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Mannkind Corp. (MNKD)
NASDAQ:MNKD

MannKind (MNKD) AI Stock Analysis

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MannKind

(NASDAQ:MNKD)

Rating:63Neutral
Price Target:
$4.00
▲(11.11%Upside)
MannKind's overall stock score is driven by its strong revenue growth and positive earnings call sentiment. However, high financial leverage and negative equity on the balance sheet present significant risks. Additionally, bearish technical indicators and a high P/E ratio contribute to a cautious outlook.
Positive Factors
Market Adoption
The dissemination of study data should help to raise patient and physician awareness to drive higher market adoption that Afrezza deserves.
Pipeline and Innovation
The pipeline focuses on somewhat de-risked inhaled therapies in orphan respiratory indications, which are intriguing and largely overlooked.
Undervalued Opportunity
Afrezza represents a significantly undervalued opportunity.
Negative Factors
Competition
The recent approval of Yutrepia adds competition to the PAH and PH-ILD markets, posing a modest headwind to the Tyvaso DPI royalty.
Conflicts of Interest
Investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.

MannKind (MNKD) vs. SPDR S&P 500 ETF (SPY)

MannKind Business Overview & Revenue Model

Company DescriptionMannKind Corporation is a biopharmaceutical company that operates primarily in the healthcare sector, focusing on the discovery, development, and commercialization of therapeutic products for patients with diseases such as diabetes. The company's core product is Afrezza, an inhalable insulin used to help manage blood sugar levels in adults with diabetes. MannKind is committed to harnessing its proprietary technologies to create therapies that address unmet medical needs.
How the Company Makes MoneyMannKind Corporation generates revenue primarily through the sales of its flagship product, Afrezza, an inhalable insulin. Revenue is derived from direct sales to healthcare providers, pharmacies, and distributors who supply this product to end-users. Additionally, MannKind enters into strategic partnerships and licensing agreements with other pharmaceutical companies to expand the reach and commercialization of its technologies and products. These collaborations often include milestone payments and royalties, providing additional revenue streams. The company may also engage in research and development collaborations, which can contribute to its earnings by advancing new therapeutic solutions.

MannKind Earnings Call Summary

Earnings Call Date:May 08, 2025
(Q1-2025)
|
% Change Since: -25.77%|
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 Financial Statement Overview

Summary
MannKind has exhibited strong revenue growth and improved profitability with a significant increase in revenue and net profit margin. However, the balance sheet shows high leverage and negative equity, which are concerning financial risks. Cash flow management is positive, but overall, the company needs to address its balance sheet weaknesses.
Income Statement
75
Positive
MannKind has shown a remarkable revenue growth trajectory, increasing from $65.1M in 2020 to $297.6M in TTM (Trailing-Twelve-Months). The gross profit margin is strong at 74.6% for the TTM, indicating effective cost management. The net profit margin improved significantly to 10.1% in TTM, highlighting the company's transition to profitability. However, EBIT and EBITDA margins have room for improvement at 26.1% and 25.7% respectively.
Balance Sheet
45
Neutral
The company shows a high debt-to-equity ratio due to negative stockholders' equity. This presents a financial risk, although net debt has improved to a negative $62K in TTM, suggesting cash reserves exceed debt. The return on equity is difficult to interpret with negative equity, but the equity ratio is concerning at -14.3% in TTM, indicating financial instability.
Cash Flow
68
Positive
Positive free cash flow of $21.7M in TTM is an encouraging sign of operational efficiency. The operating cash flow to net income ratio is 0.97, showing close alignment between cash flow and reported profits. Although free cash flow growth has fluctuated, the recent trend is positive, suggesting improved cash management.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue297.60M285.50M198.96M99.77M75.44M65.14M
Gross Profit222.07M208.90M136.19M42.27M36.59M40.50M
EBITDA76.37M77.47M15.13M-56.34M-61.09M-45.01M
Net Income30.12M27.59M-11.94M-112.17M-91.79M-57.24M
Balance Sheet
Total Assets410.14M393.84M475.20M295.28M321.16M108.61M
Cash, Cash Equivalents and Short-Term Investments181.54M197.26M295.10M170.85M204.12M67.00M
Total Debt47.25M47.70M382.38M382.91M382.74M123.44M
Total Liabilities468.76M472.66M721.37M545.82M530.51M289.03M
Stockholders Equity-58.62M-78.82M-246.17M-250.54M-209.35M-180.42M
Cash Flow
Free Cash Flow21.71M32.82M-8.35M-88.27M-73.17M-32.91M
Operating Cash Flow29.33M42.51M34.09M-80.68M-61.71M-28.13M
Investing Cash Flow-42.25M-96.65M-1.99M4.87M-151.54M15.22M
Financing Cash Flow-132.30M-137.27M136.61M21.41M270.27M49.85M

MannKind Technical Analysis

Technical Analysis Sentiment
Negative
Last Price3.60
Price Trends
50DMA
4.27
Negative
100DMA
4.69
Negative
200DMA
5.60
Negative
Market Momentum
MACD
-0.18
Positive
RSI
34.25
Neutral
STOCH
14.72
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 3.6 is below the 20-day moving average (MA) of 3.86, below the 50-day MA of 4.27, and below the 200-day MA of 5.60, indicating a bearish trend. The MACD of -0.18 indicates Positive momentum. The RSI at 34.25 is Neutral, neither overbought nor oversold. The STOCH value of 14.72 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 (52)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
63
Neutral
$1.09B36.11-35.00%32.50%236.33%
62
Neutral
$2.09B3.2060.26%25.96%
60
Neutral
$3.12B-32.17%-25.85%-23.89%
53
Neutral
$2.32B-24.67%1436.97%68.03%
52
Neutral
$2.01B-38.04%-82.38%-164.76%
52
Neutral
$7.50B0.31-61.87%2.27%17.10%1.59%
46
Neutral
$1.87B18.68%41.67%75.79%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
MNKD
MannKind
3.60
-1.79
-33.21%
ARWR
Arrowhead Pharmaceuticals
16.79
-8.78
-34.34%
BCRX
BioCryst
8.94
2.52
39.25%
AGIO
Agios Pharma
36.07
-5.12
-12.43%
BEAM
Beam Therapeutics
20.01
-3.84
-16.10%
KYMR
Kymera Therapeutics
44.79
12.83
40.14%

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
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.Date of analysis: Jun 11, 2025