Kamada Ltd (NASDAQ: KMDA)

Kamada Ltd., or KMDA, is a global biopharmaceutical company operating in the specialty plasma-derived and biopharmaceutical markets. Its main business activities involve the development, manufacturing, and commercialization of plasma-derived biopharmaceutical products, as well as the distribution of pharmaceutical products in Israel.

The company generates revenue through the sale of its proprietary products, which include KEDRAB, CYTOGAM, VARIZIG, WINRHO SDF, HEPGAM B, and GLASSIA. These products are used to treat rare and serious conditions such as rabies, cytomegalovirus (CMV) disease, and alpha-1 antitrypsin deficiency (AATD). Kamada's Proprietary Products segment, which accounts for approximately 80% of its total revenue, is its largest revenue generator and is focused on the development and commercialization of plasma-derived biopharmaceutical products, including immunoglobulins and other proteins.

Kamada's competitive advantage lies in its proprietary platform technology and know-how for the extraction and purification of proteins and IgGs from human plasma, as well as its manufacturing and development expertise in the plasma-derived and biopharmaceutical markets. This expertise allows the company to provide high-quality products that meet the needs of its customers, which include pharmaceutical companies such as Kedrion, Takeda, and others. Kamada's largest customer is Kedrion, which purchases KEDRAB for further distribution in the United States.

In terms of market position, Kamada is a leader in the specialty plasma-derived and biopharmaceutical markets. Its products are used to treat rare and serious conditions, and its proprietary platform technology and know-how provide a competitive advantage in the market. However, the company's sales have been impacted by the COVID-19 pandemic, with a decline in sales in 2023 compared to 2022. Despite this, Kamada has seen an increase in sales in the fourth quarter of 2023 and expects to continue to grow its sales in the future.

KEDRAB is a hyper-immune plasma-derived therapeutic used to prevent rabies infection. The product is administered to patients after exposure to an animal suspected of being infected with rabies. KEDRAB is manufactured at Kamada's facility in Beit Kama, Israel, and is distributed by Kedrion in the United States.

CYTOGAM is a Cytomegalovirus Immune Globulin Intravenous (Human) used to prevent CMV disease associated with solid organ transplantation. The product is administered within 72 hours after transplantation and then in weeks 2, 4, 6, 8, 12, and 16 after transplantation.

VARIZIG is a Varicella Zoster Immune Globulin Intravenous (Human) used to prevent varicella (chickenpox) disease in high-risk individuals. WINRHO SDF is a Rho(D) immunoglobulin used to prevent hemolytic disease of the newborn. HEPGAM B is a Hepatitis B immunoglobulin used to prevent hepatitis B recurrence in liver transplant patients. GLASSIA is an Alpha-1 Antitrypsin (Human) used to treat AATD.

Kamada's Distribution segment is focused on the distribution of pharmaceutical products in Israel. The company has partnered with Alvotech ehf. and two additional companies to distribute 11 different biosimilar products in Israel. IVIG is the primary product in the Distribution segment, comprising approximately 54%, 59%, and 73% of total revenues in the Distribution segment for the years ended December 31, 2023, 2022, and 2021, respectively.

In addition to its proprietary products, Kamada is also advancing several pipeline products and early-stage development programs. These include Inhaled AAT for the treatment of Alpha-1 antitrypsin deficiency, Anti-SARS-CoV-2 IgG for the treatment of COVID-19, and Recombinant AAT for the treatment of various indications. The company is also working on a human plasma-based eye drops for the treatment of several ocular conditions, an automated portable small scale system for extraction and purification of hyperimmune IgG from convalescent plasma, and a hyperimmune anti-tuberculosis IgG as a potential complementary treatment to existing standard of care.