Everyone, thank you for joining the H.C. Wainwright 28th Annual Global Investment Conference. My name is Emily Bodnar, and I am an Equity Research Analyst at H.C. Wainwright. I am pleased to introduce our next presenter, Amir London, Chief Executive Officer of Kamada.
Thank you, Emily. Thank you everyone for joining the presentation. In the next 20 minutes or so, I will go through a quick overview of Kamada. Kamada is dual-traded, Tel Aviv and Nasdaq. This slide is a quick overview, and then I will go into the details, of course. We are a global biopharmaceutical company. We are a leader in what is called specialty plasma-derived immunoglobulin, specialty plasma-derived product. Our portfolio consists of six FDA-approved products. Over the last few years, we have been growing significantly, double-digit every year, and we have a good plan and a good strategic roadmap to continue growing in a similar pace in the years to come, and I will go through it. For this year, we guided the market. We will be selling between $200 million- $205 million, with an EBITDA of around 25%- 26%, between $50 million- $53 million.
As you have seen, as of the middle of the year, the first six months, we have met exactly half of that guideline. We are reassuring basically that, reaffirming that we are going to meet our annual guidelines. Company has been growing, as I mentioned, around 14% a year on the top line, and even faster and greater on our bottom line performance. As of end of the quarter, end of the six months, we had over $70 million, and we declared a second dividend payment to our shareholders this year. We have, and I will go through it, we have what we call the four growth drivers of the company that is part of a strategic plan to continue growing the company the way we have been growing over the last few years.
The first six months of the year were the best six months for the company since it was founded, as we were delivering another year of profitable growth and executing on our strategic plan. This is our performance chart of the last few years. As of 2021, when we started this journey, we have doubled the company from $100 million to the $200 million that we are projecting for this year. On the EBITDA profitability side, you see that we have grown in a highly profitable way from a $6 million EBITDA in 2021, which was only 6% of our top line, to this 25%, 26% of EBITDA currently. So highly significant growth, but also highly significant profitable growth, the way that we have implemented our strategy. When comparing 2026 to 2025, you see that on all financial metrics, we have been growing nicely.
13% on the revenue, 14% on the EBITDA, and EPS 21%, and we generated close to $18 million cash from operation over the first six months of the year. Definitely, we don't need to go back to the market and raise funds anytime soon. We are profitable generating cash, and we're able, with that cash, to pay dividends, to invest in our commercialization, expanding our global reach, and also moving forward with M&A transactions and in licensing opportunities. Here, the last two rows on this slide talk about the dividends that was already paid this year. These are our six FDA-approved products. , CYTOGAM, WINRHO , VARIZIG, and HEPAGAM are part of a family of what's called specialty plasma-derived immunoglobulin.
These are antibodies made from human plasma, which are used in all kind of acute cases when there is a need to boost the patient immune system because of specific reasons. I'll use two examples. KEDRAB, anti-rabies immunoglobulin. If any one of you followed the CDC report from Friday, there's been a significant increase in number of rabies exposure in the U.S. over the last few months, and we are part of the solution. There are only two such products in the U.S. market, and basically, when someone has been exposed to a rabid animal and they go to the ER, they need to get an immediate protection, immediate boost of their immunity against rabies. Rabies is the most deadly virus, 100% basically mortality if untreated, but also 100% preventable if treated. This is our product. Another example I'll use, CYTOGAM.
This is an anti-CMV antibody, anti-CMV immunoglobulin used as part of solid organ transplantation. CMV is the number one cause for solid organ rejection as part of transplantation. Because patients get infected with CMV, we basically make a product which are CMV antibody, CMV immunoglobulins, and these are being administrated prophylactically to patients as part of the transplantation procedure in order to improve their immunity against CMV. A little bit about this plasma industry. This is very sophisticated niche within the biopharma industry in general. It starts with people donating plasma. Some donate plasma as part of what's called normal source plasma, regular plasma, and some are part of specialty program.
Specialty program, either because they have been vaccinated against a specific virus, like in the rabies case, or because they have high titer, high potency antibodies against specific virus, just because naturally they've been exposed to that virus, and some of us naturally have the ability to develop stronger, if I may, antibodies. We collect plasma, or we source plasma. It has to be done in the U.S. We have our own three collection centers in Texas. The reason it has to be done in the U.S., because FDA accepts the final product only if the plasma itself has been collected in the U.S. Then it goes through different type of screening, and there is a lot of safety and regulatory aspects around plasma. You want to make sure that you are not transmitting any other virus to the future patient that will be receiving those antibodies.
Through that process of plasma collection, plasma screening, and what's called viral inactivation, we actually are able to purify specific antibodies from the plasma. At the end of the day, in the vial, in the bottle, there is high concentration of antibodies, immunoglobulins, against a specific virus. I showed you earlier the different products that are in our portfolio. This is in a nutshell, the process. It takes around nine months from collection until there's a final product in the market. Only 10 companies globally have an FDA-approved plasma-derived product. It's, as I mentioned, highly sophisticated. A lot of experience and know-how has been built into this product portfolio. The expertise starts with the ability to collect plasma and have plasma with high potency. That's not a trivial thing to do. As I mentioned, over the years, the industry had been major consolidations.
When I started in the industry around 15 years ago, there have been maybe 20 different companies, but there's been some acquisition. Some of the big guys have acquired the smaller guys, and we have been developing ourselves as a specialty company with unique expertise, with the richest portfolio of such products on the U.S. market. We're active in over 40 countries, in the U.S., Israel, where we founded, and the Middle East. We have our own local team, our own commercialization capabilities, and in all other blue countries here on the map, we are working through a network of distributors and partners, and we are constantly expanding, registering the product in additional countries in order to offer our products to greater population. As I said, very high entry barrier for newcomers. We don't find new plasma companies, definitely not the ones that are meeting U.S. or EMEA standards.
This allows us, in most of the markets we operate, we see very little competition, if at all. In some cases, we are the sole supplier or the sole owner of such a product. In other cases, we see maybe between one to two potential competitors. The management team has been kind of running together for quite some time. I've been the CEO of Kamada for over 12 years, and the rest of the team is highly experienced in the different aspects of our supply chain, commercialization, regulatory, plasma collection, and all the different corporate functions. We are running two corporate offices, one in Tel Aviv and one here in Hoboken, in New Jersey for our U.S. activity. How are we going to continue growing this business? This specialty plasma portfolio, as I mentioned, six FDA-approved products currently in over 30 different countries and growing.
We have the ability to expand, to register the product in additional countries, to take additional market share where there is a competition, or create greater awareness of our products and when and where they are needed. We see this progress year after year. We've been growing double digits in every one of our products over the last few years based on that commercialization and medical awareness activities. In addition, we have what we call the distribution segment. That's kind of a second line of business for us, where we in-license products for the Israeli and the Middle Eastern regions. In those two areas, we don't sell just our products, but we have a greater portfolio, which is built on us licensing products. Originally, many years ago, it started with only plasma products that we did not have in our portfolio.
We started to bring them basically from partners. But over the years, this has grown into other products, into medical fields. We are almost agnostic to what medical field, as long as it makes sense in terms of our business. Over the last two, three years, we've been growing through the biosimilar field. We've signed multiple agreements with biosimilar companies. We represent them in Israel. We're expanding also to the greater Middle Eastern region, and we see this as our main growth engine over the next few years, and I'll go into some more details in a second. Plasma sales. We have three plasma collection centers. They are based in Texas. They collect specialty plasma, anti-rabies, anti-D, anti-hepatitis for our own needs, but we also collect regular plasma, which is being sold out as a raw material to a client.
We just signed this agreement for $ 50 million plasma sales over the next three years, around $17 million. This is basically kind of optimizing our plasma collection capacity, plasma collection financial, plasma collection capabilities. Every liter of plasma that we don't need for our own need to make our own products will be sold over the next three years to this external client. Last but not least, we're actively looking to grow also through acquisition, M&As, not just organically with our own line of products. We have the funding. We have the $60 million currently, cash, which is basically available for acquisition to accelerate the growth.
We're looking for different product that are synergetic to what we currently do in our current areas of activities in order to leverage the infrastructure that we've built in the U.S., or the distribution business, or our manufacturing capacity, manufacturing capabilities to continue growing. Over the last two years, we have screened some opportunities. We have not yet kind of materialized on a transaction. We are currently screening for and doing due diligence on some M&A opportunities, and we believe this will mature and will materialize over the next few months. To dive a little bit, and I kind of spoke about it already, but dive a little bit into some more of the key products and the key growth engines. KEDRAB out of the U.S. is our anti-rabies immunoglobulin. This is one of only two products of the kind in the U.S.
Current market size is $180 million, split almost even, 50/50, between us and our competitor. We are using, we are working with a partner in the U.S. market, so we are not recognizing the full 50%, $90 million, because we have a partner for the U.S. market, a company called Kedrion. We're leveraging that success in the U.S. also to register, sell, participate in tenders in other parts of the world. We have won the Canadian, Australian, Israeli, Latin America, and some European countries' tenders. This is a franchise and a business which is growing significantly for us. You will see this growth already this year and the years to come. GLASSIA was our first FDA-approved product. This is for a disease called alpha-1 deficiency. Alpha-1 is a protein which is being developed in our liver.
It has multiple functions in our body, but the best-known one, it's like a protective layer of the lung. People that are suffering from a genetic disorder called alpha-1 antitrypsin deficiency develop a severe lung disease, COPD-like, but not because of smoking or environmental reasons, but because of the genetic disorder. This product is licensed to Takeda in the U.S. and Canada. Ex-U.S., Canada, we sell it direct or through a network of distributors. For 2025, we had $16 million royalties from Takeda. Royalties, we have no cost on that, it goes directly to our bottom line. We had $19 million of sales ex-U.S., ex-Canada, outside of our agreement with Takeda. This $19 million is growing at least 10% a year through better awareness, better diagnostics, and identifying additional patients in other parts of the world, mainly in LATAM and in Eastern Europe.
We've seen this growth, and in some of those countries, we are the only sole supplier of such a product, alpha-1 protein for alpha-1 antitrypsin deficient patients. Last but not least, CYTOGAM. I mentioned CMV is a virus. It's like the number one cause for organ rejection as part of solid organ transplantation. This is the only product of its kind in the U.S., and we are investing primarily in what's called post-marketing studies in order to create more recent data about the advantages of using CYTOGAM as part of the transplantation, primarily prophylactically. We would like physicians to identify what's called the high-risk patients and to administer CYTOGAM as a part of their operation, part of the surgery. So far, we've been mainly active, and the utilization has been mainly in the lung transplantation, but this is only like 3,000 events in the U.S.
While kidney, there's like nine times more. There are around 27,000 kidney transplantation in the U.S. every year. So far, we have had very limited penetration into the kidney, although it's on label. We are currently doing a post-marketing study, primarily with MGH, Massachusetts General Hospital from Boston, with a Dr. Camille Kotton. She's our lead investigator for that study. The idea is to show the benefits of using CYTOGAM as part of kidney transplantation. We expect data to be available in 2028 or 2029. We believe this could be a major breakthrough in the usage, utilization of CYTOGAM as part of solid organ transplantation once, if we are successful and we penetrate the kidney space as part of transplantation. Then going back to what I mentioned in terms of our main growth engines.
The distribution segment, as I mentioned, primarily currently in Israel and the Middle East region. Going into the biosimilars as our main growth engine, two biosimilars have already been launched in 2024 and 2025. Two are being launched this quarter. At least three products are being launched next year. We expect that within the next few years, this will add another $15 million-$20 million of revenue to our distribution segment. If we are successful to expand this to the level that we expect in the Middle East region, and this includes the entire Gulf countries and additional countries in the area, we believe this can be even greater. So we are taking around a $30 million-$35 million business, and we expect this to grow significantly over the next few years, mainly through the biosimilar activities.
Kamada Plasma, our fully owned subsidiary, a plasma collection company based in Texas. Currently three centers collecting normal source plasma, which is being sold out to an external client. A $50 million contract signed in July for the next three years. The specialty plasma, which is being used in our own production, is an intracompany transaction between our plasma collection company and our manufacturing company. As we continue growing and becoming more and more independent in terms of our plasma supply, this not only helps us with our vertical integration, but this also going to help us with our cost of goods. We're going to decrease our cost of plasma, which is like the number one factor in the cost of making the product.
It's much cheaper for us to collect a liter of plasma than to buy a liter of plasma from an external supplier. The M&A transaction I mentioned, this is one of our main focus, to continue accelerating growing the company. To summarize, a global leader in the space of plasma-derived products with additional businesses supporting our growth. Highly profitable, generating cash, paying dividend, continuing to grow the company at a rate of double digits for the next few years, with very competitive advantage, difficult or high entry barrier for newcomers, and four growth drivers, which will continue to lead our growth over the next few years. With that, I will finish my presentation and open it for questions. Is there any question from the team here? Okay, thank you very much.