Kamada Ltd. reported fourth‑quarter 2025 revenue of $44.68 million and earnings per share of $0.06, both below consensus estimates of $45.73 million and $0.09 respectively. The miss was driven by a shift in product and market mix that lowered gross margins to 38% from 44% in the prior year, eroding profitability despite a 15% YoY revenue increase to $44.68 million.
Full‑year 2025 results were robust: total revenue reached $180.5 million, up 12% from $161 million in 2024, and adjusted EBITDA climbed to $42.0 million, a 23% increase. The growth was largely fueled by higher sales of VARIZIG and KEDRAB in the U.S. market, KAMRAB and GLASSIA in the ex‑U.S. market, and a broader distribution segment that benefited from the launch of biosimilars.
Management highlighted that the Q4 miss was a one‑off effect of the sales‑mix shift, noting that “Gross profit and gross margins for 2025 were $76.4 million and 42%, respectively, compared to $70 million and 43% in 2024. The increase in gross profit is in line with the increase in total revenues, whereas the decrease in gross margin is due to product and market sales mix.”
Despite the quarterly shortfall, the company reaffirmed its 2026 guidance, projecting revenue of $200 million to $205 million and adjusted EBITDA of $50 million to $53 million—an upside of roughly 13% and 23% versus 2025 figures. CEO Amir London said, “We enter 2026 from a position of significant strength, continuing to benefit from growth across our commercial portfolio. Based on our positive outlook and consistent performance, we affirm our 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA, which respectively represent 13% and 23% growth when comparing 2026 guidance mid‑points to 2025 results.”
The market reacted negatively to the Q4 miss, with the stock falling in pre‑market trading. Investors focused on the earnings shortfall, noting that the company’s quarterly performance fell short of expectations even as the full‑year results and forward guidance remained strong.
The company also announced a new annual cash dividend of $0.25 per share, underscoring its commitment to returning value to shareholders while maintaining a solid cash position of $75.5 million at year‑end 2025.
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