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MannKind Corporation, a biopharmaceutical company, focuses on the provision of various solutions for transforming chronic disease care. It develops and commercializes treatments that address serious unmet medical needs, including diabetes, pulmonary hypertension, and fluid overload in heart failure and chronic kidney disease. It offers Afrezza inhalation powder, an inhaled insulin used to improve glycemic control in adults with diabetes; and the V-Go wearable insulin delivery device, which provides continuous subcutaneous infusion of insulin in adults. Its products also include Tyvaso DPI for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; FUROSCIX, a furosemide injection to treat fluid buildup in patients with chronic heart failure or chronic kidney disease. The company's pipeline of treatments for orphan lung diseases include MNKD-201, a dry-powder formulation of nintedanib for the treatment of idiopathic pulmonary fibrosis and MNKD-701. It has collaboration and license agreement with United Therapeutics Corporation for development, regulatory, and commercial activities of Tyvaso DPI; and collaboration agreement with Thirona to evaluate the therapeutic for the treatment of pulmonary fibrosis. MannKind Corporation was incorporated in 1991 and is headquartered in Danbury, Connecticut.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $349M | $52M | $6M | $14M | -11.5% | 22.2% | -78.7% |
| 2024 | $286M | $76M | $28M | $33M | -35.0% | 43.5% | - |
| 2023 | $199M | $19M | $-12M | $-8M | 4.8% | 99.4% | - |
| 2022 | $100M | $-56M | $-87M | $-88M | 34.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 99.77 | 198.96 | 285.50 | 348.97 |
| Cost Of Revenue | 57.50 | 62.77 | 76.60 | 87.96 |
| Gross Profit | 42.27 | 136.19 | 208.90 | 261.01 |
| Operating Expense | 111.19 | 125.60 | 140.22 | 214.46 |
| Operating Income | -68.92 | 10.59 | 68.68 | 46.55 |
| EBITDA | -56.32 | 19.11 | 75.66 | 51.51 |
| EBIT | -62.63 | 14.58 | 68.29 | 39.23 |
| Pretax Income | -87.40 | -10.38 | 30.52 | 1.41 |
| Tax Provision | 0 | 1.56 | 2.93 | -4.46 |
| Net Income | -87.40 | -11.94 | 27.59 | 5.86 |
| Net Income Common Stockholders | -87.40 | -11.94 | 27.59 | 5.86 |
| Total Expenses | 168.69 | 188.37 | 216.82 | 302.42 |
| Interest Expense | 24.77 | 24.95 | 37.77 | 37.82 |
| Interest Income | 2.51 | 6.15 | 12.62 | 8.05 |
| Research And Development | 19.72 | 31.28 | 45.89 | 66.35 |
| Selling General And Administration | 91.47 | 94.31 | 94.33 | 144.13 |
| Normalized EBITDA | -60.20 | 21.20 | 88.49 | 65.67 |
| Normalized Income | -91.28 | -10.29 | 39.18 | 17.05 |
| Basic EPS | -0.34 | -0.04 | 0.10 | 0.02 |
| Diluted EPS | -0.34 | -0.04 | 0.10 | 0.02 |
| Tax Effect Of Unusual Items | 0 | -0.44 | -1.23 | -2.97 |
| Tax Rate For Calcs | 0 | 0.21 | 0.10 | 0.21 |
| Total Unusual Items | 3.88 | -2.09 | -12.83 | -14.16 |
| Total Unusual Items Excluding Goodwill | 3.88 | -2.09 | -12.83 | -14.16 |
| Net Income From Continuing Operation Net Minority Interest | -87.40 | -11.94 | 27.59 | 5.86 |
| Reconciled Depreciation | 6.31 | 4.54 | 7.37 | 12.28 |
| Reconciled Cost Of Revenue | 57.50 | 58.24 | 69.23 | 79.65 |
| Net Interest Income | -22.26 | -19.01 | -25.37 | -29.98 |
| Net Income From Continuing And Discontinued Operation | -87.40 | -11.94 | 27.59 | 5.86 |
| Total Operating Income As Reported | -64.11 | 8.68 | 72.59 | 38.80 |
| Diluted Average Shares | 257.09 | 267.01 | 283.84 | 314.11 |
| Basic Average Shares | 257.09 | 267.01 | 274.42 | 305.64 |
| Diluted NI Availto Com Stockholders | -87.40 | -11.94 | 27.59 | 5.86 |
| Net Income Including Noncontrolling Interests | -87.40 | -11.94 | 27.59 | 5.86 |
| Net Income Continuous Operations | -87.40 | -11.94 | 27.59 | 5.86 |
| Other Income Expense | 3.78 | -1.96 | -12.80 | -15.17 |
| Other Non Operating Income Expenses | -0.10 | 0.12 | 0.03 | -1.01 |
| Special Income Charges | 0 | -0.17 | -16.73 | -6.41 |
| Other Special Charges | 0 | 0 | 20.44 | 0 |
| Write Off | 0 | 0.17 | 1.55 | 6.41 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0 | 0 | -5.26 | 0 |
| Gain On Sale Of Security | 3.88 | -1.92 | 3.91 | -7.75 |
| Net Non Operating Interest Income Expense | -22.26 | -19.01 | -25.37 | -29.98 |
| Total Other Finance Cost | 0 | 0.21 | 0.21 | 0.21 |
| Interest Expense Non Operating | 24.77 | 24.95 | 37.77 | 37.82 |
| Interest Income Non Operating | 2.51 | 6.15 | 12.62 | 8.05 |
| Other Operating Expenses | 0 | 0 | 0 | 0 |
| Depreciation Amortization Depletion Income Statement | 0 | 0 | 0 | 3.97 |
| Depreciation And Amortization In Income Statement | 0 | 0 | 0 | 3.97 |
| Amortization | 0 | 0 | 0 | 3.97 |
| Amortization Of Intangibles Income Statement | 0 | 0 | 0 | 3.97 |
| Selling And Marketing Expense | 53.75 | 51.78 | 0 | 0 |
| General And Administrative Expense | 37.72 | 42.54 | 0 | 0 |
| Other Gand A | 37.72 | 42.54 | 0 | 0 |
| Operating Revenue | 99.77 | 255.39 | 339.30 | 402.92 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| MannKind Corporationthis co. | MNKD | $849M | 137.50↑ premium | -16.57 | -11.5% | 19.49 |
| Talkspace, Inc. | TALK | $869M | 129.75 | 7.39 | 6.7% | 128.51 |
| SELLAS Life Sciences Group, Inc. | SLS | $862M | - | 10.09 | -37.9% | - |
| Janux Therapeutics, Inc. | JANX | $860M | - | 0.89 | -11.9% | 0.55 |
| EVMN | EVMN | $859M | - |
| 3.66 |
| -33.5% |
| -8.93 |
| Theravance Biopharma, Inc. | TBPH | $859M | 8.09 | 2.87 | 35.7% | -296.42 |
| Omada Health, Inc. | OMDA | $841M | - | 3.60 | -5.6% | -94.35 |
| OPKO Health, Inc. | OPK | $838M | - | 0.66 | -17.8% | -7.47 |
| MeiraGTx Holdings plc | MGTX | $828M | - | -126.06 | 1971.4% | -8.05 |
| Peer Median | - | 68.92 | 3.23 | -8.7% | -8.05 | |