Kedrion warns MidEast conflict may disrupt plasma supplies to Iran

• Kedrion has been forced to transport immunoglobulins to Iran by land due to shipping disruptions, with rising fuel prices threatening logistics viability
• The company posted 2025 revenue of 1.65 billion euros (up 4.5% year-over-year) and adjusted EBITDA of 341.4 million euros (up 22.6%)
• Kedrion operates 76 plasma collection centres globally (68 in the U.S., 8 in Czech Republic) and derives 61% of revenue from the U.S. market

Summary

Italian biopharmaceutical company Kedrion warned that ongoing disruptions to shipping through the Strait of Hormuz may hinder its ability to deliver plasma-based medicines to patients in Iran. CEO Ugo Di Francesco stated the company has been forced to switch to land transportation for immunoglobulins, with rising fuel prices threatening to make logistics costs prohibitively expensive.

Key Company Details:

• Kedrion produces life-saving treatments for rare and ultra-rare diseases
• Operates 76 plasma collection centers (68 in the U.S., 8 in Czech Republic)
• Employs approximately 5,400 people following its 2022 merger with Britain's Bio Products Laboratory
• Controlled by private equity firm Permira (63.2% stake), with Italy's Marcucci family (16.3%) and Italian investment firms FSI and CDP Equity as minority shareholders

Financial Performance (2025):

• Revenue: €1.65 billion ($1.78 billion), up 4.5% year-over-year
• Adjusted EBITDA: €341.4 million, up 22.6%
• U.S. market accounts for 61% of total revenue

Market Implications:

The geopolitical tensions affecting the Strait of Hormuz—a critical global shipping route—are creating supply chain challenges for pharmaceutical companies operating in the Middle East. While Kedrion reports no significant impact on therapy availability thus far, continued disruption could affect patient access to critical medications and increase operational costs. The situation highlights broader risks to healthcare supply chains in regions experiencing geopolitical instability, particularly for companies serving vulnerable patient populations dependent on specialized treatments.