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Mannkind Corp. (MNKD)
NASDAQ:MNKD
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MannKind
(NASDAQ:MNKD)
58Neutral
Positive Factors
Financial Performance
Afrezza's 4Q24 net revenue of $18.3M beat consensus of $16.8M, and MNKD is further increasing promotional efforts with the planned sNDA submission for pediatric patients as well as label change submission.
Product Approval
Two FDA approvals in diabetes and pulmonary arterial hypertension (PAH) have validated MannKind's technology platform in transforming therapeutics with proven efficacy into inhaled formulation to improve dosing convenience while maintaining or even improving treatment outcomes.
Negative Factors
Market Awareness
The modest revenues since the FDA approval in 2014 were mainly due to limited promotional efforts leading to low physician/patient awareness.
MannKind (MNKD) vs. S&P 500 (SPY)
Market Cap
$1.59B
Dividend YieldN/A
Average Volume (3M)2.17M
Price to Earnings (P/E)56.9
Beta (1Y)0.92
Revenue Growth43.50%
EPS GrowthN/A
CountryUS
Employees414
SectorHealthcare
Sector Strength78
IndustryBiotechnology
Share Statistics
EPS (TTM)0.09
Shares Outstanding303,591,340
10 Day Avg. Volume2,841,031
30 Day Avg. Volume2,167,243
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)5.58
Price to Cash Flow (P/CF)17.60
P/FCF Ratio16.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$9.60Price Target Upside86.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
MannKind Business Overview & Revenue Model
Company DescriptionMannKind Corp. is a biopharmaceutical company. It focuses on the discovery, development and, commercialization of therapeutic products for diseases, such as diabetes and cancer. The company was founded by Alfred E. Mann on February 14, 1991 and is headquartered in Westlake Village, CA.
How the Company Makes MoneyMannKind Corporation generates revenue primarily through the sales of its inhaled insulin product, Afrezza. The company earns money by distributing Afrezza through various channels, including direct sales to healthcare providers, partnerships with pharmaceutical companies, and collaborations with distribution networks. MannKind may also engage in licensing agreements to expand the reach of its technology and products, thereby earning royalties or milestone payments. Strategic partnerships, such as those with United Therapeutics for the development of pulmonary hypertension treatments, further contribute to MannKind's revenue by expanding its product portfolio and market presence.
MannKind Financial Statement Overview
Summary
MannKind has shown strong revenue growth and improved profitability, with a significant increase in both Gross and Net Profit Margins. The company has also seen improvements in cash flow generation, turning Free Cash Flow positive. However, the balance sheet is weak, with negative equity and high leverage, posing financial risks.Income Statement
MannKind has shown significant revenue growth with a 43.48% increase from 2023 to 2024. The company has improved its profitability margins, with a notable Gross Profit Margin of 79.27% and a Net Profit Margin of 9.66% in 2024, compared to a negative Net Profit Margin in 2023. EBIT and EBITDA margins have also improved significantly, indicating better operational efficiency. However, historical profitability has been volatile, which suggests potential risks.72
Positive
Balance Sheet
The company's balance sheet shows a negative Stockholders' Equity, which indicates financial instability. With a Debt-to-Equity Ratio being undefined due to negative equity, the company's leverage is very high, posing significant financial risk. Despite this, the company has managed its debt levels better in 2024 compared to previous years, as seen by a reduction in total debt. However, the negative equity and high liabilities remain critical concerns.44
Neutral
Cash Flow
MannKind's cash flow performance has improved, with Free Cash Flow turning positive in 2024 after being negative in prior years, indicating better cash generation. The Operating Cash Flow to Net Income ratio of 1.54 and Free Cash Flow to Net Income ratio of 1.19 reflect a strong conversion of income into cash. However, historical volatility in cash flows suggests caution in assessing long-term sustainability.65
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 285.50M | 198.96M | 99.77M | 75.44M | 65.14M | Gross Profit |
| 226.33M | 136.19M | 42.27M | 36.59M | 40.50M | EBIT |
| 72.59M | 8.68M | -68.92M | -53.48M | -24.79M | EBITDA |
| 77.54M | 15.13M | -56.34M | -61.09M | -45.01M | Net Income Common Stockholders |
| 27.59M | -11.94M | -112.17M | -91.79M | -57.24M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 197.26M | 295.10M | 170.85M | 204.12M | 67.00M | Total Assets |
| 393.84M | 475.20M | 295.28M | 321.16M | 108.61M | Total Debt |
| 47.70M | 382.38M | 382.91M | 382.74M | 123.44M | Net Debt |
| 1.36M | 143.90M | 313.14M | 258.56M | 56.43M | Total Liabilities |
| 472.66M | 721.37M | 545.82M | 530.51M | 289.03M | Stockholders Equity |
| -78.82M | -246.17M | -250.54M | -209.35M | -180.42M |
| Cash Flow | Free Cash Flow | |||
| 32.82M | -8.35M | -88.27M | -73.17M | -32.91M | Operating Cash Flow |
| 42.51M | 34.09M | -80.68M | -61.71M | -28.13M | Investing Cash Flow |
| -96.65M | -1.99M | 4.87M | -151.54M | 15.22M | Financing Cash Flow |
| -137.27M | 136.61M | 21.41M | 270.27M | 49.85M |
MannKind Technical Analysis
Negative
5.15
Price Trends
5.74
Negative
6.26
Negative
5.93
Negative
Market Momentum
-0.19
Negative
39.69
Neutral
59.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MNKD, the sentiment is Negative. The current price of 5.15 is below the 20-day moving average (MA) of 5.33, below the 50-day MA of 5.74, and below the 200-day MA of 5.93, indicating a bearish trend. The MACD of -0.19 indicates Negative momentum. The RSI at 39.69 is Neutral, neither overbought nor oversold. The STOCH value of 59.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MNKD.
MannKind Risk Analysis
MannKind disclosed 52 risk factors in its most recent earnings report. MannKind reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MannKind Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $17.23B | 42.91 | 43.03% | ― | 22.07% | 101.95% | |
66 Neutral | $703.51M | ― | 222.83% | ― | 23.89% | 16.86% | |
61 Neutral | $27.46B | 49.32 | 27.63% | ― | 11.34% | 4.24% | |
58 Neutral | $1.59B | 56.94 | -35.00% | ― | 43.50% | ― | |
56 Neutral | $1.19B | ― | -33.30% | ― | 25.74% | 57.18% | |
49 Neutral | $6.84B | 0.05 | -53.14% | 2.48% | 24.49% | -3.26% | |
39 Underperform | $391.11M | ― | -166.29% | ― | 0.37% | -20.49% |
* Healthcare Sector Average
Performance Comparison
MNKD
MannKind
5.15
0.65
14.44%
DXCM
Dexcom
68.48
-61.02
-47.12%
PODD
Insulet
244.67
76.97
45.90%
TNDM
Tandem Diabetes Care
18.18
-9.82
-35.07%
SENS
Senseonics Holdings
0.57
<0.01
1.79%
XERS
Xeris Pharmaceuticals
4.56
2.43
114.08%
MannKind Earnings Call Summary
Earnings Call Date: Feb 26, 2025 | % Change Since: -5.85% | Next Earnings Date: May 7, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong financial performance and growth in key areas such as Tyvaso DPI and Afrezza revenues, alongside a significant reduction in debt. However, there are challenges in the pipeline development and preparation for the pediatric launch of Afrezza, as well as a slight decline in V-Go revenues. Overall, the positive financial results and strategic initiatives outweigh the challenges faced.Highlights
Record Revenue in Endocrine Business Unit
Q4 revenue reached $23 million, with full-year revenue at $82 million. This was a record for the endocrine business unit.
Successful Tyvaso DPI Collaboration
Tyvaso DPI-related revenues exceeded $200 million in 2024, marking the first billion-dollar product for United Therapeutics and showcasing the success of the Technosphere platform.
Significant Revenue Growth
Fourth quarter revenues were $77 million, showing a 31% increase over the previous year's fourth quarter. Full year 2024 revenue was $286 million, a 43% increase over the prior year.
Reduction in Debt
Reduced debt principal by $236 million in 2024, leaving a minimal debt balance of $36 million related to senior convertible notes.
Afrezza Revenue Growth
Afrezza net revenue for the fourth quarter was $18 million, an 18% increase, and full-year revenue was $64 million, a 17% increase over 2023.
Lowlights
V-Go Revenue Decline
V-Go net revenue was $5 million for the fourth quarter, a decrease of 4% over the prior year, due to lower product demand and lack of promotion.
Challenges in Pediatric Launch Preparation
Significant preparation needed for the pediatric launch of Afrezza, with focus on reimbursement, institutional selling, and education and awareness.
Pipeline Development Challenges
Phase III study for clofazamine inhalation suspension is still progressing, with enrollment and interim analysis expected by the end of the year.
Company Guidance
During the MannKind Corporation's Fourth Quarter and Year-End 2024 Financial Results Earnings Call, CEO Michael Castagna highlighted several metrics indicating the company's strong performance and strategic direction. The endocrine business unit reported Q4 revenue of $23 million and full-year revenue of $82 million. Overall, MannKind achieved $77 million in Q4 revenue, with total 2024 revenues reaching $286 million, a 43% increase from the previous year. The company also ended the year with a cash position of $203 million and reduced its debt principal by $236 million. The Afrezza program saw a 17% year-over-year revenue increase, contributing $64 million for the year. Tyvaso DPI royalties added $27 million in Q4, totaling $102 million for the year, which helped fund pipeline developments. Additionally, MannKind is advancing its clofazamine inhalation suspension program with 70% of Phase III sites activated and aims for an interim readout in 2026. Looking forward, MannKind is preparing for a pediatric indication filing for Afrezza in the first half of 2025, with potential approval in 2026, and anticipates that achieving a 10% market share in pediatrics could generate approximately $150 million in revenue.MannKind Corporate Events
Executive/Board Changes
MannKind Announces Upcoming Retirement of Lauren Sabella
Neutral
Jan 6, 2025
Lauren Sabella has announced her intention to retire from MannKind Corporation, effective July 18, 2025. She has been appointed as Executive Vice President, Operations, effective January 6, 2025, and will continue in the executive leadership team, overseeing operations excluding the Endocrine Business Unit until her retirement.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.