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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 May 2026

 

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.

 

The following exhibits are attached:

 

99.1   Kamada Reports First Quarter 2026 Financial Results and Affirms 2026 Annual Guidance; Expecting Significantly Stronger Remainder of the Year
     
99.2   Company’s Presentation – May 2026
     
99.3   Kamada Ltd’s condensed Consolidated Financial Statements as of March 31, 2026 (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).

 

1


 

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: May 13, 2026 KAMADA LTD.
   
  By: /s/ Nir Livneh
   

Nir Livneh

Vice President General Counsel and Corporate Secretary

 

2

 

EX-99.1 2 ea028885201ex99-1.htm KAMADA REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS AND AFFIRMS 2026 ANNUAL GUIDANCE; EXPECTING SIGNIFICANTLY STRONGER REMAINDER OF THE YEAR

Exhibit 99.1

 

Kamada Reports First Quarter 2026 Financial Results and Affirms 2026 Annual Guidance;

Expecting Significantly Stronger Remainder of the Year

 

Q1-2026 Revenue of $45.2 Million, up 3% Year-over-Year; Adjusted EBITDA of $11.6 Million, representing a Robust 26% Margin of Revenues; Net Income of $4.1 Million, up 4% Year-over-Year

 

Underlying Demand for the Company’s Products Continues to Increase, Supporting the Company’s Expectation for a Significantly Stronger Remainder of 2026

 

Company Affirms 2026 Annual Guidance of $200 Million – $205 Million in Revenues and $50 Million – $53 Million of Adjusted EBITDA, Representing Annual Double-Digit Organic Profitable Growth

 

Q1-2026 Results Impacted by Temporary Shipment Delay of a Single Order, Subsequently Delivered during April

 

Company Continues to Evaluate Near-Term Business Development and M&A Transactions to Further Enhance Long-Term Profitable Growth

 

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

 

REHOVOT, Israel, and HOBOKEN, NJ – May 13, 2026 -- 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 therapies field, today announced financial results for the three months ended March 31, 2026.

 

“Our operational and financial performance in 2026 is off to a solid start, with first quarter revenues and adjusted EBITDA in line with our expectations,” said Amir London, Kamada’s Chief Executive Officer. “Total revenues for the first quarter were $45.2 million, an increase of approximately 3% year-over-year, and adjusted EBITDA was $11.6 million, representing a robust 26% margin of revenue. Net income for the quarter was $4.1 million, up 4% year-over-year. While temporary shipment delay of a single order, subsequently delivered during April, affected first quarter financial results, importantly, the underlying demand of our products, including for KEDRAB® in the U.S. market as well as KAMRAB® and VARIZIG® in ex-U.S. markets, continues to increase, supporting our confidence for a significantly stronger remainder of 2026. We are reiterating our 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA, respectively, representing 12% and 23% growth when comparing 2026 guidance mid-points to 2025 results.”

 

“In 2026, our focus remains on the expansion of our entire commercial product portfolio, including our six FDA-approved specialty plasma-derived products. In our Distribution segment, growth is supported by the launch of additional biosimilar products in the Israeli market, as well our expansion of the Distribution business to the MENA region. We are ramping up plasma collection in our three FDA-approved Texas-based plasma centers, which are expected to provide significant capacity of specialty and normal source plasma collection, strengthening our vertical integration and supporting continued growth. Lastly, we continue to make progress evaluating and securing near-term new business development and M&A opportunities that will enrich our current portfolio and generate synergies with our existing commercial operations,” concluded Mr. London.

 

Financial Highlights for the Three Months Ended March 31, 2026

 

Total revenues were $45.2 million in the first quarter of 2026, an increase of 3% compared to $44.0 million in the first quarter of 2025. The increase in revenues year-over-year was primarily driven by increased sales of KEDRAB, as well as increased sales in our Distribution segment.

 

Gross profit and gross margins were $19.1 million and 42%, respectively, in the first quarter of 2026, compared to $20.7 million and 47%, respectively, in the first quarter of 2025. The reduction in gross margin year-over-year was affected by products and markets’ sales mix.

 

 


 

Operating expenses, including R&D, S&M, G&A and other expenses, totaled $12.1 million in the first quarter of 2026, compared to $13.0 million in the first quarter of 2025. The decrease was driven by a reduction in R&D expense related to the termination of the Phase 3 InnovAATe clinical trial, offset by increases in S&M and G&A expenses related to our investments in the overall growth of the commercial product portfolio.

 

Net income was $4.1 million, or $0.07 per diluted share, in the first quarter of 2026, up 4% as compared to $4.0 million, or $0.07 per diluted share, in the first quarter of 2025.

 

Adjusted EBITDA, as detailed in the tables below, was $11.6 million in the first quarter of 2026, equivalent to the adjusted EBITDA reported in the first quarter of 2025.

 

Cash used in operating activities was $0.3 million in the first quarter of 2026, as compared to cash used in operating activities of $0.5 million in the first quarter of 2025.

 

Balance Sheet Highlights

 

As of March 31, 2026, Kamada had cash and cash equivalents and short-term investment totaling $73.1 million, as compared to $75.5 million as of December 31, 2025. The Company recorded $0.3 million in cash used in operating activities, net cash used in investment activities of $1.0 million, net cash used in financing activities of $0.9 million and exchange differences on balances of cash and cash equivalent of $0.2 million, collectively resulting in an overall decrease in cash balance.

 

Recent Corporate Highlights

 

Announced U.S. Food and Drug Administration (FDA) approval of Kamada Plasma’s collection center in San Antonio, TX. The approval was obtained following an on-site inspection made by the FDA during February 2026. The center is now cleared to commence commercial sales of normal source plasma.

 

Announced the payment of a cash dividend of $0.25 (approximately NIS 0.77) per share on the Company’s ordinary shares (totaling approximately $14.4 million). The cash dividend was paid on April 7, 2026, to shareholders of record at the close of business on March 23, 2026.

 

Fiscal 2026 Guidance

 

Kamada is reiterating its 2026 annual financial guidance of total revenues in the range of $200 million to $205 million and adjusted EBITDA in the range of $50 million to $53 million, representing year-over-year increase of 12% in revenues and 23% in adjusted EBITDA based on mid-point of 2026 annual guidance.

 

Conference Call Details

 

Kamada management will host an investment community conference call on Wednesday, May 13, 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. 13760232. The call will be webcast live on the internet at: https://viavid.webcasts.com/starthere.jsp?ei=1760803&tp_key=7219e3b56c 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.

 

2


 

Non-IFRS financial measures

 

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 2026 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.

 

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. 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. The Company’s strategy is focused on driving profitable growth through four primary growth pillars: First, organic growth of its commercial portfolio, including continued investment in the commercialization and life cycle management of its proprietary products, consisting of six FDA-approved specialty plasma-derived products: KEDRAB®, GLASSIA®, CYTOGAM®, VARIZIG®, WINRHO SDF® and HEPAGAM B®, as well as KAMRAB®, and two equine-based anti-snake venom products. Second, distribution of third parties' pharmaceutical products in Israel & the MENA region through in-licensing partnerships, including the launch of several biosimilar products in Israel. Third, the Company is ramping up 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 FDA approved operating plasma collection centers in the United States, in Beaumont, Houston, and San Antonio, Texas. Fourth, the Company aims to secure new mergers and acquisitions, business development, in-licensing and/or collaboration 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 profitable growth. 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.

 

3


 

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) the Company’s expectation for a significantly stronger remainder of 2026, 2) the Company’s reiterated 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA; 3) continued increase in underlying demand for the Company’s products, including KEDRAB® in the U.S. market and KAMRAB® and VARIZIG® in ex-U.S. markets; 4) the expansion of the Company’s entire commercial product portfolio and the Distribution segment, including expansion to the MENA region and launch of additional biosimilar products in Israel; 5) ramp-up of plasma collection operations at the Company’s plasma collection centers and the expected contribution of such operations to the Company’s vertical integration and continued growth; 6) the Company’s evaluation of and securing near-term new business development and M&A opportunities to further enhance long-term profitable growth; 7) the anticipated enrichment of the Company’s marketed products portfolio and generation of synergies with its existing commercial operations; and 8) the development and commercialization of additional product candidates targeting areas of significant unmet medical need. 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 tariffs on overall international trade and specifically on Kamada’s ability to continue maintaining expected sales and profit levels in light of such tariffs, the effect on establishment and timing of business initiatives, Kamada’s ability to find near-term business development and M&A transactions and leverage such opportunities and successfully integrate such opportunities with its existing product portfolio, unexpected results of clinical and development programs, 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---

 

4


 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 

 

    As of     As of  
    March 31,     December 31,  
    2026     2025     2025  
    Unaudited        
    U.S. Dollars in Thousands  
Assets                  
Current Assets                  
Cash and cash equivalents   $ 32,922     $ 76,250     $ 75,469  
Short-term investments     40,225       -       -  
Trade receivables, net     36,515       27,876       27,007  
Other accounts  receivables     4,136       6,016       5,656  
Inventories     85,437       78,358       84,943  
Total Current Assets     199,235       188,500       193,075  
                         
Non-Current Assets                        
Property, plant and equipment, net     41,463       37,406       41,367  
Right-of-use assets     8,908       9,539       8,900  
Intangible assets and other long-term assets     95,676       101,422       97,511  
Goodwill     30,313       30,313       30,313  
Contract assets     7,426       7,925       7,544  
Total Non-Current Assets     183,786       186,605       185,635  
Total Assets   $ 383,021     $ 375,105     $ 378,710  
Liabilities                        
Current Liabilities                        
Current maturities of lease liabilities   $ 2,198     $ 1,780     $ 2,121  
Current maturities of other long term liabilities     10,643       10,889       9,923  
Trade payables     21,938       24,854       23,242  
Other accounts payables     24,930       19,319       12,108  
Deferred revenues     67       205       -  
Total Current Liabilities     59,776       57,047       47,394  
                         
Non-Current Liabilities                        
Lease liabilities     9,443       9,318       9,440  
Contingent consideration     20,910       21,216       20,372  
Other long-term liabilities     29,925       32,990       30,113  
Deferred taxes     2,866       2,061       1,651  
Employee benefit liabilities, net     714       516       670  
Total Non-Current Liabilities     63,858       66,101       62,246  
                         
Shareholder’s Equity                        
Ordinary shares     15,078       15,074       15,078  
Additional paid in capital  net     268,360       268,160       268,283  
Capital reserve due to translation to presentation currency     (3,490 )     (3,490 )     (3,490 )
Capital reserve from hedges     (6 )     (117 )     177  
Capital reserve from share-based payments     6,434       5,266       5,711  
Capital reserve from employee benefits     374       372       385  
Accumulated deficit     (27,363 )     (33,308 )     (17,074 )
Total Shareholder’s Equity     259,387       251,957       269,070  
Total Liabilities and Shareholder’s Equity   $ 383,021     $ 375,105     $ 378,710  

 

5


 

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

 

 

    Three months period ended     Year ended  
    March 31,     December 31,  
    2026     2025     2025  
    Unaudited        
    U.S. Dollars in Thousands  
Revenues from proprietary products   $ 36,227     $ 40,017     $ 156,206  
Revenues from distribution     9,013       4,001       24,254  
                         
Total revenues     45,240       44,018       180,460  
                         
Cost of revenues from proprietary products     18,202       19,738       83,928  
Cost of revenues from distribution     7,922       3,531       20,125  
                         
Total cost of revenues     26,124       23,269       104,053  
                         
Gross profit     19,116       20,749       76,407  
                         
Research and development expenses     2,181       4,246       12,995  
Selling and marketing expenses     4,753       4,510       18,455  
General and administrative expenses     5,229       4,198       18,724  
Other expenses     -       -       -  
Operating income (loss)     6,953       7,795       26,233  
                         
Financial income     425       534       1,921  
Income (expenses) in respect of currency exchange differences and derivatives instruments, net     (261 )     251       (1,171 )
Financial Income (expense) in respect of contingent consideration and other long- term liabilities.     (1,538 )     (1,775 )     (2,652 )
Financial expenses     (188 )     (192 )     (864 )
Income before tax on income     5,391       6,613       23,467  
Taxes on income     (1,259 )     (2,649 )     (3,269 )
                         
Net Income (loss)   $ 4,132     $ 3,964     $ 20,198  
                         
Other Comprehensive Income (loss):                        
Amounts that will be or that have been reclassified to profit or loss when specific conditions are met                        
Gain (loss) on cash flow hedges     90       (114 )     1,069  
Net amounts transferred to the statement of profit or loss for cash flow hedges     (273 )     (54 )     (943 )
Items that will not be reclassified to profit or loss in subsequent periods:                        
Remeasurement gain (loss) from defined benefit plan     (11 )     8       21  
Total comprehensive income (loss)   $ 3,938     $ 3,804     $ 20,345  
                         
Earnings per share attributable to equity holders of the Company:                        
Basic net earnings per share   $ 0.07     $ 0.07     $ 0.35  
Diluted net earnings per share   $ 0.07     $ 0.07     $ 0.35  

 

6


 

CONSOLIDATED STATEMENTS OF CASH FLOWS 

 

 

    Three months period Ended     Year Ended  
    March 31,     December 31,  
    2026     2025     2025  
    Unaudited     Unaudited        
    U.S. Dollars in Thousands  
Cash Flows from Operating Activities                  
Net income   $ 4,132     $ 3,964     $ 20,198  
                         
Adjustments to reconcile net income to net cash provided by operating activities:                        
                         
Adjustments to the profit or loss items:                        
                         
Depreciation and amortization     3,851       3,611       14,918  
Financial expenses, net     1,562       1,182       2,766  
Cost of share-based payment     800       175       845  
Taxes on income     1,259       2,649       3,269  
Gain from sale of property and equipment     -       (8 )     (8 )
Change in employee benefit liabilities, net     31       16       183  
      7,503       7,625       21,973  
Changes in asset and liability items:                        
                         
Increase in trade receivables, net     (9,757 )     (6,557 )     (5,407 )
Decrease (increase) in other accounts receivables     1,288       (671 )     (535 )
Decrease (increase) in inventories     (494 )     461       (6,124 )
Decrease in deferred expenses     119       94       475  
Decrease in trade payables     (1,446 )     (3,748 )     (6,870 )
Increase (decrease) in other accounts payables     (1,897 )     (2,044 )     950  
Increase (decrease) in deferred revenues     67       34       (171 )
      (12,120 )     (12,431 )     (17,682 )
Cash received (paid) during the period for:                        
                         
Interest paid     (187 )     (176 )     (864 )
Interest received     425       534       1,921  
Taxes paid     (44 )     (29 )     (56 )
      194       329       1,001  
                         
Net cash provided by (used in) operating activities   $ (291 )   $ (513 )   $ 25,490  

 

7


 

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

 

 

    Three months period Ended     Year Ended  
    March, 31     December 31,  
    2026     2025     2025  
    Unaudited     Unaudited        
    U.S. Dollars in Thousands  
Cash Flows from Investing Activities                  
Purchase of property and equipment and intangible assets   $ (973 )   $ (1,468 )   $ (9,846 )
Investment in short term investments, net    

(40,225

)    

-

     

-

 
Proceeds from sale of property and equipment     -       8       8  
Net cash used in investing activities     (41,198 )     (1,460 )     (9,838 )
                         
Cash Flows from Financing Activities                        
                         
Proceeds from exercise of share base payments     -       46       50  
Repayment of lease liabilities     (389 )     (14 )     (972 )
Dividends Paid     -       -       (11,534 )
Repayment of other long-term liabilities     (467 )     (325 )     (5,889 )
Net cash used in financing activities     (856 )     (293 )     (18,345 )
                         
Exchange differences on balances of cash and cash equivalent     (202 )     81       (273 )
                         
Decrease in cash and cash equivalents     (42,547 )     (2,185 )     (2,966 )
                         
Cash and cash equivalents at the beginning of the period     75,469       78,435       78,435  
                         
Cash and cash equivalents at the end of the period   $ 32,922     $ 76,250     $ 75,469  
                         
Significant non-cash transactions                        
Right-of-use asset recognized with corresponding lease liability   $ 439     $ 352     $ 1,221  
Purchase of property and equipment and Intangible assets   $ 683     $ 1,103     $ 2,523  

 

8


 

NON-IFRS MEASURES

 

    Three months period Ended
March 31,
    Year ended
December 31,
 
    2026     2025     2025  
    U.S. Dollars in thousands  
Net income   $ 4,132     $ 3,964     $ 20,198  
Taxes on income     1,259       2,649       3,269  
Financial expense, net     1,562       1,182       2,766  
Depreciation and amortization expense     3,851       3,611       14,924  
Non-cash share-based compensation expenses     800       175       845  
Adjusted EBITDA   $ 11,604     $ 11,581     $ 42,002  

 

9

EX-99.2 3 ea028885201ex99-2.htm COMPANY'S PRESENTATION - MAY 2026

Exhibit 99.2

 

May 2026 First Quarter March 31, 2026 Investors Call NASDAQ: KMDA; TASE: KMDA.TA 2 FORWARD- LOOKING STATEMENT This presentation is not intended to provide investment or medical advice.

 


This presentation contains forward-looking statements, which express the current beliefs and expectations of Kamada's management. Such statements include 2026 financial guidance; roadmap for continued double-digit profitable growth strategy; expectation to exceed minimum revenues from KEDRAB® for 2026 and 2027, GLASSIA® related sales growth prospects and estimated range of royalty income in the future years, expected increase in CYTOGAM® sales to be supported by new clinical data demonstrating product's properties, expected launch of additional biosimilar products in the Israeli market and expected sales range driven by the biosimilar portfolio in the next four to five years, expansion of the distribution segment to the MENA region, advancement and future expected revenues driven by our plasma collection operation and the aim to secure new business development and M&A opportunities to support continued growth. 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 including, 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 development activities 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, difficulties 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 2025 Annual Report on Form 20-F (filed on March 11, 2026), 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.

 


Q1-26 FINANCIAL PERFORMANCE 2026 OPERATIONAL AND FINANCIAL PERFORMANCE IS OFF TO A SOLID START First quarter results affected by a temporary shipment delay of a single order, subsequently delivered during April Declared cash dividend of $0.25 per share (totaling approximately $14.4M) paid on April 7, 2026, pursuant to an adopted dividend policy US$ M Q1-26 (changes vs. Q1-25) REVENUE $45.2 +3% Adj. EBITDA $11.6 unchanged Adj.

 


EBITDA Margin 26% unchanged Net Income $4.1 +4% 3 4 ANNUAL DOUBLE-DIGIT GROWTH TRAJECTORY 6 6% 18 14% 24 17% 34 21% 42 23% 50-53 ~25% 2021 2022 2023 2024 2025 2026 104 129 142 161 180 200- 205 2021 2022 2023 2024 2025 2026 ADJUSTED EBITDA US$M 53% CAGR 2026 represents annual guidance 2026 represents annual guidance REVENUES US$M 14% CAGR 2026 annual guidance is based solely on organic growth DELIVERING ON OUR COMMITMENTS 5

 


 


6 KAMADA'S ROADMAP FOR CONTINUED ANNUAL DOUBLE-DIGIT PROFITABLE GROWTH Specialty Plasma Therapies Portfolio of 6 FDA-approved products marketed in over 30 territories In-licensing Partnerships Commercialization & Distribution of third parties' biopharmaceutical products in Israel & MENA Plasma Sales Each of the Houston and San- Antonio centers expected to contribute annual revenues of $8M - $10M at peak capacity New M&A Opportunities Support growth through commercial stage M&A transactions $180M Total estimated U.S HRIG market size The only anti-Rabies IgG product with FDA approved label confirming safety and effectiveness in children KEDRAB/KAMRAB $54M(2025 revenues) 2026 demand is increasing; Expect to exceed $90M min.

 


sales commitment to Kedrion for 2026 and 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 6% through 2040; Projected royalties in the range of $10M to $20M 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. GLASSIA sales are expected to continue growing, as result of better disease awareness and patients' diagnosis. GLASSIA $16M 2025 Royalty from Takeda LIQUID AAT FOR THE TREATMENT OF AAT DEFICIENCY (AATD) $19M 2025 Glassia sales incl.

 


sales milestone; Up 27% over 2024 9 CYTOGAM $17M 2025 Revenues CMV IMMUNE GLOBULIN Growth To be supported by new clinical data demonstrating product's unique properties 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. 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.

 


For Important Safety Information, visit https://cytogam.com/safety/ 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 Two biosimilars launched in 2024-2025 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 $15-20M within the next four to five years 11 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 FDA Approved plasma collection centers in Texas; Houston, San Antonio and Beaumont At full collection capacity, each of the Houston and San Antonio centers is expected to generate annual revenues of $8M to $10M from sales of NSP; NSP Sales expected to be initiated during H2/2026

 


 


12 M&A TRANSACTIONS AIMING TO SECURE NEW BUSINESS DEVELOPMENT AND M&A TRANSACTIONS 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 US $ M Q1/26 Q1/25 FY/2025 DETAILS PROPRIETARY 36.2 40.0 156.2 DISTRIBUTION 9.0 4.0 24.3 TOTALREVENUES 45.2 44.0 180.5 3% YoY increase GROSS PROFIT 19.1 20.7 76.4 GROSS MARGIN 42% 47% 42% OPEX (12.2) (13.0) (50.2) NET PROFIT 4.1 4.0 20.2 4% YoY increase Adjusted EBITDA 11.6 11.6 42.0 CASH 73.1 76.3 75.5 Mar-26 inclusive of short-term investments and prior to dividend payment (approx.

 


$14.4M) TOTAL ASSETS 383.0 375.1 378.7 Including acquisition related intangible assets ($120M @ March 26) LEASE LIABILITIES 11.6 11.1 11.6 CONTINGENT LIABILITIES 61.5 65.1 60.4 Acquisition related contingent consideration EQUITY 259.4 252.0 269.1 March 26 equity net of declared dividend (approx. $14.4M) NET CASH (DEBT) 0.0 (2.5) 3.5 Available cash net of contingent and lease liabilities Adjusted EBITDA is defined as net income, plus (i) tax expense, (ii) financial income (expense), net, (iii) depreciation and amortization; and (iv) non-cash share-based compensation expenses Q1-26 FINANCIAL RESULTS KEDRAB® CYTOGAM® HEPAGAM B® VARIZIG® WINRHO® GLASSIA® KAMADA - A GLOBAL BIOPHARMACEUTICAL COMPANY 6 FDA- Approved Products 14% CAGR (from 2021) $200-205M1 2026 Revenues Guidance $50-53M1 2026 Adj.

 


EBIDTA Guidance 4 Growth Drivers A LEADER IN SPECIALTY PLASMA THERAPIES, WITH A PORTFOLIO OF MARKETED PRODUCTS INDICATED FOR RARE AND SERIOUS CONDITIONS $73.1M Unaudited Cash (March 31, 2026) 14 1. Mid points annual 2026 guidance represent 12% and 23% increase in revenues and adj. EBITDA, respectively New M&A Opportunities Plasma Sales In-licensing Partnerships Specialty Plasma Therapies THANK YOU www.kamada.com NASDAQ: KMDA; TASE: KMDA.TA

 


 


NON-IFRS MEASURES – ADJUSTED EBITDA US $ M Q1/26 Q1/25 FY/2025 NET PROFIT 4.1 4.0 20.2 TAXES ON INCOME 1.3 2.6 3.3 REVALUATION OF ACQUISITION RELATED CONTINGENT CONSIDERATION 1.5 1.8 2.7 OTHER FINANCIAL EXPENSE, NET 0.0 (0.6) 0.1 AMORTIZATION OF ACQUISITION RELATED INTANGIBLE ASSETS 1.8 1.8 7.1 OTHER DEPRECIATION AND AMORTIZATION EXPENSES 2.1 1.8 7.9 NON-CASH SHARE-BASED COMPENSATION EXPENSES 0.8 0.2 0.8 ADJUSTED EBITDA 11.6 11.6 42.0 Adjusted EBITDA is defined as net income, plus (i) tax expense, (ii) financial income (expense), net, (iii) depreciation and amortization; and (iv) non-cash share-based compensation expenses 17 6 FDA-APPROVED SPECIALTY PLASMA PRODUCTS KEY FOCUS ON TRANSPLANTS & RARE CONDITIONS For Important Safety Information, visit www.Kamada.com KEDRAB® [Rabies Immune Globulin (Human)] Post exposure prophylaxis of rabies infection GLASSIA® [Alpha1-Proteinase Inhibitor (Human)] Augmentation therapy for Alpha-1 Antitrypsin Deficiency (AATD) CYTOGAM® [Cytomegalovirus Immune Globulin (Human)] Prophylaxis of CMV disease associated with transplants WINRHO® [Rho(D) Immune Globulin (Human)] Treatment of ITP & suppression of Rh isoimmunization (HDN) VARIZIG® [Varicella Zoster Immune Globulin (Human)] Post- exposure prophylaxis of varicella in high- risk patients HEPAGAM B® [Hepatitis B Immune Globulin (Human)] Prevention of HBV recurrence following liver transplants

 


 

 

Exhibit 99.3

 

KAMADA LTD.

 

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

AS OF MARCH 31, 2026

 

TABLE OF CONTENTS

 

  Page
   
Condensed Consolidated interim Statements of Financial Position F-2
   
Condensed Consolidated interim Statements of Profit or Loss and Other Comprehensive Income F-3
   
Condensed Consolidated interim Statements of Changes in Equity F-4 - F-5
   
Condensed Consolidated interim Statements of Cash Flows F-6 - F-7
   
Notes to the Interim Consolidated Financial Statements F-8 - F-13

 

- - - - - - - - - - -

 

F-1


 

KAMADA LTD.

 

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

 

    As of     As of  
    March 31,     December 31,  
    2026     2025     2025  
    Unaudited        
    U.S. Dollars in Thousands  
Assets                  
Current Assets                  
Cash and cash equivalents   $ 32,922     $ 76,250     $ 75,469  
Short-term investments    

40,225

     

-

     

-

 
Trade receivables, net     36,515       27,876       27,007  
Other accounts  receivables     4,136       6,016       5,656  
Inventories     85,437       78,358       84,943  
Total Current Assets     199,235       188,500       193,075  
                         
Non-Current Assets                        
Property, plant and equipment, net     41,463       37,406       41,367  
Right-of-use assets     8,908       9,539       8,900  
Intangible assets and other long-term assets     95,676       101,422       97,511  
Goodwill     30,313       30,313       30,313  
Contract assets     7,426       7,925       7,544  
Total Non-Current Assets     183,786       186,605       185,635  
Total Assets   $ 383,021     $ 375,105     $ 378,710  
Liabilities                        
Current Liabilities                        
Current maturities of lease liabilities   $ 2,198     $ 1,780     $ 2,121  
Current maturities of other long term liabilities     10,643       10,889       9,923  
Trade payables     21,938       24,854       23,242  
Other accounts payables     24,930       19,319       12,108  
Deferred revenues     67       205       -  
  Total Current Liabilities     59,776       57,047       47,394  
                         
Non-Current Liabilities                        
Lease liabilities     9,443       9,318       9,440  
Contingent consideration     20,910       21,216       20,372  
Other long-term liabilities     29,925       32,990       30,113  
Deferred taxes     2,866       2,061       1,651  
Employee benefit liabilities, net     714       516       670  
Total Non-Current Liabilities     63,858       66,101       62,246  
                         
Shareholder’s Equity                        
Ordinary shares     15,078       15,074       15,078  
Additional paid in capital  net     268,360       268,160       268,283  
Capital reserve due to translation to presentation currency     (3,490 )     (3,490 )     (3,490 )
Capital reserve from hedges     (6 )     (117 )     177  
Capital reserve from share-based payments     6,434       5,266       5,711  
Capital reserve from employee benefits     374       372       385  
Accumulated deficit     (27,363 )     (33,308 )     (17,074 )
Total Shareholder’s Equity     259,387       251,957       269,070  
Total Liabilities and Shareholder’s Equity   $ 383,021     $ 375,105     $ 378,710  

 

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

 

F-2


 

KAMADA LTD.

 

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

 

    Three months period ended     Year ended  
    March 31,     December 31,  
    2026     2025     2025  
    Unaudited        
    U.S. Dollars in Thousands  
Revenues from proprietary products   $ 36,227     $ 40,017     $ 156,206  
Revenues from distribution     9,013       4,001       24,254  
                         
Total revenues     45,240       44,018       180,460  
                         
Cost of revenues from proprietary products     18,202       19,738       83,928  
Cost of revenues from distribution     7,922       3,531       20,125  
                         
Total cost of revenues     26,124       23,269       104,053  
                         
Gross profit     19,116       20,749       76,407  
                         
Research and development expenses     2,181       4,246       12,995  
Selling and marketing expenses     4,753       4,510       18,455  
General and administrative expenses     5,229       4,198       18,724  
Other expenses     -       -       -  
Operating income (loss)     6,953       7,795       26,233  
                         
Financial income     425       534       1,921  
Income (expenses) in respect of currency exchange differences and derivatives instruments, net     (261 )     251       (1,171 )
Financial Income (expense) in respect of contingent consideration and other long- term liabilities.     (1,538 )     (1,775 )     (2,652 )
Financial expenses     (188 )     (192 )     (864 )
Income before tax on income     5,391       6,613       23,467  
Taxes on income     (1,259 )     (2,649 )     (3,269 )
                         
Net Income (loss)   $ 4,132     $ 3,964     $ 20,198  
                         
Other Comprehensive Income (loss):                        
Amounts that will be or that have been reclassified to profit or loss when specific conditions are met            
 
     
 
 
Gain (loss) on cash flow hedges     90       (114 )     1,069  
Net amounts transferred to the statement of profit or loss for cash flow hedges     (273 )     (54 )     (943 )
Items that will not be reclassified to profit or loss in subsequent periods:                        
Remeasurement gain (loss) from defined benefit plan     (11 )     8       21  
Total comprehensive income (loss)   $ 3,938     $ 3,804     $ 20,345  
                         
Earnings per share attributable to equity holders of the Company:                        
Basic net earnings per share   $ 0.07     $ 0.07     $ 0.35  
Diluted net earnings per share   $ 0.07     $ 0.07     $ 0.35  

 

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

 

F-3


 

KAMADA LTD.

 

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

 

          Additional     Capital
reserve
due to
translation to
    Capital
reserve
    Capital
reserve
from
share
    Capital
reserve
from
             
    Share     paid in     presentation     from     based     employee     Accumulated     Total  
    capital     capital     currency     hedges     payments     benefits     deficit     equity  
    Unaudited  
    U.S. Dollars in Thousands  
Balance as of January 1, 2026 (audited)   $ 15,078     $ 268,283     $ (3,490 )   $ 177     $ 5,711     $ 385     $ (17,074 )   $ 269,070  
Net income    
-
     
-
     
-
     
-
     
-
     
-
      4,132       4,132  
Other comprehensive income (loss), net of tax    
-
     
-
     
-
      (183 )    
-
      (11 )    
-
      (194 )
Total comprehensive income (loss)    
-
     
-
     
-
      (183 )    
-
      (11 )     4,132       3,938  
Exercise and forfeiture of share-based payment into shares    
-
      77      
-
     
-
      (77 )    
-
     
-
     
-
 
Cost of share-based payment    
-
     
-
     
-
     
-
      800      
-
     
-
      800  

Dividend declared ($0.25 per share)

   
-
     
-
     
-
     
-
     
-
     
-
      (14,421 )     (14,421 )
Balance as of March 31, 2026   $ 15,078     $ 268,360     $ (3,490 )   $ (6 )   $ 6,434     $ 374     $ (27,363 )   $ 259,387  

 

          Additional     Capital
reserve
due to
translation to
    Capital
reserve
    Capital
reserve
from
share
    Capital
reserve
from
             
    Share     paid in     presentation     from     based     employee     Accumulated     Total  
    capital     capital     currency     hedges     payments     benefits     deficit     equity  
    Unaudited  
    U.S. Dollars 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    
-
     
-
     
-
     
-
     
-
     
-
      3,964       3,964  
Other comprehensive income (loss), net of tax    
-
     
-
     
-
      (168 )    
-
      8      
-
      (160 )
Total comprehensive income (loss)    
-
     
-
     
-
      (168 )    
-
      8       3,964       3,804  
Exercise and forfeiture of share-based payment into shares     46       1,227      
-
     
-
      (1,227 )    
-
     
-
      46  
Cost of share-based payment    
-
     
-
     
-
     
-
      177      
-
     
-
      177  

Dividend declared ($0.20 per share)

   
-
     
-
     
-
     
-
     
-
     
-
      (11,534 )     (11,534 )
Balance as of March 31, 2025   $ 15,074     $ 268,160     $ (3,490 )   $ (117 )   $ 5,266     $ 372     $ (33,308 )   $ 251,957  

 

F-4


 

KAMADA LTD.

 

CONDENSED CONSOLIDATED INTERIM 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, 2025 (audited)   $ 15,028     $ 266,933     $ (3,490 )   $ 51     $ 6,316     $ 364     $ (25,738 )   $ 259,464  
Net income    
-
     
-
     
-
     
-
     
-
     
-
      20,198       20,198  
Other comprehensive income (loss), net of tax)    
-
     
-
     
-
      126      
-
      21      
-
      147  
Total comprehensive income (loss)    
-
     
-
     
-
      126      
-
      21       20,198       20,345  
Exercise and forfeiture of share-based payment into shares     50       1,450      
-
     
-
      (1,450 )    
-
     
-
      50  
Cost of share-based payment    
-
     
-
     
-
     
-
      845      
-
     
-
      845  
Dividend declared ($0.20 per share)    

-

     

-

     

-

     

-

     

-

     

-

      (11,534 )     (11,534 )
Income tax impact associated with issuance of shares    
-
      (100 )    
-
     
-
     

-

     

-

     
-
      (100 )
Balance as of December 31, 2025   $ 15,078     $ 268,283     $ (3,490 )   $ 177     $ 5,711     $ 385     $ (17,074 )   $ 269,070  

 

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

 

F-5


 

KAMADA LTD.

 

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

 

    Three months period     Year Ended  
    Ended March 31,     December 31,  
    2026     2025     2025  
    Unaudited     Unaudited        
    U.S. Dollars in Thousands  
Cash Flows from Operating Activities                  
Net income   $ 4,132     $ 3,964     $ 20,198  
                         
Adjustments to reconcile net income to net cash provided by operating activities:                        
                         
Adjustments to the profit or loss items:                        
                         
Depreciation and amortization     3,851       3,611       14,918  
Financial expenses, net     1,562       1,182       2,766  
Cost of share-based payment     800       175       845  
Taxes on income     1,259       2,649       3,269  
Gain from sale of property and equipment    
-
      (8 )     (8 )
Change in employee benefit liabilities, net     31       16       183  
      7,503       7,625       21,973  
Changes in asset and liability items:                        
                         
Increase in trade receivables, net     (9,757 )     (6,557 )     (5,407 )
Decrease (increase) in other accounts receivables     1,288       (671 )     (535 )
Decrease (increase) in inventories     (494 )     461       (6,124 )
Decrease in deferred expenses     119       94       475  
Decrease in trade payables     (1,446 )     (3,748 )     (6,870 )
Increase (decrease) in other accounts payables     (1,897 )     (2,044 )     950  
Increase (decrease) in deferred revenues     67       34       (171 )
      (12,120 )     (12,431 )     (17,682 )
Cash received (paid) during the period for:                        
                         
Interest paid     (187 )     (176 )     (864 )
Interest received     425       534       1,921  
Taxes paid     (44 )     (29 )     (56 )
      194       329       1,001  
                         
Net cash provided by (used in) operating activities   $ (291 )   $ (513 )   $ 25,490  

 

F-6


 

KAMADA LTD.

 

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

 

    Three months period     Year Ended  
    Ended March, 31     December 31,  
    2026     2025     2025  
    Unaudited     Unaudited        
    U.S. Dollars in Thousands  
Cash Flows from Investing Activities                  
Purchase of property and equipment and intangible assets   $ (973 )   $ (1,468 )   $ (9,846 )
Investment in short term investments, net    

(40,225

)    

-

     

-

 
Proceeds from sale of property and equipment    
-
      8       8  
Net cash used in investing activities     (41,198 )     (1,460 )     (9,838 )
                         
Cash Flows from Financing Activities                        
                         
Proceeds from exercise of share base payments    
-
      46       50  
Repayment of lease liabilities     (389 )     (14 )     (972 )
Dividends Paid    
-
     
-
      (11,534 )
Repayment of other long-term liabilities     (467 )     (325 )     (5,889 )
Net cash used in financing activities     (856 )     (293 )     (18,345 )
                         
Exchange differences on balances of cash and cash equivalent     (202 )     81       (273 )
                         
Decrease in cash and cash equivalents     (42,547 )     (2,185 )     (2,966 )
                         
Cash and cash equivalents at the beginning of the period     75,469       78,435       78,435  
                         
Cash and cash equivalents at the end of the period   $ 32,922     $ 76,250     $ 75,469  
                         
Significant non-cash transactions                        
Right-of-use asset recognized with corresponding lease liability   $ 439     $ 352     $ 1,221  
Purchase of property and equipment and Intangible assets   $ 683     $ 1,103     $ 2,523  

 

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

 

F-7


 

KAMADA LTD.

 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM 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 of its commercial portfolio, including continued investment in the commercialization and life cycle management of its proprietary products, consisting of six FDA-approved specialty plasma-derived products: KEDRAB®, GLASSIA®, CYTOGAM®, VARIZIG®, WINRHO SDF® and HEPAGAM B® , as well as KAMRAB® and two equine-based anti-snake venom products. Second, distribution of third parties’ pharmaceutical products in Israel and the MENA region through in-licensing partnerships including the launch of several biosimilar products in Israel. Third, the Company is ramping up 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 FDA approved operating plasma collection centers in the United States, in Beaumont, Houston, and San Antonio, Texas. Fourth, the Company aims to secure new mergers and acquisitions, business development, in-licensing and/or collaboration 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 profitable growth. 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.

 

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 and normal source plasma.

     
Distribution  

Distribute imported drug products in Israel and MENA region, 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”).

 

F-8


 

KAMADA LTD.

 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM 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 March 31, 2026, the Company does not have impact on its financial statement. 

 

Note 3:- Significant events in the reporting period

 

On March 11, 2026, the company announced that its Board of Directors has declared a special cash dividend of $0.25 (NIS 0.77) per share on the Company’s common stock (totaling $14,421 thousands). The special cash dividend was paid on April 7, 2026, to shareholders of record at the close of business on March 23, 2026.

 

F-9


 

KAMADA LTD.

 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

Note 4:- Operating Segments

 

  a. General:

 

The company has two operating segments, as follows:

 

Proprietary Products  

Manufacturing, sales and distribution of plasma-derived protein therapeutics and normal source plasma.

     
Distribution  

Distribute imported drug products in Israel and MENA region, which are manufactured by third parties.

  

  b. Reporting on operating segments:

 

    Three months period ended
March 31, 2026
 
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Unaudited  
                   
Revenues   $ 36,227     $ 9,013     $ 45,240  
Gross profit   $ 18,025     $ 1,091     $ 19,116  
Unallocated corporate expenses                     (12,163 )
Finance expenses, net                     (1,562 )
Income before taxes on income                   $ 5,391  

 

    Three months period ended
March 31, 2025
 
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Unaudited  
Revenues   $ 40,017     $ 4,001     $ 44,018  
Gross profit   $ 20,279     $ 470     $ 20,749  
Unallocated corporate expenses                     (12,954 )
Finance expenses, net                     (1,182 )
Income before taxes on income                   $ 6,613  

 

F-10


 

KAMADA LTD.

 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

Note 4:- Operating Segments (cont.)

 

  b. Reporting on operating segments (cont.):

 

    Year Ended December 31, 2025  
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Audited  
Revenues   $ 156,206     $ 24,254     $ 180,460  
Gross profit   $ 72,278     $ 4,129     $ 76,407  
Unallocated corporate expenses                     (50,174 )
Finance expenses, net                     (2,766 )
Income before taxes on income                   $ 23,467  

 

  c.

Reporting on operating segments by geographic region:

 

    Three months period ended
March 31, 2026
 
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Unaudited  
Geographical markets                  
U.S.A   $ 22,106     $
-
    $ 22,106  
Israel     3,155       9,013       12,168  
Latin America     4,792      
-
      4,792  
Canada     3,315      
-
      3,315  
Asia     548      
-
      548  
Europe     1,743      
-
      1,743  
Other     568               568  
    $ 36,227     $ 9,013     $ 45,240  

 

F-11


 

KAMADA LTD.

 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

Note 4:- Operating Segments (cont.)

 

  c. Reporting on operating segments by geographic region: (cont.)

 

    Three months period ended
March 31, 2025
 
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Unaudited  
Geographical markets                  
U.S.A   $ 30,157     $
-
    $ 30,157  
Israel     1,353       4,001       5,354  
Canada     4,611      
-
      4,611  
Asia     3,036      
-
      3,036  
Latin America     790      
-
      790  
Europe     70      
-
      70  
    $ 40,017     $ 4,001     $ 44,018  

 

    Year ended December 31, 2025  
    Proprietary
Products
    Distribution     Total  
    U.S Dollars in thousands  
    Audited  
Geographical markets                  
U.S.A   $ 99,644     $
-
    $ 99,644  
Israel     5,309       24,254       29,563  
Latin America     24,223      
-
      24,223  
Canada     10,805      
-
      10,805  
Europe     9,449      
-
      9,449  
Asia     6,720      
-
      6,720  
Others     56      
-
      56  
    $ 156,202     $ 24,254     $ 180,456  

 

F-12


 

KAMADA LTD.

 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

Note 5:- Financial Instruments

 

    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  
March 31, 2026                  
Derivatives instruments   $
-
    $ 7     $
-
 
Contingent consideration   $
-
    $
-
    $ (23,776 )
                         
March 31, 2025                        
Derivatives instruments    
-
    $ (154 )   $
-
 
Contingent consideration   $
-
    $
-
    $ (24,216 )
                         
December 31, 2025                        
Derivatives instruments   $
-
    $ 197     $
-
 
Contingent consideration   $
-
    $
-
    $ (23,237 )

 

During the three months ended on March 31, 2026, 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:- Subsequent events 

 

With respect to a dividend payment made on April 7, 2026 please refer to Note 3 above.

 

F-13

 

 

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