Kamada (KMDA) investor relations material

Business overview and growth pillars

• Achieved double-digit growth in both revenue and profit, with Q3 showing over 30% YoY growth.

• Four growth pillars: organic expansion, M&A, plasma collection, and clinical pipeline.

• Six FDA-approved products marketed in 35+ countries, often with limited competition.

• Ongoing M&A due diligence, aiming to finalize a transaction in the coming months to accelerate growth from 2026.

• Opened plasma collection centers in Texas, targeting $8–$10M revenue per center at full ramp-up.

Clinical pipeline and AATD program

• Leading phase 3 study for inhaled AAT for alpha-1 antitrypsin deficiency, aiming for at-home, non-invasive treatment.

• Futility analysis milestone expected by year-end; full recruitment by early 2027, study completion in 2029.

• Most advanced in efficacy studies versus competitors, with a $1.4B–$2B market opportunity.

• Adjusted study design with FDA to reduce sample size, maintaining statistical power due to recruitment challenges.

• Only company at this advanced stage with FDA, showing efficacy data rather than just PK data.

Commercial portfolio and product performance

• Diverse product portfolio with shifting growth drivers each quarter across regions and products.

• KEDRAB holds ~50% US market share, supported by a $180M, four-year distribution agreement.

• CYTOGAM and VARIZIG address unmet needs in transplantation and immunocompromised populations, with new data generation and AI-driven awareness boosting usage.

• High barriers to entry due to plasma collection expertise and regulatory relationships.