Kamada

What Kamada does

Kamada Ltd. (NASDAQ:KMDA, TASE:KMDA.TA) is an Israeli biopharmaceutical company founded in 1990 and headquartered in Rehovot, Israel. It develops, manufactures, and markets specialty plasma-derived therapeutics for rare and serious conditions, including Alpha-1 Antitrypsin Deficiency, rabies post-exposure prophylaxis, cytomegalovirus disease in transplant patients, hepatitis B recurrence, and immune thrombocytopenia. Its proprietary technology is a hyperimmune immunoglobulin (IgG) extraction and purification platform used to produce liquid Alpha-1 Antitrypsin (GLASSIA) and other specialty immune globulins. The company holds six FDA-approved proprietary products (GLASSIA, KEDRAB, CYTOGAM, VARIZIG, WINRHO SDF, HEPAGAM B, plus KAMRAB) and operates as a vertically integrated manufacturer.

Kamada generates revenue from three streams: (1) sales of proprietary specialty plasma-derived products, including royalties from Takeda on GLASSIA after it began its own US production in 2021; (2) a distribution segment that markets over 20 complementary pharmaceutical products in Israel and select MENA markets under third-party manufacturing partnerships; and (3) sale of normal source plasma from its three FDA-approved US plasma collection centers in Beaumont, Houston, and San Antonio, Texas. Major commercialization partners include Kedrion (KEDRAB in the US), Takeda (GLASSIA in the US), Valneva (KAMRAB in Canada), the Pan American Health Organization (KAMRAB supply tenders), and Canadian Blood Services (multi-product tender). In FY2025, Kamada reported $180.5M of revenue (+12% YoY), $42.0M of adjusted EBITDA (+23% YoY), and $20.2M of net income (+40% YoY), with $75.5M in cash and 2026 guidance of $200-205M in revenue.

The company is controlled by Israeli private-equity firm FIMI Opportunity Funds (~38% stake following a $60M private placement in May 2023). In March 2026, Kamada adopted an annual cash dividend policy committing to distribute at least 50% of net income, declaring its inaugural $0.25/share dividend. The Phase 3 Inhaled AAT program was discontinued in December 2025. Going forward, capacity additions from the San Antonio plasma center (FDA-approved March 2026) and an in-house RFFIT rabies-testing laboratory (FDA-approved June 2026) are the principal operational catalysts.

Name

Kamada

Legal name

Kamada Ltd.

Website

https://kamada.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

251–500 employees

Short description

Kamada is an Israeli biopharmaceutical company developing, manufacturing, and marketing specialty plasma-derived therapeutics — including GLASSIA, KEDRAB, KAMRAB, CYTOGAM, VARIZIG, WINRHO, and HEPAGAM B — for patients with rare and serious conditions, with vertically integrated US plasma collection and global distribution partnerships.

Ownership category

akta.pro rank

Product category

Specialty Plasma-Derived Biopharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro industry

PRIMARYHLAIACAM

Infectious Disease Specialty Pharmaceuticals (Non-vaccine)

Healthcare & Life Sciences/Pharmaceuticals/Specialty Pharmaceuticals

SECONDARYHLAIACAF

Pulmonology & Allergy Specialty Pharmaceuticals

Healthcare & Life Sciences/Pharmaceuticals/Specialty Pharmaceuticals

SECONDARYHLAIAAAD

Immunology & Inflammation Pharmaceuticals

Healthcare & Life Sciences/Pharmaceuticals/Branded (Innovator) Pharmaceuticals

Keywords

• Plasma-derived therapeutics
• Biopharmaceutical products
• Specialty immunoglobulin therapy
• Plasma collection operations
• Rare disease treatments

Headquarters

HQ city

Rehovot

HQ country

Israel

HQ region

Middle East

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Technology or R&D, Personnel, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Proprietary Product Sales: Sales of proprietary specialty plasma-derived products including KEDRAB, GLASSIA, CYTOGAM, VARIZIG, WINRHO, HEPAGAM B, KAMRAB
2. Distribution Products: Distribution of over 20 complementary pharmaceutical products in Israel manufactured by third parties
3. GLASSIA Royalty Income: Royalty payments from Takeda for GLASSIA sales in US market after Takeda initiated own production in 2021
4. Normal Source Plasma Sales: Sale of normal source plasma to other plasma-derived manufacturers from plasma collection centers
5. Supply Tenders: Government and institutional supply contracts including Canadian Blood Services tender and PAHO supply agreements

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Kamada is a vertically integrated biopharmaceutical company that develops, manufactures, and commercializes specialty plasma-derived therapeutics for rare and serious conditions. Its proprietary products include FDA-approved specialty immunoglobulins such as KEDRAB (anti-rabies IgG), GLASSIA (Alpha-1 Antitrypsin), CYTOGAM, VARIZIG, WINRHO SDF, HEPAGAM B, and KAMRAB. The company also distributes over 20 complementary pharmaceutical products in Israel, operates three FDA-approved plasma collection centers in Texas, and runs an FDA-approved RFFIT laboratory for rabies antibody testing.

Product overview

Kamada is a vertically integrated global biopharmaceutical company focused on specialty plasma-derived therapeutics. The company operates two main segments: Proprietary Products (six FDA-approved specialty plasma-derived products: KEDRAB, GLASSIA, CYTOGAM, VARIZIG, WINRHO SDF, and HEPAGAM B, plus KAMRAB and equine anti-snake venom products) and a Distribution segment (over 20 complementary products distributed in Israel and MENA region including immunoglobulins, vaccines, enzymes, and specialty pharmaceuticals). The company also operates plasma collection centers in the U.S. and has manufacturing facilities in Israel.

Differentiator

Problem solved

Functional benefit

Brands

• Kamada Plasma: Company's plasma collection operations division operating collection centers in Texas, USA
• KAMRAB
• GLASSIA
• CYTOGAM
• VARIZIG
• HEPAGAM B
• WINRHO SDF

Products and services

• KEDRAB FDA-approved Anti-Rabies Immune Globulin (Human) marketed in the U.S. through partnership with Kedrion Biopharma for passive, transient post-exposure prevention of rabies infection.
• GLASSIA Alpha1-Proteinase Inhibitor (Human) for chronic augmentation and maintenance therapy in individuals with emphysema due to severe hereditary Alpha1-PI deficiency. First liquid, ready-to-use IV plasma-derived AAT product approved by the FDA.
• CYTOGAM Cytomegalovirus Immune Globulin Intravenous (Human) indicated for prophylaxis of CMV disease associated with transplantation of kidney, lung, liver, pancreas and heart.
• VARIZIG Varicella Zoster Immune Globulin (Human) indicated for post-exposure prophylaxis in high-risk individuals including immunocompromised patients, newborns, and pregnant women.
• WINRHO SDF Rho(D) Immune Globulin Intravenous (Human) indicated for treatment of immune thrombocytopenia (ITP) in Rho(D)-positive patients and suppression of Rh isoimmunization.
• HEPAGAM B Hepatitis B Immune Globulin Intravenous (Human) indicated for prevention of Hepatitis B recurrence following liver transplant and post-exposure prophylaxis.
• KAMRAB Human Rabies Immune Globulin (150 IU/ml) indicated for passive, transient post-exposure prevention of rabies infection. Distributed in Canada by Valneva Canada Inc. and supplied internationally through PAHO tenders.
• LAMZEDE Velmanase Alfa (10 mg/vial) for enzyme replacement therapy treating non-neurological manifestations in patients with mild to moderate alpha-mannosidosis. Distributed in Israel.
• IXIARO Japanese encephalitis purified inactivated vaccine for active immunization against Japanese encephalitis in adults, adolescents, children and infants aged 2 months and older. Distributed in Israel.
• INTRATECT Immunoglobulin normal human (50 g/L, 100 g/L) for replacement therapy in primary immunodeficiency syndromes and immunomodulation in conditions like ITP and Guillain-Barré syndrome. Distributed in Israel.
• JOENJA Leniolisib (70 mg) tablets indicated for treatment of activated phosphoinositide 3 kinase delta syndrome (APDS) in adults and adolescents 12 years and older. Distributed in Israel.
• Megalotect CP Cytomegalovirus Immunoglobulin human (100 IU/ml) for prophylaxis of clinical manifestations of CMV infection in immunosuppressed patients, particularly transplant recipients. Distributed in Israel.
• Hepatect CP Hepatitis B Immunoglobulin human (50 mg/ml) for prophylaxis against hepatitis B in exposed individuals and re-infection prevention in liver transplant patients. Distributed in Israel.
• Gammaplex Immunoglobulin normal human (50 mg/ml) for replacement therapy in primary immunodeficiency and hypogammaglobulinaemia, and immunomodulation in ITP. Distributed in Israel.
• Varitect CP Varicella zoster Immunoglobulin human (25 IU/ml) for post-exposure prophylaxis following contact with VZV and adjuvant therapy of severe Varicella Zoster in immunocompromised patients. Distributed in Israel.
• Zutectra Hepatitis B Immunoglobulin human (500 IU) solution for subcutaneous injection for prevention of HBV re-infection in liver transplant patients. Distributed in Israel.
• ZENALB Albumin human (4.5%, 20%) for restoration and maintenance of circulating blood volume where volume deficiency has been demonstrated. Distributed in Israel.
• REPLENINE - VF 1000 Factor II, IX, X preparation for treatment and prophylaxis of bleeding in patients with hemophilia B (congenital factor IX deficiency). Distributed in Israel.
• OPTIVATE 1000 Factor VIII (1000 IU/vial) with von Willebrand factor (2600 IU/vial) for treatment and prophylaxis of bleeding in hemophilia A. Distributed in Israel.
• Provocholine Methacholine Chloride (100 mg/Vial) powder for solution for inhalation for diagnosis of bronchial airway hyperactivity in subjects without clinically apparent asthma. Distributed in Israel.
• RUPAFIN Rupatadine fumarate (10mg) tablets for symptomatic treatment of allergic rhinitis and urticaria in adults and adolescents over 12 years. Distributed in Israel.
• ELIGARD Leuprorelin Acetate (22.5 mg, 45 mg) for treatment of hormone-dependent advanced prostate cancer and high-risk localized prostate cancer in combination with radiotherapy. Distributed in Israel.
• FOSTER Beclometasone dipropionate (100 mcg/dose) and Formoterol fumarate (6 mcg/dose) inhaler for regular treatment of asthma and symptomatic treatment of severe COPD. Distributed in Israel.
• BRAMITOB Tobramycin (300 mg/4ml) nebulizer solution for management of chronic pulmonary infection due to Pseudomonas aeruginosa in cystic fibrosis patients aged 6 years and older. Distributed in Israel.
• AEROBIKA Oscillating Positive Expiratory Pressure (OPEP) device that helps thin and loosen mucus to move it to larger airways where it can be coughed out. Distributed in Israel.
• Ruconest Conestat Alfa (2100 U/Vial) powder for injection for treatment of acute angioedema attacks in adults with hereditary angioedema (HAE) due to C1 esterase inhibitor deficiency. Distributed in Israel.

Quantifiable outcome

• 12% year-over-year revenue growth in 2025 to $180.5 million
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core strategic, major contract and regional.

• Kedrion S.p.Acore strategicStrategic or Co-development PartnerStrategic partnership for clinical development and marketing of KEDRAB (rabies immunoglobulin) in US. Also global collaboration for development, manufacturing and distribution of plasma-derived anti-SARS-CoV-2 (COVID-19) polyclonal immunoglobulin product. Kedrion responsible for plasma collection from convalescent COVID-19 patients and distribution in US, Europe, Australia, and South Korea.
• Takeda Pharmaceuticals Company Limitedcore strategicStrategic or Co-development PartnerStrategic partnership for marketing GLASSIA (Alpha-1 Antitrypsin) in US. Kamada continues to produce Glassia for Takeda through 2021; Takeda initiated own production in 2021 and commenced royalty payments to Kamada.
• Canadian Blood Servicesmajor contractChannel Partner/ Reseller/ Distributor$10-14 million supply tender extension for two years (Q2-26 to Q1-28) for supply of four specialty plasma-derived products: WINRHO, HEPAGAM, CYTOGAM, and VARIZIG.
• Valneva Canada Inc.regionalChannel Partner/ Reseller/ DistributorMarketing and distribution agreement for KAMRAB (rabies immunoglobulin) in Canada.
• Pan American Health Organization (PAHO)regionalChannel Partner/ Reseller/ DistributorSupply of KAMRAB through 2019-2021 tender from PAHO, the specialized international health agency for the Americas.
• Israeli Ministry of Health / Magen David Adommajor contractChannel Partner/ Reseller/ DistributorSupply agreement for investigational hyperimmune IgG product for COVID-19 treatment. Initial order sufficient to treat approximately 500 hospitalized patients, expected to generate approximately $3.4 million in revenue in Q1 2021. Plasma collected by Israeli National Blood Services (Magen David Adom).

Scale indicators11 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Grifols: Global leader in plasma-derived therapeutics manufacturing immunoglobulins, alpha-1 antitrypsin, albumin, and coagulation factors. Directly comparable to Kamada in product portfolio, vertically integrated plasma collection, and therapeutic focus areas.
• CSL Behring: Subsidiary of CSL Limited and one of the world's largest plasma fractionators producing immune globulins, AAT, and specialty plasma-derived therapeutics. Direct competitor in specialty immunoglobulin markets globally.
• Octapharma: Swiss-headquartered global plasma products manufacturer producing immunoglobulins, coagulation factors, and specialty therapeutics. Directly competes with Kamada in plasma-derived specialty pharmaceuticals.
• Kedrion Biopharma: Italian plasma products manufacturer and Kamada's strategic partner for KEDRAB US distribution. Competes directly in plasma collection and immunoglobulin manufacturing with overlapping therapeutic focus.
• Takeda Pharmaceutical (Plasma-Derived Therapies): Plasma-Derived Therapies business unit formed through Shire/Baxalta acquisition. Kamada's GLASSIA distribution partner in US while also competing in adjacent specialty plasma therapeutics markets.

Emerging players

• ADMA Biologics: US-based specialty plasma company focused on immune globulins for immune-deficient patients. Smaller-scale competitor with overlapping product focus on specialty immunoglobulins.
• Bio Products Laboratory (BPL): UK-based plasma fractionator producing specialty immunoglobulins and albumin. Direct competitor in plasma-derived therapeutics with comparable product mix to Kamada's immunoglobulin portfolio.

Regional players

• GC Pharma: Korean-headquartered biopharmaceutical company with significant plasma-derived therapeutics business producing immunoglobulins and coagulation factors. Competes with Kamada in Asian and select global markets.
• Shanghai RAAS Blood Products: China's largest plasma products manufacturer producing human blood plasma products including immunoglobulins and coagulation factors. Regional competitor in Chinese and select Asian markets.
• Intas Pharmaceuticals (plasma division): Indian-headquartered pharmaceutical company with a growing plasma-derived therapeutics business. Regional competitor in Indian and adjacent emerging markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/117855

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds6 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kamada