Kamada Ltd
Kamada Ltd. is a biopharmaceutical company focused on plasma-derived therapies for rare and serious conditions. Its business combines proprietary plasma products, plasma collection operations in the United States, and distribution of third-party pharmaceutical products in Israel and the MENA region through its subsidiaries and commercial network.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCommercial plasma-derived medicines used in rare and serious conditions.
Plasma collected in the U.S. and sold to other plasma-derived manufacturers.
Imported and in-licensed drugs distributed mainly in Israel and MENA.
Specialty immune plasma and equine-based anti-venom products sold in select markets.
Customers
Kamada sells to healthcare providers, hospitals, distributors, and other pharmaceutical manufacturers that need plasma-derived inputs or finished specialty medicines. It also distributes third-party pharmaceuticals to patients and healthcare systems in Israel and the broader MENA region through local commercialization partnerships. For its plasma business, the direct customers are other biopharmaceutical companies that use source plasma as a raw material for downstream therapies.
Buy source plasma for use in downstream plasma-derived therapies.
Use branded plasma-derived medicines for rare and serious conditions.
Buy distributed third-party pharmaceuticals and biosimilars through local channels.
Use hyper-immune and anti-snake venom products in niche treatment settings.
Strategy
Kamada’s strategy is built around four pillars: growing its proprietary plasma-therapy portfolio, expanding distribution in Israel and MENA, scaling plasma collection, and adding products or businesses through in-licensing, collaboration, or M&A. The company is using its plasma centers and manufacturing capabilities to strengthen vertical integration, secure more control over supply, and support long-term commercialization of rare-disease therapies.
These products are the core branded franchise and anchor the company's rare-disease presence.
In-house source plasma improves supply security and creates an additional revenue stream.
Regional distribution diversifies revenue beyond proprietary plasma products.
Additions to the portfolio can deepen the pipeline and broaden the commercial base.
Geography
Kamada is globally oriented, with commercial and manufacturing activity tied to Israel, the United States, and selected markets in the Middle East and North Africa. Its plasma collection footprint is centered in Texas, where it operates FDA-approved centers in Beaumont, Houston, and San Antonio. The business also relies on Israel for corporate, development, and distribution activities, while MENA remains important for in-licensed products and regional sales.
Risks
Kamada depends on regulated plasma collection, manufacturing quality, and continued access to donor plasma, so operational disruptions or regulatory issues could affect supply and sales. The company also faces concentration risk in niche rare-disease products, regional exposure in Israel and MENA, and the typical biologics risks of pricing pressure, competition, and product obsolescence. Because it operates across multiple jurisdictions and uses partnerships for distribution and sourcing, execution risk and compliance risk are structurally important.
- Plasma supply disruptionImpact: HighLikelihood: Medium
The business needs steady donor collections to support both external sales and internal product needs.
Exposure: Texas collection centers
- Regulatory and quality complianceImpact: HighLikelihood: Medium
Blood product collection and biologics manufacturing require strict FDA and health-authority oversight.
Exposure: Collection centers and plasma-derived products
- Portfolio concentrationImpact: MediumLikelihood: High
A limited number of branded plasma therapies can drive a large share of commercial performance.
Exposure: Specialty plasma franchise
- Geopolitical and market-access riskImpact: MediumLikelihood: Medium
Sales and distribution in Israel and MENA can be affected by regional instability and import rules.
Exposure: Israel and MENA
Accounting
Judgemental itemsDifferent product and supply arrangements may recognize revenue at different points in the contract lifecycle.
Impact: Can shift reported quarterly revenue timing
Operating plasma centers and facilities create right-of-use assets and lease liabilities.
Impact: Affects balance sheet leverage and operating expense presentation
Branded biologics and acquired rights require periodic assessment of recoverability.
Impact: Can materially affect earnings if product value assumptions change
Adjusted EBITDA excludes items management believes are not reflective of core operations.
Impact: Can influence how investors assess operating performance
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Last updated: 28/09/2026