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 November 2024

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 Continued Profitable Growth with Strong Third Quarter and Nine Month 2024 Financial Results; Raises Full-Year Profitability Guidance
99.2	Company's Presentation – November 2024
99.3	Kamada Ltd's Consolidated Financial Statements as of September 30, 2024 (Unaudited)

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: November 13, 2024 KAMADA LTD.

By: /s/ Nir Livneh

Nir Livneh Vice President General Counsel and Corporate Secretary

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION
99.1	Kamada Reports Continued Profitable Growth with Strong Third Quarter and Nine Month 2024 Financial Results; Raises Full-Year Profitability Guidance

99.2	Company's Presentation – November 2024

99. 3	Kamada Ltd's Consolidated Financial Statements as of September 30, 2024 (Unaudited)

Kamada Reports Continued Profitable Growth with Strong Third Quarter and Nine Month 2024 Financial Results; Raises Full-Year Profitability Guidance

Revenues for Third Quarter of 2024 were \$41.7 Million, up 10% Year-over-Year; Nine Month 2024 Total Revenues were \$121.9 Million, up 15% Year-over-Year
Third Quarter 2024 Adjusted EBITDA of \$8.8 Million, Representing an 11% Increase Year-over-Year; Nine Month 2024 Adjusted EBITDA of \$25.4 Million, up 43% Yearover-Year
Robust Third Quarter and Nine Month Results and Positive Outlook for Remainder of 2024 Support Increased Adjusted EBITDA Guidance to \$32 Million-\$35 Million, a 12% Increase of the Midpoint from the Previous Guidance, and Reiteration of Full-Year Revenue Guidance of \$158 Million-\$162 Million
Company Generated \$37.2 Million of Cash from Operations During First Nine Months of 2024; as of September 30, 2024, had \$72.0 Million of Available Cash
Expanded Plasma Collection Operations with the Opening of a New Site in Houston, TX
Conference Call and Live Webcast Today at 8:30 AM ET

REHOVOT, Israel, and HOBOKEN, NJ – November 13, 2024 -- 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 three months and nine months ended September 30, 2024.

"Our strong operational and financial momentum continued in the third quarter as we again generated solid results," said Amir London, Kamada's Chief Executive Officer. "While we benefit from the strength of our entire portfolio, we continue to improve the overall sales mix through increased sales of our two most profitable growth drivers KEDRAB® and CYTOGAM®. Total revenues for the first nine months of 2024 were \$121.9 million, which represents year-over-year growth of 15%, and adjusted EBITDA was \$25.4 million, up 43% year-over-year, representing a 21% margin of revenues. Based on our continued profitable growth and positive outlook for the remainder of 2024, we are increasing our annual adjusted EBITDA guidance to \$32 million to \$35 million, a 12% increase of the midpoint from our previous guidance and reiterating our full-year 2024 revenue guidance of between \$158 million to \$162 million."

"Importantly, we consistently demonstrate our ability to convert our reported adjusted EBITDA to operational cash flow, as we generated \$37.2 million of cash from operating activities during the first nine months of the year. As of the end of the quarter, we had \$72.0 million of available cash. We remain focused on identifying compelling new business development opportunities and leveraging our overall financial strength to further support our continued double-digit, longer-term growth," added Mr. London.

"We also continue to advance multiple additional existing long-term growth drivers. To this end, during the third quarter, we announced the expansion of our plasma collection operations with the opening of a new plasma collection center in Houston, TX. This new center is expected to support an estimated total collection capacity of approximately 50,000 liters annually. The center is expected to be one of the largest sites for specialty plasma collection in the U.S. and will also collect normal source plasma to be sold to third parties. Additionally, patient enrollment continues in the ongoing pivotal Phase 3 InnovAATe clinical trial for our inhaled Alpha-1 Antitrypsin therapy. The independent Data and Safety Monitoring Board (DSMB) recommended study continuation without modifications at its recently conducted semi-annual meeting. We remain engaged in active discussions with the U.S. FDA on our previously filed IND amendment consisting of a revised Statistical Analysis Plan (SAP) and study protocol, which, if approved, may allow for the acceleration of the program," concluded Mr. London.

Financial Highlights for the Three Months Ended September 30, 2024

Total revenues were \$41.7 million in the third quarter of 2024, a 10% increase from the prior year period. The increase in revenues was primarily attributable to increased sales of KEDRAB and CYTOGAM due to increased demand for these products in the U.S. market.
Gross profit and gross margins were \$17.2 million and 41%, respectively, in the third quarter of 2024, compared to \$14.8 million and 39%, respectively, reported in the prior year period.
Operating expenses, including research and development (R&D), sales and marketing (S&M), general and administrative (G&A), and other expenses, totaled \$11.9 million in the third quarter of 2024, as compared to \$10.4 million in the third quarter of 2023. The higher operating expenses were primarily attributable to an increase in S&M costs associated with the marketing activities in the U.S., as well as increased R&D costs, primarily due to advancing the Inhaled AAT clinical trial.
Net income was \$3.9 million, or \$0.07 per share, in the third quarter of 2024, up 20% from a net income of \$3.2 million, or \$0.06 per diluted share, in the third quarter of 2023.
Adjusted EBITDA, as detailed in the tables below, was \$8.8 million in the third quarter of 2024, an 11% increase as compared to \$7.9 million in the third quarter of 2023.
Cash provided by operating activities was \$22.2 million in the third quarter of 2024, as compared to cash provided by operating activities of \$0.9 million in the third quarter of 2023.

Financial Highlights for the Nine Months Ended September 30, 2024

Total revenues for the first nine months of 2024 were \$121.9 million, a 15% increase from the \$106.1 million generated in the first nine months of 2023. The increase in revenues was primarily attributable to increased sales of KEDRAB and CYTOGAM due to increased demand for these products in the U.S. market.
Gross profit and gross margins for the first nine months of 2024 were \$52.9 million and 43%, respectively, compared to \$41.1 million and 39%, respectively, in the first nine months of 2023.
Operating expenses, including R&D, S&M, G&A, and other expenses, totaled \$38.0 million in the first nine months of 2024, as compared to \$33.8 million in the first nine months of 2023. The higher operating expenses were primarily attributable to an increase in S&M costs associated with the marketing activities in the U.S., as well as increased R&D costs, primarily due to advancing the Inhaled AAT clinical trial.
Net profit for the first nine months of 2024 was \$10.7 million, or \$0.18 per diluted share, a 230% increase compared to net income of \$3.2 million, or \$0.06 per diluted share, in the prior year period.
Adjusted EBITDA, as detailed in the tables below, was \$25.4 million in the first nine months of 2024, a 43% increase as compared to \$17.7 million in the first nine months of 2023.
Cash provided by operating activities during the first nine months of 2024 was approximately \$37.2 million, as compared to cash used in operating activities of \$0.1 million during the first nine months of 2023. The change was correlated to the increase in profitability and changes in the Company's working capital.

Balance Sheet Highlights

As of September 30, 2024, the Company had cash, cash equivalents, and short-term investments of \$72.0 million, as compared to \$55.6 million on December 31, 2023.

Recent Corporate Highlights

Announced the expansion of the Company's plasma collection operations with the opening of a new plasma collection center in Houston, TX. The new 12,000 square foot center is operated by Kamada's wholly owned subsidiary, Kamada Plasma, and is planned to support over 50 donor beds with an estimated total collection capacity of approximately 50,000 liters annually. The new center will collect normal source plasma and specialty plasma, such as Anti-Rabies and Anti-D, and is anticipated to be one of the largest sites for specialty plasma collection in the U.S. The new center also supports the Company's strategy to become a leading global vertically integrated supplier of specialty plasmaderived products. Kamada expects to open its third plasma collection center in San Antonio, TX, during the first half of 2025, and expects each collection center to contribute annual revenues of \$8 million to \$10 million in sales of normal source plasma at its full capacity.

Fiscal Year 2024 Guidance

Kamada is increasing its adjusted EBITDA guidance from a range of \$28 million to \$32 million to a range of \$32 million to \$35 million, a 12% increase of the midpoint from the previous guidance, and continues to expect to generate fiscal year 2024 total revenues in the range of \$158 million to \$162 million, representing double digit top- and bottom-line growth year-over-year.

Conference Call

Kamada management will host an investment community conference call on November 13, 2024, at 8:30am Eastern Time to present the Company's results and answer questions. Shareholders and other interested parties may participate in the conference call by dialing 1-877-407-0792 (from within the U.S.) or 1-809-406-247 (from Israel) or 1-201-689-8263 (International) using conference ID 13749715. The call will also be webcast live on the Internet at https://viavid.webcasts.com/starthere.jsp? ei=1694075&tp_key=3a2494a103

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 2024 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 field, focused on diseases of limited treatment alternatives. The Company is also advancing an innovative development pipeline targeting areas of significant unmet medical need. The Company's strategy is focused on driving profitable growth from its significant commercial catalysts as well as its manufacturing and development expertise in the plasma-derived and biopharmaceutical fields. The Company's commercial products portfolio includes six FDA approved plasma-derived biopharmaceutical products: KEDRAB®, CYTOGAM®, WINRHO SDF®, VARIZIG®, HEPAGAM B® and GLASSIA®, as well as KAMRAB®, KAMRHO (D)® and two types of equine-based anti-snake venom (ASV) products. The Company distributes its commercial products portfolio directly, and through strategic partners or third-party distributors in more than 30 countries, including the U.S., Canada, Israel, Russia, Argentina, Brazil, India, Australia and other countries in Latin America, Europe, the Middle East, and Asia. The Company leverages its expertise and presence in the Israeli market to distribute, for use in Israel, more than 25 pharmaceutical products that are supplied by international manufacturers. During recent years the Company added eleven biosimilar products to its Israeli distribution portfolio, which, subject to the European Medicines Agency (EMA) and the Israeli Ministry of Health approvals, are expected to be launched in Israel through 2028. The Company owns an FDA licensed plasma collection center in Beaumont, Texas, which currently specializes in the collection of Anti-Rabies and Anti-D hyper-immune plasma used in the manufacturing of the Company's relevant products and recently opened a new plasma collection center in Houston, Texas in which it collects normal source plasma and specialty plasma. In addition to the Company's commercial operation, it invests in research and development of new product candidates. The Company's leading investigational product is an inhaled AAT for the treatment of AAT deficiency, for which it 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 the 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) positive outlook for the remainder of 2024, supporting an increased annual adjusted EBITDA guidance to \$32 Million-\$35 Million and reiteration of Full-Year revenue guidance of \$158 Million-\$162 Million; 2) identifying compelling new business development opportunities leveraging the Company's overall financial strength and supporting continued doubledigit growth longer-term; 3) continued patient enrollment in the ongoing pivotal Phase 3 InnovAATe clinical trial; 4) continued engagement in active discussions with the U.S. FDA on the previously filed IND amendment, which, if approved, may allow for the acceleration of the program; 5) the new site in Houston, TX supporting over 50 donor beds with an estimated total collection capacity of approximately 50,000 liters annually and be one of the largest sites for specialty plasma collection in the U.S. and will also collect normal source plasma to be sold to third parties; 6) the new site in Houston, TX support the Company's strategy to become a leading global vertically-integrated supplier of specialty plasma-derived products; and 7) the Company's expectation to open its third plasma collection center in San Antonio, TX, during the first half of 2025, and that such center will contribute annual revenues of \$8 million to \$10 million in sales of normal source plasma at its full capacity. 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, continuation of inbound and outbound international delivery routes, continued demand for Kamada's products, financial conditions of the Company's customer, suppliers and services providers, Kamada's ability to integrate the new product portfolio into its current product portfolio, Kamada's ability to grow the revenues of its new product portfolio, and leverage and expand its international distribution network, ability to reap the benefits of the acquisition of the plasma collection center, including the ability to open additional U.S. plasma centers, and acquisition of the FDA-approved plasma-derived hyperimmune commercial products, the ability to continue enrollment of the pivotal Phase 3 InnovAATe clinical trial, unexpected results of clinical studies, Kamada's ability to manage operating expenses, additional competition in the markets that Kamada competes, regulatory delays, prevailing market conditions and the impact of general economic, industry or political conditions in the U.S., Israel or otherwise, 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 [email protected]

Brian Ritchie LifeSci Advisors, LLC 212-915-2578 [email protected]

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

		As of September 30,			As of December 31,

		2024		2023	2023
		Unaudited
				U.S Dollars In thousands
Assets
Current Assets
Cash and cash equivalents	\$	72,001	\$	52,603	\$ 55,641
Trade receivables, net		16,295		25,107	19,877
Other accounts receivables		4,555		1,648	5,965
Inventories		71,558		73,795	88,479
Total Current Assets		164,409		153,153	169,962
Non-Current Assets
Property, plant and equipment, net		33,746		27,362	28,224
Right-of-use assets		9,854		5,494	7,761
Intangible assets, Goodwill and other long-term assets		135,041		142,501	140,465
Contract assets		8,159		8,546	8,495
Total Non-Current Assets		186,800		183,903	184,945
Total Assets	\$	351,209	\$	337,056	\$ 354,907
Liabilities
Current Liabilities
Current maturities of lease liabilities		1,586		1,138	1,384
Current maturities of other long term liabilities		9,480		15,989	14,996
Trade payables		14,786		12,812	24,804
Other accounts payables		8,104		7,318	8,261
Deferred revenues		41		15	148
Total Current Liabilities		33,997		37,272	49,593
Non-Current Liabilities
Lease liabilities		9,574		4,717	7,438
Contingent consideration		17,630		19,642	18,855
Other long-term liabilities		34,121		36,477	34,379
Employee benefit liabilities, net		618		558	621
Total Non-Current Liabilities		61,943		61,394	61,293
Shareholder's Equity
Ordinary shares		15,024		15,020	15,021
Additional paid in capital		266,588		265,700	265,848
Capital reserve due to translation to presentation currency		(3,490)		(3,490)	(3,490)
Capital reserve from hedges		16		(98)	140
Capital reserve from share-based payments		6,394		6,198	6,427
Capital reserve from employee benefits		283		318	275
Accumulated deficit		(29,546)		(45,258)	(40,200)
Total Shareholder's Equity		255,269		238,390	244,021

Total Liabilities and Shareholder's Equity	\$	351,209	\$	337,056	\$ 354,907

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Nine months period ended September 30,			Three months period ended September 30,				Year ended December 31,
		2024 2023 2024		2023	2023
		Unaudited				Unaudited
				U.S Dollars In thousands except for share and per share data
Revenues from proprietary products	\$	110,032	\$	86,437	\$	37,128	\$	31,436	\$ 115,458
Revenues from distribution		11,916		19,650		4,612		6,498	27,061
Total revenues		121,948		106,087		41,740		37,934	142,519
Cost of revenues from proprietary products		59,207		47,863		20,869		17,447	63,342
Cost of revenues from distribution		9,805		17,146		3,637		5,684	23,687
Total cost of revenues		69,012		65,009		24,506		23,131	87,029
Gross profit		52,936		41,078		17,234		14,803	55,490
Research and development expenses		12,512		10,694		3,414		3,180	13,933
Selling and marketing expenses		13,862		11,573		4,501		3,711	16,193
General and administrative expenses		11,578		10,603		4,014		3,701	14,381
Other expenses (income)		11		920		11		(157)	919
Operating income		14,973		7,288		5,294		4,368	10,064
Financial income		1,434		92		646		67	588
Income (expenses) in respect of currency exchange differences and derivatives instruments, net		255		726		(60)		553	55
Financial Income (expense) in respect of contingent consideration and other long- term liabilities.		(5,316)		(3,358)		(1,766)		(1,288)	(980)
Financial expenses		(471)		(1,343)		(167)		(404)	(1,298)
Income before tax on income		10,875		3,405		3,947		3,296	8,429
Taxes on income		221		179		84		73	145
Net income	\$	10,654	\$	3,226	\$	3,863	\$	3,223	\$ 8,284
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		(63)		(334)		32		(90)	(186)
Net amounts transferred to the statement of profit or loss for cash flow hedges		(61)		324		(4)		59	414
Items that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain (loss) from defined benefit plan		8		(30)		-		(106)	(73)
Total comprehensive income (loss)	\$	10,538	\$	3,186	\$	3,891	\$	3,086	\$ 8,439
Earnings per share attributable to equity holders of the Company:
Basic net earnings per share	\$	0.19	\$	0.07	\$	0.07	\$	0.07	\$ 0.17
Diluted net earnings per share	\$	0.18	\$	0.06	\$	0.07	\$	0.06	\$ 0.15

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

	Nine months period Ended September, 30			Three months period Ended September, 30				Year Ended December 31,
		2024		2023		2024		2023	2023
				Unaudited
					U.S Dollars In thousands
Cash Flows from Operating Activities
Net income	\$	10,654	\$	3,226	\$	3,863	\$	3,223	\$ 8,284
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Adjustments to the profit or loss items:
Depreciation		9,708		9,506		3,242		3,179	12,714
Financial expenses, net		4,098		3,883		1,347		1,072	1,635
Cost of share-based payment		700		941		224		312	1,314
Taxes on income		221		179		84		73	145
Loss (gain) from sale of property and equipment		11		(5)		12		-	(5)
Change in employee benefit liabilities, net		6		(144)		17		(104)	(125)
		14,744		14,360		4,926		4,532	15,678
Changes in asset and liability items:
Decrease (increase) in trade receivables, net		3,249		2,078		10,004		(618)	7,835
Decrease (increase) in other accounts receivables		1,452		2,716		510		1,177	(1,150)
Decrease (increase) in inventories		16,920		(5,011)		7,155		6,441	(19,694)
Decrease (increase) in deferred expenses		336		2,763		97		(279)	2,814
Decrease in trade payables		(10,747)		(18,617)		(5,655)		(13,181)	(8,885)
Increase (decrease) in other accounts payables		(157)		(359)		881		49	765
Increase (decrease) in deferred revenues		(107)		(20)		14		(23)	113
		10,946		(16,450)		13,006		(6,434)	(18,202)
Cash received (paid) during the period for:
Interest paid		(424)		(1,149)		(158)		(405)	(1,228)
Interest received		1,434		92		646		67	-
Taxes paid		(158)		(174)		(70)		(62)	(217)
		852		(1,231)		418		(400)	(1,445)
Net cash provided by (used in) operating activities	\$	37,196	\$	(95)	\$	22,213	\$	921	\$ 4,315

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

	Nine months period Ended September, 30				Three months period Ended September, 30				Year Ended December 31,
	2024		2023		2024		2023			2023
				Unaudited
				U.S Dollars In thousands
Cash Flows from Investing Activities
Purchase of property and equipment and intangible assets	\$	(7,816)	\$	(3,876)	\$	(2,124)	\$	(1,729)	\$	(5,850)
Proceeds from sale of property and equipment		1		6		-		-		7
Net cash provided by (used in) investing activities		(7,815)		(3,870)		(2,124)		(1,729)		(5,843)
Cash Flows from Financing Activities
Proceeds from exercise of share base payments		3		3		1		-		4
Repayment of lease liabilities		(890)		(768)		(319)		(251)		(850)
Repayment of long-term loans		-		(17,407)		-		(15,185)		(17,407)
Repayment of other long-term liabilities		(12,316)		(17,500)		(4,468)		(11,500)		(17,300)
Proceeds from issuance of ordinary shares, net		-		58,231		-		58,231		58,231
Net cash provided by (used in) financing activities		(13,203)		22,559		(4,786)		31,295		22,678
Exchange differences on balances of cash and cash equivalent		182		(249)		151		328		233
Increase (decrease) in cash and cash equivalents		16,360		18,345		15,454		30,815		21,383
Cash and cash equivalents at the beginning of the period		55,641		34,258		56,547		21,788		34,258
Cash and cash equivalents at the end of the period	\$	72,001	\$	52,603	\$	72,001	\$	52,603	\$	55,641
Significant non-cash transactions
Right-of-use asset recognized with corresponding lease liability	\$	3,163	\$	3,880	\$	2,642	\$	295	\$	6,546
Purchase of property and equipment and Intangible assets	\$	1,040	\$	681	\$	1,040	\$	681	\$	646

NON-IFRS MEASURES

	Nine months period ended September 30,				Three months period ended September 30,			Year ended December 31,
	2024		2023		2024		2023		2023
					U.S Dollars In thousands
Net income	\$ 10,654	\$	3,226	\$	3,863	\$	3,223	\$	8,284
Taxes on income	221		179		84		73		145
Financial expense (income), net	4,098		3,883		1,347		1,072		1,635
Depreciation and amortization expense	9,708		9,506		3,242		3,179		12,714
Non-cash share-based compensation expenses	700		941		224		312		1,314
Adjusted EBITDA	\$ 25,381	\$	17,735	\$	8,760	\$	7,859	\$	24,092

Third Quarter & Nine Months Ended September 2024 Investors Call

C November 2024

FORWARD-LOOKING STATEMENT

This presentation is not intended to provide investment or medical advice. It should be noted that some products under development 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 2024 financial guidance; growth strategy and plans for double digit growth; progression of inhaled AAT clinical study, its benefits, potential market size and potential FDA's feedback; growth prospects, Israeli distribution business segment; success in identify and integrating M&A targets for growth. These statements involve a number of known and unknown risks and uncertainties that could cause Kamada's future results, performance or achievements to differ significantly from the projected results, performances on achievements expressed or implied by such forward-looking statements. Imat could cause or contribute to such differences and products and products and products and products a candidates, progess and results of any clinical trials, introduction of cominuel maket acceptance of Kamada's
commercial products portfolio, impact of geo-polit could affect the pharmaceutical industry, difficulty in predicting, obtaining of Seod and Drug Administration, European
Medicines Agency and other regulatory approvals, rest structures of various countries, success of M&A strategies, environmental risks, changes in the worldwide pharmaceutical industry and other factors that are discussed under the heating "Risk Factors" of Kamada's 2023 Annual Report on Form 20-F (filed on March 6, 2024), as well as in
Kamada's recent Forms 6-K f

This presentation includes certain non-IFRS financial information, which is not intended to be considered in isolation or as a substitute for, or superior to, the financial information presented in accordance with IFRS. The non-IFRS financial measures may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. In accorder with the requirement of the ble regarations of these non-FRS financial measures for financial and operational decision-maing and a means to evaluate period comparisons. Management believes that these non-IFRS 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 to update any forward-looking statement to reflect the impact of circumstances or events that arise after the forward-looking statement was made, except as required by applicable law.

KAMADA - A GLOBAL BIOPHARMACEUTICAL COMPANY

A LEADER IN SPECIALTY PLASMA THERAPIES, WITH A PORTFOLIO OF MARKETED PRODUCTS INDICATED FOR DISEASES WITH LIMITED TREATMENT ALTERNATIVES

0 4

DELIVERING ON OUR COMMITMENTS

Not be and the first for the see are less ble for and and
	kamada"

Q3 – 24 CONTINUING THE GROWTH

double digit revenue and profitable increase

9M - 24 CONTINUING THE GROWTH

double digit revenue and profitable increase

ANNUAL DOUBLE-DIGIT GROWTH TRAJECTORY

KAMADA ' S ROADMAP FOR ANNUAL DOUBLE - DIGIT GROWTH 8 Organic Growth Portfolio of 6 FDA - approved products; Over 30 territories M&A Transactions Support growth through M&A transactions Plasma Collection Centers Each new collection center contributes annual revenues of \$ 8 M - \$ 10 M Inhaled AAT Phase III pivotal clinical study, targeting a market of over \$ 2 B

6 FDA-APPROVED SPECIALTY PLASMA PRODUCTS

KEY FOCUS ON TRANSPLANTS & RARE CONDITIONS

KEDRAB®

[Rabies Immune

Globulin (Human)]

of rabies infection

Post exposure prophylaxis

HEPGAM B®

[Hepatitis B Immune Globulin (Human)] Prevention of HBV recurrence following liver transplants

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

2500 ng lgG, 2500 mg Sacroso
500 mg Albumia (Muman)
Ligaid

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

CYTOGAM®

[Cytomegalovirus

Prophylaxis of CMV

disease associated

with transplants

Immune Globulin (Human)]

NDC 49591-051-61
Hepatitis B Immune
Globulin Intravenous
(Human)

5 mL (> 312 lU/mL)

IINISTRATION

GLASSIA®

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

DISTRIBUTION SEGMENT GROWTH

EXCLUSIVE DISTRIBUTOR IN ISRAEL FOR LEADING BIOPHARMACEUTICAL COMPANIES

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

First biosimilar was launched in Q1/2024 and second product expected to be launched by end of 2024

Key areas: plasma-derived, respiratory, rare diseases, infectious diseases, biosimilar portfolio of 11 product candidates, mainly from Alvotech

The other Biosimilar products are expected to be launched through 2028, upon receipt of regulatory approval

Biosimilar portfolio represents the main growth driver with estimated peak annual sales of \$30-34M

Q 10

kamada

M&A TRANSACTIONS

seeking the next breakthrough

Exploring strategic business development opportunities to identify potential acquisition or in-licensing

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

Q 11

Strong financial position and proven successful M&A capabilities

kamada

KAMADA PLASMA

EXPANDING VERTICAL INTEGRATION & REVENUE GROWTH

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

Recently opened a new plasma collection center in Houston, Texas; planning to open another center in San Antonio, Texas (H1-25)

Average annual revenues of a mature collection center ranges from \$8M to \$10M

Q 12

INHALED AAT PHASE 3 PIVOTAL STUDY

POTENTIAL TRANSFORMATIVE TREATMENT IN AATD-RELATED LUNG DISEASE

STUDY DESIGN

1:1 randomization; 9 active sites; ~ 45% of patients enrolled to date; Open Label Extension (OLE) initiated Mid 2024

Inhaled AAT 80mg once daily or placebo, during two years of treatment

Primary Endpoint: Lung function - FEV1 Secondary Endpoints: Lung density - CT densitometry and other disease severity parameters

EXPECTED ADVANTAGES

Non-Invasive, at-home treatment. Expected better ease of use and quality of life for AATD patients than current IV SOC

Most effective mode of treatment for delivering therapeutic amounts of AAT directly into the airways

Q 13

Studied in more than 200 individuals to date, with an established safety profile

Only 1/8th of the IV AAT dosing, more cost-effective; favorable market access landscape

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

FDA recently reconfirmed overall study design, endorsed positive safety data to date, and expressed willingness to potentially accept a P<0.1 alpha level in evaluating the trial's efficacy primary endpoint

In discussion with the FDA on an IND amendment with revised statistical analysis plan and study protocol

kamada

STRONG 9M 2024 FINANCIAL RESULTS

US \$ M	9M/24	9M/23	Q3/24	Q3/23	FY 2023	DETAILS
PROPRIFTARY	110.0	86.4	37.1	31.4	115.5	Driven by two key growth drivers, KEDRAB® & CYTOGAM®
DISTRIBUTION	11.9	19.7	4.6	6.5	27.1
TOTAL REVENUES	121.9	106.1	41.7	37.9	142.5	15% YoY increase; 9M revenues - 76% of mid-point annual guidance
GROSS PROFIT	52.9	41.1	17.2	14.8	55.5
GROSS MARGIN	43%	39%	41%	39%	39%	4 basis point increase YoY
OPEX	(38.0)	(33.8)	(11.9)	(10.4)	(45.4)
NET PROFIT	10.7	3.2	3.9	3.2	8.3
Adjusted EBITDA	25.4	17.7	8.8	7.9	24.1	43% YoY increase; 21% of revenues & 76% of mid-point annual guidance
CASH	72.0	52.6			55.6	Generated \$37.2M of operating cash flow during 9M/24
TOTAL ASSETS	351.2	337.1			354.9	Including acquisition related intangible assets (\$131M @ September 24)
BANK LOAN	0.0	0.0			0.0	5-year term loan paid down in full during Q3-23
LEASE LIABILITIES	11.2	5.9			8.8	Increase associated with new plasma collection centers in the U.S.
CONTINGENT LIABILITIES	61.2	72.1			68.2	Acquisition related contingent consideration
EQUITY	255.3	238.4			244.0
NET DEBT	(0.4)	(25.4)			(21.4)	Contingent and lease liabilities net of available cash

7 15 Adjusted EBITDA is defined as net income, plus (i) thancial income (expense), net, (iii) depreciation and amortization; and (v)
non-cash share-based compensation expe

kamada

NON-IFRS MEASURES - ADJUSTED EBITDA

US \$ M	9M/24	9M/23	03/24		Q3/23 FY 2023
NET PROFIT	10.7	3.2	3.9	3.2	8.3
TAXES ON INCOME	0.2	0.2	0.1	0.1	0.1
REVALUATION OF ACQUISITION RELATED CONTINGENT CONSIDERATION	5.3	3.4	1.8	1.3	1.0
OTHER FINANCIAL EXPENSE, NET	(1.2)	0.5	(0.4)	(0.2)	0.7
AMORTIZATION OF ACQUISITION RELATED INTANGIBLE ASSETS	5.3	5.3	1.8	1.8	7.1
OTHER DEPRECIATION AND AMORTIZATION EXPENSES	4.4	4.2	1.5	1.4	5.7
NON-CASH SHARE-BASED COMPENSATION EXPENSES	0.7	0.9	0.2	0.3	1.3
ADJUSTED EBITDA	25.4	17.7	8.8	7.9	24.1

KAMADA - SIGNIFICANT UPSIDE POTENTIAL

delivering on our commitments

KAMADA LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited)