Kamada Ltd.

Greetings and welcome to the Kamada Limited first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. Should anyone require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Ritchie of LifeSci Advisors. Thank you. You may begin.

Thank you, Operator. This is Brian Ritchie with LifeSci Advisors. Thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer, and Jaime Orlev, Chief Financial Officer. Earlier today, Kamada announced its financial results for the three months ended March 31st, 2026. If you have not received this news release, please go to the investors page of the company's website at www.kamada.com. Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of Kamada. I encourage you to review the company's filings with the Securities and Exchange Commission, including, without limitation, the company's forms 20F and 6K, which identify specific factors that may cause actual results or events differ materially from those described in the forward-looking statements. Furthermore, the content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, Wednesday, May 13, 2026. Kamada undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call. With that said, it is my pleasure to turn the call over to Amir London, CEO. Amir?

Thank you, Brian. I thank also to our investors and analysts for your interest in Kamada and for participating in today's call. I'm pleased to report that operational and financial performance in 2026 is off to a solid start. First quarter revenues and adjusted EBITDA were in line with our expectations. Importantly, while a temporary shipment delay of a single order, which was already delivered in April, affected our first quarter financial results, the underlying demand for our products continues to increase, supporting our confidence for significantly stronger results over the remainder of 2026. As such, we are reiterating our 2026 annual guidance of $200 million to $205 million in revenues, and $50 million to $53 million of adjusted EBITDA, respectively representing 12 and 23 growth percentage when comparing 2026 guidance midpoints to 2025 results. Importantly, this 2026 annual guidance is based currently solely on organic growth. We're excited about the growth prospects of our business over both the near and longer term. Our strategy is focused on the expansion of our entire commercial product portfolio, including continued investment in the commercialization and lifecycle management of our six FDA-approved specialty plasma-derived products, supporting organic commercial growth in the U.S. as well as in ex-U.S. markets. As part of our commercial growth, we also anticipate growing our distribution segment through the launch of additional biosimilar products in the Israeli market, as well as the expansion of the distribution business to the MENA region. We further expect to continue ramping up the plasma collection in our three plasma centers, aiming to strengthen our vertical integration, reduce specialty plasma costs, and increase revenues through sales of normal source plasma. Lastly, we are focused on securing new business development and M&A transactions, which will enrich our current portfolio of marketed products, and generate synergies with our existing commercial operation. I will now expand on each of these strategic growth pillars. Our lead product continues to be our anti-REBIS immoglobulin, Kedrub, which is being distributed in the U.S. through our collaboration with Kedrion. End-user utilization of the product in the U.S. is continuing to increase significantly, and our product supply to Kedrion is expected to increase beyond Cadrion's minimum commitment of $90 million sales in 2026 through 2027. As a reminder, our current supply agreement with Cadrion runs through 2031. In addition to a significant market share in the U.S., we continue to grow sales of CamRub in leading international markets such as Canada, Latin America countries, Australia, and Israel. Glacier represents our second leading franchise with revenue contribution driven by growing product sales in ex-U.S. markets and royalty income generated from sale of the product by Takeda in the U.S. and Canada. By working diligently with our distributors in key markets such as Argentina, Russia, and Switzerland, as well as directly in the Israeli market, we are growing our patient base and revenues. while continuing to identify and diagnose new patients suffering from AAT deficiency, which is a chronic, highly misdiagnosed disease. We are also continuing to explore opportunities for additional international markets where Glacier could be registered and launched. Moving on to our anti-CMV immunoglobulin, CytoGum. Last year, we announced the initiation of a comprehensive post-marketing research program for Cytogram, which we believe will help demonstrate the advantages of the product in the prevention and management of CMV disease. We developed this program in collaboration with leading key opinion leaders to explore advancement of novel CMV disease management. I'd like to take this opportunity and talk about two of those investigator-initiated studies. The first study, patient continued to be enrolled into the study titled Strategic Help with Imnoglobulin to Enhance Protection Against Late Disease CMV, or the SHIELD study. The SHIELD study investigates the benefits of cytogram administrated at the conclusion of the antiviral prophylaxis to reduce the risk of clinically significant late CMV in kidney transplant recipients who are CMV seronegative patients and have a CMV seropositive donor. These patients are at the highest risk of developing late-onset CMV infection, which is associated with worse transplant recipient health and outcomes. The second study I'm going to talk supports data which was recently presented by Dr. Daniel Calabresi, MD, staff physician at the San Francisco VA Health Care System, and assistant professor of medicine at the UCSF Lung Transplant Programs. It was presented at the 2026 International Society for Heart and Lung Transplant, the ISHLT, annual meeting in Toronto, Canada. In his presentation, Dr. Calabresi reported data suggesting that CMV may be associated with worse lung transplant outcomes, not only through viral replication, but also through immune activation, as the CMV immunoglobulin, the CMV IVIG, is associated with immune modulation of this response rather than effects on CMV viremia alone. Dr. Calabresi further reported that in a retrospective analysis of CMV high-risk lung transplant recipients, patients who did not receive the CMV IVIG prophylaxis experienced worse clinical outcomes compared with those who did receive the CMV IVIG IVFG prophylaxis, and other CMV serotype groups, highlighting the clinical relevance of the high-risk population and the potential role of CMV IVFG as a targeted intervention. We believe that the data generated by these studies and other studies planned in this program will support increased product utilization for cytograms. Moving on to Varizig or anti-Varizella zuster immunoglobulin indicated for post-exposure prophylaxis in high-risk individuals. We are experiencing strong market demand for the product, mainly in Latin America and in the U.S. market, resulting from our product awareness activities and the increase in number of chickenpox outbreaks. As for the distribution sector, as part of activities to advance organic growth, We will be launching soon in Israel two additional biosimilars by the end of the second quarter and the beginning of the third quarter, and we have several others in the pipeline to be launched in the coming years. We believe this portfolio will become an increasingly important portion of our distribution business, with biosimilars annual sales of between $15 million to $20 million within the next four to five years. We are also continuing to advance expansion of our distribution activity to the MENA region. We've recently entered into several distribution arrangements and initiated activities to register the underlying product with local authorities. We continue to engage in discussion with several additional international companies, offering them full service from registration to commercialization. Moving on to Kamada Plasma. In March, we announced FDA approval of our state-of-the-art plasma collection center in San Antonio, Texas. and the center is now cleared to commence commercial sales of normal source plasma. With FDA approval of the center in hand, we plan to seek subsequent inspection and approval by the European Medicine Agency of both the Houston and the San Antonio centers. As a reminder, each of the Houston and San Antonio facilities are expected to generate annual revenues of between $8 million to $10 million in sales of normal source plasma at full capacity. We expect to initiate normal-source plasma cells during the second half of this year. Moving on to business development and M&As. As previously discussed, we continue to evaluate such opportunities, and we're hopeful that this will be able to secure compelling transactions in the near term, which will enrich our portfolio of marketed products and complement our existing commercial operations. We plan that such transaction will generate synergies with our current commercial portfolio and support our long-term profitable growth. With that, I'll now turn the call over to Jaime for a detailed discussion of our Q1 2026 financial results. Jaime, please go ahead.