Kamada Ltd 6-K, filed Aug 13, 2025
Kamada Ltd (KMDA)
About this 6-K
Kamada Ltd filed this 6-K on August 13, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the Month of August
Commission File Number
(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 Second Quarter and First Half 2025 Financial Results with 11% Year-Over-Year 6-Month Top Line Growth and a 35% Increase in Profitability; Raises Full-Year Profitability Guidance | |
| 99.2 | Company’s Presentation – August 2025 | |
| 99.3 | Kamada Ltd’s Consolidated Financial Statements as of June 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: August 13, 2025 | KAMADA LTD. | |
| By: | /s/ Nir Livneh | |
|
Nir Livneh Vice President General Counsel and | ||
3
EXHIBIT INDEX
| EXHIBIT NO. | DESCRIPTION | |
| 99.1 | Kamada Reports Strong Second Quarter and First Half 2025 Financial Results with 11% Year-Over-Year 6-Month Top Line Growth and a 35% Increase in Profitability; Raises Full-Year Profitability Guidance | |
| 99.2 | Company’s Presentation – August 2025 | |
| 99.3 | Kamada Ltd’s Consolidated Financial Statements as of June 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
Exhibit 99.1
Kamada Reports Strong Second Quarter and First Half 2025 Financial Results with 11% Year-Over-Year 6-Month Top Line Growth and a 35% Increase in Profitability; Raises Full-Year Profitability Guidance
| ● | First Half 2025 Total Revenues were $88.8 Million, up 11% Year-over-Year; Revenues for 2025 Second Quarter were $44.8 Million, up 5% Year-over-Year |
| ● | First Half 2025 Adjusted EBITDA of $22.5 Million, up 35% Year-over-Year and Representing 25% Margin of Revenues; Second Quarter Adjusted EBITDA of $10.9 Million, up 20% Year-over-Year |
| ● | Robust First Half Results and Positive Outlook for Remainder of 2025 Support Increased Adjusted EBITDA Guidance to $40 Million-$44 Million, and Reiteration of Full-Year Revenue Guidance of $178 Million-$182 Million |
| ● | Announced FDA Approval of its Plasma Collection Center in Houston, Texas, which is Now Cleared to Commence Commercial Sales |
| ● | Company Continues to Focus on Securing Commercial-Stage Business Development Opportunities to Support Continued Long-Term Profitable Growth |
| ● | Conference Call and Live Webcast Today at 8:30am ET |
REHOVOT, Israel, and HOBOKEN, NJ – August 13, 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 six months ended June 30, 2025.
“Results for the second quarter and first half of 2025 were strong, and we continue to generate significant profitable growth through the diversity of our commercial product portfolio and disciplined management of operational expenses,” said Amir London, Kamada’s Chief Executive Officer. “Total revenues for the first half of the year were $88.8 million, representing an 11% increase year-over-year, and adjusted EBITDA was $22.5 million, up 35% year-over-year, representing a 25% margin of revenues. Based on our strong performance in the first half of the year and positive outlook for the remainder of 2025, we are increasing our annual adjusted EBITDA guidance of between $40 million to $44 million and reiterating our full-year 2025 revenue guidance of between $178 million to $182 million.”
“We continue to invest in our strategic growth pillars through continuous organic growth, as demonstrated by our financial results, while focusing on securing business development and M&A opportunities to expand our portfolio of marketed products, thereby supporting continued profitable growth. In addition, we continue to ramp up plasma collection at our three Texas-based plasma collection centers and were pleased to recently receive U.S. FDA approval of our state-of-the-art plasma collection center in Houston, TX, which is now cleared to commence commercial sales. As previously stated, the center has annual collection capacity of approximately 50,000 liters of plasma and an estimated annual revenue contribution of $8 million to $10 million at its full capacity. Moreover, we continue to advance our ongoing pivotal Phase 3 InnovAATe clinical trial for our inhaled Alpha-1 Antitrypsin therapy. Enrollment is progressing, and we remain on track to conduct an interim futility analysis by the end of the year,” concluded Mr. London.
Financial Highlights for the Three Months Ended June 30, 2025
| ● | Total revenues were $44.8 million in the second quarter of 2025, up 5% compared to $42.5 million in the second quarter of 2024. 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 our Distribution segment, VARIZIG® U.S. sales, and GLASSIA royalty income. |
| ● | Gross profit and gross margins were $18.9 million and 42%, respectively, in the second quarter of 2025, compared to $19.0 million and 45%, respectively, in the second quarter of 2024. The decrease in both metrics is attributable to changes in product sales mix. |
| ● | Operating expenses, including R&D, S&M, G&A and other expenses, totaled $11.9 million in the second quarter of 2025, as compared to $13.3 million in the second quarter of 2024. The decrease is driven by disciplined management of operational expenses. |
| ● | Net income was $7.4 million, or $0.13 per diluted share, in the second quarter of 2025, as compared to $4.4 million, or $0.08 per diluted share, in the second quarter of 2024. |
| ● | Adjusted EBITDA, as detailed in the tables below, was $10.9 million in the second quarter of 2025, up 20% as compared with the $9.1 million achieved in the second quarter of 2024. |
| ● | Cash provided by operating activities was $8.0 million in the second quarter of 2025, as compared to cash provided by operating activities of $14.0 million in the second quarter of 2024. |
Financial Highlights for the Six Months Ended June 30, 2025
| ● | Total revenues for the first six months of 2025 were $88.8 million, an 11% increase from the $80.2 million generated in the first six months of 2024. 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 our Distribution segment, VARIZIG U.S. sales and GLASSIA royalty income. |
| ● | Gross profit and gross margins for the first six months of 2025 were $39.7 million and 45%, respectively, compared to $35.7 million and 45%, respectively, in the first half of 2024. The increase in gross profit is in line with the increase in total revenues. |
| ● | Operating expenses, including R&D, S&M, G&A and other expenses, totaled $24.8 million in the first six months of 2025, as compared to $26.0 million in the first half of 2024. The decrease is driven by disciplined management of operational expenses. |
| ● | Net income for the first six months of 2025 was $11.3 million, or $0.19 per diluted share, up 67% as compared to net income of $6.8 million or $0.12 per diluted share, in the first six months of 2024. |
| ● | Adjusted EBITDA, as detailed in the tables below, was $22.5 million in the first six months of 2025, a 35% increase as compared to $16.6 million in the first six months of 2024. |
| ● | Cash provided by operating activities during the first six months of 2025 was approximately $7.5 million, as compared to $15.0 million during the first six months of 2024. The decrease is associated with an increase in working capital. |
Balance Sheet Highlights
As of June 30, 2025, the Company had cash and cash equivalents of $66.0 million, as compared to $78.4 million as of December 31, 2024. The decrease in cash balance is associated with the payment of a special cash dividend in the total amount of $11.5 million.
Recent Corporate Highlights
| ● | Announced that the U.S. Food and Drug Administration (FDA) has approved the supplement to the Company’s existing Biologics License Application (BLA) for its collection center in Houston, TX. 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 sites for specialty plasma collection in the U.S. |
| ● | Kamada awarded the Israeli Outstanding Exporter Award for 2024. The award was granted by the Israeli Ministry of Economy and Industry for the Company’s growing export revenues. The award was presented to Mr. London by the President of the State of Israel, Mr. Isaac Herzog. |
2
Fiscal 2025 Guidance
Kamada is increasing its adjusted EBITDA guidance from a range of $38 million to $42 million to a range of $40 million to $44 million and continues to expect to generate fiscal year 2025 total revenues in the range of $178 million to $182 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 Wednesday, August 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 1-877-413-7208 (from within the U.S.), 1-201-689-8555 (International), or 1-809-406-247 Investors (from Israel) using conference I.D. 13754604. The call will be webcast live on the internet at: https://viavid.webcasts.com/starthere.jsp?ei=1726126&tp_key=61b4d50ef5
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.
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.
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) increasing its adjusted EBITDA guidance to a range of $40 million to $44 million and reiteration of 2025 full-year guidance of $178 million to $182 million, 2) double digit growth in fiscal year 2025, 3) continued investment in the Company’s four strategic growth pillars, consisting of organic commercial growth, business development and M&A transactions, plasma collection operations, and advancement of the pivotal Phase 3 Inhaled AAT program, 4) continued progress of the InnovAATe clinical trial and conducting an interim futility analysis by the end of 2025, 5) continued focus on securing commercial-stage business development and M&A opportunities to expand the portfolio of marketed products to support continued long-term profitable growth, 6) plasma collection center in Houston, TX, supporting 50 donor beds, with planned capacity of approximately 50,000 liters per year and is anticipated to be one of the largest sites for specialty plasma collection in the U.S., and 7) expected annual revenues contribution from sales of normal source plasma collected in the Houston collection centers at $8 million to $10 million at full capacity. 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. 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 leverage new business opportunities and integrate it 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
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As of | As of | |||||||||||
| June 30, | December 31, | |||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Unaudited | ||||||||||||
| Assets | ||||||||||||
| Current Assets | ||||||||||||
| Cash and cash equivalents | $ | 65,985 | $ | 56,547 | $ | 78,435 | ||||||
| Trade receivables, net | 30,501 | 26,228 | 21,547 | |||||||||
| Other accounts receivables | 4,704 | 4,940 | 5,546 | |||||||||
| Inventories | 82,079 | 78,713 | 78,819 | |||||||||
| Total Current Assets | 183,269 | 166,428 | 184,347 | |||||||||
| Non-Current Assets | ||||||||||||
| Property, plant and equipment, net | 37,894 | 31,971 | 36,245 | |||||||||
| Right-of-use assets | 9,250 | 7,552 | 9,617 | |||||||||
| Intangible assets, Goodwill and other long-term assets | 99,640 | 106,517 | 103,226 | |||||||||
| Goodwill | 30,313 | 30,313 | 30,313 | |||||||||
| Contract assets | 7,807 | 8,257 | 8,019 | |||||||||
| Deferred taxes | - | - | 488 | |||||||||
| Total Non-Current Assets | 184,904 | 184,610 | 187,908 | |||||||||
| Total Assets | $ | 368,173 | $ | 351,038 | $ | 372,255 | ||||||
| Liabilities | ||||||||||||
| Current Liabilities | ||||||||||||
| Current maturities of lease liabilities | 1,866 | 1,494 | 1,631 | |||||||||
| Current maturities of other long term liabilities | 9,850 | 12,610 | 10,181 | |||||||||
| Trade payables | 25,077 | 19,532 | 27,735 | |||||||||
| Other accounts payables | 8,804 | 7,233 | 9,671 | |||||||||
| Deferred revenues | 177 | 27 | 171 | |||||||||
| Total Current Liabilities | 45,774 | 40,896 | 49,389 | |||||||||
| Non-Current Liabilities | ||||||||||||
| Lease liabilities | 9,549 | 7,065 | 9,431 | |||||||||
| Contingent consideration | 18,884 | 17,085 | 20,646 | |||||||||
| Other long-term liabilities | 32,782 | 34,238 | 32,816 | |||||||||
| Deferred taxes | 659 | - | - | |||||||||
| Employee benefit liabilities, net | 571 | 602 | 509 | |||||||||
| Total Non-Current Liabilities | 62,445 | 58,990 | 63,402 | |||||||||
| Shareholder’s Equity | ||||||||||||
| Ordinary shares | 15,077 | 15,023 | 15,028 | |||||||||
| Additional paid in capital net | 268,243 | 266,313 | 266,933 | |||||||||
| Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | (3,490 | ) | ||||||
| Capital reserve from hedges | 456 | (12 | ) | 51 | ||||||||
| Capital reserve from share-based payments | 5,226 | 6,444 | 6,316 | |||||||||
| Capital reserve from employee benefits | 374 | 283 | 364 | |||||||||
| Accumulated deficit | (25,932 | ) | (33,409 | ) | (25,738 | ) | ||||||
| Total Shareholder’s Equity | 259,954 | 251,152 | 259,464 | |||||||||
| Total Liabilities and Shareholder’s Equity | $ | 368,173 | $ | 351,038 | $ | 372,255 | ||||||
5
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| Six months period ended | Three months period ended | Year ended | ||||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2024 | ||||||||||||||||
| Unaudited | Unaudited | |||||||||||||||||||
| Revenues from proprietary products | $ | 78,453 | $ | 72,904 | $ | 38,436 | $ | 39,146 | $ | 141,447 | ||||||||||
| Revenues from distribution | 10,319 | 7,304 | 6,318 | 3,326 | 19,506 | |||||||||||||||
| Total revenues | 88,772 | 80,208 | 44,754 | 42,472 | 160,953 | |||||||||||||||
| Cost of revenues from proprietary products | 40,580 | 38,338 | 20,842 | 20,718 | 73,708 | |||||||||||||||
| Cost of revenues from distribution | 8,514 | 6,168 | 4,983 | 2,803 | 17,278 | |||||||||||||||
| Total cost of revenues | 49,094 | 44,506 | 25,825 | 23,521 | 90,986 | |||||||||||||||
| Gross profit | 39,678 | 35,702 | 18,929 | 18,951 | 69,967 | |||||||||||||||
| Research and development expenses | 7,465 | 9,098 | 3,219 | 4,803 | 15,185 | |||||||||||||||
| Selling and marketing expenses | 9,068 | 9,361 | 4,558 | 4,730 | 18,428 | |||||||||||||||
| General and administrative expenses | 8,265 | 7,564 | 4,067 | 3,778 | 15,702 | |||||||||||||||
| Other expenses | 14 | - | 14 | - | 601 | |||||||||||||||
| Operating income | 14,866 | 9,679 | 7,071 | 5,640 | 20,051 | |||||||||||||||
| Financial income | 987 | 788 | 453 | 508 | 2,118 | |||||||||||||||
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net | (723 | ) | 315 | (974 | ) | 191 | (94 | ) | ||||||||||||
| Financial expense in respect of contingent consideration and other long- term liabilities. | (2,380 | ) | (3,550 | ) | (605 | ) | (1,705 | ) | (8,081 | ) | ||||||||||
| Financial expenses | (384 | ) | (304 | ) | (192 | ) | (145 | ) | (660 | ) | ||||||||||
| Income before tax on income | 12,366 | 6,928 | 5,753 | 4,489 | 13,334 | |||||||||||||||
| Taxes on income | (1,026 | ) | (137 | ) | 1,623 | (63 | ) | 1,128 | ||||||||||||
| Net Income | $ | 11,340 | $ | 6,791 | $ | 7,376 | $ | 4,426 | $ | 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) on cash flow hedges | 563 | (95 | ) | 677 | (24 | ) | (30 | ) | ||||||||||||
| Net amounts transferred to the statement of profit or loss for cash flow hedges | (158 | ) | (57 | ) | (104 | ) | - | (59 | ) | |||||||||||
| Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||||
| Remeasurement gain (loss) from defined benefit plan | 10 | 8 | 2 | 1 | 89 | |||||||||||||||
| Total comprehensive income (loss) | $ | 11,755 | $ | 6,647 | $ | 7,951 | $ | 4,403 | $ | 14,462 | ||||||||||
| Earnings per share attributable to equity holders of the Company: | ||||||||||||||||||||
| Basic net earnings per share | 0.20 | $ | 0.12 | $ | 0.13 | $ | 0.08 | $ | 0.25 | |||||||||||
| Diluted net earnings per share | 0.19 | $ | 0.12 | $ | 0.13 | $ | 0.08 | $ | 0.25 | |||||||||||
6
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
| Six months period Ended | Three months period Ended | Year Ended | ||||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2024 | ||||||||||||||||
| Unaudited | ||||||||||||||||||||
| U.S Dollars In thousands | ||||||||||||||||||||
| Cash Flows from Operating Activities | ||||||||||||||||||||
| Net income | $ | 11,340 | $ | 6,791 | $ | 7,376 | $ | 4,426 | $ | 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 | 7,357 | 6,466 | 3,746 | 3,229 | 13,808 | |||||||||||||||
| Financial expenses net | 2,500 | 2,751 | 1,318 | 1,151 | 6,717 | |||||||||||||||
| Cost of share-based payment | 270 | 476 | 95 | 235 | 874 | |||||||||||||||
| Taxes on income | 1,026 | 137 | (1,623 | ) | 63 | (1,128 | ) | |||||||||||||
| Loss (gain) from sale of property and equipment | (8 | ) | (1 | ) | - | (1 | ) | 11 | ||||||||||||
| Change in employee benefit liabilities, net | 74 | (11 | ) | 58 | (7 | ) | 52 | |||||||||||||
| 11,219 | 9,818 | 3,594 | 4,670 | 20,334 | ||||||||||||||||
| Changes in asset and liability items: | ||||||||||||||||||||
| Increase in trade receivables, net | (8,670 | ) | (6,755 | ) | (2,113 | ) | (7,365 | ) | (1,977 | ) | ||||||||||
| Decrease in other accounts receivables | 1,078 | 942 | 1,749 | 1,458 | 593 | |||||||||||||||
| Decrease (increase) in inventories | (3,260 | ) | 9,765 | (3,721 | ) | 5,634 | 9,659 | |||||||||||||
| Decrease in contract asset | 212 | 239 | 118 | 127 | 476 | |||||||||||||||
| Increase (decrease) in trade payables | (4,131 | ) | (5,092 | ) | (383 | ) | 3,693 | 1,226 | ||||||||||||
| Increase (decrease) in other accounts payables | (883 | ) | (1,038 | ) | 1,161 | 1,013 | 1,413 | |||||||||||||
| Increase (decrease) in deferred revenues | 6 | (121 | ) | (28 | ) | 1 | 23 | |||||||||||||
| (15,648 | ) | (2,060 | ) | (3,217 | ) | 4,561 | 11,413 | |||||||||||||
| Cash received (paid) during the period for: | ||||||||||||||||||||
| Interest paid | (384 | ) | (266 | ) | (208 | ) | (137 | ) | (594 | ) | ||||||||||
| Interest received | 987 | 788 | 453 | 508 | 2,118 | |||||||||||||||
| Taxes (paid) received | (6 | ) | (88 | ) | 23 | (65 | ) | (139 | ) | |||||||||||
| 597 | 434 | 268 | 306 | 1,385 | ||||||||||||||||
| Net cash provided by operating activities | $ | 7,508 | $ | 14,983 | $ | 8,021 | $ | 13,963 | $ | 47,594 | ||||||||||
7
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (continued)
| Six months period Ended | Three months period Ended | Year Ended | ||||||||||||||||||
| June 30, | June 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 | (3,482 | ) | (5,692 | ) | (2,014 | ) | (3,010 | ) | (10,740 | ) | ||||||||||
| Proceeds from sale of property and equipment | 8 | 1 | - | 1 | 1 | |||||||||||||||
| Net cash used in investing activities | (3,474 | ) | (5,691 | ) | (2,014 | ) | (3,009 | ) | (10,739 | ) | ||||||||||
| Cash Flows from Financing Activities | ||||||||||||||||||||
| Proceeds from exercise of share base payments | 49 | 2 | 3 | 1 | 7 | |||||||||||||||
| Repayment of lease liabilities | (418 | ) | (571 | ) | (404 | ) | (327 | ) | (1,251 | ) | ||||||||||
| Repayment of other long-term liabilities | (4,509 | ) | (7,848 | ) | (4,184 | ) | (2,352 | ) | (12,667 | ) | ||||||||||
| Dividends Paid | (11,534 | ) | - | (11,534 | ) | - | - | |||||||||||||
| Net cash used in financing activities | (16,412 | ) | (8,417 | ) | (16,119 | ) | (2,678 | ) | (13,911 | ) | ||||||||||
| Exchange differences on balances of cash and cash equivalent | (72 | ) | 31 | (153 | ) | 77 | (150 | ) | ||||||||||||
| Increase (decrease) in cash and cash equivalents | (12,450 | ) | 906 | (10,265 | ) | 8,353 | 22,794 | |||||||||||||
| Cash and cash equivalents at the beginning of the period | 78,435 | 55,641 | 76,250 | 48,194 | 55,641 | |||||||||||||||
| Cash and cash equivalents at the end of the period | $ | 65,985 | $ | 56,547 | $ | 65,985 | $ | 56,547 | $ | 78,435 | ||||||||||
| Significant non-cash transactions | ||||||||||||||||||||
| Right-of-use asset recognized with corresponding lease liability | $ | 509 | $ | 521 | $ | 157 | $ | 215 | $ | 3,304 | ||||||||||
| Purchase of property and equipment and Intangible assets | $ | 1,030 | $ | 272 | $ | 1,030 | $ | 272 | $ | 1,955 | ||||||||||
8
NON-IFRS MEASURES
| Six months period ended | Three months period ended | Year ended | ||||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2024 | ||||||||||||||||
| In thousands | ||||||||||||||||||||
| Net income | $ | 11,340 | $ | 6,791 | $ | 7,376 | $ | 4,426 | $ | 14,462 | ||||||||||
| Taxes on income | 1,026 | 137 | (1,623 | ) | 63 | (1,128 | ) | |||||||||||||
| Financial expense (income), net | 2,500 | 2,751 | 1,318 | 1,151 | 6,717 | |||||||||||||||
| Depreciation and amortization expense | 7,357 | 6,466 | 3,746 | 3,229 | 13,218 | |||||||||||||||
| Non-cash share-based compensation expenses | 270 | 476 | 95 | 235 | 867 | |||||||||||||||
| Adjusted EBITDA | $ | 22,493 | $ | 16,621 | $ | 10,912 | $ | 9,104 | $ | 34,136 | ||||||||||
9
Exhibit 99.2
August 2025 H1/2025 & Q2/2025 Investors Call NASDAQ: KMDA; TASE: KMDA.TA
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 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 . 2
H1 - 25 CONTINUING THE GROWTH YoY DOUBLE DIGIT REVENUE AND PROFITABLE INCREASE Paid special cash dividend of $0.20 per share (totaling approximately $11.5M) on April 7, 2025 GROSS PROFIT REVENUE 11% 2024 $35.7 2025 $39.7 11% 2024 $80.2 2025 $88.8 Adj. EBITDA EPS 35% 2024 $16.6 2025 $22.5 58% 2024 $0.12 2025 $0.19 3
4 6 18 24 34 40 - 44 1 2021 2022 2023 2024 2025 2025 represents annual guidance 104 129 142 161 178 - 182 2021 2022 2023 2024 2025 2025 represents annual guidance ADJUSTED EBITDA US$M 61% CAGR ANNUAL DOUBLE - DIGIT GROWTH TRAJECTORY REVENUES US$M 15% CAGR Quarter - End Strong Cash Position of $66.0 Million (post dividend payment) 1. Adjusted EBITDA guidance was increased from a previous $38M - $42M H1 $89M (49%) H1 $23M (54%)
DELIVERING ON OUR COMMITMENTS 5
KAMADA’S ROADMAP FOR CONTINUED ANNUAL DOUBLE - DIGIT GROWTH M&A Transactions Support growth through M&A transactions Organic Growth Portfolio of 6 FDA - approved products; Over 30 territories; and Distribution portfolio in Israel 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 $2B 6
CYTOGAM CMV IMMUNE GLOBULIN 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. Advancing CMV disease management through novel strategies focused on late - onset CMV prevention, active CMV disease mitigation, exploring alternative dosing strategies, and investigating potential new applications. $23M 2024 Revenues; Up 31% over 2023 Growth Continued growth expected in the U.S. and Canada markets 7
DISTRIBUTION SEGMENT GROWTH EXCLUSIVE DISTRIBUTOR IN ISRAEL FOR LEADING BIOPHARMACEUTICAL COMPANIES EXPANDING THE DISTRIBUTION SEGMENT MODEL TO THE MENA REGION More than 25 products exclusively licensed from leading international pharmaceutical companies, marketed in the Israeli market 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 during 2025 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 five years 8
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 Strong financial position, commercial infrastructure and proven successful M&A capabilities 9
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 $8M to $10M from sales of NSP 10
$2 Billion A substantial market opportunity (2028) 1 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 11 1. Source: CantorFizgerald, JAN 11 2024
STRONG H1 - 25 FINANCIAL RESULTS 12 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 DETAILS FY 2024 Q2/24 Q2/25 H1/24 H1/25 US $ M Driven by KAMRAB® & GLASSIA® Ex - US sales, VARIZIG® and GLASSIA Royalties 141.4 39.1 38.4 72.9 78.5 PROPRIETARY 19.5 3.3 6.3 7.3 10.3 DISTRIBUTION H1/2025 - 11% YoY increase; 161.0 42.5 44.8 80.2 88.8 TOTAL REVENUES 70.0 19.0 18.9 35.7 39.7 GROSS PROFIT Decrease in Q2 - 25 YoY is due to change in product sales mix 43% 45% 42% 45% 45% GROSS MARGIN (49.9) (13.3) (11.9) (26.0) (24.8) OPEX H1/2025 - 67% YoY increase 14.5 4.4 7.4 6.8 11.3 NET PROFIT H1/2025 - 35% YoY increase; 25% of revenues 34.1 9.1 10.9 16.6 22.5 Adjusted EBITDA Special dividend of $11.5M paid in April 2025 78.4 56.5 66.0 CASH Including acquisition related intangible assets ($126M @ June 25) 372.3 351.0 368.2 TOTAL ASSETS Increase associated with new plasma collection centers in the U.S. 11.1 8.6 11.4 LEASE LIABILITIES Acquisition related contingent consideration 63.6 63.9 61.5 CONTINGENT LIABILITIES 259.5 251.2 260.0 EQUITY Contingent and lease liabilities net of available cash 3.7 (16.0) (6.9) NET DEBT
KEDRAB® CYTOGAM® HEPGAM B® VARIZIG® WINRHO® GLASSIA® KAMADA - A GLOBAL BIOPHARMACEUTICAL COMPANY 6 FDA - Approved Products 15% CAGR (from 2021) $178 - 182M 2025 Revenues Guidance $40 - 44M 1 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 $ 66.0 M Cash @ Jun 30, 2025 Organic Growth M&A Transactions Inhaled AAT Pivotal Study Plasma Collection Centers 13 1. Adjusted EBITDA guidance was increased from a previous $38M - $42M
THANK YOU NASDAQ: KMDA; TASE: KMDA.TA www.kamada.com
15 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 2024 Q2/24 Q2/25 H1/24 H1/25 US $ M 14.5 4.4 7.4 6.8 11.3 NET PROFIT (1.1) 0.1 (1.6) 0.1 1.0 TAXES ON INCOME 8.1 1.7 0.6 3.6 2.4 REVALUATION OF ACQUISITION RELATED CONTINGENT CONSIDERATION (1.4) (0.6) 0.7 (0.8) 0.1 OTHER FINANCIAL EXPENSE, NET 7.1 1.8 1.8 3.5 3.5 AMORTIZATION OF ACQUISITION RELATED INTANGIBLE ASSETS 6.2 1.5 2.0 2.9 3.8 OTHER DEPRECIATION AND AMORTIZATION EXPENSES 0.9 0.2 0.1 0.5 0.3 NON - CASH SHARE - BASED COMPENSATION EXPENSES 34.1 9.1 10.9 16.6 22.5 ADJUSTED EBITDA
16 6 FDA - APPROVED SPECIALTY PLASMA PRODUCTS KEY FOCUS ON TRANSPLANTS & RARE CONDITIONS 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) For Important Safety Information, visit www.Kamada.com GLASSIA® [Alpha1 - Proteinase Inhibitor (Human)] Augmentation therapy for Alpha - 1 Antitrypsin Deficiency (AATD)
Exhibit 99.3
KAMADA LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2025
TABLE OF CONTENTS
- - - - - - - - - - -
F-1
KAMADA LTD.
Condensed Consolidated Interim Statements of Financial Position
| As of | As of | |||||||||||
| June 30, | December 31, | |||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Unaudited | ||||||||||||
| Assets | ||||||||||||
| Current Assets | ||||||||||||
| Cash and cash equivalents | $ | $ | $ | |||||||||
| Trade receivables, net | ||||||||||||
| Other accounts receivables | ||||||||||||
| Inventories | ||||||||||||
| Total Current Assets | ||||||||||||
| Non-Current Assets | ||||||||||||
| Property, plant and equipment, net | ||||||||||||
| Right-of-use assets | ||||||||||||
| Intangible assets, Goodwill and other long-term assets | ||||||||||||
| Goodwill | ||||||||||||
| Contract assets | ||||||||||||
| Deferred taxes | ||||||||||||
| Total Non-Current Assets | ||||||||||||
| Total Assets | $ | $ | $ | |||||||||
| Liabilities | ||||||||||||
| Current Liabilities | ||||||||||||
| Current maturities of lease liabilities | ||||||||||||
| Current maturities of other long term liabilities | ||||||||||||
| Trade payables | ||||||||||||
| Other accounts payables | ||||||||||||
| Deferred revenues | ||||||||||||
| Total Current Liabilities | ||||||||||||
| Non-Current Liabilities | ||||||||||||
| Lease liabilities | ||||||||||||
| Contingent consideration | ||||||||||||
| Other long-term liabilities | ||||||||||||
| Deferred taxes | ||||||||||||
| Employee benefit liabilities, net | ||||||||||||
| Total Non-Current Liabilities | ||||||||||||
| Shareholder’s Equity | ||||||||||||
| Ordinary shares | ||||||||||||
| Additional paid in capital net | ||||||||||||
| Capital reserve due to translation to presentation currency | ( | ) | ( | ) | ( | ) | ||||||
| Capital reserve from hedges | ( | ) | ||||||||||
| Capital reserve from share-based payments | ||||||||||||
| Capital reserve from employee benefits | ||||||||||||
| Accumulated deficit | ( | ) | ( | ) | ( | ) | ||||||
| Total Shareholder’s Equity | ||||||||||||
| Total Liabilities and Shareholder’s Equity | $ | $ | $ | |||||||||
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
| Six months period ended | Three months period ended | Year ended | ||||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2024 | ||||||||||||||||
| Unaudited | Unaudited | |||||||||||||||||||
| Revenues from proprietary products | $ | $ | $ | $ | $ | |||||||||||||||
| Revenues from distribution | ||||||||||||||||||||
| Total revenues | ||||||||||||||||||||
| Cost of revenues from proprietary products | ||||||||||||||||||||
| Cost of revenues from distribution | ||||||||||||||||||||
| Total cost of revenues | ||||||||||||||||||||
| Gross profit | ||||||||||||||||||||
| Research and development expenses | ||||||||||||||||||||
| Selling and marketing expenses | ||||||||||||||||||||
| General and administrative expenses | ||||||||||||||||||||
| Other expenses | ||||||||||||||||||||
| Operating income | ||||||||||||||||||||
| Financial income | ||||||||||||||||||||
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net | ( |
) | ( |
) | ( |
) | ||||||||||||||
| Financial expense in respect of contingent consideration and other long- term liabilities. | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Financial expenses | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
| Income before tax on income | ||||||||||||||||||||
| Taxes on income | ( |
) | ( |
) | ( |
) | ||||||||||||||
| Net Income | $ | $ | $ | $ | $ | |||||||||||||||
| 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 | ( |
) | ( |
) | ( |
) | ||||||||||||||
| Net amounts transferred to the statement of profit or loss for cash flow hedges | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||||
| Remeasurement gain (loss) from defined benefit plan | ||||||||||||||||||||
| Total comprehensive income (loss) | $ | $ | $ | $ | $ | |||||||||||||||
| Earnings per share attributable to equity holders of the Company: | ||||||||||||||||||||
| Basic net earnings per share | $ | $ | $ | $ | ||||||||||||||||
| Diluted net earnings per share | $ | $ | $ | $ | ||||||||||||||||
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F-3
KAMADA LTD.
Condensed Consolidated Interim Statements of Changes in Equity
| Capital | Capital | |||||||||||||||||||||||||||||||
| reserve | reserve | Capital | ||||||||||||||||||||||||||||||
| due to | Capital | from | reserve | |||||||||||||||||||||||||||||
| Additional | translation to | reserve | Share | 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) | $ | $ | $ | ( |
) | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||||||
| Net income | ||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||||||||||
| Total comprehensive income (loss) | ||||||||||||||||||||||||||||||||
| Exercise and forfeiture of share-based payment into shares | ( |
) | ( |
) | ||||||||||||||||||||||||||||
| Cost of share-based payment | ||||||||||||||||||||||||||||||||
| Dividend | ( |
) | ( |
) | ||||||||||||||||||||||||||||
| Balance as of June 30, 2025 | $ | $ | $ | ( |
) | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||||||
The accompanying Notes are an integral part of the Consolidated Financial Statements.
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 | |||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||||||||||
| In thousands | ||||||||||||||||||||||||||||||||
| Balance as of January 1, 2024 (audited) | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
| Net income | ||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | ( | ) | - | ( | ) | |||||||||||||||||||||||||||
| Total comprehensive income (loss) | ( | ) | ||||||||||||||||||||||||||||||
| Exercise and forfeiture of share-based payment into shares | ( | ) | - | |||||||||||||||||||||||||||||
| Cost of share-based payment | - | |||||||||||||||||||||||||||||||
| Balance as of June 30, 2024 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
| 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 | |||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||||||||||
| U.S. Dollars In thousands | ||||||||||||||||||||||||||||||||
| Balance as of April 1, 2025 | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | $ | ||||||||||||||||||
| Net income | ||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | - | |||||||||||||||||||||||||||||||
| Total comprehensive income (loss) | ||||||||||||||||||||||||||||||||
| Exercise and forfeiture of share-based payment into shares | ( |
) | - | ( |
) | |||||||||||||||||||||||||||
| Cost of share-based payment | - | |||||||||||||||||||||||||||||||
| Balance as of June 30, 2025 | $ | $ | $ | ( |
) | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||||||
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F-5
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 | |||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||||||||||
| U.S. Dollars In thousands | ||||||||||||||||||||||||||||||||
| Balance as of April 1, 2024 | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
| Net income | ||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | ( | ) | - | ( | ) | |||||||||||||||||||||||||||
| Total comprehensive income (loss) | ( | ) | ||||||||||||||||||||||||||||||
| Exercise and forfeiture of share-based payment into shares | ( | ) | - | |||||||||||||||||||||||||||||
| Cost of share-based payment | - | |||||||||||||||||||||||||||||||
| Balance as of June 30, 2024 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
| 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) | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
| Net income | ||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax) | ( | ) | - | - | ||||||||||||||||||||||||||||
| Total comprehensive income (loss) | ( | ) | ||||||||||||||||||||||||||||||
| Exercise and forfeiture of share-based payment into shares | ( | ) | - | |||||||||||||||||||||||||||||
| Cost of share-based payment | - | |||||||||||||||||||||||||||||||
| Income tax impact associated with issuance of shares | - | |||||||||||||||||||||||||||||||
| Balance as of December 31, 2024 | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F-6
KAMADA LTD.
Condensed Consolidated Interim Statements of Cash Flows
| Six months period Ended | Three months period Ended | Year Ended | ||||||||||||||||||
| June, 30 | June, 30 | December 31, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2024 | ||||||||||||||||
| Unaudited | ||||||||||||||||||||
| U.S Dollars In thousands | ||||||||||||||||||||
| Cash Flows from Operating Activities | ||||||||||||||||||||
| Net income | $ | $ | $ | $ | $ | |||||||||||||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
| Adjustments to the profit or loss items: | ||||||||||||||||||||
| Depreciation and impairment | ||||||||||||||||||||
| Financial expenses net | ||||||||||||||||||||
| Cost of share-based payment | ||||||||||||||||||||
| Taxes on income | ( | ) | ( | ) | ||||||||||||||||
| Loss (gain) from sale of property and equipment | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Change in employee benefit liabilities, net | ( | ) | ( | ) | ||||||||||||||||
| Changes in asset and liability items: | ||||||||||||||||||||
| Increase in trade receivables, net | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Decrease in other accounts receivables | ||||||||||||||||||||
| Decrease (increase) in inventories | ( | ) | ( | ) | ||||||||||||||||
| Decrease in contract asset | ||||||||||||||||||||
| Increase (decrease) in trade payables | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Increase (decrease) in other accounts payables | ( | ) | ( | ) | ||||||||||||||||
| Increase (decrease) in deferred revenues | ( | ) | ( | ) | ||||||||||||||||
| ( | ) | ( | ) | ( | ) | |||||||||||||||
| Cash received (paid) during the period for: | ||||||||||||||||||||
| Interest paid | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Interest received | ||||||||||||||||||||
| Taxes (paid) received | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
| Net cash provided by operating activities | $ | $ | $ | $ | $ | |||||||||||||||
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F-7
KAMADA LTD.
Condensed Consolidated Interim Statements of Cash Flows
| Six months period Ended | Three months period Ended | Year Ended | ||||||||||||||||||
| June, 30 | June, 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 | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Proceeds from sale of property and equipment | ||||||||||||||||||||
| Net cash used in investing activities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Cash Flows from Financing Activities | ||||||||||||||||||||
| Proceeds from exercise of share base payments | ||||||||||||||||||||
| Repayment of lease liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Repayment of other long-term liabilities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Dividends Paid | ( | ) | ( | ) | ||||||||||||||||
| Net cash used in financing activities | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Exchange differences on balances of cash and cash equivalent | ( | ) | ( | ) | ( | ) | ||||||||||||||
| Increase (decrease) in cash and cash equivalents | ( | ) | ( | ) | ||||||||||||||||
| Cash and cash equivalents at the beginning of the period | ||||||||||||||||||||
| Cash and cash equivalents at the end of the period | $ | $ | $ | $ | $ | |||||||||||||||
| Significant non-cash transactions | ||||||||||||||||||||
| Right-of-use asset recognized with corresponding lease liability | $ | $ | $ | $ | $ | |||||||||||||||
| Purchase of property and equipment and Intangible assets | $ | $ | $ | $ | $ | |||||||||||||||
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F-8
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 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
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
The Company’s activity is divided
into
| 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
F-9
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 June 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 $
F-10
KAMADA LTD.
Notes to the Condensed Consolidated Interim Financial Statements
Note 4:- Operating Segments
| a. | General: |
The company has
| Proprietary Products | Manufacturing, sales and distribution of plasma-derived protein therapeutics. | |
| Distribution | Distribute imported drug products in Israel, which are manufactured by third parties. |
| b. |
| Six months period ended June 30, 2025 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Unaudited | ||||||||||||
| Revenues | $ | $ | $ | |||||||||
| Gross profit | $ | $ | $ | |||||||||
| Unallocated corporate expenses | ( | ) | ||||||||||
| Finance expenses, net | ( | ) | ||||||||||
| Income before taxes on income | $ | |||||||||||
| Six months period ended June 30, 2024 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Unaudited | ||||||||||||
| Revenues | $ | $ | $ | |||||||||
| Gross profit | $ | $ | $ | |||||||||
| Unallocated corporate expenses | ( | ) | ||||||||||
| Finance expenses, net | ( | ) | ||||||||||
| Income before taxes on income | $ | |||||||||||
| Three months period ended June 30, 2025 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Unaudited | ||||||||||||
| Revenues | $ | $ | $ | |||||||||
| Gross profit | $ | $ | $ | |||||||||
| Unallocated corporate expenses | ( | ) | ||||||||||
| Finance expenses, net | ( | ) | ||||||||||
| Income before taxes on income | $ | |||||||||||
| Three months period ended June 30, 2024 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Unaudited | ||||||||||||
| Revenues | $ | $ | $ | |||||||||
| Gross profit | $ | $ | $ | |||||||||
| Unallocated corporate expenses | ( | ) | ||||||||||
| Finance expenses, net | ( | ) | ||||||||||
| Income before taxes on income | $ | |||||||||||
F-11
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, 2024 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Audited | ||||||||||||
| Revenues | $ | $ | $ | |||||||||
| Gross profit | $ | $ | $ | |||||||||
| Unallocated corporate expenses | ( | ) | ||||||||||
| Finance expenses, net | ( | ) | ||||||||||
| Income before taxes on income | $ | |||||||||||
| c. |
| Six months period ended June 30, 2025 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Unaudited | ||||||||||||
| Geographical markets | ||||||||||||
| U.S.A | $ | $ | $ | |||||||||
| Israel | ||||||||||||
| Latin America | ||||||||||||
| Canada | ||||||||||||
| Europe | ||||||||||||
| Asia | ||||||||||||
| Others | ||||||||||||
| $ | $ | $ | ||||||||||
| Six months period ended June 30, 2024 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Unaudited | ||||||||||||
| Geographical markets | ||||||||||||
| U.S.A | $ | $ | $ | |||||||||
| Israel | ||||||||||||
| Canada | ||||||||||||
| Europe | ||||||||||||
| Latin America | ||||||||||||
| Asia | ||||||||||||
| Others | ||||||||||||
| $ | $ | $ | ||||||||||
F-12
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 June 30, 2025 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Unaudited | ||||||||||||
| Geographical markets | ||||||||||||
| U.S.A | $ | $ | $ | |||||||||
| Israel | ||||||||||||
| Canada | ||||||||||||
| Europe | ||||||||||||
| Latin America | ||||||||||||
| Asia | ||||||||||||
| Others | ||||||||||||
| $ | $ | $ | ||||||||||
| Three months period ended June 30, 2024 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Unaudited | ||||||||||||
| Geographical markets | ||||||||||||
| U.S.A | $ | $ | $ | |||||||||
| Israel | ||||||||||||
| Canada | ||||||||||||
| Europe | ||||||||||||
| Latin America | ||||||||||||
| Asia | ||||||||||||
| Others | ||||||||||||
| $ | $ | $ | ||||||||||
| Year ended December 31, 2024 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Audited | ||||||||||||
| Geographical markets | ||||||||||||
| U.S.A | $ | $ | $ | |||||||||
| Israel | ||||||||||||
| Canada | ||||||||||||
| Europe | ||||||||||||
| Latin America | ||||||||||||
| Asia | ||||||||||||
| Others | ||||||||||||
| $ | $ | $ | ||||||||||
F-13
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 | ||||||||||||
| June 30, 2025 | ||||||||||||
| Derivatives instruments | $ | $ | $ | |||||||||
| Contingent consideration | ( | ) | ||||||||||
| June 30, 2024 | ||||||||||||
| Derivatives instruments | ( | ) | ||||||||||
| Contingent consideration | $ | $ | $ | ( | ) | |||||||
| December 31, 2024 | ||||||||||||
| Derivatives instruments | $ | $ | $ | |||||||||
| Contingent consideration | $ | $ | $ | ( | ) | |||||||
During the three months ended on June 30, 2025, 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.
F-14