KAMADA - is a developer of life saving therapeutics. 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 KEDRRAB®. 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. 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; a plasmaderived hyperimmune immunoglobulin (IgG) product as a potential treatment for coronavirus disease (COVID-19) and 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. 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.

Letter from CEO (on Mar 15 2022):
"Dear Shareholders, Colleagues and Business Partners:
The recently completed 2021 year was a transformational period for Kamada in our path toward becoming a global leader in the plasma-derived specialty
market. Following the completion of the planned manufacturing transition of Glassia® to Takeda, our recent acquisition of four FDA-approved
commercial immunoglobulins and the establishment of Kamada Plasma, our U.S. based plasma collection company, we are embarking on a new and
exciting chapter in the Company’s evolution. We are building on the strong foundation established over the years, entering 2022 as a "New Kamada" – a
fully-integrated specialty plasma company with six FDA-approved products and strong commercial capabilities in the U.S. market, as well as a global
commercial footprint in over 30 countries.
Our business performed as expected in 2021 and we look ahead to 2022 for which our revenue guidance is between $125 million to $135 million,
representing a 20% to 30% growth compared to 2021, with expected EBITDA margins of 12% to 15%, which would represent more than 2.5x the 2021
EBITDA. This strong guidance reflects the benefits stemmed from our new undertaken strategic direction, and the resume of revenue and profitability
growth in 2022. Importantly, we further expect continued growth at a double-digit rate in the coming few years.
The acquisition completed in November 2021, following a thorough search for the ideal assets for Kamada, was a critical strategic and synergistic step
for the Company. The acquired products generated revenues exceeding $40 million in 2021, with over 50% gross margins, and we anticipate significantly
growing the new portfolio’s revenues through proactive promotional activities in the U.S, where our newly established subsidiary, Kamada Inc., is
responsible for the commercialization and direct sales of the products. We also intend to leverage our existing strong international distribution network to
grow product revenue in new territories, primarily in Asia, Latin America and the Middle East. I am pleased to report that these promotional and sales
activities have already commenced.
Of the four acquired products, the largest is Cytogam®, indicated for the prophylaxis of cytomegalovirus disease associated with solid organs
transplantation. This proprietary and unique product is the only FDA-approved IgG product for its indication. The transition of Cytogam manufacturing
to our facility is already well underway, and we expect to receive FDA approval for its production at our Israeli facility by early 2023. Moreover, based
on the Cytogam manufacturing transfer, expected growth of KedRAB®, our FDA-approved anti-Rabies hyperimmune product, and planned
manufacturing transition of the other acquired products over the next few years, we anticipate improving the gross margins of our proprietary products by
effectively utilizing our plant capacity.
Another major strategic step taken is the acquisition of a plasma collection facility in Texas, in early 2021, which primarily specializes in the collection of
hyper-immune plasma used for Anti-D immunoglobulin, a product manufactured by Kamada and distributed in international markets. This acquisition
represented Kamada’s entry into the U.S. plasma collection market and supported our strategic goal of becoming a fully integrated specialty plasma
company. We are already actively engaged in the expansion of the hyperimmune plasma collection capacity at this center and are simultaneously
advancing our plan to open additional centers in the U.S. to further enhance our supply of specialty and regular plasma.
KedRAB, marketed in the U.S by Kedrion, continues to gain market share in the $150 million U.S. market. During 2021 the FDA approved a label
expansion for the product which differentiates KedRAB as the first and only human rabies immunoglobulin (HRIG) available in the U.S. to be clinically
studied in children and confirming the safety and effectiveness of its use in pediatric population. We anticipate sales of the product to grow significantly
during the next few years."

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