Kamada Reports Strong First Quarter 2024 Financial Results with Year-Over-Year Top-Line Growth of 23% and a 96% Increase in Profitability; Raises Full-Year Financial Guidance Revenues for First Quarter of 2024 were $37.7

Reports Strong First Quarter 2024 Financial Results with Year-Over-Year Top-Line Growth of 23% and a 96% Increase in Profitability; Raises

Full-Year Financial Guidance

Israel, and Hoboken, NJ - May 8, 2024 -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a commercial stage 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 ended March 31, 2024.

are excited by our strong financial and operational start to 2024, which has us well-positioned for a highly successful year,"

said Amir London, Kamada's Chief Executive Officer. "Total revenues for the first quarter of 2024 were $37.7 million, representing

a 23% increase year-over-year, and adjusted EBITDA was $7.5 million, nearly double as compared to the first quarter of last year and

representing a 20% margin of revenues. While we benefit from the strength of our entire portfolio, we continue to effectively leverage

the two most important growth drivers in our business, KEDRAB and CYTOGAM . For CYTOGAM, our active promotion

of the product, supported by recently published new clinical data, is driving increased demand, and we are encouraged by the continued

growth being demonstrated by KEDRAB."

on our strong performance in the first quarter and our expectation for the continued momentum in our business throughout 2024, we are

raising our full-year 2024 revenue guidance to be between $158 million to $162 million from the previous forecast of $156 million to

$160 million. We are also increasing our adjusted EBITDA guidance to $28 million to $32 million from the initial guidance of $27 million

to $30 million. Importantly, we continue to pursue compelling new business development opportunities, leveraging our overall financial

strength. These opportunities are expected to support continued growth at double-digit rates beyond 2024," added Mr. London.

enrollment continues in our ongoing pivotal Phase 3 InnovAATe clinical trial for the inhaled Alpha-1 Antitrypsin therapy for the treatment

of AAT Deficiency. Following recent positive feedback from the U.S. Food and Drug Administration

(FDA) through which the FDA expressed its willingness to potentially accept a P<0.1 alpha level in evaluating InnovAATe for

meeting the efficacy primary endpoint for registration, we recently filed an IND amendment with

both a revised Statistical Analysis Plan (SAP) and study protocol, and we expect further FDA feedback during the second half of

2024. If approved, these changes may allow for the acceleration of the program," concluded

Highlights for the Three Months Ended March 31, 2024

of March 31, 2024, the Company had cash, cash equivalents, and short-term investments of $48.2 million, as compared to $55.6 million

on December 31, 2023. The decrease in cash balance was attributable to capital investments made with respect to the construction of our

new plasma collection center in Uvalde, Texas, and payment on account of long-term liabilities associated with the acquisition completed

Corporate Highlights

on the Company's strong performance in the first quarter and its expectation for continued momentum in the business throughout

2024, Kamada is increasing its fiscal year 2024 total revenue guidance from a range of $156 million to $160 million to a range of $158

million to $162 million, and adjusted EBITDA from a range of $27 million to $30 million to a range of $28 million to $32 million, representing

double digit top- and bottom-line growth year-over-year.

management will host an investment community conference call today, Wednesday, May 8, 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 1-888-886-7786 (from within the U.S.) or 1-809-468-221 (from Israel), or 1-416-764-8658 (International) and entering the

conference ID 31202863. The call will also be webcast live on the Internet at

present EBITDA and adjusted EBITDA because we use these non-IFRS financial measures to assess our operational performance, for financial

and operational decision-making, 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.

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

Ltd. (the "Company") is a commercial stage 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: CYTOGAM , KEDRAB , 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 hyper-immune plasma used in the manufacture of KAMRHO (D), KARAB and KEDRAB. 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.

Note Regarding Forward-Looking Statements

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 reminder of 2024, 2) anticipation of continued

momentum through 2024 and continued growth at double-digit rates beyond 2024, 3) Full-Year Revenue Guidance to be between $158 Million-$162

Million and Adjusted EBITDA to be between $28 Million-$32 Million, 4) being well-positioned for a highly successful year, 5) continuing

to maintain the overall financial strength supporting us in pursuing compelling new business development opportunities which would accelerate

the growth and profitability of our existing business beyond 2024, 6) continued enrollment in pivotal phase 3 InnovAATe clinical trial,

and 7) our expectations to receive FDA feedback to the IND amendment during the second half of 2024, which, if approved, may allow for

the acceleration of the InnovAATe program. 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,