December-quarter revenue grew 15% year over year to $44.7 million on a 22% increase in sales of proprietary specialty plasma-based therapeutics, partially offset by a 15% decrease in sales of distributed products. The company reported 4Q:25 EPS of $0.06 compared with our $0.06 estimate and 4Q:24 EPS of $0.07. Management reiterated 2026 revenue guidance of $200-$205 million and EBITDA guidance of $50-$53 million. Factoring in 4Q:25 results, we maintain our 2026 and 2027 EPS estimates of $0.44 and $0.52, respectively. We expect revenue to grow 6%-12% in 2026 and 2027 due to increased demand for KMDA's specialty plasma-based therapeutics and higher production from the recently opened plasma collection centers. At the end of 2025, Kamada had $75 million in cash and no debt, or $1.30 per share in net cash. The company announced the adoption of a $0.25 per share annual dividend, which represents a 3% annual yield based on the current share price. We maintain our $13 price target, based on 25x our 2027 EPS estimate of $0.52. We also maintain our moderate risk rating, citing KMDA's diverse portfolio of products, strong cash flow, and multiple growth drivers.