The strong H1 performance and reaffirmed guidance signal continued operational momentum. The new $50M plasma deal adds a visible revenue stream starting Q4 2026. However, the CFO transition introduces near-term execution risk. Monitor for updates on the CFO search and Q3 results for confirmation of the growth trajectory.
Price Chart
Executive Summary
Kamada reported record-high Q2 and H1 2026 results with double-digit revenue and profit growth, driven by strong demand for KEDRAB, VARIZIG, and HEPAGAM. The company affirmed its 2026 annual guidance of $200-205M revenue and $50-53M adjusted EBITDA. A new $50M three-year plasma supply agreement was secured, and the company announced the planned transition of its CFO, Chaime Orlev, effective end of 2026. The strong operational performance is partially offset by a slight gross margin decline and the CFO departure introduces a leadership transition risk.
Key Facts
- Record-high H1 2026 revenues of $100.2M, up 13% YoY
- Record-high H1 2026 adjusted EBITDA of $25.7M (26% margin), up 14% YoY
- Q2 2026 revenues of $54.9M, up 23% YoY; Q2 net income of $9.3M, up 26% YoY
- Affirmed 2026 annual guidance: $200-205M revenue and $50-53M adjusted EBITDA
- Secured a 3-year, ~$50M plasma supply agreement with a leading biopharma company
- CFO Chaime Orlev to transition out by Dec 31, 2026; successor search underway
- Cash from operations in H1 2026 was $17.8M, up from $7.5M in H1 2025
- Gross margin declined to 42% in H1 2026 from 45% in H1 2025
Financial Impact
H1 2026 revenue $100.2M (+13% YoY), net income $13.4M (+18% YoY), adjusted EBITDA $25.7M (+14% YoY). Cash and short-term investments $70.1M as of June 30, 2026.
Risk Factors
- CFO transition could cause temporary operational disruption
- Gross margin compression (42% vs 45%) warrants monitoring
- Geopolitical risks from Middle East operations and potential tariff impacts
- Dependence on a few key products (KEDRAB, GLASSIA, CYTOGAM) for revenue concentration
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-088030 |
| Document: ea029970701ex99-1.htm | 0001213900-26-088030 |
| Document: ea0299707-6k_kamada.htm | 0001213900-26-088030 |
| Document: ea029970701ex99-2.htm | 0001213900-26-088030 |
| Document: ea029970701ex99-4.htm | 0001213900-26-088030 |
| Document: 0001213900-26-088030-index-headers.html | 0001213900-26-088030 |
| Document: 0001213900-26-088030-index.html | 0001213900-26-088030 |
| Document: 0001213900-26-088030.txt | 0001213900-26-088030 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | EFFECT | $8.19 $8.77 | ▲ +7.08% | ▲ +4.52% | $8.20 (+0.12%) |
Sep 10, 2026 22d ago | 6-K | $7.99 $8.67 | ▲ +8.51% | ▲ +9.01% | $8.20 (+2.63%) |
Sep 3, 2026 29d ago | Press Release | $8.54 $8.31 | ▼ −2.69% | ▼ −1.48% | $8.20 (−3.98%) |
Sep 3, 2026 29d ago | 6-K | $8.54 $8.31 | ▼ −2.69% | ▼ −1.48% | $8.20 (−3.98%) |
Aug 17, 2026 6w ago | 6-K / PRESS-RELEASE | $7.76 $8.43 | ▲ +8.63% | ▲ +9.82% | $8.20 (+5.67%) |
Aug 12, 2026 7w ago | 6-K | $6.88 $7.89 | ▲ +14.68% | ▲ +15.12% | $8.20 (+19.19%) |
Aug 5, 2026 8w ago | 6-K | $7.14 $7.26 | ▲ +1.68% | ▲ +0.47% | $8.20 (+14.85%) |
Aug 5, 2026 8w ago | 6-K | $7.18 $6.88 | ▼ −4.18% | ▼ −4.53% | $8.20 (+14.21%) |
Jul 20, 2026 10w ago | 6-K | $7.09 $7.06 | ▼ −0.42% | ▲ +0.00% | $8.20 (+15.66%) |
Jul 13, 2026 11w ago | 6-K | $7.17 $7.05 | ▼ −1.67% | ▼ −0.89% | $8.20 (+14.37%) |
US Market Status
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