Mannkind Corp. (MNKD)
NASDAQ:MNKD
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MannKind
(NASDAQ:MNKD)
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Rating:54Neutral
Price Target:
$2.50
▼(-5.30% Downside)
Action:ReiteratedDate:04/01/26
The score is held back primarily by balance-sheet risk (negative equity) and weak technicals (below key moving averages with negative MACD). These are partially offset by improving operating performance and a positive earnings-call outlook with specific 2026 growth targets and multiple near-term regulatory catalysts, though valuation remains challenging due to a negative P/E and no dividend support.
Positive Factors
High gross and EBIT margins
Sustained ~75% gross margin and ~20% EBIT margin indicate durable unit economics for inhaled products. Strong margins support reinvestment in commercialization and R&D, provide buffer versus pricing pressure, and materially improve long-term cash generation resilience.
Negative Factors
Negative shareholders' equity
Negative equity weakens the balance sheet and restricts financial flexibility. In a downturn it can limit the company's ability to raise equity, increase perceived creditor risk, and constrain strategic options such as M&A or large commercial investments without dilutive financing.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross and EBIT margins
Sustained ~75% gross margin and ~20% EBIT margin indicate durable unit economics for inhaled products. Strong margins support reinvestment in commercialization and R&D, provide buffer versus pricing pressure, and materially improve long-term cash generation resilience.
Read all positive factors
MannKind (MNKD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$791.82M
Dividend YieldN/A
Average Volume (3M)5.91M
Price to Earnings (P/E)―
Beta (1Y)1.04
Revenue Growth17.44%
EPS Growth24.15%
CountryUS
Employees403
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.05
Shares Outstanding308,100,430
10 Day Avg. Volume3,462,682
30 Day Avg. Volume5,905,622
Financial Highlights & Ratios
PEG Ratio-3.69
Price to Book (P/B)-33.97
Price to Sales (P/S)4.97
P/FCF Ratio126.60
Enterprise Value/Market Cap1.53
Enterprise Value/Revenue3.47
Enterprise Value/Gross Profit4.55
Enterprise Value/Ebitda23.31
Forecast
1Y Price Target
$7.21Price Target Upside173.11% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-0.02
Revenue Forecast (FY)$465.79M
MannKind Business Overview & Revenue Model
Company Description
MannKind 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 ...
How the Company Makes Money
MannKind primarily makes money through (1) net product revenue from selling Afrezza, and (2) collaboration revenue tied to Tyvaso DPI, which is commercialized by United Therapeutics. For Afrezza, revenue is generated from U.S. sales to wholesalers...
MannKind Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveys a predominantly positive outlook: the company reported record quarterly and annual revenues, strong and accelerating growth for newly acquired Furoscix, Afrezza commercial momentum with regulatory and label progress (including pediatric PDUFA), predictable royalty and supply cash flows from Tyvaso DPI, and advancement of a potentially high-impact MNKD-201 program. Near-term challenges include integration and commercialization investments that pressure margins in 2026, seasonality for Furoscix in Q1, regulatory execution risks around PDUFAs, and some uncertainty around future supply volumes from United Therapeutics. Overall, the positives (diversified growth drivers, clear near-term catalysts, and improving adjusted profitability) outweigh the manageable risks called out on the call.Positive Updates
Record Quarterly and Annual Revenue
Q4 2025 total revenue of $112 million, up 46% year-over-year; full-year 2025 total revenue of $349 million, up 22% year-over-year. Management reported a 5-year CAGR of ~46% to nearly $350M and a stated path to a >$450M revenue run-rate in 2026.
Negative Updates
Near-Term Margin Pressure from Integration and Investments
SG&A increased due to acquisition-related expenses and commercial investments (up to $40 million incremental investment planned for 2026). R&D spend increased to progress clinical programs. Noncash amortization of intangible assets (e.g., on-body infusor) is included in COGS (Q4 amortization noted, ~$4M referenced), causing an anticipated margin hit in 2026 before improvement in 2027 when autoinjector COGS are expected to be lower.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly and Annual Revenue
Q4 2025 total revenue of $112 million, up 46% year-over-year; full-year 2025 total revenue of $349 million, up 22% year-over-year. Management reported a 5-year CAGR of ~46% to nearly $350M and a stated path to a >$450M revenue run-rate in 2026.
Read all positive updates
Company Guidance
Management guided to a 2026 outlook targeting a >$450 million revenue run‑rate, after reporting 2025 total revenue of $349 million (Q4 $112 million, +46% YoY; five‑year CAGR ~46%); they expect roughly $350 million in royalties over the next 36 months, a supply‑agreement floor of ~$50 million/year through 2031 and >$400 million of minimum orders over six years, and noted 2025 Tyvaso DPI manufacturing revenue of ~$100 million with royalty revenue of $128 million for 2025 (Q4 royalties $34 million, +24% YoY; net royalty rate ~9% post‑sale); product metrics include Furoscix FY2025 net sales $70.4 million with Q4 ≈$23 million (+91% YoY) and a 2026 CVR target of $110–$120 million, Afrezza FY2025 sales ≈$75 million with Q4 ≈$22–23 million (+22–25% YoY) and an Afrezza pediatric PDUFA on May 29, and a Furoscix ReadyFlow Autoinjector PDUFA on July 26; financial guidance also contemplates up to $40 million of incremental 2026 commercial investment, a doubled sales force (~80 to ~160 reps), expected margin improvement after autoinjector launch, and clinical catalysts including MNKD‑201 Phase II initiation next quarter and U.S. Phase Ib topline in H2 2026 (Q4 GAAP net loss $15.9M; Q4 non‑GAAP adj. net income $1.5M; FY GAAP net income $5.9M; FY non‑GAAP adj. net income $59.5M).MannKind Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
38
Negative
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 348.97M | 285.50M | 198.96M | 99.77M | 75.44M |
| Gross Profit | 287.81M | 208.90M | 136.19M | 42.27M | 36.59M |
| EBITDA | 27.52M | 77.47M | 15.13M | -56.32M | -61.10M |
| Net Income | 5.86M | 27.59M | -11.94M | -87.40M | -80.93M |
Balance Sheet | |||||
| Total Assets | 792.18M | 393.84M | 475.20M | 295.28M | 321.16M |
| Cash, Cash Equivalents and Short-Term Investments | 171.35M | 197.26M | 295.10M | 170.85M | 204.12M |
| Total Debt | 473.38M | 47.70M | 272.62M | 288.40M | 289.22M |
| Total Liabilities | 843.20M | 472.66M | 721.37M | 545.82M | 530.51M |
| Stockholders Equity | -51.02M | -78.82M | -246.17M | -250.54M | -209.35M |
Cash Flow | |||||
| Free Cash Flow | 13.69M | 32.82M | -8.35M | -88.29M | -73.17M |
| Operating Cash Flow | 18.25M | 42.51M | 34.09M | -80.70M | -61.71M |
| Investing Cash Flow | -304.80M | -96.65M | -1.99M | 4.87M | -151.54M |
| Financing Cash Flow | 315.10M | -137.27M | 136.61M | 21.41M | 270.27M |
MannKind Technical Analysis
Neutral
2.64
Price Trends
3.70
Negative
4.66
Negative
4.69
Negative
Market Momentum
-0.25
Negative
40.30
Neutral
77.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MNKD, the sentiment is Neutral. The current price of 2.64 is above the 20-day moving average (MA) of 2.50, below the 50-day MA of 3.70, and below the 200-day MA of 4.69, indicating a neutral trend. The MACD of -0.25 indicates Negative momentum. The RSI at 40.30 is Neutral, neither overbought nor oversold. The STOCH value of 77.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $2.40B | 6.20 | -76.45% | ― | 45.38% | 92.85% | |
56 Neutral | $2.48B | -6.98 | -41.68% | ― | -73.94% | -31.70% | |
54 Neutral | $791.82M | -27.17 | -11.21% | ― | 17.44% | 24.15% | |
53 Neutral | $2.22B | -3.16 | -57.52% | ― | 47.15% | -311.26% | |
53 Neutral | $1.57B | -19.61 | -6.93% | ― | 27.51% | 38.72% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $5.90B | -7.30 | -100.22% | ― | ― | 4.32% |
* Healthcare Sector Average
MNKD
MannKind
2.64
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-42.98%
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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.