Kamada Reports Third Quarter and First Nine Months of 2021 Financial Results, and Strategic Transformational Acquisition of a Portfolio of Four FDA-Approved Plasma-Derived Hyperimmune Commercial Products Third Quarter 20

Kamada Reports Third Quarter and First Nine

Months of 2021 Financial Results,

and Strategic Transformational Acquisition of

a Portfolio of Four FDA-Approved Plasma-Derived Hyperimmune Commercial Products

REHOVOT, Israel - November 22, 2021

-- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a plasma-derived biopharmaceutical company, today announced financial results for the three

and nine months ended September 30, 2021.

"As our business continues to perform as

expected in 2021, we look ahead to several exciting potential growth catalysts for the Company," said Amir London, Kamada's

Chief Executive Officer. "We are thrilled to separately announce a new important growth driver

for our business with the strategic acquisition of a portfolio of four U.S. Food and Drug Administration (FDA)-approved plasma-derived

hyperimmune commercial products from Saol Therapeutics. As a result of this transaction, Kamada is strengthening its global leadership

position in the plasma-derived specialty hyperimmune market. The annual global revenue of the acquired portfolio in 2021 is expected to

be between $40 million to $45 million, with approximately 75% and 20% of sales generated in the U.S. and Canada, respectively. This is

a strategic and synergistic acquisition for Kamada and furthers our core objective of entering 2022 as a fully-integrated specialty plasma

company, with strong commercial capabilities in the U.S. market. We expect to leverage our existing strong international distribution

network to grow the acquired portfolio revenues in new geographic markets."

"We have now transferred our GLASSIA

manufacturing responsibilities to Takeda and will begin receiving royalty payments in 2022 at a

rate of 12% on net sales through August 2025 and at a rate of 6% thereafter until 2040. We project receiving royalties from Takeda

in the range of $10 million to $20 million per year from 2022 to 2040. In addition, we continue to advance the process aimed at both expanding

our current U.S. plasma collection center in Texas and opening additional U.S. centers by leveraging our existing FDA license. We view

the opening of new U.S. plasma collection centers as a significant growth opportunity for Kamada, and an important step in becoming a

vertically integrated specialty plasma products company. Lastly, we continue to progress the pivotal Phase 3 InnovAATe clinical trial

of our proprietary Inhaled AAT for the treatment of Alpha-1 Antitrypsin Deficiency (AATD). We are encouraged by a recent Data and Safety

Monitoring Board (DSMB) review that concluded that the data generated to date support the continuation of the trial without the need for

modifications," concluded Mr. London.

Financial Highlights for the Three Months Ended

Financial Highlights for the Nine Months Ended

Balance Sheet Highlights

As of September 30, 2021, the Company had cash,

cash equivalents, and short-term investments of $99.8 million, as compared to $109.3 million on December 31, 2020. The Company's

working capital as of September 30, 2021, comprising of current assets (excluding cash and cash equivalents, and short-term investments)

net of current liabilities, increased by $8.8 million, to $52.5 million.

Kamada management will host an investment community

conference call on Monday, November 22, at 8:30am Eastern Time to discuss the strategic acquisition and these results and answer questions.

Shareholders and other interested parties may participate in the conference call by dialing 877-407-0792 (from within the U.S.), 1-809-406-247

(from Israel), or 201-689-8263 (International) and entering the conference identification number: 13724183. The call will also be webcast

live on the Internet at:

Kamada Ltd. (the "Company") is a global

specialty plasma-derived biopharmaceutical company with a diverse portfolio of marketed products, a robust development pipeline and industry-leading

manufacturing capabilities. The Company's strategy is focused on driving profitable growth from its current commercial products,

its plasma-derived development pipeline and its manufacturing expertise, while evolving into a vertically integrated plasma-derived company.

The Company's two leading commercial products are GLASSIA and KEDRAB . GLASSIA was the first liquid, ready-to-use, intravenous

plasma-derived AAT product approved by the FDA. The Company markets GLASSIA in the U.S. through a strategic partnership with Takeda Pharmaceuticals

Company Limited ("Takeda") and in other countries through local distributors. Pursuant to an agreement with Takeda, the Company

will continue to produce GLASSIA for Takeda through 2021 and Takeda will initiate its own production of GLASSIA for the U.S. market in

2021, at which point Takeda will commence payment of royalties to the Company until 2040. KEDRAB is an FDA approved anti-rabies immune

globulin (Human) for post-exposure prophylaxis treatment. KEDRAB is being marketed in the U.S. through a strategic partnership with Kedrion

S.p.A. During November 2021, the Company acquired a portfolio of four FDA-approved plasma derived hyperimmune products comprising of CYTOGAM ,

WINRHO , HEPAGAM and VARIZIG , these products are distributed in the U.S., Canada, and additional markets worldwide. The

Company has additional four plasma-derived products administered by injection or infusion, that are marketed through distributors in more

than 15 countries, including Israel, Russia, Brazil, Argentina, India and other countries in Latin America and Asia. The Company has two

leading development programs; an inhaled AAT for the treatment of AAT deficiency for which the Company is currently conducting the InnovAATe

clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial, and a plasma-derived hyperimmune immunoglobulin

(IgG) product as a potential treatment for coronavirus disease (COVID-19). The Company leverages its expertise and presence in the Israeli

pharmaceutical market to distribute in Israel more than 20 products that are manufactured by third parties and have recently added nine

biosimilar products to its Israeli distribution portfolio, which, subject to EMA and the Israeli MOH approvals, are expected to be launched

in Israel between the years 2022 and 2025. FIMI Opportunity Fund, the leading private equity investor in Israel, is the Company's

lead shareholder, beneficially owning approximately 21% 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) anticipation of receiving royalties from Takeda in the range of $10 million to $20 million

per year from 2022 to 2040, 2) optimism about strategic

business development opportunities that will utilize and expand our core plasma-derived development, manufacturing, and

commercialization expertise, 3) the belief that those opportunities are may be significant steps toward accomplishing our

strategic goal of becoming a fully integrated specialty plasma company, 4) plans for the opening of additional plasma collection

centers in the U.S. by leveraging our FDA license, 5) workforce downsizing resulting in an approximate 10% annual labor cost

reduction, 6) being encouraged by a recent DSMB review relating to Phase 3 InnovAATe

clinical trial that concluded that the data collected to date supports the continuation of the trial without a need for

modifications, 7) anticipated global revenue of the acquired product portfolio between $40

million to $45 million in 2021, and 8) the acquisition advancing Kamada's objective of entering 2022 as fully integrated

specialty plasma company, with strong commercial capabilities in the U.S. market, strengthening

its global leadership position in the plasma-derived specialty hyperimmune market. 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 continued evolvement of the COVID-19

pandemic, its scope, effect and duration, availability of sufficient raw materials required to maintain manufacturing plans, the

effects of the COVID-19 pandemic and related government mandates on the availability of adequate levels of work-force required to

maintain manufacturing plans, disruption to the supply chain due to COVID-19 pandemic, continuation of inbound and outbound

international delivery routes, impact of the workforce downsizing plan, continued demand for Kamada's products, including

GLASSIA and KEDRAB, in the U.S. market and its Distribution segment related products in Israel, 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 this new product portfolio, and leverage and expand its

international distribution network, ability to reap the benefits of the recent acquisition of the plasma collection center,

including the ability to open additional U.S. plasma centers, the ability to continue enrollment of the pivotal Phase 3 InnovAATe

clinical trial, unexpected results of clinical studies, including plasma-derived IgG treatment for COVID-19 and the level of demand

for such product, 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.. 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.

Chief Financial Officer

LifeSci Advisors, LLC

STATEMENTS OF FINANCIAL POSITTION