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Mannkind Corp. (MNKD)
NASDAQ:MNKD
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MannKind
(NASDAQ:MNKD)
Rating:61Neutral
Price Target:
$5.00
▲( 18.48% Upside)
Positive Factors
Market Expansion
Prospects of Afrezza in additional patient populations suggest potential market expansion.
Pipeline Progress
MNKD recently completed an FDA meeting to discuss the path forward for MNKD-201 (inhaled nintedanib) in IPF, and this is on track to advance.
Revenue Growth
Revenue of $78M represents ~18% year-over-year growth, driven by Tyvaso DPI royalties, indicating strong growth potential.
Negative Factors
Conflict of Interest
Wedbush Securities may have a conflict of interest that could affect the objectivity of this report.
Net Revenue Adjustment
There was a gross to net adjustment in 4Q24 that affected Tyvaso DPI net revenue in the quarter.
MannKind (MNKD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.32B
Dividend YieldN/A
Average Volume (3M)1.82M
Price to Earnings (P/E)41.8
Beta (1Y)0.73
Revenue Growth32.50%
EPS Growth236.33%
CountryUS
Employees403
SectorHealthcare
Sector Strength43
IndustryBiotechnology
Share Statistics
EPS (TTM)0.04
Shares Outstanding303,932,860
10 Day Avg. Volume2,057,101
30 Day Avg. Volume1,823,638
Financial Highlights & Ratios
PEG Ratio1.75
Price to Book (P/B)-16.15
Price to Sales (P/S)0.00
P/FCF Ratio42.48
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue1.35
Enterprise Value/Gross Profit6.64
Enterprise Value/Ebitda6.20
Forecast
1Y Price Target
$10.00Price Target Upside136.97% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
MannKind Business Overview & Revenue Model
Company DescriptionMannKind Corporation (MNKD) is a biopharmaceutical company that focuses on the discovery, development, and commercialization of therapeutic products for patients with diseases such as diabetes and pulmonary arterial hypertension. The company's flagship product, Afrezza, is a rapid-acting inhaled insulin used to improve glycemic control in adults with diabetes. MannKind operates primarily in the healthcare sector, with a core emphasis on innovative drug delivery systems, particularly via inhalation technology.
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 demonstrated strong revenue growth and improved profitability, reflected by a 43.48% increase in revenue and better margins. However, the balance sheet shows negative equity and high leverage, indicating financial instability. Cash flow improvements are positive, but historical volatility suggests caution. Overall, while the company shows operational improvements, financial stability remains a concern.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 |
| 208.90M | 136.19M | 42.27M | 36.59M | 40.50M | EBIT |
| 72.59M | 8.68M | -68.92M | -53.48M | -24.79M | EBITDA |
| 77.47M | 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
4.22
Price Trends
4.80
Negative
5.29
Negative
5.83
Negative
Market Momentum
-0.15
Positive
34.95
Neutral
10.07
Positive
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 4.22 is below the 20-day moving average (MA) of 4.67, below the 50-day MA of 4.80, and below the 200-day MA of 5.83, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 34.95 is Neutral, neither overbought nor oversold. The STOCH value of 10.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MNKD.
MannKind Risk Analysis
MannKind disclosed 51 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 (53)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $2.17B | ― | 18.68% | ― | 41.67% | 75.79% | |
61 Neutral | $1.32B | 41.83 | -35.00% | ― | 32.50% | 236.33% | |
54 Neutral | $1.96B | ― | -32.17% | ― | -25.85% | -23.89% | |
54 Neutral | $1.71B | 2.62 | 60.26% | ― | 25.96% | ― | |
53 Neutral | $5.14B | 3.06 | -43.57% | 2.81% | 16.81% | -0.12% | |
50 Neutral | $2.13B | ― | -24.67% | ― | 1436.97% | 68.03% | |
45 Neutral | $1.78B | ― | -38.04% | ― | -82.38% | -164.76% |
* Healthcare Sector Average
Performance Comparison
MNKD
MannKind
4.22
-0.56
-11.72%
ARWR
Arrowhead Pharmaceuticals
15.39
-9.49
-38.14%
BCRX
BioCryst
10.39
4.26
69.49%
AGIO
Agios Pharma
29.59
-1.91
-6.06%
BEAM
Beam Therapeutics
17.24
-7.08
-29.11%
KYMR
Kymera Therapeutics
30.17
-3.88
-11.40%
MannKind Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q1-2025)
| % Change Since: -12.99%|
Next Earnings Date:Aug 06, 2025
Earnings Call Sentiment Positive
The earnings call highlights strong growth in the endocrine business, successful partnerships, and promising developments in the pipeline, particularly with the Tyvaso DPI and Afrezza. However, there are challenges with the V-Go product and slower-than-expected growth in Afrezza's net revenue. Overall, the positive aspects outweigh the negatives, indicating a generally optimistic outlook.Q1-2025 Updates
Positive Updates
Endocrine Business Growth
The endocrine business grew 20% on NRxs and 14% on TRxs, indicating strong performance and demand.
Strong Partnership with United Therapeutics
The collaboration with United Therapeutics resulted in Q1 royalty revenue of $30 million and manufacturing revenue of $29 million.
Non-GAAP Income Growth
Reported non-GAAP income of $22 million, showing a 43% growth over the previous year.
Afrezza Demand and Expansion
Successful interactions and increased demand at the ATTD conference, with a focus on global expansion and pediatric opportunities.
Tyvaso DPI Revenue and Market Potential
Received $29 million in manufacturing revenue from Tyvaso DPI, with the market expected to exceed $1 billion by the end of the decade.
Negative Updates
V-Go Revenue Decline
V-Go net revenue was approximately $4 million for Q1, a 6% decrease driven by lower product demand and the sales force no longer actively promoting V-Go.
Afrezza Net Revenue Growth Challenges
Afrezza net revenues for Q1 were $15 million, only a 3% increase over the prior year, influenced by timing of shipments and prior year adjustments.
Company Guidance
During the MannKind Corporation's first quarter 2025 earnings call, CEO Michael Castagna and CFO Chris Prentiss provided detailed guidance on the company’s performance and strategic direction. Key highlights included a 20% growth in their endocrine business on new prescriptions (NRx) and a 14% increase on total prescriptions (TRx). The Tyvaso collaboration with United Therapeutics yielded a Q1 royalty revenue of $30 million and manufacturing revenue of $29 million. MannKind reported a non-GAAP income of $22 million, marking a 43% increase over the prior year. The company’s new and recurring prescription growth showed a 26% year-over-year increase among their top 50 prescribers. Additionally, MannKind is advancing its pipeline, with promising developments in inhaled clofazimine (MNKD-101) and nintedanib (MNKD-201), as well as plans for a pediatric expansion of Afrezza in mid-2025. The company ended the quarter with net revenues growing by 18%, supported by the strong performance of Tyvaso DPI royalties, which increased by 32% over the previous year. MannKind reported a net income of $13 million or $0.04 per share, a 24% increase from the first quarter of 2024.MannKind Corporate Events
Executive/Board ChangesShareholder Meetings
MannKind Stockholders Approve Board and Compensation
Neutral
May 19, 2025
At the 2025 Annual Meeting of Stockholders held on May 14, 2025, MannKind‘s stockholders elected nine board members to serve until the next annual meeting. Additionally, stockholders approved the executive compensation package and ratified Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025.
The most recent analyst rating on (MNKD) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on MannKind stock, see the MNKD Stock Forecast page.
Executive/Board Changes
MannKind Announces CMO Transition and Separation Agreement
Neutral
May 15, 2025
On May 9, 2025, MannKind Corporation and its Chief Medical Officer, Burkhard Blank, agreed on his transition from the role of executive officer, with a formal separation agreement established on May 14, 2025. Mr. Blank will continue as a non-executive employee until August 1, 2025, and will receive salary continuation, a special bonus, and COBRA premium reimbursements post-separation, while his equity awards remain eligible for vesting during his employment.
The most recent analyst rating on (MNKD) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on MannKind stock, see the MNKD Stock Forecast page.
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.