Kamada Ltd. (NASDAQ: KMDA) told the U.S. Securities and Exchange Commission on July 20, 2026 that it had signed a three-year contract to supply normal source plasma to a biopharmaceutical company working in plasma-derived therapies. The company put the expected value of the contract at approximately $50 million in revenue across the three years and said the first commercial sales under it should be recorded in the fourth quarter of 2026. The disclosure reached the SEC as Exhibit 99.1 to a report of foreign private issuer on Form 6-K covering the month of July 2026, filed under commission file number 001-35948 and signed by Vice President General Counsel and Corporate Secretary Nir Livneh.
The buyer was not identified. The announcement described the counterparty only as a leading biopharmaceutical company focused on plasma-derived therapies. Nothing in the exhibit sets out unit pricing, minimum volume commitments, delivery schedules, exclusivity or the conditions under which either side may walk away. The exhibit also carried no statement that the contract was material within the meaning of the company’s reporting obligations, and Kamada did not file the contract itself.
What the company disclosed
The plasma will come from Kamada’s collection centers in Texas. In the same release the company said its FDA-approved centers in Houston and San Antonio are designed to collect both normal source plasma and specialty plasma, and that each center supports a planned capacity of approximately 50,000 liters per year at full capacity. Kamada currently owns three FDA-approved operating plasma collection centers in the United States, in Beaumont, Houston and San Antonio.
Chief Executive Officer Amir London linked the contract to the company’s investment in Texas. He said the agreement “supports both our vertical-integration strategy, as well as our multi-year revenue growth objectives” and that the company was pleased with the pace of its collection ramp-up activities.
Kamada set out the same four growth pillars it uses in its standing corporate description: organic growth of a commercial portfolio built on six FDA-approved specialty plasma-derived products, distribution of third party pharmaceutical products in Israel and the MENA region, a ramp-up of plasma collection, and acquisitions or in-licensing. The plasma pillar is described as serving two ends at once, sales of normal source plasma to other plasma-derived manufacturers and the company’s own rising demand for hyper-immune plasma. This contract sits on the external sales side of that split. FIMI Opportunity Funds is the controlling shareholder and beneficially owns approximately 38% of the outstanding ordinary shares.
The collection business behind the contract
Kamada’s plasma arm is younger than the rest of the group. On its own corporate site the company dates Kamada Plasma to 2021 and describes it as a wholly owned subsidiary specialising in the collection of rare donors’ human plasma, with most of what it collects feeding the manufacture of KamRho-D. The Beaumont site was established by Blood and Plasma Research, Inc. in 1967 and was bought by Kamada in March 2021 as part of a stated objective of becoming a fully integrated specialty plasma company. Kamada describes Beaumont as one of only about 15 specialty plasma collection centers in the United States, licensed by the FDA and certified by the Plasma Protein Therapeutics Association and under the Clinical Laboratory Improvement Act.
That history matters for reading the July contract. Beaumont was acquired to secure hyper-immune plasma for an existing product. Houston and San Antonio are the newer, larger normal source assets, and they are the ones named as the supply base. The company’s stated intention on the same page was to expand collection by investing in the existing centre and using its FDA licence to open more sites in the United States.
How the contract sits inside guidance
Kamada said in July that it had already assumed the start of plasma sales by year-end 2026 when it set its full-year revenue forecast, and that the expected fourth quarter sales under the new contract were included in current annual guidance. Three weeks later the company put numbers around that statement.
On August 12, 2026 Kamada reported second quarter and first half results and affirmed its 2026 guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA. Second quarter revenues were $54.9 million, up 23% from $44.8 million a year earlier. Gross profit was $22.5 million at a 41% margin, against $18.9 million and 42% in the second quarter of 2025. Net income was $9.3 million, or $0.16 per diluted share, up 26% from $7.4 million and $0.13. Adjusted EBITDA was $14.1 million, up 29% from $10.9 million, at a 26% margin of revenues.
For the six months, revenues were $100.2 million against $88.8 million, a 13% increase, with net income of $13.4 million and adjusted EBITDA of $25.7 million. Cash provided by operating activities was $17.8 million in the half, compared with $7.5 million a year earlier. Cash and cash equivalents and short-term investment stood at $70.1 million as of June 30, 2026, against $75.5 million as of December 31, 2025, after a dividend payment of $14.4 million during the second quarter, $0.25 per share, paid on April 7, 2026 to holders of record on March 23, 2026. The August release listed the plasma contract first among recent corporate highlights and repeated that initial sales are expected in the fourth quarter.
Analysis: a revenue line that has to be built before it is booked
The headline number should be read against what the disclosure does and does not contain. Approximately $50 million over three years is a company estimate of what a supply relationship may produce, not a booked backlog and not a minimum purchase obligation that the disclosure evidences. Kamada published no pricing, no volumes and no term protections, so the figure rests on assumptions about collection throughput and offtake that the reader cannot inspect. Against 2026 guidance of $200 million to $205 million in revenues, an even split of the estimate across three years would be a mid single digit share of annual revenue, and the fourth quarter piece of it is already inside the guidance the company affirmed in August rather than an addition to it.
The more informative disclosure is the capacity statement. Two centers at approximately 50,000 liters per year each define the physical ceiling of the supply base, and the phrase used is planned capacity at full capacity, not current output. The company said it is pleased with the pace of ramp-up without publishing litres collected, centre-level utilisation or the point at which either Texas site reaches its planned rate. The gap between a contracted estimate and current collection is therefore the operating question this announcement raises and does not answer.
The second half results give one indirect read on it. Gross margin was 41% in the second quarter against 42% a year earlier, and 42% for the half against 45%, while revenue grew 23% and 13% respectively. Kamada attributed the revenue growth to KEDRAB, VARIZIG and HEPAGAM rather than to plasma sales, which had not yet started. Normal source plasma sold to another manufacturer is a different economic product from a finished hyper-immune therapy, and the mix effect of adding it has not been quantified by the company.
What a careful reader would watch next is narrow and checkable. The fourth quarter report will show whether initial sales were in fact recorded in the period the company named. The company’s own definition of its plasma pillar splits collection between external sales and internal hyper-immune demand, so any disclosure that separates those two uses would show whether the Texas ramp is being consumed by the contract or by Kamada’s own manufacturing. Any subsequent 6-K that names the counterparty, files the contract or restates the estimate would replace the assumption base that the July announcement rests on. Until then the contract is a stated expectation supported by capacity that the company has described but not yet reported using.
