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Analyses on Kamada (7)
- June 9, 2026
- May 13, 2026May 13, 2026
- Follow-up
Kamada follow-up: San Antonio shifts the plasma test to customers and price
San Antonio approval closes the near-term regulatory checkpoint, but it shifts Kamada's plasma test to price, customers and collection. Without NSP contracts and visible collection economics, the approval is execution progress, not yet a proven model change.

Kamada in the first quarter: San Antonio is approved, but the cash test is still ahead
Kamada preserved its 2026 growth story in the first quarter, but it did not resolve the cash test: San Antonio is now approved and guidance stayed intact, while gross margin declined, operating cash flow was slightly negative, and the April dividend reduces the flexibility visib…

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