Mannkind Corp. (MNKD)
NASDAQ:MNKD
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MannKind
(NASDAQ:MNKD)
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Rating:54Neutral
Price Target:
$3.00
▲(5.63% Upside)
Action:ReiteratedDate:05/07/26
The score is driven primarily by mixed financial fundamentals—strong revenue growth and operating margins, but a pressured capital structure (negative equity) and weakening free cash flow. Technicals add a modest headwind given weak longer-term trend signals. Earnings call factors are a partial offset, supported by reiterated FURO6 guidance and multiple upcoming catalysts, though near-term profitability and execution risks remain.
Positive Factors
Diversified revenue base: Afrezza, royalties, and manufacturing
Recurring royalties and product revenue (Afrezza) combined with manufacturing-related income create multiple cash flow channels. This diversification reduces single-product dependence, supports funding for R&D and launches, and underpins operational resilience over the next several quarters.
Negative Factors
Persistently negative stockholders' equity
Negative equity constrains financial flexibility and elevates downside risk in an economic or sales downturn. It can limit access to attractive financing, increase cost of capital, and reduce the company’s buffer against execution hiccups across commercialization and development.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue base: Afrezza, royalties, and manufacturing
Recurring royalties and product revenue (Afrezza) combined with manufacturing-related income create multiple cash flow channels. This diversification reduces single-product dependence, supports funding for R&D and launches, and underpins operational resilience over the next several quarters.
Read all positive factors
MannKind (MNKD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.10B
Dividend YieldN/A
Average Volume (3M)5.15M
Price to Earnings (P/E)―
Beta (1Y)1.12
Revenue Growth22.23%
EPS Growth-80.40%
CountryUS
Employees403
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.01
Shares Outstanding308,795,780
10 Day Avg. Volume3,297,408
30 Day Avg. Volume5,153,598
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 Cap0.96
Enterprise Value/Revenue3.03
Enterprise Value/Gross Profit3.96
Enterprise Value/Ebitda20.32
Forecast
1Y Price Target
$7.54Price Target Upside165.34% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.02
Revenue Forecast (FY)$466.86M
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:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 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
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
Negative
2.84
Price Trends
3.45
Negative
4.57
Negative
4.67
Negative
Market Momentum
-0.13
Negative
51.00
Neutral
96.79
Negative
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 2.84 is above the 20-day moving average (MA) of 2.53, below the 50-day MA of 3.45, and below the 200-day MA of 4.67, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 51.00 is Neutral, neither overbought nor oversold. The STOCH value of 96.79 is Negative, 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $2.24B | -0.80 | -76.45% | ― | 94.10% | ― | |
58 Neutral | $2.42B | 1.73 | -57.52% | ― | 15.58% | -438.50% | |
56 Neutral | $2.70B | -5.55 | -41.68% | ― | -77.98% | -59.30% | |
54 Neutral | $1.10B | -11.36 | -11.21% | ― | 22.23% | -80.40% | |
53 Neutral | $1.56B | 29.49 | -6.93% | ― | 29.17% | 30.64% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $6.13B | -6.66 | -100.22% | ― | ― | 0.01% |
* 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.