Kamada Ltd. (KMDA) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Kamada Limited First Quarter 2026 Earnings Conference Call.

各位好，歡迎參加Kamada Limited 2026年第一季財報電話會議。

At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.

目前所有與會者皆處於僅收聽模式。正式簡報結束後將進行簡短的問答環節。

(Operator Instructions)

（接線員指示）

It is now my pleasure to introduce your host, Brian Ritchie of LifeSci Advisors.

現在我很榮幸介紹本次會議主持人：LifeSci Advisors 的 Brian Ritchie。

Thank you. You may begin.

謝謝。您可以開始了。

Thank you, operator. This is Brian Ritchie with LifeSci Advisors. Thank you all for participating in today's call.

謝謝，接線員。我是 LifeSci Advisors 的 Brian Ritchie。感謝各位參與今天的電話會議。

Joining me from Kamada are Amir London, Chief Executive Officer, and Chaime Orlev, Chief Financial Officer.

與我一同出席的 Kamada 團隊成員包括：執行長 Amir London，以及財務長 Chaime Orlev。

Earlier today, Komada announced its financial results for the three months ended March 31, 2026.

今天稍早，Komada 公布了截至2026年3月31日止三個月的財務結果。

If you have not received this news release, please go to the Investors page of the company's website at www.kamada.com.

若您尚未收到本新聞稿，請至公司網站 www.kamada.com 的投資人頁面查閱。

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 20-F and 6-K, which identify specific factors that may cause actual results or events to 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.

在開始之前，我要提醒各位，管理層在本次電話會議中的評論將包含前瞻性陳述，涉及與 Kamada 營運及未來業績相關的風險與不確定性。我建議各位查閱公司向美國證券交易委員會（SEC）提交的文件，包括但不限於 Form 20-F 與 6-K，其中列示可能導致實際結果或事件與前瞻性陳述所述內容出現重大差異的特定因素。此外，本次電話會議內容包含具時效性的資訊，僅在直播當日（2026年5月13日，星期三）為準確。

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.

Kamada 不承擔在本次電話會議日期之後，因事件或情況變化而修訂或更新任何陳述的義務。話不多說，我很榮幸將電話交給執行長 Amir London。

Amir.

Amir。

Thank you, Brian, and thanks also to our investors and analysts for your interest in Kamada and for participating in today's call.

謝謝你，Brian，也感謝各位投資人與分析師對 Kamada 的關注並參與今天的電話會議。

I'm pleased to report that operational and financial performance in 2026 is off to a solid start.

我很高興報告，2026年的營運與財務表現有一個穩健的開局。

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 percentage and 23 percentage growth when comparing 2026 guidance midpoint to 2025 results. Importantly, this 2026 annual guidance is based currently solely on organic growth.

第一季營收與調整後 EBITDA 符合我們的預期。重要的是，雖然單一訂單因暫時性出貨延遲（該訂單已於4月交付）影響了第一季財務結果，但我們產品的基本需求仍持續增加，支持我們對2026年剩餘期間業績顯著走強的信心。因此，我們重申2026年全年指引：營收2.00億至2.05億美元，以及調整後 EBITDA 5,000萬至5,300萬美元；以2026年指引中位數相較2025年結果，分別代表12%與23%的成長。重要的是，這項2026年全年指引目前僅基於內生成長。

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.

我們對公司在短期與長期的成長前景感到振奮。我們的策略聚焦於擴大全部商業化產品組合，包括持續投資於我們六項獲 FDA 核准之血漿衍生專科產品的商業化與產品生命週期管理，以支持美國以及美國以外市場的內生商業成長。

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 expansion of the distribution business to the MENA region.

作為商業成長的一部分，我們也預期透過在以色列市場推出更多生物相似藥產品，以及將經銷業務擴展至中東與北非（MENA）地區，來擴大我們的經銷事業。

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.

我們也預期將持續提升三座血漿中心的採漿量，目標是強化垂直整合、降低專科血漿成本，並透過銷售一般來源血漿（normal source plasma）增加營收。

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.

最後，我們專注於取得新的業務開發與併購（M&A）交易，藉此豐富現有已上市產品組合，並與我們既有的商業營運產生綜效。

I will now expand on each of these strategic growth pillars.

接下來我將就上述各項策略成長支柱逐一說明。

Our lead product continues to be our Anti-Rabbit Immoglobulin, Kedrab, which is being distributed in the U.S. Through our collaboration with Kedrion. End-user utilization of the products in the U.S. Is continuing to increase significantly, and our product supply to Kedrion is expected to increase beyond Kedrion's minimum commitment of $90 million sales in 2026 through 2027.

我們的主力產品仍為抗兔免疫球蛋白 Kedrab，透過與 Kedrion 的合作在美國進行經銷。該產品在美國的終端使用量持續顯著增加，我們對 Kedrion 的供貨預期將超過 Kedrion 在2026年至2027年每年9,000萬美元銷售額的最低承諾。

As a reminder, our current supply agreement with Kedrion runs through 2031.

提醒各位，我們與 Kedrion 的現行供應協議有效期至2031年。

In addition to our significant market share in the U.S., we continue to grow sales of KamRAB in leading international markets such as Canada, Latin America countries, Australia and Israel.

除了在美國擁有可觀的市占率外，我們也持續在加拿大、拉丁美洲國家、澳洲與以色列等主要國際市場成長 KamRAB 的銷售。

Glassia 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.

Glassia 是我們第二大產品系列，其營收貢獻主要來自美國以外市場的產品銷售成長，以及 Takeda 在美國與加拿大銷售該產品所帶來的權利金收入。

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.

透過與阿根廷、俄羅斯與瑞士等關鍵市場的經銷商密切合作，以及在以色列市場直接營運，我們在擴大病患基礎與營收的同時，也持續辨識並診斷更多患有 AAT 缺乏症的新病患；AAT 缺乏症是一種慢性且高度容易被誤診的疾病。

We are also continuing to explore opportunities for additional international markets where Glassia could be registered and launched.

我們也持續探索 Glassia 可望註冊並上市的其他國際市場機會。

Moving on to our anti-CMV immunoglobulin, Cytogam.

接下來談到我們的抗 CMV 免疫球蛋白 Cytogam。

Last year, we announced the initiation of a comprehensive post-marketing research program for Cytogam, 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.

去年，我們宣布啟動 Cytogam 的全面上市後研究計畫；我們相信該計畫將有助於證明本產品在預防與管理 CMV 疾病方面的優勢。我們與主要意見領袖合作開發此計畫，以探索推進新型 CMV 疾病管理方式。

I'd like to take this opportunity and talk about two of those investigator-initiated studies.

我想藉此機會談談其中兩項由研究者發起的研究。

The first study, patients continue to be enrolled into the study titled Strategic Help with Immunoglobulin to Enhance Protection Against Late Disease CMV, or the SHIELD Study.

第一項研究方面，病患持續納入一項名為「以免疫球蛋白策略性協助提升對晚發性 CMV 疾病之防護」（Strategic Help with Immunoglobulin to Enhance Protection Against Late Disease CMV），簡稱 SHIELD 研究。

The SHIELD study investigates the benefits of Cytogam 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 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.

SHIELD 研究評估在抗病毒預防療程結束時給予 Cytogam，是否能降低腎臟移植受者發生具臨床意義之晚發性 CMV 的風險；這些受者為 CMV 血清陰性且供者為 CMV 血清陽性。此類病患屬於晚發性 CMV 感染風險最高族群，而晚發性 CMV 感染與較差的移植受者健康狀況與預後相關。

The second study I'm going to talk supports data which was recently presented by Dr. Danielle Calabrese, MD, staff physician at the San Francisco VA Healthcare 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.

第二項研究我將談到的是支持近期由舊金山退伍軍人醫療體系（San Francisco VA Healthcare System）的主治醫師 Danielle Calabrese 醫師（MD），以及加州大學舊金山分校（UCSF）肺移植計畫的內科助理教授所發表的資料。該資料於加拿大多倫多舉行的2026年國際心肺移植學會（ISHLT）年會上發表。

In his presentation, Dr. Calabrese 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.

在其報告中，Calabrese 醫師提出的資料顯示，CMV 可能與較差的肺移植預後相關，其影響不僅透過病毒複製，也可能透過免疫活化；而 CMV 免疫球蛋白（CMV IVIG）與此反應的免疫調節相關，而非僅僅對 CMV 病毒血症（viremia）的影響。

Dr. Calabrese 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 prophylaxis and other CMV serotype groups. Highlighting the clinical relevance of the high-risk population and the potential role of CMV-IVAG as a targeted intervention.

Calabrese 醫師進一步報告指出，在一項針對 CMV 高風險肺移植受者的回溯性分析中，未接受 CMV IVIG 預防性治療的患者，相較於接受 CMV IVIG 預防性治療者以及其他 CMV 血清型組別，臨床結果更差。此結果凸顯該高風險族群的臨床重要性，以及 CMV-IVAG 作為目標性介入措施的潛在角色。

We believe that the data generated by these studies and other studies planned in this program will support increased product utilization for cytogram.

我們相信，這些研究以及本計畫中規劃的其他研究所產生的數據，將支持 cytogram 產品使用量的提升。

Moving on to Varizig or antivarizellazoster hemoglobulin 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.

接著談 Varizig（抗水痘帶狀皰疹免疫球蛋白），其適應症為高風險個體於暴露後的預防。我們正經歷該產品強勁的市場需求，主要來自拉丁美洲及美國市場，這源於我們的產品宣導活動以及水痘疫情爆發次數的增加。

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.

至於經銷事業部門，作為推動有機成長活動的一部分，我們將於以色列在第二季末與第三季初推出另外兩項生物相似藥，且未來幾年還有數項產品在研發管線中，將陸續上市。

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.

我們相信，該產品組合將在我們的經銷業務中占比日益重要，並預期在未來四到五年內，生物相似藥年銷售額可達 1,500 萬至 2,000 萬美元。我們也持續推進將經銷活動擴展至 MENA（中東與北非）地區。

We have 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.

我們近期已簽訂數項經銷安排，並啟動向當地主管機關註冊相關產品的作業。我們也持續與其他數家國際公司洽談，向其提供從註冊到商業化的全方位服務。

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 clear to commence commercial sales of normal soft 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.

接著談 Kamada Plasma。3 月，我們宣布位於德州聖安東尼奧的先進血漿採集中心已獲 FDA 核准，該中心目前已可開始正常來源血漿（normal source plasma）的商業銷售。取得 FDA 核准後，我們計畫尋求歐洲藥品管理局（EMA）對休士頓與聖安東尼奧兩座中心的後續查核與核准。

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 a normal-source plasma at full capacity. We expect to initiate normal-source plasma sales during the second half of this year.

提醒一下，休士頓與聖安東尼奧兩座設施在滿載產能下，預期各自可透過正常來源血漿銷售創造每年約 800 萬至 1,000 萬美元的營收。我們預期將於今年下半年開始正常來源血漿的銷售。

Moving on to business development and M&As.

接著談業務發展與併購（M&A）。

As previously discussed, we continue to evaluate such opportunities, and we are 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.

如先前所討論，我們持續評估此類機會，並希望在短期內能促成具吸引力的交易，以豐富我們已上市產品的組合，並與現有商業營運相互補強。

We plan that such transactions would generate synergies with our current commercial portfolio and support our long-term profitable growth.

我們規劃此類交易將與我們目前的商業產品組合產生綜效，並支持我們長期的獲利成長。

With that, I'll turn the call over to Chaime for a detailed discussion of our Q1 2026 financial results.

接下來，我將把電話交給 Chaime，請他詳細說明我們 2026 年第一季的財務結果。

Chaime, please go ahead.

Chaime，請開始。

Thank you, Amir. As Amir stated at the top of the call, results for the first quarter of 2026 were solid and in line with our expectations, exclusive the temporary shipment delay of a single order, which was already delivered during April.

謝謝你，Amir。正如 Amir 在會議一開始所提到的，2026 年第一季的結果穩健，並符合我們的預期；若不計一筆單一訂單的暫時性出貨延遲（該訂單已於 4 月交付）。

Total revenues for the first quarter were $42.5 million, a 3% increase from the $44 million in the prior-year period.

第一季總營收為 4,250 萬美元，較去年同期的 4,400 萬美元增加 3%。

The increase in revenues year-over-year was primarily driven by increased sales of Kedrab as well as increased sales in our distribution segment.

營收年增主要由 Kedrab 銷售增加，以及我們經銷事業部門銷售增加所帶動。

Gross profit and gross margins were $19.1 million and 42% in the first quarter of 2026, compared to $20.7 million and 47% in the first quarter of 2025. The reduction in gross margin during the first quarter was affected by products and market sales mix.

2026 年第一季毛利與毛利率分別為 1,910 萬美元與 42%，相較之下，2025 年第一季為 2,070 萬美元與 47%。第一季毛利率下降受到產品與市場銷售組合的影響。

Operating expenses, including R&D, sales and marketing and G&A, and other expenses totaled $12.1 million in the first quarter of the year, compared to $13 million in the first quarter of 2025. The decrease was driven by a reduction in R&D expenses related to the termination of the Phase III INNOVATE clinical trial, which were offset by increases in sales and marketing and G&A expenses related to our investments in the overall growth of the commercial products portfolio.

本季營業費用（包括研發、銷售與行銷、一般及行政費用以及其他費用）合計為 1,210 萬美元，較 2025 年第一季的 1,300 萬美元下降。下降主因為終止第三期 INNOVATE 臨床試驗而使研發費用降低；但部分被銷售與行銷以及一般及行政費用的增加所抵銷，該增加與我們對商業產品組合整體成長的投資相關。

Net income was $4.1 million or $0.07 per diluted share in the first quarter of 2026, up 4% as compared to $4 million and $0.07 per diluted share in the first quarter of 2025.

2026 年第一季淨利為 410 萬美元，或稀釋後每股盈餘 0.07 美元，較 2025 年第一季的 400 萬美元與稀釋後每股盈餘 0.07 美元增加 4%。

Adjusted EBITDA as detailed in the table was $11.6 million in the first quarter of 2026, equivalent to that reported in the first quarter of 2025.

如表格所示，2026 年第一季調整後 EBITDA 為 1,160 萬美元，與 2025 年第一季相同。

As of March 31, 2026, Kamada had cash and cash equivalents of $73.1 million as compared to $75.5 million as of December 31, 2024.

截至 2026 年 3 月 31 日，Kamada 的現金及約當現金為 7,310 萬美元，相較於 2024 年 12 月 31 日的 7,550 萬美元。

Lastly, in March, we were pleased to declare a dividend of $0.25 per share, totaling approximately $14.4 million. Cash dividend was paid on April 7 of this year. This dividend payment was made in accordance with dividend policy adopted by the Board, under which we intend to distribute an annual dividend of at least 50% of our annual net income, subject to the Board discretion and satisfaction of dividend distribution tests under the Israeli Companies Law at the time of distribution.

最後，3 月我們很高興宣布每股 0.25 美元的股利，合計約 1,440 萬美元。現金股利已於今年 4 月 7 日支付。此股利支付係依董事會採納的股利政策辦理；根據該政策，我們擬每年配發至少相當於年度淨利 50% 的股利，但仍須視董事會裁量，以及於配發時符合以色列公司法下的股利分配測試。

The dividend payment reinforces our confidence in the company's future business prospects and ample liquidity to continue investing in our commercial growth, including new business development and M&A transactions and dividends to our shareholders.

此次股利支付強化了我們對公司未來業務前景的信心，以及充足流動性可持續投入商業成長，包括新的業務發展與併購交易，並向股東發放股利。

With that, we are ready to open the call to questions.

接下來，我們準備開放提問。

Operator.

接線員。

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

（接線員指示）

Annabel Samimy, Stifel

Annabel Samimy，Stifel

Hi, team. This is Jack on for Annabelle. Thanks for taking our questions.

嗨，團隊。我是代 Annabelle 發言的 Jack。謝謝你們回答我們的問題。

Two from us. First, could you give a bit more color on the revenue impact that the delayed shipment had on overall growth and which products were primarily impacted? And at this stage of your diversification, should we expect any seasonality from Kedrab and Varizig? What has kind of kept the growth continuing thus far into their product lives?

我們有兩個問題。第一，能否更具體說明延遲出貨對整體成長的營收影響，以及主要影響到哪些產品？另外，以你們目前的多元化程度來看，我們是否應預期 Kedrab 與 Varizig 會有任何季節性？是什麼因素讓它們在產品生命週期至今仍能持續成長？

Thank you for the question. So, the delay was with one single shipment. Revenue-wise, approximately $2.4 million. It was supposed to be shipped to one of the ex-U.S. Territories where we sell our proprietary products, and the delay was primarily because of the situation in the Middle East with limited flights to that specific destination.

謝謝你的提問。延遲的是單一一筆出貨。就營收而言，約 240 萬美元。原本預計出貨至我們在美國以外地區之一（ex-U.S. territories）銷售自有產品的市場；延遲主要是因中東局勢導致飛往該特定目的地的航班有限。

In terms of seasonality, so there is some seasonality. Regarding Kedrab in our sales to Kedrion and Kedrion sales in the market.

就季節性而言，確實存在一些季節性。關於 Kedrab，體現在我們對 Kedrion 的銷售，以及 Kedrion 在市場端的銷售。

But because we are basically acting as like a B2B type of company, because Kedrion carries inventory, so we are less sensitive to that seasonality. Seasonality is because the summertime, people are hanging more out. It's time that we see greater number of potential exposure to rabid animals.

但因為我們基本上是以 B2B 類型公司的方式在運作，而且 Kedrion 會持有庫存，所以我們對那種季節性因素的敏感度較低。季節性主要是因為夏季人們外出活動較多；這段時間我們會看到潛在接觸狂犬病動物的機會增加。

Varizig is related more to kind of chicken pox outbreaks. So, it's less seasonality, maybe a little bit, during the beginning of school year in September, but again, not significantly fluctuating. So it's more about, when there are outbreaks. This is where our product is needed more.

Varizig 比較與水痘疫情爆發相關。因此季節性較不明顯，可能在每年 9 月開學初期會有一點，但同樣不會有顯著波動。更重要的是在疫情爆發時，這就是我們產品需求較高的時候。

Great, very helpful, and thank you.

很好，非常有幫助，謝謝。

Yeah, okay.

好的，了解。

Jim Sidoti, Sidoti & Company, LLC.

Jim Sidoti，Sidoti & Company, LLC。

Hi, good afternoon. Thanks for taking the questions.

嗨，下午好。謝謝讓我提問。

With the distribution business, can you tell us how many products are approved for sale right now?

關於經銷業務，能否告訴我們目前有多少項產品已獲准銷售？

In total, in the Israeli market, Kamada has around 40 different products which we distribute.

總體而言，在以色列市場，Kamada 約有 40 種不同的產品由我們經銷。

We service around 20 plus different international companies. We are growing the biosimilars segment. We are working with multiple companies. In the past, we announced that we have an agreement with Alvotech.

我們服務約 20 多家不同的國際公司。我們正在擴大生物相似藥（biosimilars）領域，並與多家公司合作。過去我們曾宣布與 Alvotech 達成協議。

Since then, we've added additional companies that we represent in Israel for the biosimilar segment. We have launched already three products, two more will be launched over the next few weeks. So we already have five products in the market by end of this year on the biosimilar site.

自那之後，我們又新增了其他公司，由我們代表其在以色列的生物相似藥業務。我們已經推出 3 項產品，未來幾週還會再推出 2 項。因此到今年底，在生物相似藥方面我們在市場上將已有 5 項產品。

In the MENA region, we are expanding. We already signed multiple agreements to represent companies in the region, and we will be continuing to sign agreements and to register the products, and those products are expected to be launched second part of this year into 2027, the first few products that we will be selling in the MENA region under a distribution agreement.

在 MENA 地區，我們正在擴張。我們已簽署多項協議，在該地區代表相關公司，並將持續簽約與進行產品註冊；這些產品預計將於今年下半年至 2027 年間陸續上市，作為我們在 MENA 地區依經銷協議銷售的首批產品。

Okay, but so the total number of products by the end of the year should be approximately 45 products?

好的，那麼到今年底產品總數大約會是 45 項左右？

Approximately, yes, but there is a significant kind of variance between the level of the sales of each of those products. Some products sell millions of dollars, some sell hundreds of thousands of dollars.

大約是，但各產品的銷售規模差異很大。有些產品的銷售額是數百萬美元，有些則是數十萬美元。

So, the increase in the first quarter, is that primarily because of the addition of the three products you've added so far, or is that also--

那第一季的成長，主要是因為你們目前新增的那 3 項產品帶來的，還是也—

It was across basically the entire portfolio that we've seen. It wasn't based on one single product.

我們看到的是幾乎整個產品組合的全面成長，並不是由單一產品所帶動。

Okay. And for the plasma collection business, you indicated you're going to start selling source plasma by the end of the year. So does that mean that you're right now close to collecting whatever plasma you need for your proprietary products at this point?

了解。那關於血漿採集業務，你們提到年底前會開始銷售來源血漿（source plasma）。這是否表示你們目前已接近收集到自有產品所需的血漿量？

No, it's each of the centers started by collecting normal source plasma. That's kind of the first step for a new center once it was established. And then we are adding specialty programs to the Houston and San Antonio centers. The Beaumont Center is collecting only specialty, and that has been since the day we acquired the center in 2021.

不是。每個中心一開始都是先採集一般來源血漿，這是新中心成立後的第一步。接著我們會在休士頓與聖安東尼奧中心加入特殊專案（specialty programs）。博蒙特中心只採集特殊項目，而且自我們在 2021 年收購該中心起就是如此。

So this is not, one on account of the other. These programs are running in parallel. The fact that now we have FDA approval for both Houston and San Antonio allows us to sell the normal source plasma that we've already collected since we opened those centers, and that's a cell that will be materialized starting second part of this year.

所以這不是彼此取代的關係；這些專案是並行運作的。現在我們已取得 FDA 對休士頓與聖安東尼奧兩個中心的核准，使我們能夠銷售自這些中心開設以來已採集的一般來源血漿，而這項銷售將自今年下半年開始實現。

All right, thank you.

好的，謝謝。

You're welcome.

不客氣。

Yeah, I will pass the call over to Brian Ritchie.

好的，我把電話交給 Brian Ritchie。

Thank you. Just a couple of questions that have come in online.

謝謝。這裡有幾個線上提問。

Amir, on the plasma collection centers, can you let us know when the Houston and San Antonio centers will reach full collection capacity?

Amir，關於血漿採集中心，能否告訴我們休士頓與聖安東尼奧中心何時會達到滿載採集產能？

Yeah, so we expect to be running at full capacity towards the end of 2027, early 2028.

是的，我們預期在 2027 年底到 2028 年初左右達到滿載。

On the normal source, definitely on the specialty, we'll continue to collect and add more and more donors. So let's say end of '27, early '28, this is when the centers expected to be running at their current planned capacity.

就一般來源血漿而言是如此；至於特殊項目，我們會持續採集並增加更多捐贈者。也就是說，到 2027 年底、2028 年初，這些中心預計將以目前規劃的產能運行。

And the last question here has to do with Cytogam.

最後一個問題與 Cytogam 有關。

What are the current trends currently impacting that particular product?

目前有哪些趨勢正在影響這項產品？

So, as I mentioned during the call, we are making efforts investing in expanding the post-marketing clinical program. I mentioned on the call that we just had a strong, basically a report coming from Dr. Calabrese from UCSF was presented at ISHLT conference. And Dr. Calabrese basically showed a study that was made that basically highlighting the clinical relevance of a cytogram of CMV IVIG as a potential targeted intervention for high risk transported patients.

如我在電話會議中提到的，我們正投入資源擴大上市後臨床計畫。我也提到，我們剛收到一份相當有力的報告：UCSF 的 Calabrese 醫師在 ISHLT 會議上發表。Calabrese 醫師展示了一項研究，重點凸顯 Cytogam（CMV IVIG）在臨床上的相關性，作為針對高風險移植患者的潛在標靶介入措施。

This is in addition to other data that we've been collecting and presenting over the last few years since we acquired the product and started investing in the post-marketing clinical studies.

此外，這也加上我們在過去幾年持續收集並發表的其他數據，自我們收購該產品並開始投入上市後臨床研究以來一直如此。

We believe that the data generated by these studies, and this is in addition to the SHIELD study, that it will take a bit longer to see the data. And other studies that we are running through investigator-initiated type of programs will support increased product utilization for Cytogam. So, we think that the weakness of the that that we were facing when we acquired the product was the lack of recent clinical data, and that investment we are making in the product lifecycle management in order to show the benefits, advantages of the product to be used in parallel to the antivirals and actually improve patient outcome.

我們相信，這些研究所產生的數據（再加上 SHIELD 研究，但該研究還需要更長時間才能看到數據），以及我們透過研究者發起（investigator-initiated）計畫所進行的其他研究，將支持 Cytogam 的使用量提升。我們認為，在我們收購該產品時所面臨的疲弱因素之一，是缺乏近期的臨床數據；因此我們在產品生命週期管理上進行投資，旨在展示該產品與抗病毒藥物並用的效益與優勢，並實際改善患者預後。

Thanks, Amir. Appreciate that comprehensive answer.

謝謝你，Amir。很感謝你這麼完整的回答。

And with that, I'll turn it back to you for closing remarks.

接下來我把時間交還給你做結語。

Okay, thank you, Brian. So, in closing, we continue to invest in the four-pillar growth strategy with continued progress made in the organic growth by existing commercial portfolio, expansion of the distribution business, growth of our plasma collection operation, and securing business development and M&A transactions to support and expedite our growth.

好的，謝謝你，Brian。最後總結，我們將持續投入四大支柱成長策略，並在以下方面持續取得進展：既有商業產品組合帶動的有機成長、經銷業務擴張、血漿採集營運成長，以及透過業務開發與併購（M&A）交易來支持並加速我們的成長。

We look forward to continuing to support clinicians and patients with important products that we develop, manufacture, and commercialize, and we thank you all for your support, and we remain committed to creating long-term shareholder value.

我們期待持續以我們所研發、製造並商業化的重要產品來支持臨床醫師與患者；也感謝各位的支持，我們將持續致力於創造長期股東價值。

So thank you for participating in today's call, and we hope you all stay healthy and safe.

因此，感謝各位參與今天的電話會議，也希望大家都能保持健康與平安。

Thank you.

謝謝。

This concludes today's teleconference. You may disconnect your lines at this time.

今天的電話會議到此結束。您現在可以掛斷電話線。

Thank you for your participation.

感謝您的參與。