltd. The acquisition of this portfolio furthered the Company’s core objective to become a fully integrated specialty plasma company with strong commercial capabilities in the U.S. market, as well as to expand to new markets, mainly in the Middle East/North Africa region, and to broaden the Company’s portfolio offering in existing markets. The Company’s wholly owned U.S. subsidiary, Kamada Inc., is responsible for the commercialization of the four products in the U.S. market, including direct sales to wholesalers and local distributers.

 

In accordance with an agreement with Takeda Pharmaceuticals Company Limited (“Takeda”), starting from the first quarter of 2022, Takeda pays the Company royalties on sales of GLASSIA manufactured by Takeda in the United States and, commencing in 2024, in Canada, at a rate of 12% on net sales through August 2025 and at a rate of 6% thereafter until 2040, with a minimum of $5 million annually for each year from 2022 to 2040. The Company will also be entitled to royalty income on sales of GLASSIA by Takeda in Australia and New Zealand, to the extent that GLASSIA will be approved, and sales will be generated in these markets by Takeda in the future.

 

The Company’s ordinary shares are listed for trading on the Tel Aviv Stock Exchange and the NASDAQ Global Select Market.

 

FIMI Opportunity Funds (“FIMI”), the leading private equity firm in Israel beneficially owns approximately 38% of the Company’s outstanding ordinary shares and is a controlling shareholder of the Company; within the meaning of the Israeli Companies Law, 1999.

 

The Company’s activity is divided into two operating segments:

 

  Proprietary Products Manufacturing, sales and distribution of plasma-derived protein therapeutics.
  Distribution Distribute imported drug products in Israel, which are manufactured by third parties.

 

The Company has four wholly-owned subsidiaries – Kamada Inc., Kamada Plasma LLC (wholly owned by Kamada Inc.), KI Biopharma LLC and Kamada Ireland Limited. In addition, the Company owns 74% of Kamada Assets Ltd. (“Kamada Assets”).

 

8


 

KAMADA LTD.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 2:- Material Accounting Policies

 

  a. Basis of preparation of the interim consolidated financial statements:

 

The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, “Interim Financial Reporting”.

 

  b. Forthcoming requirements

 

  Presentation and Disclosure in Financial Statements – IFRS 18

 

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements (“IFRS 18”) which replaces IAS 1 Presentation of Financial Statements. IFRS 18 requires an entity to classify all income and expenses within its statement of profit and loss into one of five categories: operating; investing; financing; income taxes; and discontinued operations. The first three categories are new. These categories are complemented by the requirement to present subtotals for “operating profit or loss,” profit or loss before financing income and taxes” and “profit or loss” IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted.

 

The Company is currently assessing the impact of the Standard on its financial statements. As of September 30, 2025, the Company does not have impact on its financial statement.

 

Note 3:- Significant events in the reporting period

 

On March 5, 2025, the Company announced that its Board of Directors had declared a special cash dividend of $0.20 (NIS 0.73) per share on the Company’s common stock, amounting to approximately $11.5 million in total. The dividend was paid on April 7, 2025, to shareholders of record as of the close of business on March 17, 2025.

 

Note 4:- Operating Segments

 

a. General:

 

The company has two operating segments, as follows:

 

Proprietary Products - Development, manufacturing, sales and distribution of proprietary plasma-derived protein therapeutics.
     
Distribution - Distribute imported drug products in Israel, which are manufactured by third parties.

 

9


 

KAMADA LTD.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 4:- Operating Segments (cont.)

 

b. Reporting on operating segments:

 

    Nine months period ended
September 30, 2025
 
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Unaudited  
                 
Revenues   $ 117,976     $ 17,806     $ 135,782  
Gross profit   $ 56,512     $ 2,928     $ 59,440  
Unallocated corporate expenses                     (36,758 )
Finance expenses, net                     (3,949 )
Income before taxes on income                   $ 18,733  

 

    Nine months period ended
September 30, 2024
 
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Unaudited  
                 
Revenues   $ 110,032     $ 11,916     $ 121,948  
Gross profit   $ 50,825     $ 2,111     $ 52,936  
Unallocated corporate expenses                     (37,963 )
Finance expenses, net                     (4,098 )
Income before taxes on income                   $ 10,875  

 

    Three months period ended
September 30, 2025
 
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Unaudited  
                 
Revenues   $ 39,523     $ 7,487     $ 47,010  
Gross profit   $ 18,639     $ 1,123     $ 19,762  
Unallocated corporate expenses                     (11,946 )
Finance expenses, net                     (1,449 )
Income before taxes on income                   $ 6,367  

 

    Three months period ended
September 30, 2024
 
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Unaudited  
                 
Revenues   $ 37,128     $ 4,612     $ 41,740  
Gross profit   $ 16,259     $ 975     $ 17,234  
Unallocated corporate expenses                     (11,940 )
Finance expenses, net                     (1,347 )
Income before taxes on income                   $ 3,947  

 

10


 

KAMADA LTD.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 4:- Operating Segments (cont.)

 

b. Reporting on operating segments:

 

    Year Ended December 31, 2024  
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Audited  
                 
Revenues   $ 141,447     $ 19,506     $ 160,953  
Gross profit   $ 67,739     $ 2,228     $ 69,967  
Unallocated corporate expenses                     (49,916 )
Finance expenses, net                     (6,717 )
Income before taxes on income                   $ 13,334  

 

c. Reporting on operating segments by geographic region:

 

    Nine months period ended
September 30, 2025
 
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Unaudited  
Geographical markets                  
U.S.A   $ 79,230     $
-
    $ 79,230  
Israel     4,746       17,806       22,552  
Latin America     16,324      
-
      16,324  
Canada     7,982      
-
      7,982  
Europe     6,310      
-
      6,310  
Asia     3,362      
-
      3,362  
Others     22      
-
      22  
    $ 117,976     $ 17,806     $ 135,782  

 

c. Reporting on operating segments by geographic region:

 

    Nine months period ended
September 30, 2024
 
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Unaudited  
Geographical markets                  
U.S.A   $ 84,779     $
-
    $ 84,779  
Israel     4,701       11,916       16,617  
Canada     7,873      
-
      7,873  
Latin America     7,588      
-
      7,588  
Europe     3,220      
-
      3,220  
Asia     1,837      
-
      1,837  
Others     34      
-
      34  
    $ 110,032     $ 11,916     $ 121,948  

 

11


 

KAMADA LTD.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 4:- Operating Segments (cont.)

 

    Three months period ended
September 30, 2025
 
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Unaudited  
Geographical markets                  
U.S.A   $ 23,736     $
-
    $ 23,736  
Israel     1,710       7,487       9,197  
Latin America     6,443      
 
      6,443  
Europe     3,858      
-
      3,858  
Canada     2,386      
-
      2,386  
Asia     1,390      
-
      1,390  
Others    
-
     
-
     
-
 
    $ 39,523     $ 7,487     $ 47,010  

 

    Three months period ended
September 30, 2024
 
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Unaudited  
Geographical markets                  
U.S.A   $ 29,610     $
-
    $ 29,610  
Israel     1,144       4,612       5,756  
Latin America     2,353      
 
      2,353  
Canada     2,108      
-
      2,108  
Europe     1,542      
-
      1,542  
Asia     337      
-
      337  
Others     34      
-
      34  
    $ 37,128     $ 4,612     $ 41,740  

 

    Year ended December 31, 2024  
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Audited  
Geographical markets                  
U.S.A   $ 100,504     $
-
    $ 100,504  
Israel     5,506       19,506       25,012  
Canada     18,606      
 
      18,606  
Europe     9,457      
-
      9,457  
Latin America     4,936      
-
      4,936  
Asia     2,376      
-
      2,376  
Others     62      
-
      62  
    $ 141,447     $ 19,506     $ 160,953  

 

12


 

KAMADA LTD.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

Note 5:- Financial Instruments

 

a. Classification of financial instruments by fair value hierarchy

 

Financial assets (liabilities) measured at fair value 

 

    Level 1     Level 2     Level 3  
    U.S Dollars in thousands  
September 30, 2025                  
Derivatives instruments   $
         -
    $     363     $
-
 
Contingent consideration    
-
     
-
      (22,571 )
                         
September 30, 2024                        
Derivatives instruments    
 
      27      
 
 
Contingent consideration   $
-
    $
    $ (20,472 )
                         
December 31, 2024                        
Derivatives instruments   $
-
    $ 49     $
-
 
Contingent consideration   $
-
    $
-
    $ (23,566 )

 

During the Nine months ended on September 30, 2023 there were no transfers due to the fair value measurement of any financial instrument from Level 1 to Level 2, and furthermore, there were no transfers to or from Level 3 due to the fair value measurement of any financial instrument.

 

Note 6:- Contingent Liabilities and Commitments

 

In connection with a Statement of Claim filed on June 13, 2023 against the Company by a third-party previously engaged to distribute the Company’s propriety products in Russia and Ukraine (the “Distributor”), with the tribunal of first instance in Geneva, on April 22, 2025, the tribunal dismissed the Distributer’s action and declared it inadmissible due to a lack of jurisdiction in Switzerland. On May 27, 2025, the Distributor challenged the decision rendered by the tribunal of first instance, claiming that the tribunal of first instance wrongly declined jurisdiction. The allegations raised by the Distributer in this appeal are largely reiterations of what it argued in front of the tribunal of first instance. The Company plans to submit its response to the appeal by mid-September 2025. Once that is submitted, the Court of Appeal will decide whether a second exchange of briefs is necessary before ruling on the Distributor’s appeal. For more information about this claim please refer to note 17h to the Company’s 2024 annual financial statements included in the 2024 form 20-F filed with the Securities and Exchange Commission on March 5, 2025.

 

Note 7:- Subsequent events

 

On October 22, 2025, the Company’s Board of Directors approved the grant of 1,590,000 options to purchase ordinary shares of the Company, under the 2011 Plan and the US Appendix.

 

Under the Israeli Share Option Plan:

1,324,000 options to purchase ordinary shares of the Company were granted at an exercise price of NIS 23.75 (USD 7.20) per share. The fair value of these options, as estimated on the grant date, was $3,249 thousands. The grant included 400 thousand options awarded to the Chief Executive Officer, pursuant to approval by the Annual General Meeting.

 

Under the US Appendix:

266,000 options to purchase ordinary shares of the Company were granted at an exercise price of USD 7.14 per share. The fair value of these options, as estimated on the grant date, was $653 thousands.

 

 

13

 

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