Kamada 2025 Revenue Climbs 12% to $180.5M; Q4 EPS of $0.06 Misses
Kamada reported 2025 revenue of $180.5 million, up 12%, with adjusted EBITDA of $42 million (+23%) and net income of $20.2 million (+40%, $0.35/share). The company missed Q4 projections with $44.7 million revenue and $0.06 EPS, declared a $0.25 dividend and secured a $90 million KEDRAB order commitment for 2026-27.
1. Full-Year 2025 Results
Kamada reported total revenue of $180.5 million for 2025, a 12% increase year-over-year, driven by KEDRAB sales of $54 million and GLASSIA revenue of $35 million. Gross profit reached $76.4 million (42% margin), adjusted EBITDA rose 23% to $42 million, and operating cash flow totaled $25.5 million.
2. Q4 Performance and Estimate Miss
In the fourth quarter, revenue was $44.7 million with EPS of $0.06, falling short of consensus forecasts for $45.7 million and $0.09 respectively. The decline in CYTOGAM sales weighed on results amid increased antiviral use, while operating expenses ticked up slightly to $50.2 million.
3. Dividend Declaration and Cash Position
Kamada declared a $0.25 per-share dividend, representing a $14.4 million payout, and ended 2025 with $75.5 million in cash and equivalents. The single installment dividend may impact second-quarter liquidity, though the strong cash position supports ongoing operations and R&D.
4. Strategic Outlook and KEDRAB Commitment
The company secured a $90 million minimum order commitment from Kedrion for KEDRAB deliveries in 2026-27, reinforcing top-line visibility. Plasma collection centers are ramping to full capacity by end-2027, and management forecasts 2026 revenue in the $200–205 million range.