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MannKind
(NASDAQ:MNKD)
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Rating:54Neutral
Price Target:
$4.00
▼(-3.15% Downside)
Action:Reiterated
Date:08/06/26
MNKD scores as a moderate-risk, improving-growth story: strong revenue ramp and high gross margins are offset most heavily by a stressed balance sheet (negative equity and high debt) and a reversion to TTM losses and cash burn. Near-term outlook is helped by reiterated guidance, multiple commercial/clinical catalysts, and supportive recent regulatory/financing events, while technicals are only mildly positive.
Positive Factors
Strong revenue growth & high gross margins
Sustained multi-year top-line expansion alongside very high gross margins indicates scalable unit economics and improving commercial traction. This durable revenue and margin profile supports reinvestment in sales, R&D and capacity, underpinning multi-quarter growth even as launches and partnerships scale.
Negative Factors
Stressed capital structure: negative equity & rising debt
A negative equity base and materially elevated debt levels constrain financial flexibility and raise refinancing and dilution risk. Over several quarters this structural leverage increases reliance on external financing for launches and milestones, amplifying downside if commercial execution falters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth & high gross margins
Sustained multi-year top-line expansion alongside very high gross margins indicates scalable unit economics and improving commercial traction. This durable revenue and margin profile supports reinvestment in sales, R&D and capacity, underpinning multi-quarter growth even as launches and partnerships scale.
Read all positive factors
MannKind (MNKD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.25B
Dividend YieldN/A
Average Volume (3M)5.00M
Price to Earnings (P/E)―
Beta (1Y)1.27
Revenue Growth21.23%
EPS Growth-174.19%
CountryUS
Employees592
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.14
Shares Outstanding319,391,000
10 Day Avg. Volume4,646,837
30 Day Avg. Volume4,999,880
Financial Highlights & Ratios
PEG Ratio-3.54
Price to Book (P/B)-33.97
Price to Sales (P/S)4.97
P/FCF Ratio126.60
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$8.11Price Target Upside96.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.02
Revenue Forecast (FY)$458.65M
MannKind Business Overview & Revenue Model
Company Description
MannKind Corporation operates as a biopharmaceutical firm, primarily focused on innovating and bringing to market respiratory-delivered treatments. Its efforts are directed towards tackling endocrine system disorders and rare lung conditions withi...
How the Company Makes Money
MannKind makes money primarily through (1) product sales of Afrezza and (2) collaboration/partner revenue tied to TYVASO DPI and potentially other partnered uses of its inhalation platform and manufacturing.
1) Afrezza net product revenue (direct...
MannKind Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call highlighted multiple near-term commercial and clinical catalysts, solid top-line growth (15% YoY) and strong operational wins (FURO6 prescriber growth, royalties up 9%, SC Pharma synergies exceeding $20M), alongside meaningful progress on pipeline programs (MNKD-201 Phase 1b and Phase 2 start) and an expanded collaboration with United Therapeutics (ralinepag DPI payment and milestone potential). Short-term challenges include seasonality, field reorganization and inventory transitions that pressured Q1 revenue and contributed to GAAP and non-GAAP losses, plus some formulation and development uncertainty for new DPI programs. Management reiterated full-year FURO6 guidance and expects acceleration in H2 tied to the ReadyFlow auto-injector and Afrezza pediatrics launch, indicating confidence that near-term investments will drive longer-term growth.Positive Updates
Quarterly Revenue Growth
Total Q1 2026 revenues of $90.0M, up 15% year-over-year, driven in part by the inclusion of FURO6 following the SC Pharma acquisition.
Negative Updates
Q1 Profitability Decline
Reported GAAP net loss of $16.6M ($0.05 per share) and non-GAAP net loss of $6.9M ($0.02 per share) in Q1 2026 versus GAAP net income of $13.2M and non-GAAP net income of $21.6M in Q1 2025, reflecting increased commercial spend and acquisition-related costs.
Read all updates
Q1-2026 Updates
Positive
Negative
Quarterly Revenue Growth
Total Q1 2026 revenues of $90.0M, up 15% year-over-year, driven in part by the inclusion of FURO6 following the SC Pharma acquisition.
Read all positive updates
Company Guidance
Management reiterated a clear set of near‑term targets and timelines: Q1 revenues were $90.0M (up 15% YoY) with FURO6 net sales $15.5M and Afrezza net sales $15.3M (up 3% YoY), CNS/Tyvaso‑related revenue $23.5M (vs $29.4M prior year) and royalties of $32.7M (up 9% YoY); they reaffirmed a 2026 FURO6 revenue range of $110–$120M, noted doses dispensed were up ~64% YoY through April while FURO6 doses per prescription were ~20% lower in Q1 vs Q4, and highlighted a record number of FURO6 writers (75% repeat writers) with IDN growth of 97% YoY; corporate milestones include a $5M upfront ralinepag DPI payment with up to $35M in development milestones (about $15M expected in the next 12 months) plus a 10% royalty, PDUFA dates of May 29 (Afrezza pediatrics) and July 26 (FURO6 ReadyFlow), MNKD‑201 Phase 1b topline in Q3 and Phase 2 enrollment starting Q2, integration synergies that exceeded a $20M annual target, retirement of senior convertible notes in March, and a shift in owned revenue from ~40% pre‑SC acquisition to over 65% expected exiting 2026.MannKind Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
30
Negative
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 393.63M | 348.97M | 285.50M | 198.96M | 99.77M | 75.44M |
| Gross Profit | 297.93M | 287.81M | 208.90M | 136.19M | 42.27M | 36.59M |
| EBITDA | 19.88M | 27.52M | 77.47M | 15.13M | -56.32M | -61.10M |
| Net Income | -43.61M | 5.86M | 27.59M | -11.94M | -87.40M | -80.93M |
Balance Sheet | ||||||
| Total Assets | 732.30M | 792.18M | 393.84M | 475.20M | 295.28M | 321.16M |
| Cash, Cash Equivalents and Short-Term Investments | 111.13M | 171.35M | 197.26M | 295.10M | 170.85M | 204.12M |
| Total Debt | 330.85M | 473.38M | 47.70M | 272.62M | 288.40M | 289.22M |
| Total Liabilities | 799.50M | 843.20M | 472.66M | 721.37M | 545.82M | 530.51M |
| Stockholders Equity | -67.20M | -51.02M | -78.82M | -246.17M | -250.54M | -209.35M |
Cash Flow | ||||||
| Free Cash Flow | -25.81M | 13.69M | 32.82M | -8.35M | -88.29M | -73.17M |
| Operating Cash Flow | -13.85M | 18.25M | 42.51M | 34.09M | -80.70M | -61.71M |
| Investing Cash Flow | -261.66M | -304.80M | -96.65M | -1.99M | 4.87M | -151.54M |
| Financing Cash Flow | 249.40M | 315.10M | -137.27M | 136.61M | 21.41M | 270.27M |
MannKind Technical Analysis
Negative
4.13
Price Trends
3.90
Negative
3.36
Positive
4.31
Negative
Market Momentum
<0.01
Positive
48.16
Neutral
51.55
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 4.13 is above the 20-day moving average (MA) of 3.98, above the 50-day MA of 3.90, and below the 200-day MA of 4.31, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 48.16 is Neutral, neither overbought nor oversold. The STOCH value of 51.55 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 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | $2.28B | -5.19 | 101.55% | ― | 75.92% | -569.22% | |
56 Neutral | $2.99B | -8.91 | -50.72% | ― | -88.54% | -58.13% | |
54 Neutral | $1.25B | -50.58 | 78.60% | ― | 21.23% | -174.19% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $1.57B | 23.97 | -9.96% | ― | -2.20% | 77.51% | |
48 Neutral | $1.72B | -90.30 | -4.83% | ― | 23.64% | ― | |
45 Neutral | $6.65B | -12.64 | -83.29% | ― | ― | 0.01% |
* Healthcare Sector Average
MNKD
MannKind
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MannKind Corporate Events
Business Operations and StrategyPrivate Placements and Financing
MannKind Raises $50 Million in Private Placement
Positive
Jul 24, 2026
On July 23, 2026, MannKind Corporation entered into a securities purchase agreement with institutional investors for a private placement of 10,440,838 common shares and pre-funded warrants for 2,412,632 shares at roughly $3.89 per share or warrant...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
MannKind Gains FDA Approval for Afrezza Pediatric Use
Positive
Jun 2, 2026
On May 29, 2026, MannKind announced that the U.S. Food and Drug Administration approved Afrezza (insulin human) Inhalation Powder for use in children and adolescents aged 6 and older with type 1 and type 2 diabetes in the United States. The FDA al...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
MannKind Released From Major Afrezza Trial Obligation
Positive
May 28, 2026
On May 27, 2026, MannKind received notice from the U.S. Food and Drug Administration that it was released from a previously required five-year, 8,000-10,000 patient postmarketing trial to assess pulmonary malignancy risk associated with Afrezza co...
Executive/Board ChangesShareholder Meetings
MannKind Shareholders Reaffirm Board, Pay, and Auditor Roles
Positive
May 22, 2026
At MannKind’s 2026 Annual Meeting of Stockholders held on May 20, 2026, shareholders elected all nine board nominees to serve until the next annual meeting, reaffirming the company’s existing leadership structure. Investors also approv...
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.