Kamada Doubles Israeli Biosimilar Lineup, Targets Up to $25 Million in Annual Revenue by 2030

Key Points

• Kamada launched Ustekinumab-Kamada and Enoxaparin-Kamada in Israel, expanding its marketed biosimilar portfolio from two products to four.
• Ustekinumab-Kamada references Stelara, while Enoxaparin-Kamada references Clexane.
• Kamada said all four products were approved and launched as interchangeable with their reference products.
• The company expects at least two additional biosimilars to become commercially available in 2027.
• Kamada projects approximately $4 million in biosimilar sales in 2026 and targets $20 million–$25 million in annual portfolio revenue by 2030.

Kamada (NASDAQ: KMDA) has expanded its Israeli biosimilar business with two commercial launches. The additions support the company’s strategy to build a broader licensed portfolio for Israel and the Middle East and North Africa, or MENA, region.

New Launches Cover Inflammatory Diseases and Blood Clots

Ustekinumab-Kamada is a biosimilar to Stelara, a monoclonal antibody used for chronic immune-mediated inflammatory diseases, including plaque psoriasis, psoriatic arthritis, Crohn’s disease and ulcerative colitis.

Enoxaparin-Kamada is a biosimilar to Clexane, a low-molecular-weight heparin used to prevent and treat thromboembolic disorders, including deep vein thrombosis and pulmonary embolism, and in certain acute coronary syndrome settings.

The products join Bevacizumab-Kamada, a biosimilar to Avastin, and Pegfilgrastim-Kamada, a biosimilar to Neulasta. Those first two products launched in Israel over the past two years.

Kamada Plans at Least 12 Marketed Biosimilars by 2030

Kamada expects at least two more biosimilars to become commercially available during 2027. By 2030, it aims to have at least 12 marketed products licensed from six international biosimilar companies, serving Israel and the MENA region.

The company also expects additional licensed products to remain in development or registration at that point, potentially supporting further expansion. The announcement does not identify the next products or provide individual launch dates.

Biosimilar Revenue Targets Rise Through 2030

Kamada anticipates approximately $4 million in sales from its existing commercial biosimilar portfolio in 2026, rising to approximately $10 million in 2028. Its broader 2030 portfolio target is approximately $20 million–$25 million in annual revenue.

These figures are company projections, not reported results. Kamada did not disclose product-level sales forecasts, profit margins or the costs of expanding the portfolio.

Investor Takeaway: More Products, but Execution Matters

For KMDA investors, the launches double the number of marketed biosimilars and advance a business Kamada identifies as a key growth pillar. The company is using its regulatory, commercialization and market-access capabilities to attract additional licensing partners.

The next tests are whether sales meet the stated targets, planned launches occur on schedule and regional expansion delivers revenue. The announcement sets out a growth roadmap, but it does not establish how much the biosimilar business will contribute to future earnings.