The **CSL Behring** or **Grifols** of niche plasma-derived drugs.

An **Alexion Pharmaceuticals** for plasma-derived rare disease drugs.

• Glassia (Alpha-1 Proteinase Inhibitor - human): Treats Alpha-1 Antitrypsin Deficiency, a genetic disorder causing severe lung and liver disease.
• KEDRAB (Rabies Immune Globulin - human): Provides passive immunity for post-exposure prophylaxis of rabies.
• CYTOGAM (Cytomegalovirus Immune Globulin Intravenous - human): Used for prophylaxis of cytomegalovirus disease in high-risk patients, primarily transplant recipients.
• VARIZIG (Varicella Zoster Immune Globulin - human): Provides passive immunity to prevent or attenuate varicella (chickenpox) in susceptible, high-risk individuals.

Kamada (KMDA) Major Customers

Kamada (KMDA) primarily sells its plasma-derived protein therapeutics to other companies, including distributors, hospitals, and pharmaceutical partners, rather than directly to individuals. Based on its latest annual report (10-K), the company has significant revenue concentration with the following major customers:

• Kedrion S.p.A. - An Italian biopharmaceutical company specializing in plasma-derived products. (Note: Kedrion S.p.A. is not a publicly traded company).
• Swedish Orphan Biovitrum AB (SOBI) - A specialized international biopharmaceutical company focused on rare diseases. Symbol: SOBI.ST (listed on Nasdaq Stockholm).

According to Kamada's 2023 annual report (Form 10-K), Kedrion S.p.A. and SOBI each accounted for more than 10% of Kamada's total revenues in 2023, and together accounted for approximately 42% of its total revenues, making them critical customers for the company.

Amir London, Chief Executive Officer

Amir London assumed responsibility as Kamada's CEO in July 2015. He has over 20 years of senior management and international business development experience. Prior to joining Kamada, Mr. London served as the Chief Operating Officer of Fidelis Diagnostics, a U.S.-based provider of in-office medical diagnostic services. Earlier in his career, he was the Chief Executive Officer of Promedico, a leading Israeli-based healthcare distribution company, and the General Manager of Cure Medical, which provided contract manufacturing services for clinical studies and home-care solutions. For a decade, Mr. London was a Partner with Tefen, an international publicly-traded operations management consulting firm, where he was responsible for the firm's global biopharma practice.

Chaime Orlev, Chief Financial Officer

Chaime Orlev has served as Kamada's Chief Financial Officer since December 2017. Before joining Kamada, he was the Chief Financial Officer and Vice President of Finance and Administration at Bioblast Pharma Ltd. Mr. Orlev also held the position of Vice President of Finance and Administration at Chiasma Inc., where he was involved in leading the company's 2015 Initial Public Offering on NASDAQ and participated in negotiations for a licensing agreement. His previous roles include Chief Financial Officer at Oramed Pharmaceuticals Inc., where he led multiple capital raises, and Chief Financial Officer of Gammacan Inc. He also served as VP Finance and Chief Financial Officer of Huntleigh USA Corporation.

Eran Nir, Chief Operating Officer

Eran Nir serves as Kamada's Chief Operating Officer since March 2022. Prior to this role, he was the Vice President of Operations for the company.

Hanni Neheman, VP Marketing & Sales

Hanni Neheman has served as Kamada's Marketing & Sales Vice President since January 2020. She joined Kamada in August 2014 as the Head of Business Operations for the Israeli market. Mrs. Neheman possesses over 20 years of experience in various marketing and sales positions within the pharmaceutical industry, and previously served as a Commercial Manager at Neopharm Israel.

Jon R. Knight, VP, U.S. Commercial Operations

Jon R. Knight has been Kamada's Vice President of U.S. Commercial Operations since March 2022. He brings nearly 25 years of experience in the life sciences industry, primarily focused on commercializing innovative specialty plasma-products. Most recently, Mr. Knight was responsible for Trade Relations at TherapeuticsMD, where he successfully launched three innovative products into the market. His professional background also includes leadership positions at Prometic Life Sciences, CIS by Deloitte, Cardinal Health, Cangene bioPharma, and Nabi bioPharmaceuticals.

The emergence and advancement of gene therapy and other novel therapeutic modalities for Alpha-1 Antitrypsin Deficiency (AATD) poses a clear threat. Companies like MeiraGTx and Vertex Pharmaceuticals are actively developing therapies that aim to provide a more definitive or potentially curative treatment for AATD. Should these therapies prove successful and gain regulatory approval, they could significantly reduce or even eliminate the need for lifelong plasma-derived AAT augmentation therapy, which is a primary revenue source for Kamada with its GLASSIA product. While these new modalities are currently in clinical trials, their progression represents a long-term emerging threat to the established market for chronic plasma-derived AAT products.

Kamada (KMDA) has several main products with identifiable addressable markets in specific regions:

• Glassia (Alpha-1 Antitrypsin for infusion (AAT IV)): The Alpha-1 Antitrypsin Deficiency (AATD) market in Switzerland is estimated to be over $15 million annually.
• KEDRAB (Rabies Immune Globulin (Human)): The U.S. market for human rabies immune globulin (HRIG) is estimated to be $150 million annually.
• VARIZIG (Varicella Zoster Immune Globulin (Human)): The global Human Varicella-Zoster Immunoglobulin (VZIG) market was valued at $165 million in 2025.
• CYTOGAM (Cytomegalovirus Immune Globulin Intravenous (Human)): null
• HEPAGAM B (Hepatitis B Immune Globulin): null
• WinRho SDF (Rho(D) Immune Globulin): null
• KamRAB (Rabies Immunoglobulin): null
• KAMRHO (D) (Rho(D) Immune Globulin): null

Kamada (KMDA) is expected to drive future revenue growth over the next two to three years through several key initiatives:

1. Increased Sales of Key Proprietary Products: Kamada anticipates continued growth from its existing portfolio of FDA-approved specialty plasma-derived products, including KEDRAB, CYTOGAM, GLASSIA, and VARIZIG. This growth is attributed to increased demand in markets such as the U.S. and an improved overall product sales mix. Kamada's proprietary products also include WINRHO SDF, HEPAGAM B, KAMRAB, KAMRHO (D), and equine-based anti-snake venom products.
2. Expansion of Plasma Collection Operations: The company is actively expanding its plasma collection network, with new centers like those in Houston and San Antonio. These new plasma collection centers are projected to generate significant annual revenues, with each center potentially contributing $8 million to $10 million at full capacity through sales of normal source plasma. This expansion enhances vertical integration and reduces dependency on third-party plasma suppliers.
3. Launch of New Biosimilar Products: Kamada expects new biosimilar product launches, particularly in Israel, to become an increasingly important part of its distribution business. The company anticipates these biosimilars could achieve peak annual sales of $15 million to $20 million within the next five years. Kamada has several other biosimilar products in its pipeline for future launches.
4. Advancement of Inhaled Alpha-1 Antitrypsin (AAT) Therapy: Progress in the Phase 3 clinical trial for its inhaled AAT therapy represents a significant potential revenue driver. This investigational solution targets the global market for AAT deficiency-related lung disease, which is predicted to reach $2 billion by 2029. The company plans an interim futility analysis for this study by the end of 2025.
5. Strategic Business Development and M&A Activities: Kamada maintains an active business development and M&A strategy, aiming to enhance its portfolio and explore opportunities in plasma collection and specialty pharma sectors. This strategy leverages the company's strong financial position to accelerate growth of its existing business and expand its commercial offerings.

Share Repurchases

• Kamada declared a special cash dividend of $0.20 per share, totaling approximately $11.5 million, on March 5, 2025.
• While an ongoing buyback program was mentioned in November 2025, specific dollar amounts for share repurchases over the last 3-5 years were not readily available in the provided information.

Share Issuance

• Kamada announced a $60 million financing expected to close during the second half of 2023.
• The number of outstanding ordinary shares increased from approximately 44.8 million as of December 31, 2021, to approximately 57.5 million as of December 31, 2023, indicating share issuance during this period.

Outbound Investments

• In late 2021, Kamada completed a strategic acquisition of a portfolio of four FDA-approved plasma-derived hyperimmune commercial products, which were expected to generate annual global revenues of $40 million to $45 million.
• Kamada acquired a U.S. Plasma Collection Center in the first quarter of 2021 and received FDA approval for commercial sales from its Houston, TX, center by August 2025.
• The company plans to open a third plasma collection center in San Antonio, TX, by the end of the first quarter of 2025, with each of the Houston and San Antonio centers expected to contribute $8 million to $10 million in annual normal source plasma revenues at full capacity.

Capital Expenditures

• Kamada's capital expenditures were $5.48 million in 2020, $2.73 million in 2021, $3.78 million in 2022, $5.84 million in 2023, and $11 million in 2024.
• Expected capital expenditures for the upcoming fiscal year are projected to be approximately $10.152 million.
• A primary focus of these expenditures includes expanding plasma collection operations and advancing the pivotal Phase 3 InnovAATe clinical trial for Inhaled AAT.