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Mannkind Corp. (MNKD)
NASDAQ:MNKD
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MannKind
(NASDAQ:MNKD)
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Rating:53Neutral
Price Target:
$3.50
▲(0.00% Upside)
Action:ReiteratedDate:02/26/26
The score is driven primarily by mixed financials: strong operating performance but meaningful balance-sheet risk from negative equity and a sharp slowdown in free cash flow versus 2024. Technicals are a major drag given the steep downtrend below all key moving averages, despite oversold readings. The earnings call was supportive with record revenue and multiple regulatory catalysts, while valuation remains a headwind with a high P/E and no dividend yield.
Positive Factors
Diversified commercial revenue
MannKind's revenue base is supported by multiple commercial streams—Afrezza sales, Tyvaso DPI royalties/manufacturing, and FUROSCIX growth—reducing reliance on a single product. Durable multi-product cash flow supports reinvestment, manufacturing scale and partnership leverage over the medium term.
Healthy margins and operating profitability
Sustained high gross margins and positive operating margins indicate structurally efficient product economics and pricing power for inhaled formulations. This margin profile gives MannKind capacity to fund R&D, commercial expansion and absorb SG&A increases without immediate cash strain.
Advancing pipeline and regulatory catalysts
Multiple regulatory reviews and near-term PDUFA dates represent structural growth levers: pediatric Afrezza potential, FUROSCIX ReadyFlow autoinjector progress, and new product development broaden addressable markets and strengthen long-term commercial runway if approvals convert to uptake.
Negative Factors
Negative stockholders' equity
Negative equity is a persistent balance-sheet overhang that weakens financial cushion and limits access to equity financing on favorable terms. In downcycles or costly development phases, this reduces flexibility to pursue inorganic growth or absorb setbacks without dilutive financing.
Weakening cash generation
A sharp decline in free cash flow versus the prior year signals decelerating cash conversion and tighter internal funding for commercialization, manufacturing scale-up or R&D. If the trend persists, the company may need external capital or to slow investments, constraining durable growth execution.
Partner concentration and competitive risk
MannKind derives material revenue from United Therapeutics' Tyvaso DPI. UT's planned Tresmi soft-mist inhaler could structurally shift prescribing and patient preference away from dry-powder formats, eroding royalty and manufacturing revenue and exposing MannKind to partner-driven demand risk.
MannKind (MNKD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.70B
Dividend YieldN/A
Average Volume (3M)3.22M
Price to Earnings (P/E)37.1
Beta (1Y)0.85
Revenue Growth17.44%
EPS Growth24.15%
CountryUS
Employees403
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.05
Shares Outstanding307,070,280
10 Day Avg. Volume1,808,134
30 Day Avg. Volume3,217,747
Financial Highlights & Ratios
PEG Ratio-0.20
Price to Book (P/B)-22.39
Price to Sales (P/S)6.18
P/FCF Ratio53.77
Enterprise Value/Market Cap0.69
Enterprise Value/Revenue3.36
Enterprise Value/Gross Profit4.40
Enterprise Value/Ebitda22.56
Forecast
1Y Price Target
$9.67Price Target Upside176.19% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.09
Revenue Forecast (FY)$420.75M
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 primarily generates revenue through the sale of Afrezza, its inhalable insulin product. The company sells Afrezza directly to pharmacies and healthcare providers, and revenue is influenced by prescription volume, pricing strategies, and reimbursement policies. Additionally, MannKind may pursue partnerships or collaborations with pharmaceutical companies for the development and commercialization of new products utilizing its Technosphere platform, which could provide upfront payments, milestone payments, and royalties based on future sales. These partnerships can significantly contribute to the company's earnings, especially as it seeks to expand its product portfolio and market reach.
MannKind Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong revenue performance driven by Tyvaso DPI and Afrezza, alongside strategic growth initiatives such as the acquisition of scPharmaceuticals. However, challenges such as a decline in VGo revenue and increased SG&A expenses were noted. Overall, the positive aspects of revenue growth and strategic acquisitions outweighed the lowlights.Q3-2025 Updates
Positive Updates
Record Revenue in Q3 2025
MannKind Corporation delivered a record revenue quarter of $82 million, primarily driven by strong performance from Tyvaso DPI and Afrezza.
Acquisition of scPharmaceuticals
MannKind completed the acquisition of scPharmaceuticals, enhancing its portfolio and expanding its footprint into cardiorenal medicine.
Strong Performance of Tyvaso DPI
Tyvaso DPI generated $33 million in royalties and $26 million in manufacturing-related revenue, marking the highest revenue quarter for the product.
FUROSCIX Revenue Growth
FUROSCIX revenue reached $47.1 million year-to-date, a 95% increase over the same period in 2024, with over 27,000 doses dispensed in Q3 2025, up 153% from the previous year.
Afrezza Prescription Growth
Afrezza saw a 31% increase in new prescriptions and a 27% increase in total prescriptions year-over-year, with net revenue up 23% in Q3 2025 compared to Q3 2024.
Negative Updates
VGo Revenue Decline
VGo contributed $3.8 million in Q3, down 19% over the prior year period, as the company no longer actively promotes the product.
High SG&A Expenses
Selling, general, and administrative expenses increased by $5.2 million or 22% in the third quarter versus the prior year period, driven by investments in Afrezza and acquisition-related expenses.
GAAP Net Income Decrease
GAAP net income for Q3 2025 was $8 million, compared to $11.6 million in the prior year, indicating a decrease despite strong revenue growth.
Company Guidance
In the MannKind Corporation's third-quarter 2025 earnings call, CEO Michael Castagna highlighted several key metrics and developments. The company achieved a record revenue of $82 million, with significant contributions from Tyvaso DPI, generating $59 million in royalty and manufacturing revenue. MannKind's recent acquisition of scPharmaceuticals aims to enhance its portfolio, particularly with FUROSCIX, which saw a 153% increase in doses dispensed year-over-year. The Afrezza segment reported a 23% revenue increase compared to Q3 2024, although a 15% decline in units per script was noted as the focus shifted toward type 1 diabetes and pediatrics. Additionally, a supplemental BLA for Afrezza was accepted, with a PDUFA date set for Q2 2026. MannKind is also advancing its pipeline with the sNDA submission for FUROSCIX auto-injector, expected to receive a PDUFA date in Q3 2026, and is working on expanding its Technosphere technology applications. Financially, the company reported a 17% revenue growth over the prior year, with non-GAAP net income of $22.4 million, reflecting a strong operational performance despite increased investments in growth drivers.MannKind Financial Statement Overview
Summary
Income statement strength (revenue up 11.2% TTM, ~75% gross margin, ~19.9% EBIT margin) is offset by a pressured balance sheet (negative equity ~-$51M) and weaker cash-flow momentum (TTM FCF $13.5M, down ~68.7% vs 2024).Income Statement
Top-line momentum is strong, with revenue up 11.2% in TTM (Trailing-Twelve-Months) and a multi-year step-up from 2020–2022 levels. Profitability has also structurally improved versus prior losses: TTM (Trailing-Twelve-Months) gross margin is healthy (~75%) and operating profitability remains positive (EBIT margin ~19.9%). The main weakness is earnings normalization: net income fell sharply from 2024 ($27.6M) to TTM (Trailing-Twelve-Months) ($5.9M), indicating more volatile bottom-line performance despite solid margins.72
Positive
Balance Sheet
Leverage is not the core issue—total debt is relatively modest in TTM (Trailing-Twelve-Months) (~$47M) and has come down substantially versus 2021–2023. However, the balance sheet remains pressured by persistently negative stockholders’ equity (TTM (Trailing-Twelve-Months) about -$51M), which reduces financial flexibility and makes equity-based leverage signals less meaningful. Total assets increased materially versus 2024, but negative equity remains a key overhang and raises risk in a downturn or if cash generation softens.38
Negative
Cash Flow
Cash generation is positive but weakening: TTM (Trailing-Twelve-Months) operating cash flow is $18.1M and free cash flow is $13.5M, but both declined sharply versus 2024 (free cash flow down ~68.7%). A positive note is that free cash flow still roughly tracks reported earnings in TTM (Trailing-Twelve-Months) (free cash flow is ~0.89x net income), suggesting earnings quality is not purely accounting-driven. The key risk is the recent deceleration after a stronger 2024 cash-flow year.55
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 348.97M | 285.50M | 198.96M | 99.77M | 75.44M | 65.14M |
| Gross Profit | 266.56M | 208.90M | 136.19M | 42.27M | 36.59M | 40.50M |
| EBITDA | 52.00M | 77.47M | 15.13M | -56.32M | -61.10M | -44.66M |
| Net Income | 5.86M | 27.59M | -11.94M | -87.40M | -80.93M | -57.24M |
Balance Sheet | ||||||
| Total Assets | 792.18M | 393.84M | 475.20M | 295.28M | 321.16M | 108.61M |
| Cash, Cash Equivalents and Short-Term Investments | 171.35M | 197.26M | 295.10M | 170.85M | 204.12M | 67.00M |
| Total Debt | 46.97M | 47.70M | 272.62M | 288.40M | 289.22M | 123.44M |
| Total Liabilities | 843.20M | 472.66M | 721.37M | 545.82M | 530.51M | 289.03M |
| Stockholders Equity | -51.02M | -78.82M | -246.17M | -250.54M | -209.35M | -180.42M |
Cash Flow | ||||||
| Free Cash Flow | 13.54M | 32.82M | -8.35M | -88.29M | -73.17M | -32.91M |
| Operating Cash Flow | 18.10M | 42.51M | 34.09M | -80.70M | -61.71M | -28.13M |
| Investing Cash Flow | -304.80M | -96.65M | -1.99M | 4.87M | -151.54M | 15.22M |
| Financing Cash Flow | 315.25M | -137.27M | 136.61M | 21.41M | 270.27M | 49.85M |
MannKind Technical Analysis
Negative
3.50
Price Trends
5.69
Negative
5.55
Negative
4.93
Negative
Market Momentum
-0.21
Positive
19.48
Positive
22.34
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 3.5 is below the 20-day moving average (MA) of 5.60, below the 50-day MA of 5.69, and below the 200-day MA of 4.93, indicating a bearish trend. The MACD of -0.21 indicates Positive momentum. The RSI at 19.48 is Positive, neither overbought nor oversold. The STOCH value of 22.34 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 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | $1.65B | ― | -32.44% | ― | -73.94% | -31.70% | |
53 Neutral | $1.70B | 37.12 | ― | ― | 17.44% | 24.15% | |
53 Neutral | $1.70B | -55.04 | -7.52% | ― | 27.51% | 38.72% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.89B | -159.62 | ― | ― | 45.38% | 92.85% | |
51 Neutral | $1.97B | -6.56 | -21.37% | ― | 47.15% | -311.26% | |
49 Neutral | $6.36B | -15.62 | -73.70% | ― | ― | 4.32% |
* Healthcare Sector Average
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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.