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FFR - Kamada Reports Strong First Quarter 2025 Financial Results with Year Over Year Top Line Growth of 17% and a 54% Increase in Profitability

Company: Kamada Ltd. Date: 2025-05-14 Language: English Register to download
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## **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM 6-K**

## **Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934**

For the Month of May 2025

Commission File Number 001-35948

**Kamada Ltd.** (Translation of registrant's name into English)

> **2 Holzman Street Science Park, P.O. Box 4081 Rehovot 7670402 Israel**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**This Form 6-K is being incorporated by reference into the Registrant's Form S-8 Registration Statements, File Nos. 333-192720, 333-207933, 333-215983, 333-222891, 333-233267 and 333-265866.**

The following exhibit is attached:

| 99.1    | Kamada Reports Strong First Quarter 2025 Financial Results with Year Over Year Top Line Growth of 17% and a 54% Increase in Profitability |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------|
| 99.2    | Company's Presentation – May 2025                                                                                                         |
| 99.3    | Kamada Ltd's Condensed Consolidated Interim Financial Statements as of March 31, 2025 (Unaudited)                                         |
| 101.INS | Inline XBRL Instance Document                                                                                                             |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document                                                                                            |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document                                                                              |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document                                                                               |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document                                                                                    |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document                                                                             |
| 104     | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)                                                  |

## **SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 14, 2025 **KAMADA LTD.**

By: /s/ Nir Livneh

Nir Livneh Vice President General Counsel and Corporate Secretary

## EXHIBIT INDEX

| EXHIBIT NO. | DESCRIPTION                                                                                                                               |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------|
| 99.1        | Kamada Reports Strong First Quarter 2025 Financial Results with Year Over Year Top Line Growth of 17% and a 54% Increase in Profitability |
|             |                                                                                                                                           |
| 99.2        | Company's Presentation – May 2025                                                                                                         |
| 99.3        | Kamada Ltd's Condensed Consolidated Interim Financial Statements as of March 31, 2025 (Unaudited)                                         |
| 101.INS     | Inline XBRL Instance Document                                                                                                             |
| 101.SCH     | Inline XBRL Taxonomy Extension Schema Document                                                                                            |
| 101.CAL     | Inline XBRL Taxonomy Extension Calculation Linkbase Document                                                                              |
| 101.DEF     | Inline XBRL Taxonomy Extension Definition Linkbase Document                                                                               |
| 101.LAB     | Inline XBRL Taxonomy Extension Label Linkbase Document                                                                                    |
| 101.PRE     | Inline XBRL Taxonomy Extension Presentation Linkbase Document                                                                             |
| 104         | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)                                                  |
|             |                                                                                                                                           |

## **Kamada Reports Strong First Quarter 2025 Financial Results with Year Over Year Top Line Growth of 17% and a 54% Increase in Profitability**

- *Revenues for First Quarter of 2025 of \$44.0 Million, Representing a 17% Year-over-Year Increase*
- *First Quarter Adjusted EBITDA of \$11.6 Million, Up 54% Year-over-Year*
- *Strong Financial Position to Accelerate Growth Through M&A and/or In-licensing Opportunities*
- *Announced Expansion of Plasma Collection Operations with Opening of New Site in San Antonio, Texas*
- *Launched Comprehensive Post-Marketing Research Program of CYTOGAM®*
- *Reiterating Full Year 2025 Guidance, Representing Double Digit Profitable Growth Year-over-Year*
- *Conference Call and Live Webcast Today at 8:30am ET*

**REHOVOT, Israel, and HOBOKEN, NJ – May 14, 2025** -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, today announced financial results for the three months ended March 31, 2025.

"Results for the first quarter of 2025 were in line with our expectations and consistent with the strong operational and commercial performance we generated over the course of the previous year," said Amir London, Kamada's Chief Executive Officer. "Total revenues for the first quarter were \$44.0 million, representing an increase of approximately 17% year-over-year, and adjusted EBITDA was \$11.6 million, an increase of approximately 54% year-over-year. We continue to generate profitable growth through the diversity of our portfolio and disciplined management of operational expenses. We are reiterating our 2025 annual guidance of \$178 million to \$182 million in revenues, and \$38 million to \$42 million of adjusted EBITDA."

"We continue to invest in our four strategic growth pillars, consisting of organic commercial growth, business development and M&A transactions, our plasma collection operations, and advancement of our pivotal Phase 3 Inhaled AAT program. We were pleased to announce last week the initiation of a comprehensive post-marketing research program for CYTOGAM®, which we believe will further demonstrate the various benefits of the product in the prevention and management of cytomegalovirus (CMV) disease in solid organ transplantation. We believe that the data generated by this program will support additional product utilization in the coming years," added Mr. London.

"Based on our ongoing business development initiatives, we expect to secure compelling opportunities to enrich our portfolio of marketed products, complement our existing commercial operations and support our continued profitable growth. During the quarter, we also expanded our plasma collection operations with the opening of our third center located in San Antonio, TX. Once at full collection capacity, we anticipate that each of our Houston and San-Antonio collection centers will contribute annual revenues of \$8 million to \$10 million through sales of normal source plasma. Lastly, we continue to advance our ongoing pivotal Phase 3 InnovAATe clinical trial for our inhaled Alpha-1 Antitrypsin therapy. Enrollment is progressing, and we are on track to conduct an interim futility analysis by the end of 2025," concluded Mr. London.

# **Financial Highlights for the Three Months Ended March 31, 2025**

- Total revenues were \$44.0 million in the first quarter of 2025, up 17% compared to \$37.7 million in the first quarter of 2024. The increase in revenues was driven by the diversity of our portfolio, primarily attributable to increased sales of GLASSIA® and KAMRAB® in ex U.S. markets, as well as sales of VARIZIG® and royalty income from GLASSIA.
- Gross profit and gross margins were \$20.7 million and 47%, respectively, in the first quarter of 2025, compared to \$16.8 million and 44%, respectively, in the first quarter of 2024. The increase in both metrics is attributable to improved product sales mix.
- Operating expenses, including R&D, S&M, G&A and other expenses, totaled \$13.0 million in the first quarter of 2025, as compared to \$12.7 million in the first quarter of 2024. The marginal increase in operating expenses is indicative of the Company's ability to adequately manage its operational spend while continuing to generate meaningful revenue growth.
- Net income was \$4.0 million, or \$0.07 per diluted share, in the first quarter of 2025, as compared to \$2.4 million, or \$0.04 per diluted share, in the first quarter of 2024.
- Adjusted EBITDA, as detailed in the tables below, was \$11.6 million in the first quarter of 2025, up 54% from the \$7.5 million reported in the first quarter of 2024.
- Cash used in operating activities was \$0.5 million in the first quarter of 2025, as compared to cash provided by operating activities of \$1.0 million in the first quarter of 2024. Cash used in operating activities during the first quarter of 2025 was affected by an increase in working capital in support of continued growth.

## **Balance Sheet Highlights**

As of March 31, 2025, the Company had cash and cash equivalents of \$76.3 million, as compared to \$78.4 million as of December 31, 2024.

## **Recent Corporate Highlights**

- Announced the launch of a new post-marketing research program aimed at generating key data in support of the benefits of CYTOGAM® in the management of cytomegalovirus (CMV) in solid organ transplantation. The research program, developed in collaboration with multiple leading Key Opinion Leaders (KOLs), is directed at advancing CMV disease management through novel strategies focused on late-onset CMV prevention and mitigation of active CMV disease, exploring alternative dosing strategies, and investigating potential new applications of CYTOGAM.
- Announced the expansion of the Company's plasma collection operations with the opening of a third plasma collection center. The new 11,100 square foot center in San Antonio, TX, is operated by Kamada's wholly owned subsidiary, Kamada Plasma, and is planned to support once fully operational close to 50 donor beds with an estimated total collection capacity of approximately 50,000 liters annually. The new center is expected to contribute annual revenues of \$8 million to \$10 million through sales of normal source plasma at its full capacity.
- Announced the award of a contract with an international organization for the supply of KAMRAB and VARIZIG in Latin America for 2025-2027. Total expected revenue under the three-year contract for both products is estimated to be approximately \$25 million. The expected portion for the calendar year 2025 is incorporated into the Company's 2025 revenue guidance.

#### **Fiscal 2025 Guidance**

Kamada continues to expect to generate fiscal year 2025 total revenues in the range of \$178 million to \$182 million, and adjusted EBITDA in the range of \$38 million to \$42 million, representing a year-over-year increase of approximately 12% in revenues and 17% in adjusted EBITDA based on the mid-point of the 2025 guidance.

#### **Conference Call Details**

Kamada management will host an investment community conference call on Wednesday, May 14 at 8:30am Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the call by dialing 1-877-407-0792 (from within the U.S.), 1-809-406-247 (from Israel), or 1-201-689-8263 (International) using conference I.D. 1375314. The call will be webcast live on the internet at: https://viavid.webcasts.com/starthere.jsp?ei=1715006&tp\_key=c9896a4811.

![](_page_6_Picture_13.jpeg)

### **Non-IFRS financial measures**

We present EBITDA and adjusted EBITDA because we use these non-IFRS financial measures to assess our operational performance, for financial and operational decisionmaking, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes these non-IFRS financial measures are useful to investors because: (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and provide investors with a meaningful perspective on the current underlying performance of the Company's core ongoing operations; and (2) they exclude the impact of certain items that are not directly attributable to our core operating performance and that may obscure trends in the core operating performance of the business. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, our IFRS results. We expect to continue reporting non-IFRS financial measures, adjusting for the items described below, and we expect to continue to incur expenses similar to certain of the non-cash, non-IFRS adjustments described below. Accordingly, unless otherwise stated, the exclusion of these and other similar items in the presentation of non-IFRS financial measures should not be construed as an inference that these items are unusual, infrequent or non-recurring. EBITDA and adjusted EBITDA are not recognized terms under IFRS and do not purport to be an alternative to IFRS terms as an indicator of operating performance or any other IFRS measure. Moreover, because not all companies use identical measures and calculations, the presentation of EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. EBITDA is defined as net income (loss), plus income tax expense, plus or minus financial income or expenses, net, plus or minus income or expense in respect of securities measured at fair value, net, plus or minus income or expenses in respect of currency exchange differences and derivatives instruments, net, plus depreciation and amortization expense, whereas adjusted EBITDA is the EBITDA plus non-cash share-based compensation expenses and certain other costs.

For the projected 2025 adjusted EBITDA information presented herein, the Company is unable to provide a reconciliation of this forward measure to the most comparable IFRS financial measure because the information for these measures is dependent on future events, many of which are outside of the Company's control. Additionally, estimating such forward-looking measures and providing a meaningful reconciliation consistent with the Company's accounting policies for future periods is meaningfully difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-IFRS measures are estimated in a manner consistent with the relevant definitions and assumptions noted in the Company's adjusted EBITDA for historical periods.

## **About Kamada**

Kamada Ltd. (the "Company") is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. The Company's strategy is focused on driving profitable growth through four primary growth pillars: First: organic growth from its commercial activities, including continued investment in the commercialization and life cycle management of its proprietary products, which include six FDA-approved specialty plasma-derived products: KEDRAB®, CYTOGAM®, GLASSIA®, WINRHO SDF®, VARIZIG® and HEPAGAM B®, as well as KAMRAB®, KAMRHO (D)® and two types of equine-based anti-snake venom products, and the products in the distribution segment portfolio, mainly through the launch of several biosimilar products in Israel. Second: the Company aims to secure significant new business development, in-licensing, collaboration and/or merger and acquisition opportunities, which are anticipated to enhance the Company's marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term growth. Third: the Company is expanding its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns three operating plasma collection centers in the United States, in Beaumont Texas, Houston, Texas, and San Antonio, Texas. Lastly, the Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need, with the lead product candidate Inhaled AAT, for which the Company is continuing to progress the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company's controlling shareholder, beneficially owning approximately 38% of outstanding ordinary shares.

## **Cautionary Note Regarding Forward-Looking Statements**

This release includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including statements regarding: 1) double digit growth in fiscal year 2025, 2) reiteration of 2025 full-year revenue guidance of \$178 million to \$182 million and adjusted EBITDA of \$38 million to \$42 million, 3) expectation to continue investing in the Company's four strategic growth pillars, consisting of organic commercial growth, business development and M&A transactions, our plasma collection operations, and advancement of our pivotal Phase 3 Inhaled AAT program, 4) the ability of the post-marketing research program for CYTOGAM to generate key data in support of the benefits of CYTOGAM in the prevention and management of CMV in solid organ transplantation, 5) increased utilization of CYTOGAM as a result of positive results from the program or otherwise, 6) expectation to secure compelling opportunities to enrich our portfolio of marketed products, complement our existing commercial operations and support our continued profitable growth, 7) new plasma collection center in San Antonio is planned to support close to 50 donor beds and has planned annual collection capacity of approximately 50,000 liters, 8) expected annual revenues contribution from sales of normal source plasma collected in each of the Houston and the San-Antonio collection centers at \$8 million to \$10 million at full capacity, 9) continued progress of the InnovAATe clinical trial and conducting an interim futility analysis by the end of 2025, 10) estimation that total revenue under the three-year contract for sales of KAMRAB and VARIZIG in Latin America for 2025-2027 be approximately \$25 million; and 11) strong financial position to accelerate growth through M&A and/or in-licensing opportunities. Forward-looking statements are based on Kamada's current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to the evolving nature of the conflicts in the Middle East and the impact of such conflicts in Israel, the Middle East and the rest of the world, the impact of these conflicts on market conditions and the general economic, industry and political conditions in Israel, the U.S. and globally, effect of potential imposed tariff on overall international trade and specifically on Kamada's ability to continue maintaining expected sales and profit levels in light of such potential tariff, the effect on establishment and timing of business initiatives, Kamada's ability to leverage new business opportunities, including M&A and in-license opportunities and integrate it with its existing product portfolio, operational capabilities of Kamada's plasma centers, unexpected results of clinical and development programs, regulatory delays, and other risks detailed in Kamada's filings with the U.S. Securities and Exchange Commission (the "SEC") including those discussed in its most recent Annual Report on Form 20-F and in any subsequent reports on Form 6-K, each of which is on file or furnished with the SEC and available at the SEC's website at www.sec.gov. The forward-looking statements made herein speak only as of the date of this announcement and Kamada undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.

### **CONTACTS:**

Chaime Orlev Chief Financial Officer IR@kamada.com

Brian Ritchie LifeSci Advisors, LLC 212-915-2578 britchie@LifeSciAdvisors.com

## **CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

|                                                             |    | As of<br>March 31,        |    |                           |      | As of<br>December 31, |  |  |
|-------------------------------------------------------------|----|---------------------------|----|---------------------------|------|-----------------------|--|--|
|                                                             |    | 2025<br>2024<br>Unaudited |    |                           | 2024 |                       |  |  |
|                                                             |    |                           |    |                           |      |                       |  |  |
|                                                             |    |                           |    | U.S. Dollars in Thousands |      |                       |  |  |
| Assets                                                      |    |                           |    |                           |      |                       |  |  |
| Current Assets                                              |    |                           |    |                           |      |                       |  |  |
| Cash and cash equivalents                                   | \$ | 76,250                    | \$ | 48,194                    | \$   | 78,435                |  |  |
| Trade receivables, net                                      |    | 27,876                    |    | 18,855                    |      | 21,547                |  |  |
| Other accounts receivables                                  |    | 6,016                     |    | 6,411                     |      | 5,546                 |  |  |
| Inventories                                                 |    | 78,358                    |    | 84,348                    |      | 78,819                |  |  |
| Total Current Assets                                        |    | 188,500                   |    | 157,808                   |      | 184,347               |  |  |
| Non-Current Assets                                          |    |                           |    |                           |      |                       |  |  |
| Property, plant and equipment, net                          |    | 37,406                    |    | 30,727                    |      | 36,245                |  |  |
| Right-of-use assets                                         |    | 9,539                     |    | 7,632                     |      | 9,617                 |  |  |
| Intangible assets and other long-term assets                |    | 101,422                   |    | 108,310                   |      | 103,226               |  |  |
| Goodwill                                                    |    | 30,313                    |    | 30,313                    |      | 30,313                |  |  |
| Contract assets                                             |    | 7,925                     |    | 8,384                     |      | 8,019                 |  |  |
| Deferred taxes                                              |    | -                         |    | -                         |      | 488                   |  |  |
| Total Non-Current Assets                                    |    | 186,605                   |    | 185,366                   |      | 187,908               |  |  |
| Total Assets                                                | \$ | 375,105                   | \$ | 343,174                   | \$   | 372,255               |  |  |
| Liabilities                                                 |    |                           |    |                           |      |                       |  |  |
| Current Liabilities                                         |    |                           |    |                           |      |                       |  |  |
| Current maturities of lease liabilities                     | \$ | 1,780                     | \$ | 1,467                     | \$   | 1,631                 |  |  |
| Current maturities of other long term liabilities           |    | 10,889                    |    | 12,980                    |      | 10,181                |  |  |
| Trade payables                                              |    | 24,854                    |    | 16,492                    |      | 27,735                |  |  |
| Other accounts payables                                     |    | 19,319                    |    | 6,210                     |      | 9,671                 |  |  |
| Deferred revenues                                           |    | 205                       |    | 26                        |      | 171                   |  |  |
| Total Current Liabilities                                   |    | 57,047                    |    | 37,175                    |      | 49,389                |  |  |
| Non-Current Liabilities                                     |    |                           |    |                           |      |                       |  |  |
| Lease liabilities                                           |    | 9,318                     |    | 7,278                     |      | 9,431                 |  |  |
| Contingent consideration                                    |    | 21,216                    |    | 16,760                    |      | 20,646                |  |  |
| Other long-term liabilities                                 |    | 32,990                    |    | 34,842                    |      | 32,816                |  |  |
| Deferred taxes                                              |    | 2,061                     |    | -                         |      | -                     |  |  |
| Employee benefit liabilities, net                           |    | 516                       |    | 609                       |      | 509                   |  |  |
| Total Non-Current Liabilities                               |    | 66,101                    |    | 59,489                    |      | 63,402                |  |  |
| Shareholder's Equity                                        |    |                           |    |                           |      |                       |  |  |
| Ordinary shares                                             |    | 15,074                    |    | 15,022                    |      | 15,028                |  |  |
| Additional paid in capital net                              |    | 268,160                   |    | 266,183                   |      | 266,933               |  |  |
| Capital reserve due to translation to presentation currency |    | (3,490)                   |    | (3,490)                   |      | (3,490)               |  |  |
| Capital reserve from hedges                                 |    | (117)                     |    | 12                        |      | 51                    |  |  |
| Capital reserve from share-based payments                   |    | 5,266                     |    | 6,336                     |      | 6,316                 |  |  |
| Capital reserve from employee benefits                      |    | 372                       |    | 282                       |      | 364                   |  |  |
| Accumulated deficit                                         |    | (33,308)                  |    | (37,835)                  |      | (25,738)              |  |  |
| Total Shareholder's Equity                                  |    | 251,957                   |    | 246,510                   |      | 259,464               |  |  |
| Total Liabilities and Shareholder's Equity                  |    |                           |    |                           |      |                       |  |  |
|                                                             | \$ | 375,105                   | \$ | 343,174                   | \$   | 372,255               |  |  |

## **CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME**

|                                                                                                                                                                 | Three months period ended<br>March 31, |              |          | Year ended<br>December 31, |          |              |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|--------------|----------|----------------------------|----------|--------------|--|--|--|
|                                                                                                                                                                 | 2025                                   |              |          | 2024                       |          |              |  |  |  |
|                                                                                                                                                                 | Unaudited                              |              |          |                            |          |              |  |  |  |
|                                                                                                                                                                 | U.S. Dollars in Thousands              |              |          |                            |          |              |  |  |  |
| Revenues from proprietary products                                                                                                                              | \$                                     | 40,017       | \$       | 33,758                     | \$       | 141,447      |  |  |  |
| Revenues from distribution                                                                                                                                      |                                        | 4,001        |          | 3,978                      |          | 19,506       |  |  |  |
| Total revenues                                                                                                                                                  |                                        | 44,018       |          | 37,736                     |          | 160,953      |  |  |  |
| Cost of revenues from proprietary products                                                                                                                      |                                        | 19,738       |          | 17,620                     |          | 73,708       |  |  |  |
| Cost of revenues from distribution                                                                                                                              |                                        | 3,531        |          | 3,365                      |          | 17,278       |  |  |  |
| Total cost of revenues                                                                                                                                          |                                        | 23,269       |          | 20,985                     |          | 90,986       |  |  |  |
| Gross profit                                                                                                                                                    |                                        | 20,749       |          | 16,751                     |          | 69,967       |  |  |  |
| Research and development expenses                                                                                                                               |                                        | 4,246        |          | 4,295                      |          | 15,185       |  |  |  |
| Selling and marketing expenses                                                                                                                                  |                                        | 4,510        |          | 4,631                      |          | 18,428       |  |  |  |
| General and administrative expenses                                                                                                                             |                                        | 4,198        |          | 3,786                      |          | 15,702       |  |  |  |
| Other expenses                                                                                                                                                  |                                        | -            |          | -                          |          | 601          |  |  |  |
| Operating income (loss)                                                                                                                                         |                                        | 7,795        |          | 4,039                      |          | 20,051       |  |  |  |
| Financial income                                                                                                                                                |                                        | 534          |          | 280                        |          | 2,118        |  |  |  |
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net                                                                  |                                        | 251          |          | 124                        |          | (94)         |  |  |  |
| Financial Income (expense) in respect of contingent consideration and other long- term liabilities.                                                             |                                        | (1,775)      |          | (1,845)                    |          | (8,081)      |  |  |  |
| Financial expenses                                                                                                                                              |                                        | (192)        |          | (159)                      |          | (660)        |  |  |  |
| Income before tax on income                                                                                                                                     |                                        | 6,613        |          | 2,439                      |          | 13,334       |  |  |  |
| Taxes on income                                                                                                                                                 |                                        | (2,649)      |          | (74)                       |          | 1,128        |  |  |  |
| Net Income (loss)                                                                                                                                               | \$                                     | 3,964        | \$       | 2,365                      | \$       | 14,462       |  |  |  |
| Other Comprehensive Income (loss):                                                                                                                              |                                        |              |          |                            |          |              |  |  |  |
| Amounts that will be or that have been reclassified to profit or loss when specific conditions are met                                                          |                                        |              |          |                            |          |              |  |  |  |
| Gain (loss) on cash flow hedges                                                                                                                                 |                                        | (114)        |          | (71)                       |          | (30)         |  |  |  |
| Net amounts transferred to the statement of profit or loss for cash flow hedges<br>Items that will not be reclassified to profit or loss in subsequent periods: |                                        | (54)         |          | (57)                       |          | (59)         |  |  |  |
| Remeasurement gain (loss) from defined benefit plan                                                                                                             |                                        | 8            |          | 7                          |          | 89           |  |  |  |
| Total comprehensive income (loss)                                                                                                                               | \$                                     | 3,804        | \$       | 2,244                      | \$       | 14,462       |  |  |  |
| Earnings per share attributable to equity holders of the Company:                                                                                               |                                        |              |          |                            |          |              |  |  |  |
| Basic net earnings per share                                                                                                                                    |                                        |              |          |                            |          |              |  |  |  |
| Diluted net earnings per share                                                                                                                                  | \$<br>\$                               | 0.07<br>0.07 | \$<br>\$ | 0.04<br>0.04               | \$<br>\$ | 0.25<br>0.25 |  |  |  |
|                                                                                                                                                                 |                                        |              |          |                            |          |              |  |  |  |

## **CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS**

|                                                                                             |                           | Three months period Ended<br>March 31, |           |         | Year Ended<br>December 31, |         |  |
|---------------------------------------------------------------------------------------------|---------------------------|----------------------------------------|-----------|---------|----------------------------|---------|--|
|                                                                                             |                           | 2025                                   | 2024      |         | 2024                       |         |  |
|                                                                                             | Unaudited                 |                                        | Unaudited |         |                            |         |  |
|                                                                                             | U.S. Dollars in Thousands |                                        |           |         |                            |         |  |
| Cash Flows from Operating Activities                                                        |                           |                                        |           |         |                            |         |  |
| Net income (loss)                                                                           | \$                        | 3,964                                  | \$        | 2,365   | \$                         | 14,462  |  |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |                           |                                        |           |         |                            |         |  |
| Adjustments to the profit or loss items:                                                    |                           |                                        |           |         |                            |         |  |
| Depreciation and amortization                                                               |                           | 3,611                                  |           | 3,237   |                            | 13,808  |  |
| Financial expenses, net                                                                     |                           | 1,182                                  |           | 1,600   |                            | 6,717   |  |
| Cost of share-based payment                                                                 |                           | 175                                    |           | 241     |                            | 874     |  |
| Taxes on income                                                                             |                           | 2,649                                  |           | 74      |                            | (1,128) |  |
| Loss (gain) from sale of property and equipment                                             |                           | (8)                                    |           | -       |                            | 11      |  |
| Change in employee benefit liabilities, net                                                 |                           | 16                                     |           | (4)     |                            | 52      |  |
|                                                                                             |                           | 7,625                                  |           | 5,148   |                            | 20,334  |  |
| Changes in asset and liability items:                                                       |                           |                                        |           |         |                            |         |  |
| Decrease (increase) in trade receivables, net                                               |                           | (6,557)                                |           | 610     |                            | (1,977) |  |
| Decrease (increase) in other accounts receivables                                           |                           | (671)                                  |           | (516)   |                            | 593     |  |
| Decrease in inventories                                                                     |                           | 461                                    |           | 4,131   |                            | 9,659   |  |
| Decrease in deferred expenses                                                               |                           | 94                                     |           | 112     |                            | 476     |  |
| Increase (decrease) in trade payables                                                       |                           | (3,748)                                |           | (8,785) |                            | 1,226   |  |
| Increase (decrease) in other accounts payables                                              |                           | (2,044)                                |           | (2,051) |                            | 1,413   |  |
| Increase (decrease) in deferred revenues                                                    |                           | 34                                     |           | (122)   |                            | 23      |  |
|                                                                                             |                           | (12,431)                               |           | (6,621) |                            | 11,413  |  |
| Cash received (paid) during the period for:                                                 |                           |                                        |           |         |                            |         |  |
| Interest paid                                                                               |                           | (176)                                  |           | (129)   |                            | (594)   |  |
| Interest received                                                                           |                           | 534                                    |           | 280     |                            | 2,118   |  |
| Taxes paid                                                                                  |                           | (29)                                   |           | (23)    |                            | (139)   |  |
|                                                                                             |                           | 329                                    |           | 128     |                            | 1,385   |  |
| Net cash provided by (used in) operating activities                                         | \$                        | (513)                                  | \$        | 1,020   | \$                         | 47,594  |  |

## **CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (continued)**

|                                                                  |    | Three months period Ended<br>March 31, |    |           | Year Ended<br>December 31, |          |  |  |
|------------------------------------------------------------------|----|----------------------------------------|----|-----------|----------------------------|----------|--|--|
|                                                                  |    | 2025<br>Unaudited                      |    | 2024      | 2024                       |          |  |  |
|                                                                  |    |                                        |    | Unaudited |                            |          |  |  |
|                                                                  |    | U.S. Dollars in Thousands              |    |           |                            |          |  |  |
| Cash Flows from Investing Activities                             |    |                                        |    |           |                            |          |  |  |
| Purchase of property and equipment and intangible assets         | \$ | (1,468)                                | \$ | (2,682)   | \$                         | (10,740) |  |  |
| Proceeds from sale of property and equipment                     |    | 8                                      |    | -         |                            | 1        |  |  |
| Net cash used in investing activities                            |    | (1,460)                                |    | (2,682)   |                            | (10,739) |  |  |
| Cash Flows from Financing Activities                             |    |                                        |    |           |                            |          |  |  |
| Proceeds from exercise of share base payments                    |    | 46                                     |    | 1         |                            | 7        |  |  |
| Proceeds from issuance of ordinary shares, net                   |    | -                                      |    | -         |                            | -        |  |  |
| Repayment of lease liabilities                                   |    | (14)                                   |    | (244)     |                            | (1,251)  |  |  |
| Repayment of long-term loans                                     |    | -                                      |    | -         |                            | -        |  |  |
| Repayment of other long-term liabilities                         |    | (325)                                  |    | (5,496)   |                            | (12,667) |  |  |
| Net cash used in financing activities                            |    | (293)                                  |    | (5,739)   |                            | (13,911) |  |  |
| Exchange differences on balances of cash and cash equivalent     |    | 81                                     |    | (46)      |                            | (150)    |  |  |
| Increase (decrease) in cash and cash equivalents                 |    | (2,185)                                |    | (7,447)   |                            | 22,794   |  |  |
| Cash and cash equivalents at the beginning of the period         |    | 78,435                                 |    | 55,641    |                            | 55,641   |  |  |
| Cash and cash equivalents at the end of the period               | \$ | 76,250                                 | \$ | 48,194    | \$                         | 78,435   |  |  |
| Significant non-cash transactions                                |    |                                        |    |           |                            |          |  |  |
| Right-of-use asset recognized with corresponding lease liability | \$ | 352                                    | \$ | 306       | \$                         | 3,304    |  |  |
| Purchase of property and equipment and Intangible assets         | \$ | 1,103                                  | \$ | 905       | \$                         | 1,955    |  |  |

## **NON-IFRS MEASURES**

|                                            |           | Three months period Ended<br>March 31, |                           | Year Ended<br>December 31, |         |  |
|--------------------------------------------|-----------|----------------------------------------|---------------------------|----------------------------|---------|--|
|                                            | 2025      |                                        | 2024                      |                            | 2024    |  |
|                                            | Unaudited |                                        | Unaudited                 |                            |         |  |
|                                            |           |                                        | U.S. Dollars in Thousands |                            |         |  |
| Net income                                 | \$        | 3,964                                  | \$<br>2,365               | \$                         | 14,462  |  |
| Taxes on income                            |           | 2,649                                  | 74                        |                            | (1,128) |  |
| Financial expense, net                     |           | 1,182                                  | 1,600                     |                            | 6,717   |  |
| Depreciation and amortization expense      |           | 3,611                                  | 3,237                     |                            | 13,218  |  |
| Non-cash share-based compensation expenses |           | 175                                    | 241                       |                            | 867     |  |
| Adjusted EBITDA                            | \$        | 11,581                                 | \$<br>7,517               | \$                         | 34,136  |  |

![](_page_14_Picture_1.jpeg)

![](_page_14_Picture_3.jpeg)

May 2025 First Quarter March 31, 2025 Investors Call

# FORWARD-LOOKING STATEMENT

This presentation is not intended to provide investment or medical advice. It should be noted that some products under described herein have not been found safe or effective by any regulatory agency and are not approved for any use outside of clinical trials.

This presentation contains forward-looking statements, which express the current beliefs and expectations of Kamada's management, Such statements include 2025 financial guidance; growth strategy and plans for double digit growth prospects related to the Israeli distribution business segment success in identifying and integrating M&A targets for growth: advancement and future expected revenues driven arsuction operation in onlined programs of the interly is benefits and sistem. It be anpection maker 
 size, reduction operation, and continued pogression of the interim in statements involve a number of known risks and uncertainties that could cause Kamada's uture results, performance or statements. Important factors that could cause or contribute to such differences include, but are not limited to, risks relating to Kamada's eationel infortant lactors that edate of contributes and progress and results not results of any linical trials, it relation of competing products, continued market acceptance of Kamada's commercial products portfolio, impact of the middle east, impact of any changes in regulation that could affect the pharmaceutical industry, difficulty in predicting, obtaining or maintaining U.S. Food and Drug Administration, European Medicines Agency authority approvals, restrains related to third parties' IP rights and changes in the health policies of various countries, success of M&A strategies, environmental risks, changes in the worldwide pharmaceutical industry and other factors that are discussed under the heading "Risk Factors" of Kamada's 2024 Annual Report on Form 20-F (filed on March 5, 2025), as well as in Kamada's recent Forms 6-K filed with the U.S. Securities and Exchange Commission.

This presentation includes certain non-lFRS finances with is not intended to be considered in isolation or as aubstitue for, or differently from, and therefore may not be comparable to, similarly titled measures used by other companies. In accordance with the requirement of the SEC regulations a reconciliation of these non-IFRS financial measures is included in an appendix to this presentation. Management uses these non-FRS financial and operational decision-making and as a means to evaluate period comparisons. Management believes that these non-FRS financial measures provide meaningful supplemental information regarding Kamada's performance and liquidity.

Forward-looking statements speak only as of the date they are made, and Kamada undertakes no obligation in one indeking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made, except as reguired by applicable law.

![](_page_15_Picture_5.jpeg)

D

# Q1-25 CONTINUING THE GROWTH

YoY DOUBLE DIGIT REVENUE AND PROFITABLE INCREASE

![](_page_16_Figure_2.jpeg)

|  | mood |
|--|------|
|  |      |

# 6 FDA-APPROVED SPECIALTY PLASMA PRODUCTS

# KEY FOCUS ON TRANSPLANTS & RARE CONDITIONS

# KEDRAB® [Rabies Immune Globulin (Human)] Post exposure prophylaxis of rabies infection

![](_page_17_Picture_4.jpeg)

## CYTOGAM® [Cytomegalovirus Immune Globulin (Human)] Prophylaxis of CMV disease associated with transplants

![](_page_17_Picture_6.jpeg)

## HEPGAM B® [Hepatitis B Immune

Globulin (Human)] Prevention of HBV recurrence following liver transplants

![](_page_17_Picture_9.jpeg)

VARIZIG® |Varicella Zoster Immune Globulin (Human)] Post-exposure prophylaxis of varicella in high- risk patients

![](_page_17_Picture_11.jpeg)

WINRHO® [Rho(D) Immune Globulin (Human)] Treatment of ITP & suppression of Rh isoimmunization (HDN)

![](_page_17_Picture_13.jpeg)

# GLASSIA®

[Alpha1-Proteinase Inhibitor (Human)] Augmentation therapy for Alpha-1 Antitrypsin Deficiency (AATD)

![](_page_17_Picture_16.jpeg)

D

For Important Safety Information, visit www.Kamada.com

# ANNUAL DOUBLE-DIGIT GROWTH TRAJECTORY

![](_page_18_Figure_1.jpeg)

![](_page_19_Picture_0.jpeg)

D

# DELIVERING ON OUR COMMITMENTS

kamada

![](_page_20_Picture_0.jpeg)

KAMADA'S ROADMAP FOR CONTINUED ANNUAL DOUBLE - DIGIT GROWTH M &A T r a ns a c ti o n s Support growth through M&A transactions Organic Growth Portfolio of 6 FDA - approved products; Over 30 territories; and Distribution portfolio in Israel Plasma C o l e c ti o n Centers Each new center expected to contribute annual revenues of \$8M - \$10M at peak capacity Inhaled AAT Phase III pivotal clinical study, targeting a market of over \$2B

# CYTOGAM

# CMV IMMUNE GLOBULIN

CYTOGAM is the only plasma-derived IgG approved in the U.S. and Canada for prophylaxis of CMV disease after Solid Organ Transplantation. CMV is the leading cause for organ rejection post-transplant

Launched, in collaboration with multiple KOLs, a post-marketing research program aimed at generating key data in support of the benefits of CYTOGAM in the management of CMV in solid organ transplantation.

Advancing CMV disease management through novel strategies focused on lateonset CMV prevention, active CMV disease mitigation, exploring alternative dosing strategies, and investigating potential new applications.

\$23M 2024 Revenues; Up 31% over 2023

Growth Continued growth expected in the U.S. and Canada markets

(

![](_page_21_Picture_7.jpeg)

kamada

# DISTRIBUTION SEGMENT GROWTH

# EXCLUSIVE DISTRIBUTOR IN ISRAEL FOR LEADING BIOPHARMACEUTICAL COMPANIES EXPENDING THE DISTRIBUTION SEGMENT MODEL TO THE MENA REGION

![](_page_22_Picture_2.jpeg)

![](_page_22_Picture_3.jpeg)

More than 25 products exclusively licensed from leading international pharmaceutical companies, marketed in the Israeli market

![](_page_22_Picture_5.jpeg)

First biosimilar launched in Q1-2024 and two additional expected to be launched in Israel during 2025

![](_page_22_Picture_7.jpeg)

Key areas: plasma-derived, respiratory, rare diseases, infectious diseases, biosimilar portfolio of several product candidates, mainly from Alvotech

![](_page_22_Picture_9.jpeg)

Additional biosimilar products are expected to be launched in Israel over the coming years, at a rate of 1-3 products per year

# Biosimilar portfolio expected to generate annual sales of \$15-20M within the next five years

![](_page_22_Picture_12.jpeg)

kamada

# M&A TRANSACTIONS

# EXPECT TO SECURE NEW BUSINESS DEVELOPMENT AND M&A TRANSACTIONS DURING 2025; LEVERAGING OVERALL FINANCIAL STRENGTH AND COMMERCIAL INFRASTRUCTURE

![](_page_23_Picture_2.jpeg)

Exploring strategic business development opportunities to identify potential acquisition or in-licensing to accelerate long-term growth

![](_page_23_Picture_4.jpeg)

Focusing on products synergistic to our existing commercial and/or production activities

![](_page_23_Picture_6.jpeg)

D

Strong financial position, commercial infrastructure and proven successful M&A capabilities

![](_page_23_Picture_8.jpeg)

![](_page_23_Picture_9.jpeg)

# KAMADA PLASMA

D

# EXPANDING VERTICAL INTEGRATION & REVENUE GROWTH

Collecting hyper-immune plasma for our specialty IgG products and normal source plasma (NSP) to support revenue growth

Operating three plasma collection centers in Texas; Houston, San Antonio and Beaumont

 At full collection capacity, each of the Houston and San Antonio centers is expected to generate annual revenues of \$8M to \$10M from sales of NSP

![](_page_24_Picture_5.jpeg)

kamada

# INHALED AAT PHASE 3 PIVOTAL STUDY

InnovAATe - a global, double-blind, randomized, placebo-controlled pivotal Phase 3 clinical trial testing the safety and efficacy of inhaled AAT in patients with AATD. Study design meets FDA and EMA's requirements

![](_page_25_Picture_2.jpeg)

FDA reconfirmed overall study design, endorsed positive safety data to date, and confirmed its agreement with our proposed P-value of 0.1 in evaluating the trial's efficacy primary endpoint

 Based on expected changes to the statistical analysis plan, intend to reduce the study sample size to approximately 180 patients, and conduct an interim futility analysis by the end of 2025

![](_page_25_Figure_5.jpeg)

![](_page_25_Picture_6.jpeg)

kamada

# STRONG Q1-25 FINANCIAL RESULTS

| US \$ M                                    | Q1/25  | Q1/24  | DETAILS                                                                                                                        |      |
|--------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|------|
| PROPRIFTARY                                | 40.0   | 33.8   | Driven by KEDRAB®, VARIZIG®, GLASSIA® Royalties and GLASSIA sales                                                              |      |
| DISTRIBUTION                               | 4.0    | 4.0    |                                                                                                                                |      |
| TOTAL REVENUES                             | 44.0   | 37.7   | 17% YoY increase                                                                                                               |      |
| GROSS PROFIT                               | 20.7   | 16.8   |                                                                                                                                |      |
| GROSS MARGIN                               | 47%    | 44%    | 3 basis point increase YoY                                                                                                     |      |
| OPEX                                       | (13.0) | (12.7) |                                                                                                                                |      |
| NFT PROFIT                                 | 4.0    | 2.4    |                                                                                                                                |      |
| Adjusted EBITDA                            | 11.6   | 7.5    | 54% YoY increase                                                                                                               |      |
|                                            |        |        |                                                                                                                                |      |
| CASH                                       | 76.3   | 48.2   | March 25 cash prior to dividend payment (approx. \$11.5M)                                                                      |      |
| TOTAL ASSETS                               | 375.1  | 343.2  | Including acquisition related intangible assets (\$127M @ March 25)                                                            |      |
| LEASE LIABILITIES                          | 11.1   | 8.7    | Increase associated with new plasma collection centers in the U.S.                                                             |      |
| CONTINGENT LIABILITIES                     | 65.1   | 64.6   | Acquisition related contingent consideration                                                                                   |      |
| EQUITY                                     | 252.0  | 246.5  | March 25 equity net of declared dividend (approx. \$11.5M)                                                                     |      |
| NET CASH (DEBT)                            | (2.5)  | (25.1) | Available cash net of contingent and lease liabilities                                                                         |      |
|                                            |        |        |                                                                                                                                |      |
|                                            |        |        |                                                                                                                                |      |
| non-cash share-hased comnensation expenses |        |        | Adjusted EBTDA is defined as net income, plus (i) tinancial income (expense), net, (ii) depreciation and amortization; and (v) | kama |

Adjusted EBITDA is defined as net income, plus (i) tax expense, (i) financial income (expense), net, (iii) depreciation and amortization; and (v)
 non-cash share-based compen

# KAMADA - A GLOBAL BIOPHARMACEUTICAL COMPANY

A LEADER IN SPECIALTY PLASMA THERAPIES, WITH A PORTFOLIO OF MARKETED PRODUCTS INDICATED FOR RARE AND SERIOUS CONDITIONS

![](_page_27_Figure_2.jpeg)

![](_page_28_Picture_0.jpeg)

# NON-IFRS MEASURES - ADJUSTED EBITDA

| US \$ M                                                     | 01/25 | 01/24 |
|-------------------------------------------------------------|-------|-------|
| NET PROFIT                                                  | 4.0   | 2.4   |
| TAXES ON INCOME                                             | 2.6   | 0.1   |
| REVALUATION OF ACQUISITION RELATED CONTINGENT CONSIDERATION | 1.8   | 1.8   |
| OTHER FINANCIAL EXPENSE, NET                                | (0.6) | (0.2) |
| AMORTIZATION OF ACQUISITION RELATED INTANGIBLE ASSETS       | 1.8   | 1.8   |
| OTHER DEPRECIATION AND AMORTIZATION EXPENSES                | 1.8   | 1.5   |
| NON-CASH SHARE-BASED COMPENSATION EXPENSES                  | 0.2   | 0.2   |
| ADJUSTED EBITDA                                             | 11.6  | 7.5   |

Adjusted EBITDA is defined as net income, plus (i) tax expense, (ii) financial income (expense), net, (ii) depreciation and amortization; and (v)
non-cash share-based compens

kamada

## **KAMADA LTD.**

## **CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

## **AS OF MARCH 31, 2025**

## **TABLE OF CONTENTS**

|                                                                                            | Page       |
|--------------------------------------------------------------------------------------------|------------|
|                                                                                            |            |
| Condensed Consolidated interim Statements of Financial Position                            | F-2        |
| Condensed Consolidated interim Statements of Profit or Loss and Other Comprehensive Income | F-3        |
|                                                                                            |            |
| Condensed Consolidated interim Statements of Changes in Equity                             | F-4 - F-5  |
|                                                                                            |            |
| Condensed Consolidated interim Statements of Cash Flows                                    | F-6 - F-7  |
|                                                                                            |            |
| Notes to the Interim Consolidated Financial Statements                                     | F-8 - F-13 |
| - - - - - - - - - - -                                                                      |            |

## **CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION**

|                                                             | As of<br>March 31, |           |                           | As of<br>December 31, |  |  |
|-------------------------------------------------------------|--------------------|-----------|---------------------------|-----------------------|--|--|
|                                                             | 2025               |           | 2024                      | 2024                  |  |  |
|                                                             |                    | Unaudited |                           |                       |  |  |
|                                                             |                    |           | U.S. Dollars in Thousands |                       |  |  |
| Assets                                                      |                    |           |                           |                       |  |  |
| Current Assets                                              |                    |           |                           |                       |  |  |
| Cash and cash equivalents                                   | \$<br>76,250       | \$        | 48,194                    | \$<br>78,435          |  |  |
| Trade receivables, net                                      | 27,876             |           | 18,855                    | 21,547                |  |  |
| Other accounts receivables                                  | 6,016              |           | 6,411                     | 5,546                 |  |  |
| Inventories                                                 | 78,358             |           | 84,348                    | 78,819                |  |  |
| Total Current Assets                                        | 188,500            |           | 157,808                   | 184,347               |  |  |
| Non-Current Assets                                          |                    |           |                           |                       |  |  |
| Property, plant and equipment, net                          | 37,406             |           | 30,727                    | 36,245                |  |  |
| Right-of-use assets                                         | 9,539              |           | 7,632                     | 9,617                 |  |  |
| Intangible assets and other long-term assets                | 101,422            |           | 108,310                   | 103,226               |  |  |
| Goodwill                                                    | 30,313             |           | 30,313                    | 30,313                |  |  |
| Contract assets                                             | 7,925              |           | 8,384                     | 8,019                 |  |  |
| Deferred taxes                                              | -                  |           | -                         | 488                   |  |  |
| Total Non-Current Assets                                    | 186,605            |           | 185,366                   | 187,908               |  |  |
| Total Assets                                                | \$<br>375,105      | \$        | 343,174                   | \$<br>372,255         |  |  |
| Liabilities                                                 |                    |           |                           |                       |  |  |
| Current Liabilities                                         |                    |           |                           |                       |  |  |
| Current maturities of lease liabilities                     | \$<br>1,780        | \$        | 1,467                     | \$<br>1,631           |  |  |
| Current maturities of other long term liabilities           | 10,889             |           | 12,980                    | 10,181                |  |  |
| Trade payables                                              | 24,854             |           | 16,492                    | 27,735                |  |  |
| Other accounts payables                                     | 19,319             |           | 6,210                     | 9,671                 |  |  |
| Deferred revenues                                           | 205                |           | 26                        | 171                   |  |  |
| Total Current Liabilities                                   | 57,047             |           | 37,175                    | 49,389                |  |  |
| Non-Current Liabilities                                     |                    |           |                           |                       |  |  |
| Lease liabilities                                           | 9,318              |           | 7,278                     | 9,431                 |  |  |
| Contingent consideration                                    | 21,216             |           | 16,760                    | 20,646                |  |  |
| Other long-term liabilities                                 | 32,990             |           | 34,842                    | 32,816                |  |  |
| Deferred taxes                                              | 2,061              |           | -                         | -                     |  |  |
| Employee benefit liabilities, net                           | 516                |           | 609                       | 509                   |  |  |
| Total Non-Current Liabilities                               | 66,101             |           | 59,489                    | 63,402                |  |  |
| Shareholder's Equity                                        |                    |           |                           |                       |  |  |
| Ordinary shares                                             | 15,074             |           | 15,022                    | 15,028                |  |  |
| Additional paid in capital net                              | 268,160            |           | 266,183                   | 266,933               |  |  |
| Capital reserve due to translation to presentation currency | (3,490)            |           | (3,490)                   | (3,490)               |  |  |
| Capital reserve from hedges                                 | (117)              |           | 12                        | 51                    |  |  |
| Capital reserve from share-based payments                   | 5,266              |           | 6,336                     | 6,316                 |  |  |
| Capital reserve from employee benefits                      | 372                |           | 282                       | 364                   |  |  |
| Accumulated deficit                                         | (33,308)           |           | (37,835)                  | (25,738)              |  |  |
| Total Shareholder's Equity                                  | 251,957            |           | 246,510                   | 259,464               |  |  |
| Total Liabilities and Shareholder's Equity                  | \$<br>375,105      | \$        | 343,174                   | \$<br>372,255         |  |  |

The accompanying Notes are an integral part of the Consolidated Financial Statements.

## **CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME**

|                                                                                                        | Three months period ended<br>March 31, |         |    |         |    | Year ended<br>December 31, |  |  |  |  |
|--------------------------------------------------------------------------------------------------------|----------------------------------------|---------|----|---------|----|----------------------------|--|--|--|--|
|                                                                                                        |                                        | 2025    |    | 2024    |    | 2024                       |  |  |  |  |
|                                                                                                        |                                        |         |    |         |    |                            |  |  |  |  |
|                                                                                                        | Unaudited<br>U.S. Dollars in Thousands |         |    |         |    |                            |  |  |  |  |
| Revenues from proprietary products                                                                     | \$                                     | 40,017  | \$ | 33,758  | \$ | 141,447                    |  |  |  |  |
| Revenues from distribution                                                                             |                                        | 4,001   |    | 3,978   |    | 19,506                     |  |  |  |  |
| Total revenues                                                                                         |                                        | 44,018  |    | 37,736  |    | 160,953                    |  |  |  |  |
|                                                                                                        |                                        |         |    |         |    |                            |  |  |  |  |
| Cost of revenues from proprietary products                                                             |                                        | 19,738  |    | 17,620  |    | 73,708                     |  |  |  |  |
| Cost of revenues from distribution                                                                     |                                        | 3,531   |    | 3,365   |    | 17,278                     |  |  |  |  |
| Total cost of revenues                                                                                 |                                        | 23,269  |    | 20,985  |    | 90,986                     |  |  |  |  |
| Gross profit                                                                                           |                                        | 20,749  |    | 16,751  |    | 69,967                     |  |  |  |  |
| Research and development expenses                                                                      |                                        | 4,246   |    | 4,295   |    | 15,185                     |  |  |  |  |
| Selling and marketing expenses                                                                         |                                        | 4,510   |    | 4,631   |    | 18,428                     |  |  |  |  |
| General and administrative expenses                                                                    |                                        | 4,198   |    | 3,786   |    | 15,702                     |  |  |  |  |
| Other expenses                                                                                         |                                        | -       |    | -       |    | 601                        |  |  |  |  |
| Operating income (loss)                                                                                |                                        | 7,795   |    | 4,039   |    | 20,051                     |  |  |  |  |
| Financial income                                                                                       |                                        | 534     |    | 280     |    | 2,118                      |  |  |  |  |
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net         |                                        | 251     |    | 124     |    | (94)                       |  |  |  |  |
| Financial Income (expense) in respect of contingent consideration and other long- term liabilities.    |                                        | (1,775) |    | (1,845) |    | (8,081)                    |  |  |  |  |
| Financial expenses                                                                                     |                                        | (192)   |    | (159)   |    | (660)                      |  |  |  |  |
| Income before tax on income                                                                            |                                        | 6,613   |    | 2,439   |    | 13,334                     |  |  |  |  |
| Taxes on income                                                                                        |                                        | (2,649) |    | (74)    |    | 1,128                      |  |  |  |  |
| Net Income (loss)                                                                                      | \$                                     | 3,964   | \$ | 2,365   | \$ | 14,462                     |  |  |  |  |
|                                                                                                        |                                        |         |    |         |    |                            |  |  |  |  |
| Other Comprehensive Income (loss):                                                                     |                                        |         |    |         |    |                            |  |  |  |  |
| Amounts that will be or that have been reclassified to profit or loss when specific conditions are met |                                        |         |    |         |    |                            |  |  |  |  |
| Gain (loss) on cash flow hedges                                                                        |                                        | (114)   |    | (71)    |    | (30)                       |  |  |  |  |
| Net amounts transferred to the statement of profit or loss for cash flow hedges                        |                                        | (54)    |    | (57)    |    | (59)                       |  |  |  |  |
| Items that will not be reclassified to profit or loss in subsequent periods:                           |                                        |         |    |         |    |                            |  |  |  |  |
| Remeasurement gain (loss) from defined benefit plan                                                    |                                        | 8       |    | 7       |    | 89                         |  |  |  |  |
| Total comprehensive income (loss)                                                                      | \$                                     | 3,804   | \$ | 2,244   | \$ | 14,462                     |  |  |  |  |
| Earnings per share attributable to equity holders of the Company:                                      |                                        |         |    |         |    |                            |  |  |  |  |
| Basic net earnings per share                                                                           | \$                                     | 0.07    | \$ | 0.04    | \$ | 0.25                       |  |  |  |  |
| Diluted net earnings per share                                                                         | \$                                     | 0.07    | \$ | 0.04    | \$ | 0.25                       |  |  |  |  |

The accompanying Notes are an integral part of the Consolidated Financial Statements.

## **CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY**

|                                                                       | Share<br>capital |    | Additional<br>paid in<br>capital |    | Capital<br>reserve<br>due to<br>translation to<br>presentation<br>currency |                                                                   | Capital<br>reserve<br>from<br>hedges |    | Capital<br>reserve<br>from<br>sharebased<br>payments<br>Unaudited |                                                                       | Capital<br>reserve<br>from<br>employee<br>benefits |                                                    | Accumulated<br>deficit | Total<br>equity        |  |                 |
|-----------------------------------------------------------------------|------------------|----|----------------------------------|----|----------------------------------------------------------------------------|-------------------------------------------------------------------|--------------------------------------|----|-------------------------------------------------------------------|-----------------------------------------------------------------------|----------------------------------------------------|----------------------------------------------------|------------------------|------------------------|--|-----------------|
| Balance as of January 1, 2025                                         |                  |    |                                  |    |                                                                            |                                                                   | U.S. Dollars in Thousands            |    |                                                                   |                                                                       |                                                    |                                                    |                        |                        |  |                 |
| (audited)                                                             | \$<br>15,028     |    | \$<br>266,933                    | \$ | (3,490)                                                                    | \$                                                                | 51                                   | \$ | 6,316                                                             | \$                                                                    | 364                                                | \$                                                 | (25,738)               | \$<br>259,464          |  |                 |
| Net income                                                            |                  | -  | -                                |    | -                                                                          |                                                                   | -                                    |    | -                                                                 |                                                                       | -                                                  |                                                    | 3,964                  | 3,964                  |  |                 |
| Other comprehensive income                                            |                  |    |                                  |    |                                                                            |                                                                   |                                      |    |                                                                   |                                                                       |                                                    |                                                    |                        |                        |  |                 |
| (loss), net of tax                                                    |                  | -  | -                                |    | -                                                                          |                                                                   | (168)                                |    | -                                                                 |                                                                       | 8                                                  |                                                    | -                      | (160)                  |  |                 |
| Total comprehensive income (loss)<br>Exercise and forfeiture of share |                  | -  | -                                |    | -                                                                          |                                                                   | (168)                                |    | -                                                                 |                                                                       | 8                                                  |                                                    | 3,964                  | 3,804                  |  |                 |
| based payment into shares                                             |                  | 46 | 1,227                            |    | -                                                                          |                                                                   | -                                    |    | (1,227)                                                           |                                                                       | -                                                  |                                                    | -                      | 46                     |  |                 |
| Cost of share-based payment                                           |                  | -  | -                                |    | -                                                                          |                                                                   | -                                    |    | 177                                                               |                                                                       | -                                                  |                                                    | -                      | 177                    |  |                 |
| Dividend                                                              |                  | -  | -                                |    | -                                                                          |                                                                   | -                                    |    | -                                                                 |                                                                       | -                                                  |                                                    | (11,534)               | (11,534)               |  |                 |
| Balance as of March 31, 2025                                          | \$<br>15,074     |    | \$<br>268,160                    | \$ | (3,490)                                                                    | \$                                                                | (117)                                | \$ | 5,266                                                             | \$                                                                    | 372                                                | \$                                                 | (33,308)               | \$<br>251,957          |  |                 |
|                                                                       | Share<br>capital |    | Additional<br>paid in<br>capital |    | Capital<br>reserve<br>due to<br>translation to<br>presentation<br>currency | Capital<br>reserve<br>from<br>hedges<br>U.S. Dollars in Thousands |                                      |    |                                                                   | Capital<br>reserve<br>from<br>share<br>based<br>payments<br>Unaudited |                                                    | Capital<br>reserve<br>from<br>employee<br>benefits |                        | Accumulated<br>deficit |  | Total<br>equity |
|                                                                       |                  |    |                                  |    |                                                                            |                                                                   |                                      |    |                                                                   |                                                                       |                                                    |                                                    |                        |                        |  |                 |

| Balance as of January 1, 2024     |              |               |               |           |             |           |                |               |
|-----------------------------------|--------------|---------------|---------------|-----------|-------------|-----------|----------------|---------------|
| (audited)                         | \$<br>15,021 | \$<br>265,848 | \$<br>(3,490) | \$<br>140 | \$<br>6,427 | \$<br>275 | \$<br>(40,200) | \$<br>244,021 |
| Net income                        | -            | -             | -             | -         | -           | -         | 2,365          | 2,365         |
| Other comprehensive income        |              |               |               |           |             |           |                |               |
| (loss)                            | -            | -             | -             | (128)     | -           | 7         | -              | (121)         |
| Total comprehensive income (loss) | -            | -             | -             | (128)     | -           | 7         | 2,365          | 2,244         |
| Exercise and forfeiture of share  |              |               |               |           |             |           |                |               |
| based payment into shares         | 1            | 335           | -             | -         | (335)       | -         | -              | 1             |
| Cost of share-based payment       |              |               |               |           | 244         |           |                | 244           |
| Balance as of March 31, 2024      | \$<br>15,022 | \$<br>266,183 | \$<br>(3,490) | \$<br>12  | \$<br>6,336 | \$<br>282 | \$<br>(37,835) | \$<br>246,510 |
|                                   |              |               |               |           |             |           |                |               |

## **CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY**

|                                                               | Share<br>capital |        | Additional<br>paid in<br>capital |         | Capital<br>reserve<br>due to<br>translation to<br>presentation<br>currency |         | Capital<br>reserve<br>from<br>hedges |      | Capital<br>reserve<br>from share<br>based<br>payments<br>U.S. Dollars in Thousands |       | Capital<br>reserve<br>from<br>employee<br>benefits |     | Accumulated<br>deficit |          | Total<br>equity |         |
|---------------------------------------------------------------|------------------|--------|----------------------------------|---------|----------------------------------------------------------------------------|---------|--------------------------------------|------|------------------------------------------------------------------------------------|-------|----------------------------------------------------|-----|------------------------|----------|-----------------|---------|
| Balance as of January 1, 2024<br>(audited)                    | \$               | 15,021 | \$                               | 265,848 | \$                                                                         | (3,490) | \$                                   | 140  | \$                                                                                 | 6,427 | \$                                                 | 275 | \$                     | (40,200) | \$              | 244,021 |
| Net income                                                    |                  | -      |                                  | -       |                                                                            | -       |                                      | -    |                                                                                    | -     |                                                    | -   |                        | 14,462   |                 | 14,462  |
| Other comprehensive income<br>(loss), net of tax)             |                  | -      |                                  | -       |                                                                            | -       |                                      | (89) |                                                                                    | -     |                                                    | 89  |                        | -        |                 | -       |
| Total comprehensive income (loss)                             |                  | -      |                                  | -       |                                                                            | -       |                                      | (89) |                                                                                    | -     |                                                    | 89  |                        | 14,462   |                 | 14,462  |
| Exercise and forfeiture of share<br>based payment into shares |                  | 7      |                                  | 985     |                                                                            | -       |                                      | -    |                                                                                    | (985) |                                                    | -   |                        | -        |                 | 7       |
| Cost of share-based payment                                   |                  | -      |                                  | -       |                                                                            | -       |                                      | -    |                                                                                    | 874   |                                                    | -   |                        | -        |                 | 874     |
| Income tax impact associated with<br>issuance of shares       |                  | -      |                                  | 100     |                                                                            | -       |                                      | -    |                                                                                    |       |                                                    |     |                        | -        |                 | 100     |
| Balance as of December 31, 2024                               | \$               | 15,028 | \$                               | 266,933 | \$                                                                         | (3,490) | \$                                   | 51   | \$                                                                                 | 6,316 | \$                                                 | 364 | \$                     | (25,738) | \$              | 259,464 |

The accompanying Notes are an integral part of the Consolidated Financial Statements.

## **CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS**

|                                                                                             | Three months period Ended<br>March 31, |    | Year Ended<br>December 31,                     |    |         |  |  |
|---------------------------------------------------------------------------------------------|----------------------------------------|----|------------------------------------------------|----|---------|--|--|
|                                                                                             | 2025<br>Unaudited                      |    | 2024<br>Unaudited<br>U.S. Dollars in Thousands |    | 2024    |  |  |
| Cash Flows from Operating Activities                                                        |                                        |    |                                                |    |         |  |  |
| Net income (loss)                                                                           | \$<br>3,964                            | \$ | 2,365                                          | \$ | 14,462  |  |  |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |                                        |    |                                                |    |         |  |  |
| Adjustments to the profit or loss items:                                                    |                                        |    |                                                |    |         |  |  |
| Depreciation and amortization                                                               | 3,611                                  |    | 3,237                                          |    | 13,808  |  |  |
| Financial expenses, net                                                                     | 1,182                                  |    | 1,600                                          |    | 6,717   |  |  |
| Cost of share-based payment                                                                 | 175                                    |    | 241                                            |    | 874     |  |  |
| Taxes on income                                                                             | 2,649                                  |    | 74                                             |    | (1,128) |  |  |
| Loss (gain) from sale of property and equipment                                             | (8)                                    |    | -                                              |    | 11      |  |  |
| Change in employee benefit liabilities, net                                                 | 16                                     |    | (4)                                            |    | 52      |  |  |
|                                                                                             | 7,625                                  |    | 5,148                                          |    | 20,334  |  |  |
| Changes in asset and liability items:                                                       |                                        |    |                                                |    |         |  |  |
| Decrease (increase) in trade receivables, net                                               | (6,557)                                |    | 610                                            |    | (1,977) |  |  |
| Decrease (increase) in other accounts receivables                                           | (671)                                  |    | (516)                                          |    | 593     |  |  |
| Decrease in inventories                                                                     | 461                                    |    | 4,131                                          |    | 9,659   |  |  |
| Decrease in deferred expenses                                                               | 94                                     |    | 112                                            |    | 476     |  |  |
| Increase (decrease) in trade payables                                                       | (3,748)                                |    | (8,785)                                        |    | 1,226   |  |  |
| Increase (decrease) in other accounts payables                                              | (2,044)                                |    | (2,051)                                        |    | 1,413   |  |  |
| Increase (decrease) in deferred revenues                                                    | 34                                     |    | (122)                                          |    | 23      |  |  |
|                                                                                             | (12,431)                               |    | (6,621)                                        |    | 11,413  |  |  |
| Cash received (paid) during the period for:                                                 |                                        |    |                                                |    |         |  |  |
| Interest paid                                                                               | (176)                                  |    | (129)                                          |    | (594)   |  |  |
| Interest received                                                                           | 534                                    |    | 280                                            |    | 2,118   |  |  |
| Taxes paid                                                                                  | (29)                                   |    | (23)                                           |    | (139)   |  |  |
|                                                                                             |                                        |    |                                                |    |         |  |  |
|                                                                                             | 329                                    |    | 128                                            |    | 1,385   |  |  |
| Net cash provided by (used in) operating activities                                         | \$<br>(513)                            | \$ | 1,020                                          | \$ | 47,594  |  |  |
|                                                                                             |                                        |    |                                                |    |         |  |  |

## **CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS**

|                                                                  | Three months period Ended<br>March, 31<br>2025 |           |    |                           | Year Ended<br>December 31, |
|------------------------------------------------------------------|------------------------------------------------|-----------|----|---------------------------|----------------------------|
|                                                                  |                                                |           |    | 2024                      | 2024                       |
|                                                                  |                                                | Unaudited |    | Unaudited                 |                            |
|                                                                  |                                                |           |    | U.S. Dollars in Thousands |                            |
| Cash Flows from Investing Activities                             |                                                |           |    |                           |                            |
| Purchase of property and equipment and intangible assets         | \$                                             | (1,468)   | \$ | (2,682)                   | \$<br>(10,740)             |
| Proceeds from sale of property and equipment                     |                                                | 8         |    | -                         | 1                          |
| Net cash used in investing activities                            |                                                | (1,460)   |    | (2,682)                   | (10,739)                   |
| Cash Flows from Financing Activities                             |                                                |           |    |                           |                            |
| Proceeds from exercise of share base payments                    |                                                | 46        |    | 1                         | 7                          |
| Proceeds from issuance of ordinary shares, net                   |                                                | -         |    | -                         | -                          |
| Repayment of lease liabilities                                   |                                                | (14)      |    | (244)                     | (1,251)                    |
| Repayment of long-term loans                                     |                                                | -         |    | -                         | -                          |
| Repayment of other long-term liabilities                         |                                                | (325)     |    | (5,496)                   | (12,667)                   |
| Net cash used in financing activities                            |                                                | (293)     |    | (5,739)                   | (13,911)                   |
| Exchange differences on balances of cash and cash equivalent     |                                                | 81        |    | (46)                      | (150)                      |
| Increase (decrease) in cash and cash equivalents                 |                                                | (2,185)   |    | (7,447)                   | 22,794                     |
| Cash and cash equivalents at the beginning of the period         |                                                | 78,435    |    | 55,641                    | 55,641                     |
| Cash and cash equivalents at the end of the period               | \$                                             | 76,250    | \$ | 48,194                    | \$<br>78,435               |
| Significant non-cash transactions                                |                                                |           |    |                           |                            |
| Right-of-use asset recognized with corresponding lease liability | \$                                             | 352       | \$ | 306                       | \$<br>3,304                |
| Purchase of property and equipment and Intangible assets         | \$                                             | 1,103     | \$ | 905                       | \$<br>1,955                |

The accompanying Notes are an integral part of the Consolidated Financial Statements.

## **Note 1:- General**

#### General description of the Company and its activity

Kamada Ltd (the "Company") is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. The Company's strategy is focused on driving profitable growth through four primary growth pillars: First, organic growth from its commercial activities, including continued investment in the commercialization and life cycle management of its proprietary products, which include six FDA-approved specialty plasma-derived products: KEDRAB®, CYTOGAM®, GLASSIA®, WINRHO SDF®, VARIZIG® and HEPAGAM B® , as well as KAMRAB®, KAMRHO (D)® and two types of equine-based anti-snake venom products, and the products in the Distribution segment portfolio, mainly through the launch of several biosimilar products in Israel. Second, the Company aims to secure significant new business development, in-licensing, collaboration and/or merger and acquisition opportunities, which are anticipated to enhance the Company's marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term growth. Third, the Company is expanding its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns three operating plasma collection centers in the United States, in Beaumont Texas, Houston Texas, and San Antonio, Texas. Lastly, the Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need, with its lead product candidate Inhaled AAT, for which the Company is continuing to progress the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial.

In November 2021, the Company acquired, pursuant to an Asset Purchase Agreement, CYTOGAM, WINRHO SDF, VARIZIG and HEPGAM B from Saol Therapeutics Ltd.. The acquisition of this portfolio furthered the Company's core objective to become a fully integrated specialty plasma company with strong commercial capabilities in the U.S. market, as well as to expand to new markets, mainly in the Middle East/North Africa region, and to broaden the Company's portfolio offering in existing markets. The Company's wholly owned U.S. subsidiary, Kamada Inc., is responsible for the commercialization of the four products in the U.S. market, including direct sales to wholesalers and local distributers.

In accordance with an agreement with Takeda Pharmaceuticals Company Limited ("Takeda"), starting from the first quarter of 2022, Takeda pays the Company royalties on sales of GLASSIA manufactured by Takeda in the United States and, commencing in 2024, in Canada, at a rate of 12% on net sales through August 2025 and at a rate of 6% thereafter until 2040, with a minimum of \$5 million annually for each year from 2022 to 2040. The Company will also be entitled to royalty income on sales of GLASSIA by Takeda in Australia and New Zealand, to the extent that GLASSIA will be approved, and sales will be generated in these markets by Takeda in the future.

The Company's ordinary shares are listed for trading on the Tel Aviv Stock Exchange and the NASDAQ Global Select Market.

FIMI Opportunity Funds ("FIMI"), the leading private equity firm in Israel beneficially owns approximately 38% of the Company's outstanding ordinary shares and is a controlling shareholder of the Company; within the meaning of the Israeli Companies Law, 1999.

The Company's activity is divided into two operating segments:

Proprietary Products Manufacturing, sales and distribution of plasma-derived protein therapeutics. Distribution Distribute imported drug products in Israel, which are manufactured by third parties.

The Company has four wholly-owned subsidiaries – Kamada Inc., Kamada Plasma LLC (wholly owned by Kamada Inc.), KI Biopharma LLC and Kamada Ireland Limited. In addition, the Company owns 74% of Kamada Assets Ltd. ("Kamada Assets").

## **Note 2:- Material Accounting Policies**

a. Basis of preparation of the interim consolidated financial statements:

The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, "Interim Financial Reporting".

b. Forthcoming requirements

### **Presentation and Disclosure in Financial Statements – IFRS 18**

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18") which replaces IAS 1 Presentation of Financial Statements. IFRS 18 requires an entity to classify all income and expenses within its statement of profit and loss into one of five categories: operating; investing; financing; income taxes; and discontinued operations. The first three categories are new. These categories are complemented by the requirement to present subtotals for "operating profit or loss," profit or loss before financing income and taxes" and "profit or loss" IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted.

The Company is currently assessing the impact of the Standard on its financial statements. As of March 31, 2025, the Company does not have impact on its financial statement.

### **Note 3:- Significant events in the reporting period**

On March 5, 2025, the company announced that its Board of Directors has declared a special cash dividend of 0.20\$ (NIS 0.73) per share on the Company's common stock (totaling \$11,534 thousands). The special cash dividend was paid on April 7, 2025, to shareholders of record at the close of business on March 17, 2025.

## **Note 4:- Operating Segments**

| a.<br>General: |  |
|----------------|--|
|----------------|--|

The company has two operating segments, as follows:

| Proprietary Products | Manufacturing, sales and distribution of plasma-derived protein therapeutics. |
|----------------------|-------------------------------------------------------------------------------|
|----------------------|-------------------------------------------------------------------------------|

- Distribution Distribute imported drug products in Israel, which are manufactured by third parties.
- b. Reporting on operating segments:

|                                | Three months period ended<br>March 31, 2025 |                                         |    |       |       |          |  |  |
|--------------------------------|---------------------------------------------|-----------------------------------------|----|-------|-------|----------|--|--|
|                                |                                             | Proprietary<br>Products<br>Distribution |    |       | Total |          |  |  |
|                                | U.S Dollars in thousands                    |                                         |    |       |       |          |  |  |
|                                | Unaudited                                   |                                         |    |       |       |          |  |  |
|                                |                                             |                                         |    |       |       |          |  |  |
| Revenues                       | \$                                          | 40,017                                  | \$ | 4,001 | \$    | 44,018   |  |  |
| Gross profit                   | \$                                          | 20,279                                  | \$ | 470   | \$    | 20,749   |  |  |
| Unallocated corporate expenses |                                             |                                         |    |       |       | (12,954) |  |  |
| Finance expenses, net          |                                             |                                         |    |       |       | (1,182)  |  |  |
| Income before taxes on income  |                                             |                                         |    |       | \$    | 6,613    |  |  |

|                                | Three months period ended<br>March 31, 2024 |        |    |                                       |       |          |  |  |
|--------------------------------|---------------------------------------------|--------|----|---------------------------------------|-------|----------|--|--|
|                                | Proprietary<br>Products<br>Distribution     |        |    |                                       | Total |          |  |  |
|                                |                                             |        |    | U.S Dollars in thousands<br>Unaudited |       |          |  |  |
| Revenues                       | \$                                          | 33,758 | \$ | 3,978                                 | \$    | 37,736   |  |  |
| Gross profit                   | \$                                          | 16,138 | \$ | 613                                   | \$    | 16,751   |  |  |
| Unallocated corporate expenses |                                             |        |    |                                       |       | (12,712) |  |  |
| Finance expenses, net          |                                             |        |    |                                       |       | (1,600)  |  |  |
| Income before taxes on income  |                                             |        |    |                                       | \$    | 2,439    |  |  |

### **Note 4:- Operating Segments (cont.)**

b. Reporting on operating segments (cont.):

|                                |             | Year Ended December 31, 2024 |    |              |    |          |  |  |  |
|--------------------------------|-------------|------------------------------|----|--------------|----|----------|--|--|--|
|                                | Proprietary |                              |    |              |    |          |  |  |  |
|                                | Products    |                              |    | Distribution |    | Total    |  |  |  |
|                                |             | U.S Dollars in thousands     |    |              |    |          |  |  |  |
|                                |             |                              |    | Audited      |    |          |  |  |  |
| Revenues                       | \$          | 141,447                      | \$ | 19,506       | \$ | 160,953  |  |  |  |
| Gross profit                   | \$          | 67,739                       | \$ | 2,228        | \$ | 69,967   |  |  |  |
| Unallocated corporate expenses |             |                              |    |              |    | (49,916) |  |  |  |
| Finance expenses, net          |             |                              |    |              |    | (6,717)  |  |  |  |
| Income before taxes on income  |             |                              |    |              | \$ | 13,334   |  |  |  |

c. Reporting on operating segments by geographic region:

|                      | Three months period ended<br>March 31, 2025 |              |       |    |        |  |  |  |
|----------------------|---------------------------------------------|--------------|-------|----|--------|--|--|--|
|                      | Proprietary<br>Products                     | Distribution |       |    | Total  |  |  |  |
|                      | U.S Dollars in thousands                    |              |       |    |        |  |  |  |
|                      | Unaudited                                   |              |       |    |        |  |  |  |
| Geographical markets |                                             |              |       |    |        |  |  |  |
| U.S.A                | \$<br>30,157                                | \$           | -     | \$ | 30,157 |  |  |  |
| Israel               | 1,353                                       |              | 4,001 |    | 5,354  |  |  |  |
| Latin America        | 4,611                                       |              | -     |    | 4,611  |  |  |  |
| Canada               | 3,036                                       |              | -     |    | 3,036  |  |  |  |
| Asia                 | 790                                         |              | -     |    | 790    |  |  |  |
| Europe               | 70                                          |              | -     |    | 70     |  |  |  |
|                      | \$<br>40,017                                | \$           | 4,001 | \$ | 44,018 |  |  |  |

### **Note 4:- Operating Segments (cont.)**

c. Reporting on operating segments by geographic region: (cont.)

|                      | Three months period ended<br>March 31, 2024 |                                          |    |          |  |
|----------------------|---------------------------------------------|------------------------------------------|----|----------|--|
|                      | Proprietary<br>Products                     | Distribution<br>U.S Dollars in thousands |    | Total    |  |
|                      |                                             |                                          |    |          |  |
| Geographical markets |                                             | Unaudited                                |    |          |  |
| U.S.A                | \$<br>25,849                                | \$<br>-                                  | \$ | \$25,849 |  |
| Israel               | 1,832                                       | 3,978                                    |    | 5,810    |  |
| Canada               | 3,281                                       | -                                        |    | 3,281    |  |
| Asia                 | 1,434                                       | -                                        |    | 1,434    |  |
| Latin America        | 1,116                                       | -                                        |    | 1,116    |  |
| Europe               | 246                                         | -                                        |    | 246      |  |
|                      | \$<br>33,758                                | \$<br>3,978                              | \$ | 37,736   |  |

|                      | Year ended December 31, 2024 |              |        |       |         |  |
|----------------------|------------------------------|--------------|--------|-------|---------|--|
|                      | Proprietary<br>Products      | Distribution |        | Total |         |  |
|                      | U.S Dollars in thousands     |              |        |       |         |  |
|                      | Audited                      |              |        |       |         |  |
| Geographical markets |                              |              |        |       |         |  |
| U.S.A                | \$<br>100,504                | \$           | -      | \$    | 100,504 |  |
| Israel               | 5,506                        |              | 19,506 |       | 25,012  |  |
| Latin America        | 18,606                       |              | -      |       | 18,606  |  |
| Canada               | 9,457                        |              | -      |       | 9,457   |  |
| Europe               | 4,936                        |              | -      |       | 4,936   |  |
| Asia                 | 2,376                        |              | -      |       | 2,376   |  |
| Others               | 62                           |              | -      |       | 62      |  |
|                      | \$<br>141,447                | \$           | 19,506 | \$    | 160,953 |  |

## **Note 5:- Financial Instruments**

## Classification of financial instruments by fair value hierarchy

## Financial assets (liabilities) measured at fair value

| Level 1 |   | Level 2 |      |    | Level 3                              |  |
|---------|---|---------|------|----|--------------------------------------|--|
|         |   |         |      |    |                                      |  |
|         |   |         |      |    |                                      |  |
| \$      | - | \$      |      |    | -                                    |  |
| \$      | - | \$      | -    | \$ | (24,216)                             |  |
|         |   |         |      |    |                                      |  |
|         |   |         |      |    |                                      |  |
|         | - | \$      | (91) | \$ | -                                    |  |
| \$      | - | \$      | -    | \$ | (24,115)                             |  |
|         |   |         |      |    |                                      |  |
|         |   |         |      |    |                                      |  |
| \$      | - | \$      | 49   | \$ | -                                    |  |
| \$      | - | \$      | -    | \$ | (23,566)                             |  |
|         |   |         |      |    | U.S Dollars in thousands<br>(154) \$ |  |

During the three months ended on March 31, 2025, there were no transfers due to the fair value measurement of any financial instrument from Level 1 to Level 2, and furthermore, there were no transfers to or from Level 3 due to the fair value measurement of any financial instrument.

### **Note 6:- Subsequent events**

- a. With respect to a special dividend payment made on April 7, 2025 please refer to note 3 above.
- b. In connection with a Statement of Claim filed on June 13, 2023 against the Company by a third-party previously engaged to distribute the Company's propriety products in Russia and Ukraine (the "Distributor"), with the tribunal of first instance in Geneva, on April 22, 2025, the tribunal dismissed the Distributer 's action and declared it inadmissible due to a lack of jurisdiction in Switzerland. The Distributer has the right to appeal such decision by May 27, 2025. For more information about this claim please refer to note 17h to the Company's 2024 annual financial statements included in the 2024 form 20F filed with the Securities and Exchanger Commission on March 5, 2025.