Kamada (KMDA) investor relations material

Business profile and growth model

• Six FDA-approved products centered on specialty immunoglobulins and specialty plasma, with four growth pillars: portfolio growth, licensed distribution, plasma collection and M&A.

• Products are sold in over 40 countries through direct teams and distributors; specialty plasma faces sourcing, testing and regulatory barriers, with generally one or two competitors per product.

Financial performance

• First nine months: ~$37 million cash generated, EBITDA over $40 million, cash position ~$75 million and ~$32 million in dividends; third dividend payment planned for 2026.

• Financial metrics, including revenue, EBITDA, gross margins and cash, grew in the first nine months; EBITDA exceeded 25% of revenue, with the latest quarter near 29% and potential to exceed 30%.

Specialty product drivers

• KEDRAB and KAMRAB anti-rabies products represent about one-third of the business; KEDRAB has over 50% U.S. market share, supported by pediatric labeling, partner promotion and rising treatment awareness.

• VARIZIG growth reflects its use as post-exposure prophylaxis for vulnerable patients and lower chickenpox vaccination rates; a large PAHO tender made it the organization’s main supplier.

• CYTOGAM post-marketing studies aim to broaden use beyond lung transplants; the SHIELD kidney-transplant study data is expected in 2028, with a potential addressable population nine times larger than lung transplants.

• GLASSIA royalties from Takeda declined, with growth expected to resume; broader awareness and diagnosis of alpha-1 deficiency, plus international registrations, support expansion.