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Kamada Ltd extracts and purifies proteins from human plasma to make medicines, using its Beit Kama plant in Israel and contract manufacturers. These include KEDRAB for preventing rabies after exposure and CYTOGAM for preventing a viral disease in transplant patients. Its proprietary medicines generate most revenue, with KEDRAB, GLASSIA and CYTOGAM the leading products. Wholesalers, distribution partners and healthcare institutions buy its medicines.
Kedrion is a major customer and the sole U.S. distributor of KEDRAB; its subsidiary KedPlasma also supplies much of the plasma used to make it. Takeda manufactures and sells GLASSIA in the United States and Canada, paying Kamada royalties on those sales. Kamada operates U.S. plasma collection centers but still depends on outside suppliers. Production and sales require ongoing regulatory compliance, and continued U.S. marketing of KEDRAB and GLASSIA carries FDA-required follow-up clinical studies.
A smaller business imports other manufacturers’ medicines for exclusive distribution in Israel, selling to health maintenance organizations and hospitals through tenders and direct orders. Clalit Health Services supplies a large share of this business’s revenue. Sales depend on local product registration, competitive pricing and suppliers having products available.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Beyond this list, Kamada depends heavily on Kedrion’s KEDRAB purchases, CSL Behring’s plasma supply and competing products, and Emergent’s contract manufacturing—three companies investors also need to watch.
Takeda pays Kamada royalties for selling GLASSIA using Kamada’s licensed technology and supplies its AAT raw material, but also sells maribavir, which competes with Kamada’s CYTOGAM. Watch Takeda’s GLASSIA sales in the United States and Canada: Kamada’s royalty rate fell from 12% to 6% after August 2025, so higher sales did not prevent its 2025 royalty income from declining.
Grifols competes with Kamada to sell healthcare providers medicines made from blood plasma, including treatments that replace the AAT protein and other plasma-derived therapies. Its position as the largest AAT producer and its control of plasma collection and processing capacity give it advantages in competing for GLASSIA’s market share.
Merck sells the antiviral Prevymis to medicine buyers including hospitals and wholesalers; it competes with Kamada’s CYTOGAM in preventing CMV in transplant patients and has contributed to CYTOGAM’s market-share loss. Watch access and reimbursement for Prevymis: Kamada mainly attributed CYTOGAM’s 2025 revenue decline to greater antiviral use after coverage improved.
Sanofi could threaten Kamada’s GLASSIA sales and royalties with a less frequently dosed, engineered AAT protein treatment, while its specialty medicines already compete with medicines Kamada distributes in Israel. Watch efdoralprin alfa’s late-stage trials and approvals: its positive Phase 2 results included three- to four-week dosing, but any impact on GLASSIA depends on successful development, approval and launch.
Merck & Co., Inc. earningsMRK
Merck’s report will show whether Prevymis demand and reimbursement for preventing CMV in transplant patients are still squeezing Kamada’s CYTOGAM.
Read Merck’s comments on Prevymis demand and coverage alongside Kamada’s CYTOGAM sales. Prevymis gaining ground as CYTOGAM weakens would show that better access is still steering transplant patients toward the competing antiviral; softer Prevymis use or steady CYTOGAM sales would suggest that displacement pressure is easing.
Kamada Ltd earningsThis company
Kamada’s report will show whether its plasma therapies and Israeli distribution business are both growing, or whether a few products are doing most of the work.
Compare revenue and gross margin in Proprietary Products and Distribution, then check sales or royalty income from KEDRAB, GLASSIA and CYTOGAM. Growth in both segments with a steady proprietary-products margin would show broader growth; growth concentrated in those three products, or a falling margin, would show how much profits still depend on partners, competition and reimbursement.
