June-quarter revenue grew 5% year over year to $45 million on an 89% increase in sales of distributed products, offset by a 2% decline in sales of proprietary specialty plasma-based therapeutics.
The company reported 2Q:25 EPS of $0.13, compared with our $0.08 estimate and 2Q:24 EPS of $0.08, due to the growing revenue, tight expense control, and a $1.6 million tax benefit.
Management reiterated 2025 revenue guidance of $178-$182 million and increased 2025 EBITDA guidance to $40-44 million (from $38-$42 million).
Factoring in the 2Q:25 beat, we adjust our 2025 EPS estimate to $0.33 (from $0.28). We maintain our 2026 EPS estimate of $0.36.
Kamada is also conducting clinical trials for a new treatment for antitrypsin deficiency (AATD) and expects approval sometime after 2028
We maintain our $13 price target, based on 35x our 2026 EPS estimate of $0.36
