MannKind (MNKD) AI Stock Analysis

• Market Cap: $1.64B
• Dividend Yield: N/A
• Average Volume (3M): 4.98M
• Price to Earnings (P/E): 48.8
• Beta (1Y): 0.66
• Revenue Growth: 21.48%
• EPS Growth: 162.30%
• Country: US
• Employees: 403
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.00
• Shares Outstanding: 306,828,340
• 10 Day Avg. Volume: 3,960,467
• 30 Day Avg. Volume: 4,979,113
• PEG Ratio: -0.20
• Price to Book (P/B): -22.39
• Price to Sales (P/S): 6.18
• P/FCF Ratio: 53.77
• Enterprise Value/Market Cap: 0.70
• Enterprise Value/Revenue: 3.77
• Enterprise Value/Gross Profit: 5.04
• Enterprise Value/Ebitda: 14.40
• 1Y Price Target: $10.29
• Price Target Upside: 86.08% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7

• Rating: 63 Neutral
• Price Target: $6.00 ▲(8.50% 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

Revenue Growth

Consistent revenue growth from Afrezza indicates strong market demand and effective sales strategies, supporting long-term business expansion.

Strategic Partnerships

The partnership with Blackstone provides substantial capital for growth and innovation without diluting equity, enhancing MannKind's financial stability.

Pipeline Expansion

The expanded agreement with United Therapeutics leverages MannKind's Technosphere platform, potentially increasing future revenue streams and market presence.

Negative Factors

High Leverage

High leverage poses a risk to financial stability, potentially limiting MannKind's ability to invest in growth opportunities and manage economic downturns.

Negative Equity

Negative equity reflects financial instability, raising concerns about MannKind's solvency and ability to sustain operations without external funding.

Operational Costs

High operational costs reduce profitability, potentially impacting MannKind's ability to reinvest in R&D and maintain competitive pricing.

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 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 Money

MannKind 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 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

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

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

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	301.74M	285.50M	198.96M	99.77M	75.44M	65.14M
Gross Profit	226.03M	208.90M	136.19M	42.27M	36.59M	40.50M
EBITDA	79.09M	77.47M	15.13M	-56.34M	-61.09M	-45.01M
Net Income	32.80M	27.59M	-11.94M	-112.17M	-91.79M	-57.24M
Balance Sheet
Total Assets	411.70M	393.84M	475.20M	295.28M	321.16M	108.61M
Cash, Cash Equivalents and Short-Term Investments	178.99M	197.26M	295.10M	170.85M	204.12M	67.00M
Total Debt	46.82M	47.70M	382.38M	382.91M	382.74M	123.44M
Total Liabilities	466.74M	472.66M	721.37M	545.82M	530.51M	289.03M
Stockholders Equity	-55.04M	-78.82M	-246.17M	-250.54M	-209.35M	-180.42M
Cash Flow
Free Cash Flow	28.79M	32.82M	-8.35M	-88.27M	-73.17M	-32.91M
Operating Cash Flow	34.55M	42.51M	34.09M	-80.68M	-61.71M	-28.13M
Investing Cash Flow	19.19M	-96.65M	-1.99M	4.87M	-151.54M	15.22M
Financing Cash Flow	-93.36M	-137.27M	136.61M	21.41M	270.27M	49.85M

MannKind Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.53
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 5.53 is above the 20-day moving average (MA) of 5.38, above the 50-day MA of 4.47, and above the 200-day MA of 4.93, indicating a neutral trend. The MACD of 0.28 indicates Positive momentum. The RSI at 57.35 is Neutral, neither overbought nor oversold. The STOCH value of 19.80 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MNKD.

MannKind Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MNKD	63 Neutral	$1.64B	48.76	-35.00%	―	21.48%	162.30%
AGIO	59 Neutral	2.17B	3.31	47.47%	―	30.57%	―
ARWR	57 Neutral	4.54B	-25.06	-323.27%	―	2816.21%	73.33%
KYMR	57 Neutral	3.75B	-15.46	-28.35%	―	-49.51%	-44.09%
BEAM	50 Neutral	2.39B	-5.12	-38.08%	―	-82.90%	-155.64%
BCRX	48 Neutral	1.63B	-44.02	8.47%	―	45.85%	76.36%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

MannKind Corporate Events

MannKind Amends License Agreement with United Therapeutics

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.

MannKind Announces Acquisition of scPharmaceuticals

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.