Exhibit 99.3
KAMADA LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF MARCH 31, 2025
TABLE OF CONTENTS
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F-1
KAMADA LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
| As of | As of | |||||||||||
| March 31, | December 31, | |||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Unaudited | ||||||||||||
| U.S. Dollars in Thousands | ||||||||||||
| Assets | ||||||||||||
| Current Assets | ||||||||||||
| Cash and cash equivalents | $ | $ | $ | |||||||||
| Trade receivables, net | ||||||||||||
| Other accounts receivables | ||||||||||||
| Inventories | ||||||||||||
| Total Current Assets | ||||||||||||
| Non-Current Assets | ||||||||||||
| Property, plant and equipment, net | ||||||||||||
| Right-of-use assets | ||||||||||||
| Intangible assets and other long-term assets | ||||||||||||
| Goodwill | ||||||||||||
| Contract assets | ||||||||||||
| Deferred taxes | ||||||||||||
| Total Non-Current Assets | ||||||||||||
| Total Assets | $ | $ | $ | |||||||||
| Liabilities | ||||||||||||
| Current Liabilities | ||||||||||||
| Current maturities of lease liabilities | $ | $ | $ | |||||||||
| Current maturities of other long term liabilities | ||||||||||||
| Trade payables | ||||||||||||
| Other accounts payables | ||||||||||||
| Deferred revenues | ||||||||||||
| Total Current Liabilities | ||||||||||||
| Non-Current Liabilities | ||||||||||||
| Lease liabilities | ||||||||||||
| Contingent consideration | ||||||||||||
| Other long-term liabilities | ||||||||||||
| Deferred taxes | ||||||||||||
| Employee benefit liabilities, net | ||||||||||||
| Total Non-Current Liabilities | ||||||||||||
| Shareholder’s Equity | ||||||||||||
| Ordinary shares | ||||||||||||
| Additional paid in capital net | ||||||||||||
| Capital reserve due to translation to presentation currency | ( | ) | ( | ) | ( | ) | ||||||
| Capital reserve from hedges | ( | ) | ||||||||||
| Capital reserve from share-based payments | ||||||||||||
| Capital reserve from employee benefits | ||||||||||||
| Accumulated deficit | ( | ) | ( | ) | ( | ) | ||||||
| Total Shareholder’s Equity | ||||||||||||
| Total Liabilities and Shareholder’s Equity | $ | $ | $ | |||||||||
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F-2
KAMADA LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| Three months period ended | Year ended | |||||||||||
| March 31, | December 31, | |||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Unaudited | ||||||||||||
| U.S. Dollars in Thousands | ||||||||||||
| Revenues from proprietary products | $ | $ | $ | |||||||||
| Revenues from distribution | ||||||||||||
| Total revenues | ||||||||||||
| Cost of revenues from proprietary products | ||||||||||||
| Cost of revenues from distribution | ||||||||||||
| Total cost of revenues | ||||||||||||
| Gross profit | ||||||||||||
| Research and development expenses | ||||||||||||
| Selling and marketing expenses | ||||||||||||
| General and administrative expenses | ||||||||||||
| Other expenses | ||||||||||||
| Operating income (loss) | ||||||||||||
| Financial income | ||||||||||||
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net | ( | ) | ||||||||||
| Financial Income (expense) in respect of contingent consideration and other long- term liabilities. | ( | ) | ( | ) | ( | ) | ||||||
| Financial expenses | ( | ) | ( | ) | ( | ) | ||||||
| Income before tax on income | ||||||||||||
| Taxes on income | ( | ) | ( | ) | ||||||||
| Net Income (loss) | $ | $ | $ | |||||||||
| Other Comprehensive Income (loss): | ||||||||||||
| Amounts that will be or that have been reclassified to profit or loss when specific conditions are met | ||||||||||||
| Gain (loss) on cash flow hedges | ( | ) | ( | ) | ( | ) | ||||||
| Net amounts transferred to the statement of profit or loss for cash flow hedges | ( | ) | ( | ) | ( | ) | ||||||
| Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||
| Remeasurement gain (loss) from defined benefit plan | ||||||||||||
| Total comprehensive income (loss) | $ | $ | $ | |||||||||
| Earnings per share attributable to equity holders of the Company: | ||||||||||||
| Basic net earnings per share | $ | $ | $ | |||||||||
| Diluted net earnings per share | $ | $ | $ | |||||||||
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F-3
KAMADA LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
| Additional | Capital reserve due to translation to | Capital reserve | Capital reserve from | Capital reserve from | ||||||||||||||||||||||||||||
| Share | paid in | presentation | from | sharebased | employee | Accumulated | Total | |||||||||||||||||||||||||
| capital | capital | currency | hedges | payments | benefits | deficit | equity | |||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||||||||||
| U.S. Dollars in Thousands | ||||||||||||||||||||||||||||||||
| Balance as of January 1, 2025 (audited) | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
| Net income | ||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| Total comprehensive income (loss) | ( | ) | ||||||||||||||||||||||||||||||
| Exercise and forfeiture of share-based payment into shares | ( | ) | ||||||||||||||||||||||||||||||
| Cost of share-based payment | ||||||||||||||||||||||||||||||||
| Dividend | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| Balance as of March 31, 2025 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
| Additional | Capital reserve due to translation to | Capital reserve | Capital reserve from share | Capital reserve from | ||||||||||||||||||||||||||||
| Share | paid in | presentation | from | based | employee | Accumulated | Total | |||||||||||||||||||||||||
| capital | capital | currency | hedges | payments | benefits | deficit | equity | |||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||||||||||
| U.S. Dollars in Thousands | ||||||||||||||||||||||||||||||||
| Balance as of January 1, 2024 (audited) | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
| Net income | ||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| Total comprehensive income (loss) | ( | ) | ||||||||||||||||||||||||||||||
| Exercise and forfeiture of share-based payment into shares | ( | ) | ||||||||||||||||||||||||||||||
| Cost of share-based payment | ||||||||||||||||||||||||||||||||
| Balance as of March 31, 2024 | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
F-4
KAMADA LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
| Share | Additional paid in | Capital reserve due to translation to presentation | Capital reserve from | Capital reserve from share based | Capital reserve from employee | Accumulated | Total | |||||||||||||||||||||||||
| capital | capital | currency | hedges | payments | benefits | deficit | equity | |||||||||||||||||||||||||
| U.S. Dollars in Thousands | ||||||||||||||||||||||||||||||||
| Balance as of January 1, 2024 (audited) | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
| Net income | ||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax) | ( | ) | ||||||||||||||||||||||||||||||
| Total comprehensive income (loss) | ( | ) | ||||||||||||||||||||||||||||||
| Exercise and forfeiture of share-based payment into shares | ( | ) | ||||||||||||||||||||||||||||||
| Cost of share-based payment | ||||||||||||||||||||||||||||||||
| Income tax impact associated with issuance of shares | ||||||||||||||||||||||||||||||||
| Balance as of December 31, 2024 | $ | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F-5
KAMADA LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
| Three months period Ended | Year Ended | |||||||||||
| March 31, | December 31, | |||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Unaudited | Unaudited | |||||||||||
| U.S. Dollars in Thousands | ||||||||||||
| Cash Flows from Operating Activities | ||||||||||||
| Net income (loss) | $ | $ | $ | |||||||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
| Adjustments to the profit or loss items: | ||||||||||||
| Depreciation and amortization | ||||||||||||
| Financial expenses, net | ||||||||||||
| Cost of share-based payment | ||||||||||||
| Taxes on income | ( | ) | ||||||||||
| Loss (gain) from sale of property and equipment | ( | ) | ||||||||||
| Change in employee benefit liabilities, net | ( | ) | ||||||||||
| Changes in asset and liability items: | ||||||||||||
| Decrease (increase) in trade receivables, net | ( | ) | ( | ) | ||||||||
| Decrease (increase) in other accounts receivables | ( | ) | ( | ) | ||||||||
| Decrease in inventories | ||||||||||||
| Decrease in deferred expenses | ||||||||||||
| Increase (decrease) in trade payables | ( | ) | ( | ) | ||||||||
| Increase (decrease) in other accounts payables | ( | ) | ( | ) | ||||||||
| Increase (decrease) in deferred revenues | ( | ) | ||||||||||
| ( | ) | ( | ) | |||||||||
| Cash received (paid) during the period for: | ||||||||||||
| Interest paid | ( | ) | ( | ) | ( | ) | ||||||
| Interest received | ||||||||||||
| Taxes paid | ( | ) | ( | ) | ( | ) | ||||||
| Net cash provided by (used in) operating activities | $ | ( | ) | $ | $ | |||||||
F-6
KAMADA LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
| Three months period Ended | Year Ended | |||||||||||
| March, 31 | December 31, | |||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Unaudited | Unaudited | |||||||||||
| U.S. Dollars in Thousands | ||||||||||||
| Cash Flows from Investing Activities | ||||||||||||
| Purchase of property and equipment and intangible assets | $ | ( |
) | $ | ( |
) | $ | ( |
) | |||
| Proceeds from sale of property and equipment | ||||||||||||
| Net cash used in investing activities | ( |
) | ( |
) | ( |
) | ||||||
| Cash Flows from Financing Activities | ||||||||||||
| Proceeds from exercise of share base payments | ||||||||||||
| Proceeds from issuance of ordinary shares, net | - | |||||||||||
| Repayment of lease liabilities | ( |
) | ( |
) | ( |
) | ||||||
| Repayment of long-term loans | - | |||||||||||
| Repayment of other long-term liabilities | ( |
) | ( |
) | ( |
) | ||||||
| Net cash used in financing activities | ( |
) | ( |
) | ( |
) | ||||||
| Exchange differences on balances of cash and cash equivalent | ( |
) | ( |
) | ||||||||
| Increase (decrease) in cash and cash equivalents | ( |
) | ( |
) | ||||||||
| Cash and cash equivalents at the beginning of the period | ||||||||||||
| Cash and cash equivalents at the end of the period | $ | $ | $ | |||||||||
| Significant non-cash transactions | ||||||||||||
| Right-of-use asset recognized with corresponding lease liability | $ | $ | $ | |||||||||
| Purchase of property and equipment and Intangible assets | $ | $ | $ | |||||||||
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F-7
KAMADA LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Note 1:- General
General description of the Company and its activity
Kamada Ltd (the “Company”) is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. The Company’s strategy is focused on driving profitable growth through four primary growth pillars: First, organic growth from its commercial activities, including continued investment in the commercialization and life cycle management of its proprietary products, which include six FDA-approved specialty plasma-derived products: KEDRAB®, CYTOGAM®, GLASSIA®, WINRHO SDF®, VARIZIG® and HEPAGAM B® , as well as KAMRAB®, KAMRHO (D)® and two types of equine-based anti-snake venom products, and the products in the Distribution segment portfolio, mainly through the launch of several biosimilar products in Israel. Second, the Company aims to secure significant new business development, in-licensing, collaboration and/or merger and acquisition opportunities, which are anticipated to enhance the Company’s marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term growth. Third, the Company is expanding its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns three operating plasma collection centers in the United States, in Beaumont Texas, Houston Texas, and San Antonio, Texas. Lastly, the Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need, with its lead product candidate Inhaled AAT, for which the Company is continuing to progress the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial.
In November 2021, the Company acquired, pursuant to an Asset Purchase Agreement, CYTOGAM, WINRHO SDF, VARIZIG and HEPGAM B from Saol Therapeutics Ltd.. The acquisition of this portfolio furthered the Company’s core objective to become a fully integrated specialty plasma company with strong commercial capabilities in the U.S. market, as well as to expand to new markets, mainly in the Middle East/North Africa region, and to broaden the Company’s portfolio offering in existing markets. The Company’s wholly owned U.S. subsidiary, Kamada Inc., is responsible for the commercialization of the four products in the U.S. market, including direct sales to wholesalers and local distributers.
In accordance with an agreement with Takeda Pharmaceuticals Company Limited (“Takeda”), starting
from the first quarter of 2022, Takeda pays the Company royalties on sales of GLASSIA manufactured by Takeda in the United States and,
commencing in 2024, in Canada, at a rate of
The Company’s ordinary shares are listed for trading on the Tel Aviv Stock Exchange and the NASDAQ Global Select Market.
FIMI Opportunity Funds (“FIMI”),
the leading private equity firm in Israel beneficially owns approximately
The Company’s activity is divided
into
| Proprietary Products | Manufacturing, sales and distribution of plasma-derived protein therapeutics. | |
| Distribution | Distribute imported drug products in Israel, which are manufactured by third parties. |
The Company has four wholly-owned subsidiaries – Kamada Inc.,
Kamada Plasma LLC (wholly owned by Kamada Inc.), KI Biopharma LLC and Kamada Ireland Limited. In addition, the Company owns
F-8
KAMADA LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Note 2:- Material Accounting Policies
| a. | Basis of preparation of the interim consolidated financial statements: |
The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, “Interim Financial Reporting”.
| b. | Forthcoming requirements |
| Presentation and Disclosure in Financial Statements – IFRS 18 |
In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements (“IFRS 18”) which replaces IAS 1 Presentation of Financial Statements. IFRS 18 requires an entity to classify all income and expenses within its statement of profit and loss into one of five categories: operating; investing; financing; income taxes; and discontinued operations. The first three categories are new. These categories are complemented by the requirement to present subtotals for “operating profit or loss,” profit or loss before financing income and taxes” and “profit or loss” IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted.
The Company is currently assessing the impact of the Standard on its financial statements. As of March 31, 2025, the Company does not have impact on its financial statement.
Note 3:- Significant events in the reporting period
On March 5, 2025, the company announced
that its Board of Directors has declared a special cash dividend of
F-9
KAMADA LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Note 4:- Operating Segments
| a. | General: |
The company has
| Proprietary Products | Manufacturing, sales and distribution of plasma-derived protein therapeutics. | |
| Distribution | Distribute imported drug products in Israel, which are manufactured by third parties. |
| b. |
| Three months period ended March 31, 2025 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Unaudited | ||||||||||||
| Revenues | $ | $ | $ | |||||||||
| Gross profit | $ | $ | $ | |||||||||
| Unallocated corporate expenses | ( | ) | ||||||||||
| Finance expenses, net | ( | ) | ||||||||||
| Income before taxes on income | $ | |||||||||||
| Three months period ended March 31, 2024 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Unaudited | ||||||||||||
| Revenues | $ | $ | $ | |||||||||
| Gross profit | $ | $ | $ | |||||||||
| Unallocated corporate expenses | ( | ) | ||||||||||
| Finance expenses, net | ( | ) | ||||||||||
| Income before taxes on income | $ | |||||||||||
F-10
KAMADA LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Note 4:- Operating Segments (cont.)
| b. | Reporting on operating segments (cont.): |
| Year Ended December 31, 2024 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Audited | ||||||||||||
| Revenues | $ | $ | $ | |||||||||
| Gross profit | $ | $ | $ | |||||||||
| Unallocated corporate expenses | ( | ) | ||||||||||
| Finance expenses, net | ( | ) | ||||||||||
| Income before taxes on income | $ | |||||||||||
| c. |
| Three months period ended March 31, 2025 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Unaudited | ||||||||||||
| Geographical markets | ||||||||||||
| U.S.A | $ | $ | $ | |||||||||
| Israel | ||||||||||||
| Latin America | ||||||||||||
| Canada | ||||||||||||
| Asia | ||||||||||||
| Europe | ||||||||||||
| $ | $ | $ | ||||||||||
F-11
KAMADA LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Note 4:- Operating Segments (cont.)
| c. | Reporting on operating segments by geographic region: (cont.) |
| Three months period ended March 31, 2024 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Unaudited | ||||||||||||
| Geographical markets | ||||||||||||
| U.S.A | $ | $ | $ | $ | ||||||||
| Israel | ||||||||||||
| Canada | ||||||||||||
| Asia | ||||||||||||
| Latin America | ||||||||||||
| Europe | ||||||||||||
| $ | $ | $ | ||||||||||
| Year ended December 31, 2024 | ||||||||||||
| Proprietary Products | Distribution | Total | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| Audited | ||||||||||||
| Geographical markets | ||||||||||||
| U.S.A | $ | $ | $ | |||||||||
| Israel | ||||||||||||
| Latin America | ||||||||||||
| Canada | ||||||||||||
| Europe | ||||||||||||
| Asia | ||||||||||||
| Others | ||||||||||||
| $ | $ | $ | ||||||||||
F-12
KAMADA LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Note 5:- Financial Instruments
| Classification of financial instruments by fair value hierarchy |
Financial assets (liabilities) measured at fair value
| Level 1 | Level 2 | Level 3 | ||||||||||
| U.S Dollars in thousands | ||||||||||||
| March 31, 2025 | ||||||||||||
| Derivatives instruments | $ | $ | ( |
) | $ | |||||||
| Contingent consideration | $ | $ | $ | ( |
) | |||||||
| March 31, 2024 | ||||||||||||
| Derivatives instruments | $ | ( |
) | $ | ||||||||
| Contingent consideration | $ | $ | $ | ( |
) | |||||||
| December 31, 2024 | ||||||||||||
| Derivatives instruments | $ | $ | $ | |||||||||
| Contingent consideration | $ | $ | $ | ( |
) | |||||||
During the three months ended on March 31, 2025, there were no transfers due to the fair value measurement of any financial instrument from Level 1 to Level 2, and furthermore, there were no transfers to or from Level 3 due to the fair value measurement of any financial instrument.
Note 6:- Subsequent events
| a. | With respect to a special dividend payment made on April 7, 2025 please refer to note 3 above. |
| b. | In connection with a Statement of Claim filed on June 13, 2023 against the Company by a third-party previously engaged to distribute the Company’s propriety products in Russia and Ukraine (the “Distributor”), with the tribunal of first instance in Geneva, on April 22, 2025, the tribunal dismissed the Distributer 's action and declared it inadmissible due to a lack of jurisdiction in Switzerland. The Distributer has the right to appeal such decision by May 27, 2025. For more information about this claim please refer to note 17h to the Company’s 2024 annual financial statements included in the 2024 form 20F filed with the Securities and Exchanger Commission on March 5, 2025. |
F-13