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MannKind Corporation (MNKD)
:MNKD
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MannKind (MNKD) AI Stock Analysis

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MNKD

MannKind

(NASDAQ:MNKD)

Rating:63Neutral
Price Target:
$6.00
▲(12.36% Upside)
MannKind's overall stock score reflects a mix of strong technical momentum and positive corporate developments, offset by financial risks and high valuation concerns. The company's strategic initiatives and recent acquisitions are promising, but financial stability remains a key area for improvement.
Positive Factors
Acquisition Impact
The acquisition of scPharmaceuticals Inc. is viewed positively for MNKD shares, as it diversifies the revenue base and provides more control over future revenues.
Earnings
Positive TETON-2 data has led to an increase in the price target for MNKD shares to $11, from $9.
Revenue Growth
Tyvaso demonstrated significant improvements in patients with IPF, which is beneficial for MNKD as it receives royalties on all Tyvaso DPI sales.
Negative Factors
Financial Concerns
Stock weakness may be due to investor concerns related to a financing agreement for up to $500M, which could be perceived as potential dilution or financial strain.
Growth Deceleration
Tyvaso DPI royalties reflect Q/Q deceleration in Tyvaso growth as reported, with a decrease from +11% in 1Q25 to 4% in 2Q25.
Market Skepticism
There is skepticism about the likelihood of success for TETON given the primarily vasodilative mechanism and different patient population compared to previous studies.

MannKind (MNKD) vs. SPDR S&P 500 ETF (SPY)

MannKind Business Overview & Revenue Model

Company DescriptionMannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes. It also promotes Thyquidity to adult and pediatric endocrinologists, and other healthcare providers for the treatment of hypothyroidism. The company has a license and collaboration agreement with United Therapeutics Corporation. It also has an agreement with NRx Pharmaceuticals to develop a dry powder formulation of ZYESAMI (aviptadil), a synthetic form of human vasoactive intestinal peptide to help protect cells against inflammatory conditions. MannKind Corporation was incorporated in 1991 and is headquartered in Westlake Village, California.
How the Company Makes MoneyMannKind generates revenue primarily through the sales of Afrezza, which is marketed to patients with diabetes requiring insulin therapy. The company earns money from the direct sale of Afrezza to pharmacies and healthcare providers, as well as from partnerships with pharmaceutical distributors. Additionally, MannKind may receive royalties and milestone payments from collaborations with other companies that utilize its Technosphere technology for their own drug formulations. The company’s revenue model is heavily impacted by the demand for Afrezza, market competition, and ongoing marketing efforts to educate both healthcare professionals and patients about the benefits of inhaled insulin.

MannKind Earnings Call Summary

Earnings Call Date:Aug 06, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 11, 2025
Earnings Call Sentiment Positive
The earnings call presented several positive developments, including strong revenue growth from Tyvaso DPI and Afrezza, a secure financial position with non-dilutive funding from Blackstone, and advancements in key development programs. However, there were challenges, such as a decline in V-Go revenue and the need for significant investment in the pediatric launch of Afrezza. Despite these challenges, the overall sentiment is optimistic due to the strategic focus and strong financials.
Q2-2025 Updates
Positive Updates
Record Revenue from Tyvaso DPI Sales
Achieved record Tyvaso DPI sales, contributing $31 million in royalty revenue for Q2 2025, marking a 22% increase over the same quarter last year.
Afrezza Revenue Growth
Afrezza net revenues for the second quarter were $18 million, showing a 13% increase over the prior year, with notable growth in prescriptions.
Strong Financial Position and Non-Dilutive Financing
MannKind secured up to $500 million in non-dilutive funding from Blackstone, reinforcing a strong liquidity position with $201 million in cash at the end of Q2.
Advancements in Inhaled Clofazimine and Nintedanib DPI
Progress in inhaled clofazimine development with 90 patients enrolled, and Nintedanib DPI moving forward into Phase II with plans to launch the INFLO trial by year-end 2025.
Endocrine Business Unit Performance
The endocrine business unit had strong performance in Q2 with $18.3 million in revenue, marking a 13% growth over 2024.
Negative Updates
V-Go Revenue Decline
V-Go net revenue was approximately $4 million for the second quarter, an 8% decrease from the prior year due to lower product demand.
Decreased Manufacturing Revenue
Manufacturing revenue decreased by 12% from the prior year, affected by the timing of production volumes sold.
Challenges in Pediatric Afrezza Launch
The pediatric launch of Afrezza requires significant expansion of the commercial infrastructure and faces challenges in increasing awareness among healthcare providers.
Company Guidance
During the MannKind Corporation's Second Quarter 2025 Financial Results Conference Call, CEO Michael Castagna outlined several key metrics and strategic initiatives set to guide the company's growth in the coming quarters. The company reported Q2 revenues of $77 million, marking a 6% increase over the previous year, and year-to-date revenues of $155 million, a 12% rise from 2024. Afrezza, MannKind's rapid-acting inhaled insulin, contributed $18 million in revenue for Q2, showing a 13% growth year-over-year. The partnership with Blackstone was highlighted as a significant development, providing MannKind with access to $500 million in nondilutive capital to further its growth and innovation. Additionally, MannKind's balance sheet was strong with $201 million in cash. Castagna emphasized the potential of the company's pipeline, including the advancement of the inhaled clofazimine and Nintedanib DPI programs, with plans for the INFLO trial launch by the end of 2025. The TETON 2 readout, expected in September, was noted as a potential catalyst for future business plans. The company's strategic focus includes expanding its presence in the U.S. and Japan markets, leveraging a strong balance sheet, and continuing to drive growth in its core business areas.

MannKind Financial Statement Overview

Summary
MannKind shows strong revenue growth and operational efficiency, with a significant increase in revenue and a healthy gross profit margin. However, the balance sheet is concerning due to negative stockholders' equity and high leverage, indicating financial risk. Cash flow is improving but needs further enhancement to ensure long-term stability.
Income Statement
65
Positive
MannKind has shown significant revenue growth, particularly in the TTM period with a 139.1% increase. The gross profit margin is strong at 74.6%, indicating efficient production. However, the net profit margin is relatively low at 10.1%, suggesting high operational costs. The EBIT and EBITDA margins are healthy, reflecting good operational efficiency.
Balance Sheet
40
Negative
The balance sheet shows a negative stockholders' equity, which is concerning. The debt-to-equity ratio is negative, indicating high leverage and potential financial risk. Return on equity is also negative, reflecting challenges in generating returns for shareholders. The equity ratio is not favorable, highlighting potential solvency issues.
Cash Flow
55
Neutral
Cash flow analysis reveals positive free cash flow growth at 32.6% in the TTM period, which is a positive sign. However, the operating cash flow to net income ratio is low, indicating potential issues in converting income into cash. The free cash flow to net income ratio is decent, suggesting some ability to generate cash relative to net income.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue301.74M285.50M198.96M99.77M75.44M65.14M
Gross Profit226.03M208.90M136.19M42.27M36.59M40.50M
EBITDA79.09M77.47M15.13M-56.34M-61.09M-45.01M
Net Income32.80M27.59M-11.94M-112.17M-91.79M-57.24M
Balance Sheet
Total Assets411.70M393.84M475.20M295.28M321.16M108.61M
Cash, Cash Equivalents and Short-Term Investments178.99M197.26M295.10M170.85M204.12M67.00M
Total Debt46.82M47.70M382.38M382.91M382.74M123.44M
Total Liabilities466.74M472.66M721.37M545.82M530.51M289.03M
Stockholders Equity-55.04M-78.82M-246.17M-250.54M-209.35M-180.42M
Cash Flow
Free Cash Flow28.79M32.82M-8.35M-88.27M-73.17M-32.91M
Operating Cash Flow34.55M42.51M34.09M-80.68M-61.71M-28.13M
Investing Cash Flow19.19M-96.65M-1.99M4.87M-151.54M15.22M
Financing Cash Flow-93.36M-137.27M136.61M21.41M270.27M49.85M

MannKind Technical Analysis

Technical Analysis Sentiment
Positive
Last Price5.34
Price Trends
50DMA
3.95
Positive
100DMA
4.17
Positive
200DMA
5.02
Positive
Market Momentum
MACD
0.38
Negative
RSI
70.10
Negative
STOCH
72.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MNKD, the sentiment is Positive. The current price of 5.34 is above the 20-day moving average (MA) of 4.16, above the 50-day MA of 3.95, and above the 200-day MA of 5.02, indicating a bullish trend. The MACD of 0.38 indicates Negative momentum. The RSI at 70.10 is Negative, neither overbought nor oversold. The STOCH value of 72.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MNKD.

MannKind Risk Analysis

MannKind disclosed 50 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 (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
63
Neutral
$1.64B48.86-35.00%21.48%162.30%
60
Neutral
$2.28B3.6864.05%30.57%
57
Neutral
$3.55B-34.80%2816.21%73.33%
57
Neutral
$2.91B-33.26%-49.51%-44.09%
56
Neutral
$1.74B18.68%45.85%76.36%
51
Neutral
$7.91B-0.36-41.71%2.23%23.45%-1.86%
50
Neutral
$1.65B-41.94%-82.90%-155.64%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
MNKD
MannKind
5.34
-0.59
-9.95%
ARWR
Arrowhead Pharmaceuticals
28.00
5.78
26.01%
BCRX
BioCryst
8.27
0.29
3.63%
AGIO
Agios Pharma
36.13
-7.15
-16.52%
BEAM
Beam Therapeutics
18.54
-4.77
-20.46%
KYMR
Kymera Therapeutics
42.20
-3.20
-7.05%

MannKind Corporate Events

Product-Related AnnouncementsBusiness Operations and Strategy
MannKind Amends License Agreement with United Therapeutics
Positive
Aug 27, 2025

On August 24, 2025, MannKind Corporation amended its global license agreement with United Therapeutics to include an additional development product. MannKind will use its Technosphere® platform to formulate an investigational molecule and manufacture clinical trial materials, while United Therapeutics will handle preclinical and clinical development. MannKind will receive a $5 million upfront payment, up to $35 million in milestone payments, and 10% royalties on net sales if the product is approved.

M&A TransactionsBusiness Operations and Strategy
MannKind Announces Acquisition of scPharmaceuticals
Positive
Aug 25, 2025

On August 24, 2025, MannKind Corporation announced a definitive merger agreement to acquire scPharmaceuticals Inc. for $5.35 per share in cash and a contingent value right (CVR) worth up to $1.00 per share. This acquisition is expected to diversify and accelerate MannKind’s revenue growth, particularly with the FUROSCIX product, and strengthen its position in cardiometabolic and lung diseases. The merger is anticipated to close in the fourth quarter of 2025, subject to regulatory approvals, and aims to integrate scPharmaceuticals’ commercial capabilities into MannKind’s existing infrastructure, potentially expanding market opportunities and creating value for stakeholders.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

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.Date of analysis: Sep 03, 2025