Kamada Announces a $10-$14 Million Extension of Canadian Supply Tender

Rhea-AI Summary

Kamada (NASDAQ: KMDA) was awarded a two-year extension by Canadian Blood Services to supply four specialty plasma-derived products (WINRHO, HEPAGAM, CYTOGAM, VARIZIG) from Q2-2026 to Q1-2028. The award is valued at $10–$14 million, securing approximately $5.0–$7.0 million of annual sales during that period. All four products are approved by Health Canada and the FDA. Kamada reiterated its 2025 revenue guidance of $178–$182 million and adjusted EBITDA guidance of $40–$44 million, and projected double-digit revenue and profitability growth for 2026 with detailed guidance due in January 2026.

Positive

• Awarded a $10–$14M supply extension for two years
• Secures $5.0–$7.0M of annual sales between Q2-26 and Q1-28
• Products hold Health Canada and FDA approvals
• Reiterated 2025 revenue guidance $178–$182M and adj. EBITDA $40–$44M

Negative

• Contract term limited to two years (Q2-26 to Q1-28)
• Canadian supply managed by CBS excludes Quebec
• Award is an extension rather than a long-term expansion of market access

Key Figures

Tender extension value $10–$14 million Canadian Blood Services supply extension through Q1-28

Annual sales secured $5.0–$7.0 million per year Sales between Q2-26 and Q1-28 from tender extension

2025 revenue guidance $178–$182 million Reiterated full-year 2025 company revenue outlook

2025 adj. EBITDA guidance $40–$44 million Reiterated full-year 2025 adjusted EBITDA outlook

Market Reality Check

$7.95 Last Close

Volume Volume 40,420 is below 20-day average of 96,766 (relative volume 0.42x). low

Technical Shares at $7.02, trading slightly above 200-day MA of $6.98 and 23.32% below 52-week high.

Peers on Argus 1 Up

Peers in specialty/generic pharma show mixed moves, with one momentum name (CGC) up 8.33% and others like ETON, EOLS, AQST modestly down. KMDA’s setup appears more company-specific than sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 08	Clinical trial update	Negative	-4.9%	Phase 3 inhaled AAT trial discontinued after interim futility analysis.
Nov 10	Earnings results	Positive	+5.4%	Strong Q3 and nine‑month 2025 revenue and profitability with reiterated guidance.
Nov 04	Clinical milestone	Positive	-3.2%	First patient enrolled in CYTOGAM SHIELD trial for CMV prevention in transplants.
Nov 03	Earnings notice	Neutral	-0.4%	Announcement of timing for Q3 and nine‑month 2025 financial results call.
Oct 29	Conference participation	Neutral	-0.4%	Planned presentation at Stifel 2025 Healthcare Conference and investor meetings.

Pattern Detected

News-driven moves generally align with tone: strong earnings and negative trial data both saw aligned reactions, while one positive clinical milestone drew a contrarian sell-off.

Recent Company History

Over the last few months, Kamada reported strong Q3 2025 results on Nov 10, with solid revenue and profitability growth and reiterated full-year guidance of $178M–$182M revenue and $40M–$44M adjusted EBITDA. It also advanced CYTOGAM via an investigator-initiated trial announced on Nov 4. On Dec 8, Kamada discontinued its Phase 3 inhaled AAT trial after a futility analysis but maintained 2025 guidance and projected double-digit 2026 growth. The current Canadian tender extension reinforces ongoing commercial momentum alongside these prior updates.

Market Pulse Summary

This announcement expands Kamada’s commercial base through a Canadian Blood Services tender extension worth $10–$14 million, securing $5.0–$7.0 million in annual sales between Q2-26 and Q1-28. Management reiterates 2025 revenue guidance of $178–$182 million and adjusted EBITDA of $40–$44 million, consistent with prior updates. Investors may track execution on international tenders, growth in the biosimilar portfolio, and follow-on contracts to gauge longer-term momentum.

Key Terms

specialty plasma-derived products medical

"supply of four specialty plasma-derived products, WINRHO®, HEPAGAM®..."

Therapeutic medicines made from human blood plasma that treat specific, often rare or chronic, medical conditions such as immune deficiencies and bleeding disorders. They matter to investors because production depends on donor supply and complex, tightly regulated manufacturing, creating steady demand, high barriers to entry and sensitivity to supply disruptions or regulatory changes; think of them like niche, high-value products that require scarce ingredients and careful preparation.

adjusted EBITDA financial

"adjusted EBITDA of $40 Million-$44 Million..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

immunoglobulin medical

"our anti-Rabies Immunoglobulin product used in Canada..."

Immunoglobulins are proteins commonly known as antibodies that the body makes to recognize and neutralize viruses, bacteria and other foreign substances; they act like targeted security guards that bind to specific invaders. For investors, immunoglobulins matter because they are the basis for many diagnostic tests, therapeutic drugs and blood‑derived products, so changes in demand, manufacturing capacity, clinical trial results or regulatory approvals can directly affect company revenues and risk profiles.

AAT medical

"GLASSIA®, our AAT product licensed to Takeda for distribution..."

Alpha-1 antitrypsin (AAT) is a liver-produced protein that acts like a protective shield for the lungs, preventing enzymes from damaging airways and tissue. When AAT is low or malformed, people can develop lung disease and liver problems, creating a clear medical need; for investors, AAT is important because therapies or tests that diagnose, replace or correct it can drive regulatory approvals, market demand and company valuation in biopharma.

biosimilar medical

"growing biosimilar portfolio in Israel, and the expansion..."

A biosimilar is a medicine created to be highly similar to an existing complex drug made from living cells, matching its safety and effectiveness while allowing for small, natural variations. For investors, biosimilars matter because they introduce lower-cost competition when patents end, which can cut prices, shift market share, and change revenue forecasts for companies selling the original drugs, much like a generic version does for simpler chemical medicines.

Food and Drug Administration (FDA) regulatory

"approved by Health Canada and the U.S. Food and Drug Administration (FDA)."

A U.S. government agency that reviews and approves drugs, medical devices, vaccines, food safety measures and related products before they reach the market. Think of it as a gatekeeper whose decisions, inspections and safety warnings can make or break a product’s ability to sell; investors watch FDA actions closely because approvals speed revenue and failed reviews, delays or recalls can sharply change a company’s value.

AI-generated analysis. Not financial advice.

• Company Awarded Extension to Existing Supply Tender Relating to its Portfolio of Four Specialty Plasma-Derived Products
• Supply Extension Secures Ongoing Sales of Approximately $5.0-$7.0 Million Per Year for the Period Between Q2-26 and Q1-28
• Kamada Reiterates its 2025 Full-Year Revenue Guidance of $178 Million-$182 Million and Adjusted EBITDA of $40 Million-$44 Million
• Kamada Projects Double-Digit Growth in Revenues and Profitability in 2026; Detailed Guidance to be Provided in January 2026

REHOVOT, Israel, and HOBOKEN, N.J., Dec. 18, 2025 (GLOBE NEWSWIRE) -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, today announced that the Company has been awarded an extension of an existing tender from the Canadian Blood Services (CBS) for the supply of four specialty plasma-derived  products, WINRHO®, HEPAGAM®, CYTOGAM®, and VARIZIG®, for an additional two years. Valued at a range of $10-$14 million, the award secures ongoing sales of those products in the Canadian market between Q2-26 and Q1-28. The four commercial products are approved by Health Canada and the U.S. Food and Drug Administration (FDA). CBS manages the Canadian supply of blood products for all Canadian provinces and territories, excluding Quebec.

“This award extension, together with continued supply of KAMRAB®, our anti-Rabies Immunoglobulin product used in Canada, and GLASSIA®, our AAT product licensed to Takeda for distribution in Canada, validates our position as the leading supplier of specialty plasma derived products in Canada,” said Amir London, Kamada’s Chief Executive Officer. “We remain confident that significant commercial potential exists for our AAT and specialty immunoglobulin portfolio in the international markets and intend to continue pursuing additional contracts in key strategic territories.”

“As recently stated, based on our strong, consistent performance during 2025, we have reiterated our full-year 2025 revenue guidance of between $178 million to $182 million and our annual adjusted EBITDA guidance of $40 million to $44 million. Additionally, we project double-digit growth in revenues and profitability in 2026 through our robust commercial portfolio, growing biosimilar portfolio in Israel, and the expansion of normal source plasma sales. In parallel, we continue to focus on pursuing new commercial stage business development opportunities, leveraging our strong cash position, to support continued long-term growth,” concluded Mr. London.

About Kamada
Kamada Ltd. (the “Company”) is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. The Company’s strategy is focused on driving profitable growth through three primary growth pillars: First, organic growth from its commercial activities, including continued investment in the commercialization and life cycle management of its proprietary products, which include six FDA-approved specialty plasma-derived products: KEDRAB®, CYTOGAM®, GLASSIA®, WINRHO SDF®, VARIZIG® and HEPAGAM B®, as well as KAMRAB®, KAMRHO (D)® and two types of equine-based anti-snake venom products, and the products in the distribution segment portfolio, mainly through the launch of several biosimilar products in Israel. Second: the Company aims to secure significant new business development, in-licensing, collaboration and/or merger and acquisition opportunities, which are anticipated to enhance the Company’s marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term growth. Third: the Company is expanding its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns three operating plasma collection centers in the United States, in Beaumont Texas, Houston Texas, and San Antonio, Texas. The Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company’s controlling shareholder, beneficially owning approximately 38% of the outstanding ordinary shares.

Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including (among others) statements regarding: 1) tender extension secures ongoing sales of approximately $5-$7.0 million per year for the period between Q2-26 and Q1-28, 2) expectation for significant commercial potential for our AAT and specialty immunoglobulin portfolio in the international markets and intentions to continue pursuing additional contracts in key strategic territories, 3) 2025 full-year revenue guidance of $178 million-$182 million and adjusted EBITDA of $40 million-$44 million, 4) projection of double-digit growth in revenues and profitability in 2026; 5) positive prospects regarding our robust commercial portfolio; 6) expansion of normal source plasma sales; and 7) intentions to focus on pursuing commercial stage business development opportunities to support continued long-term growth. Forward-looking statements are based on Kamada’s current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to the evolving nature of the conflicts in the Middle East and the impact of such conflicts in Israel, the Middle East and the rest of the world, the impact of these conflicts on market conditions and the general economic, industry and political conditions in Israel, the U.S. and globally, effect of potential imposed tariff on overall international trade and specifically on Kamada’s ability to continue maintaining expected sales and profit levels in light of such potential tariff, the effect on establishment and timing of business initiatives, the ability to acquire strategic business opportunities and successfully integrating them into existing businesses, and other risks detailed in Kamada’s filings with the U.S. Securities and Exchange Commission (the “SEC”) including those discussed in its most recent Annual Report on Form 20-F and in any subsequent reports on Form 6-K, each of which is on file or furnished with the SEC and available at the SEC’s website at www.sec.gov. The forward-looking statements made herein speak only as of the date of this announcement and Kamada undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.

CONTACTS:
Chaime Orlev
Chief Financial Officer
IR@kamada.com

Brian Ritchie
LifeSci Advisors, LLC
212-915-2578
britchie@LifeSciAdvisors.com

FAQ

What did Kamada (KMDA) announce on December 18, 2025 about Canadian sales?

Kamada announced a two-year extension with Canadian Blood Services to supply four specialty plasma-derived products from Q2-2026 to Q1-2028.

How much is the KMDA Canadian tender extension worth and what annual sales does it secure?

The award is valued at $10–$14 million, securing roughly $5.0–$7.0 million of sales per year during the contract period.

Does the KMDA award cover all of Canada including Quebec?

No; Canadian Blood Services manages supply for provinces and territories excluding Quebec.

Did Kamada change its 2025 financial guidance after the Canadian award (KMDA)?

No; Kamada reiterated its 2025 revenue guidance of $178–$182 million and adjusted EBITDA of $40–$44 million.

What approvals do the products in the KMDA award hold?

The four supplied products (WINRHO, HEPAGAM, CYTOGAM, VARIZIG) are approved by Health Canada and the FDA.