Kamada Ltd. (Nasdaq: KMDA); TASE: KMDA) has lowered its full-year guidance, after reporting lower revenue for the third quarter of 2013. "2013 continues to be a significant year of growth and expansion for Kamada, with achievements to date providing the foundation for continued success through the balance of the year and into 2014," said Kamada CEO David Tsur in response to the results.
Kamada cut its revenue guidance to $70-73 million from $74 million. The company attributes the lower guidance to a pricing change by India's National Pharmaceutical Pricing Authority, even though US revenue under its distribution agreement with Baxter International Inc. (NYSE: BAX) remain on track.
Revenue fell 1.1% to $17.5 million for the third quarter from $17.7 million for the corresponding quarter of 2012. Operating income fell to $1 million from $1.3 million, and net profit remained at zero.
"We are nearing the completion of two Phase II/III clinical trials with expected data readouts from our Phase II/III trial in Europe of our inhaled Alpha-1 Antitrypsin (AAT) for the treatment of AAT deficiency (AATD) in early 2014, and are about to embark upon two late-stage clinical programs in the coming months," said Tsur. "We are preparing for a U.S. clinical study of our inhaled AAT for treatment of AATD that will test pharmacokinetic parameters of different analytes in epithelial lining fluid and serum, as well as safety and tolerability. We have an Investigational New Drug protocol approved by the US Food and Drug Administration and expect to initiate the trial by the end of this year."
Published by Globes [online], Israel business news - www.globes-online.com - on October 29, 2013
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