Kamada Ltd. (KMDA): Business Model Canvas [Dec-2025 Updated]

You're looking for the hard numbers behind Kamada Ltd.'s strategy as we head into late 2025, and after two decades analyzing pharma, I can tell you this model is built on a tightrope walk between established rare disease treatments and a major clinical bet. Honestly, their business hinges on manufacturing six FDA-approved specialty plasma products while simultaneously pushing the Phase 3 InnovAATe trial for Inhaled AAT, all while sitting on $72.0 million in cash as of September 30, 2025. With full-year revenue guidance pegged between $178 million and $182 million, the key is how effectively they manage their plasma supply chain-from their Texas collection centers to their Rehovot fractionation plant-to support current sales and fund that pipeline. Defintely dive into the full canvas below to see exactly how their customer segments, from hospitals to plasma fractionators, map to these revenue streams.

Kamada Ltd. (KMDA) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Kamada Ltd. relies on to drive its specialty biopharmaceutical business, especially as they execute on their 2025 strategy. These partnerships are key to everything from raw material sourcing to getting the final product to patients.

Business development targets for M&A and in-licensing

Kamada Ltd. is actively looking outward to bolster its portfolio. A core strategic pillar for 2025 involves securing significant new business development, in-licensing, collaboration, and/or merger and acquisition opportunities. The goal here is to enhance the existing marketed products portfolio and leverage the company's financial strength and commercial infrastructure for long-term growth. This focus is supported by solid financial footing; as of September 30, 2025, Kamada Ltd. reported cash and cash equivalents of $72.0 million.

The company reiterated its full-year 2025 revenue guidance, projecting between $178 million to $182 million, with an increased Adjusted EBITDA guidance range of $40 million to $44 million.

Third-party distributors for commercial sales in over 30 countries

Kamada Ltd. uses a mix of direct sales and external partners to reach global markets. The commercial products portfolio is distributed directly and through strategic partners or third-party distributors in more than 30 countries. This network covers key regions including the U.S., Canada, Israel, Russia, Argentina, Brazil, India, and Australia, spanning Latin America, Europe, the Middle East, and Asia.

To give you a sense of scale, sales channeled through these ex-U.S. distributors accounted for approximately 26% of total revenues for the year ended December 31, 2023. Relying on these third parties for marketing, distribution, and sales in these ex-U.S. markets is a major component of their commercial reach.

Plasma collection center partners/suppliers (e.g., Houston, San Antonio)

A major internal partnership focus is on securing the raw material supply chain by expanding plasma collection operations, aiming to reduce dependency on outside suppliers and lower raw material costs. Kamada Plasma operates three centers in Texas, moving toward vertical integration.

Here's the breakdown of the Texas plasma collection footprint as of late 2025:

These sites collect both normal source plasma for sale to third parties and specialty plasma, such as Anti-Rabies and Anti-D, for internal use in hyper-immune products.

Key Opinion Leaders (KOLs) for post-marketing research on products like CYTOGAM

Kamada Ltd. is strategically investing in evidence generation for its specialty plasma-derived products, notably CYTOGAM. On May 5, 2025, the company announced a comprehensive post-marketing research program for CYTOGAM, which generated $22.5 million in revenue in 2024 (a 31% increase year-over-year).

This program is built on external expertise:

• Total of 10 studies planned.
• Conducted in collaboration with leading U.S. physicians.
• Primarily structured as Investigator-Initiated Studies (IIS).
• Objectives include exploring novel strategies for late-onset CMV prevention.
• Research also covers alternative dosing strategies and health economic analyses.

This systematic approach to evidence-building is designed to support further product utilization over the coming years.

Kamada Ltd. (KMDA) - Canvas Business Model: Key Activities

You're looking at the core engine driving Kamada Ltd.'s performance as of late 2025. It's a mix of established commercial sales, heavy clinical development, and significant investment in raw material sourcing.

Manufacturing and fractionation of specialty plasma-derived products

This activity underpins the entire commercial portfolio. The scale of operations is reflected in the overall financial performance, which is driven by the diverse product portfolio, including plasma-derived therapeutics.

The company is focused on leveraging its financial strength to support continued growth, with an adjusted EBITDA guidance for the full year 2025 set between $40 million to $44 million.

Advancing the Phase 3 InnovAATe clinical trial for Inhaled AAT

This is the major R&D focus, aiming to create a next-generation augmentation therapy. The trial design has been refined based on regulatory feedback.

• Sample size for the pivotal Phase 3 InnovAATe trial reduced to approximately 180 subjects.
• The FDA agreed to a relaxed two-sided Type 1 error rate control change from 5% to 10% (p-value of 0.1).
• An interim futility analysis was planned to be completed by the end of 2025.
• More than 200 patients have previously received Inhaled-AAT in clinical research settings.

The inhaled AAT program is targeting a market estimated to reach $2 billion by 2029.

Commercialization and life cycle management of six FDA-approved products

The existing revenue base is supported by a portfolio of established, rare-disease focused products. Growth in Q3 2025 revenue, up 13% year-over-year to $47 million, was driven by specific product sales.

The six FDA-approved commercial products include KEDRAB®, CYTOGAM®, WINRHO SDF®, VARIZIG®, HEPAGAM B®, and GLASSIA®.

Key commercial drivers in the period included:

• Increased sales of GLASSIA® in ex-U.S. markets.
• Increased sales in the Distribution segment.
• Growth in VARIZIG® U.S. sales.

The company also secured a four-year agreement for KEDRAB® worth $180 million.

Operating and expanding plasma collection centers in Texas

Kamada Plasma is actively expanding its upstream supply chain in Texas to secure raw materials for its specialty plasma-derived products. You now have three operational sites in the state: Houston, San Antonio, and Beaumont.

The Houston facility is anticipated to be one of the largest specialty plasma collection centers in the U.S.

Securing new business development and M&A transactions

This pillar focuses on external growth to enrich the marketed product portfolio. The company is actively pursuing these opportunities, supported by its balance sheet strength.

• The company held a robust cash position of $72 million as of September 30, 2025.
• Kamada has a $40 million credit line available to support acquisitions.
• The company is aiming to finalize an M&A transaction soon, with contributions to profitability expected by 2026.

The distribution business, including biosimilars, is projected to add $15 million to $20 million in incremental revenue.

Kamada Ltd. (KMDA) - Canvas Business Model: Key Resources

You're looking at the core assets that power Kamada Ltd.'s operations right now, as of late 2025. These are the things the company owns or controls that are absolutely essential to delivering its value proposition.

Proprietary Portfolio and Regulatory Approvals

The foundation of Kamada Ltd.'s commercial strength is its collection of established, specialized products. These aren't just ideas; they have the necessary green lights from the U.S. Food and Drug Administration (FDA), which is a massive barrier to entry for competitors. You're looking at a portfolio built on specialty plasma-derived therapeutics, which is where the company really shines.

The company's proprietary portfolio of FDA-approved specialty plasma-derived products includes:

• KEDRAB®
• CYTOGAM®
• VARIZIG®
• GLASSIA®
• WINRHO SDF®
• HEPAGAM B®

Also critical here is the intellectual property and the regulatory standing for these products, like the established approvals for KEDRAB® and GLASSIA®.

Manufacturing and Collection Infrastructure

To make these products, Kamada Ltd. needs the physical infrastructure. Their plasma fractionation manufacturing facility is located in Rehovot, Israel. On the supply side, they have significantly expanded their U.S. plasma collection footprint to secure the raw material needed for their therapies and for sales of normal source plasma.

Here's a breakdown of the key physical and regulatory assets as of late 2025:

It's important to note that the Houston site, which is 12,000 square feet and supports 50 donor beds, is anticipated to be one of the largest specialty plasma collection centers in the U.S.. That kind of scale in specialty plasma collection is a real asset.

Financial Resources

You need capital to run a biopharma operation, especially one investing in clinical trials and M&A. Kamada Ltd. maintains a solid liquidity position to fund operations and strategic moves.

The company reported having available cash of $72.0 million as of September 30, 2025. Finance: draft 13-week cash view by Friday.

Kamada Ltd. (KMDA) - Canvas Business Model: Value Propositions

Providing essential, specialized treatments for rare and serious conditions.

• Nine Month 2025 Total Revenues: $135.8 Million
• Third Quarter 2025 Total Revenues: $47.0 Million
• 2025 Full-Year Revenue Guidance Range: $178 Million to $182 Million
• Nine Month 2025 Adjusted EBITDA: $34.2 Million
• Cash and Cash Equivalents as of September 30, 2025: $72.0 Million

Diverse portfolio of hyper-immune globulins (e.g., VARIZIG, KEDRAB).

VARIZIG® and KAMRAB® are part of a three-year contract (2025-2027) with an international organization for Latin America, estimated to be worth approximately $25 Million total.

Reliable supply of high-quality, FDA-approved plasma-derived therapeutics.

• Kamada Ltd. commercial products portfolio includes six FDA-approved plasma-derived biopharmaceutical products.
• Increased sales of VARIZIG® U.S. sales contributed to Third Quarter 2025 revenue growth.

Expanding plasma supply chain via new U.S. collection centers.

Kamada Ltd. currently operates three plasma collection centers in Texas: Beaumont, Houston, and San Antonio.

Kamada Ltd. (KMDA) - Canvas Business Model: Customer Relationships

You're looking at how Kamada Ltd. manages its relationships with the key players in its ecosystem-from the physicians who prescribe its specialty products to the investors funding its growth. It's a mix of direct engagement, long-term supply contracts, and data generation to back up product value.

For the specialty product side, the relationship model relies on a dedicated specialty sales force. While the exact headcount isn't public, the commercial scale is reflected in the operating expenses. Selling, General, and Administrative (SG&A) expenses, which include sales force costs, were part of the total operating expenses that reached $36.8 million for the first nine months of 2025.

The supply chain relationships, particularly around plasma, are being solidified through formal agreements. Kamada Ltd. is actively discussing long-term sales agreements for normal source plasma with potential customers. This effort is supported by expanding internal collection capacity. The company operates three plasma collection centers as of late 2025, with plans for the Houston, TX, center to support approximately 50,000 liters per year of specialty plasma collection. Each of the Houston and San Antonio centers is anticipated to contribute annual revenues of $8 million to $10 million each from normal source plasma sales at full capacity.

To support the benefits of its marketed products, Kamada Ltd. engages in post-marketing research. For CYTOGAM®, the company initiated a comprehensive research program, including the investigator-initiated SHIELD study, to generate key data supporting its benefits in cytomegalovirus (CMV) management in solid organ transplantation.

For investor relations and transparent financial reporting, Kamada Ltd. maintains a regular cadence of communication. Management hosted an investment community conference call on Monday, November 10, 2025, at 8:30am Eastern Time to discuss the third quarter and nine-month results. The company reiterated its full-year 2025 financial guidance, projecting total revenues between $178 million to $182 million and adjusted EBITDA between $40 million to $44 million. The relationship with capital providers is underpinned by a solid balance sheet, reporting cash and cash equivalents of $72.0 million as of September 30, 2025.

Here's a quick look at the key financial metrics that reflect the scale of Kamada Ltd.'s operations and investor engagement as of late 2025:

The relationship strategy involves several distinct operational and financial activities:

• Securing long-term sales agreements for normal source plasma.
• Advancing the investigator-initiated SHIELD study for CYTOGAM®.
• Operating three plasma collection centers to support supply.
• Reiterating 2025 guidance showing expected double-digit top- and bottom-line growth year-over-year.
• Announced special cash dividend payment of $0.20 per share on April 7, 2025.

The focus on plasma expansion directly supports both internal needs and external supply relationships. The Houston site's planned capacity is approximately 50,000 liters per year. This operational expansion is a key part of the strategy to enrich the portfolio and support long-term growth.

Kamada Ltd. (KMDA) - Canvas Business Model: Channels

You're looking at how Kamada Ltd. gets its products to the end-user, which is a mix of direct engagement and leveraging established networks across the globe. It's not just one path; it's a layered approach supporting their diverse portfolio.

Direct sales force to hospitals and specialty pharmacies in key markets involves direct engagement for products like VARIZIG® in the U.S. market, which contributed to the 13% year-over-year increase in Q3 2025 total revenues of $47.0 million. This direct channel supports the core specialty product sales.

The third-party distribution network across over 30 countries is key for their international reach. This network drives sales of GLASSIA® in ex-U.S. markets, a major component of the $135.8 million in total revenues generated in the first nine months of 2025.

The Distribution segment in Israel for biosimilars and other products is a significant piece of the puzzle. For the first nine months of 2025, revenue from the Distribution segment increased, contributing to the overall growth. Based on regional revenue breakdowns, the Israel segment accounted for $25.01 million in revenue. Furthermore, the company projects the overall distribution business, including biosimilars, could reach $45-$50 million in revenue, with biosimilars alone adding an incremental $15-$20 million.

For the direct sales of normal source plasma from U.S. collection centers, Kamada Ltd. is actively ramping up collection at three operational centers. They have FDA approval for the Houston site. Once at full capacity, each of these centers is anticipated to contribute annual revenues between $8 million to $10 million from normal source plasma sales. The company is in active discussions to secure long-term sales agreements for this plasma.

Here's a quick look at the channel-relevant financial performance and scale as of late 2025:

The growth in these channels supports the reiterated full-year 2025 revenue guidance of $178 million to $182 million.

You can see the geographic revenue split helps illustrate where these channels are most active:

• United States America (U.S.A): 62.44% of revenue ($100.5M)
• Israel: 15.54% of revenue ($25.01M)
• Latin America: 11.56% of revenue ($18.61M)
• Canada: 5.88% of revenue ($9.46M)

The ex-U.S. GLASSIA® sales, which are part of the third-party distribution, are a key driver, alongside the direct VARIZIG® U.S. sales. Finance: draft 13-week cash view by Friday.

Kamada Ltd. (KMDA) - Canvas Business Model: Customer Segments

You're looking at the core groups Kamada Ltd. (KMDA) serves as of late 2025, based on their latest operational updates and financial guidance. It's a mix of direct patient care, B2B plasma supply, and domestic distribution.

The overall revenue expectation for fiscal 2025 is tight, sitting in the range of $178 million to $182 million. This top-line figure is supported by the performance across these distinct customer groups.

Here's a breakdown of the key customer segments Kamada Ltd. targets:

• Patients with rare conditions like Alpha-1 Antitrypsin Deficiency (AATD)
• Hospitals and clinics requiring specialty hyper-immune globulins
• Plasma fractionators purchasing normal source plasma
• Israeli healthcare system (via the Distribution segment)

For the segment focused on rare disease patients, Kamada Ltd. continues to advance its inhaled AAT program, which management believes could target a market worth up to $2 billion by 2029. This is for Alpha-1 Antitrypsin Deficiency (AATD), which is the most common hereditary disorder in adults. To give you context on the potential patient pool, the diagnosed prevalent population of AATD in the 7MM was estimated at around 15 million in 2022, though only a fraction of those are currently treated with specific augmentation therapies like Glassia®.

The plasma collection business is a growing component, directly serving other plasma fractionators. Kamada Ltd. has been ramping up operations at its three plasma collection centers. Once fully operational, each of these centers is expected to generate annual revenues between $8 million to $10 million from the sale of normal source plasma. You should note that the Houston facility, which is FDA-cleared, has a planned capacity of approximately 50,000 liters per year.

The Distribution segment, which primarily serves the Israeli healthcare system through the sale of marketed products and biosimilars, is also a key revenue driver. For 2025, this segment is projected to see incremental revenue of $15 million to $20 million coming from new biosimilar launches. This growth is expected to push the segment's total business size toward a range of $45 million to $50 million, up from its current base of about $25 million to $30 million.

It helps to see how these segments contribute to the overall picture, even if the exact 2025 revenue split isn't public. Here's a quick view mapping the segment to the associated financial data we have:

If onboarding those new plasma centers takes longer than expected, revenue from that stream could shift into 2026, defintely impacting the near-term sales mix. Finance: draft 13-week cash view by Friday.

Kamada Ltd. (KMDA) - Canvas Business Model: Cost Structure

You're looking at the core spending that keeps Kamada Ltd. running and growing, focusing on the numbers from the first nine months of 2025. This structure is heavily influenced by their plasma-derived product base and their ongoing clinical development.

The largest single cost component tied directly to production is the Cost of goods sold (COGS). For the first nine months of 2025, Kamada Ltd.'s total COGS, which covers the critical activities of plasma acquisition and fractionation, was calculated to be approximately $76.4 million. This is derived from total revenues of $135.8 million and a reported gross profit of $59.4 million for the same period.

You see the direct result of this cost structure in the profitability metrics. Gross margins for the first nine months of 2025 stood at 44%, an improvement from 43% in the prior year period, reflecting an improved sales mix and increased commercial scale.

Moving to overhead, the company reported that Operating expenses totaled $36.8 million for the first nine months of 2025, which is a slight reduction from $38.0 million in the first nine months of 2024. This total expense figure bundles several key areas that you need to track.

Here is a breakdown of the key financial figures impacting the Cost Structure for the nine months ended September 30, 2025:

Regarding Research and Development (R&D) expenses for the Inhaled AAT program, the reports indicate that the overall R&D expenses saw a year-over-year reduction for the first nine months of 2025, mainly due to changes in the timing of development projects. While the specific dollar amount allocated solely to the Inhaled AAT program isn't itemized separately from the total Operating Expenses, you know this program remains a strategic investment pillar.

The Sales, Marketing, and General & Administrative (SG&A) expenses are contained within the total Operating Expenses of $36.8 million for the nine-month period. The company noted disciplined management of these operational costs, which contributed to the decrease in total operating expenses compared to the prior year.

For Capital expenditures for expanding plasma collection infrastructure, the most relevant public data point is the net cash used in investment activities, which totaled $7.1 million for the first nine months of 2025. Kamada Ltd. is actively expanding, having announced the opening of a new plasma collection site in San Antonio, Texas, in Q1 2025, and is currently ramping up operations at its three operational centers.

You should keep an eye on the COGS line, as plasma costs are variable. The fact that gross margin improved to 44% suggests they are managing input costs well relative to pricing power. Here's the quick math: that $76.4 million COGS is the cost to create the product that generated $135.8 million in sales.

• Operating expenses for Q3 2025 were $11.9 million, flat compared to Q3 2024.
• The company reiterated 2025 full-year revenue guidance of $178 million to $182 million.
• The company reiterated 2025 full-year Adjusted EBITDA guidance of $40 million to $44 million.

Finance: draft 13-week cash view by Friday.

Kamada Ltd. (KMDA) - Canvas Business Model: Revenue Streams

You're looking at Kamada Ltd.'s income sources as of late 2025. The company is clearly leaning on a diversified approach, mixing proprietary product sales with plasma-related revenue and distribution activities. For the full fiscal year 2025, Kamada Ltd. is reiterating its total revenue guidance to be in the range of $178 million to $182 million.

The core product revenue streams are driven by established therapies. For instance, the first nine months of 2025 saw total revenues reach $135.8 million, up 11% year-over-year, with growth attributed to several key areas.

Key revenue drivers for Kamada Ltd. as of late 2025 include:

• Proprietary product sales, specifically GLASSIA in ex-U.S. markets.
• VARIZIG sales within the U.S. market.
• Royalty income generated from GLASSIA sales in the U.S.
• Revenue from the Distribution segment, which saw increased sales through the first nine months of 2025.

The plasma collection operations are a growing component, providing both internal supply security and external sales opportunities. The newly FDA-approved Houston plasma center is projected to contribute significant annual revenue from normal source plasma sales once operating at full capacity.

Here's a breakdown of the projected revenue from the plasma collection centers:

To be fair, the Q3 2025 revenue came in at $47.0 million, which was up 13% compared to Q3 2024. This performance supports the reiteration of the full-year guidance.