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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% | -331.1% |
| 2023 | $199M | $19M | $-12M | $-8M | 4.8% | 99.4% | -86.3% |
| 2022 | $100M | $-56M | $-87M | $-88M | 34.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 99.77 | 198.96 | 285.50 | 348.97 |
| Operating Revenue | - | 99.77 | 255.39 | 339.30 | 402.92 |
| 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 |
| Research And Development | - | 19.72 | 31.28 | 45.89 | 66.35 |
| Selling General And Administration | - | 91.47 | 94.31 | 94.33 | 144.14 |
| Total Expenses | - | 168.69 | 188.37 | 216.82 | 302.42 |
| Operating Income | - | -68.92 | 10.59 | 68.68 | 46.55 |
| Total Operating Income As Reported | - | -64.11 | 8.68 | 72.59 | 38.80 |
| EBITDA | - | -56.32 | 19.11 | 75.66 | 51.51 |
| Normalized EBITDA | - | -60.20 | 21.20 | 88.49 | 65.67 |
| EBIT | - | -62.63 | 14.58 | 68.29 | 39.23 |
| Interest Income | - | 2.51 | 6.15 | 12.62 | 8.05 |
| Interest Expense | - | 24.77 | 24.95 | 37.77 | 37.82 |
| Net Interest Income | - | -22.26 | -19.01 | -25.37 | -29.98 |
| Other Non Operating Income Expenses | - | -0.10 | 0.12 | 0.03 | -1.01 |
| Other Income Expense | - | 3.78 | -1.96 | -12.80 | -15.17 |
| Interest Income Non Operating | - | 2.51 | 6.15 | 12.62 | 8.05 |
| Interest Expense Non Operating | - | 24.77 | 24.95 | 37.77 | 37.82 |
| Net Non Operating Interest Income Expense | - | -22.26 | -19.01 | -25.37 | -29.98 |
| Pretax Income | - | -87.40 | -10.38 | 30.52 | 1.41 |
| Tax Provision | - | 0 | 1.56 | 2.93 | -4.46 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -0.44 | -1.23 | -2.97 |
| Net Income Continuous Operations | - | -87.40 | -11.94 | 27.59 | 5.86 |
| Net Income From Continuing And Discontinued Operation | - | -87.40 | -11.94 | 27.59 | 5.86 |
| Net Income From Continuing Operation Net Minority Interest | - | -87.40 | -11.94 | 27.59 | 5.86 |
| Net Income | - | -87.40 | -11.94 | 27.59 | 5.86 |
| Net Income Common Stockholders | - | -87.40 | -11.94 | 27.59 | 5.86 |
| Net Income Including Noncontrolling Interests | - | -87.40 | -11.94 | 27.59 | 5.86 |
| Normalized Income | - | -91.28 | -10.29 | 39.18 | 17.05 |
| Diluted NI Availto Com Stockholders | - | -87.40 | -11.94 | 27.59 | 5.86 |
| Basic Average Shares | - | 257.09 | 267.01 | 274.42 | 305.64 |
| Diluted Average Shares | - | 257.09 | 267.01 | 283.84 | 314.11 |
| Reconciled Depreciation | - | 6.31 | 4.54 | 7.37 | 12.28 |
| Reconciled Cost Of Revenue | - | 57.50 | 58.24 | 69.23 | 79.65 |
| Total Unusual Items | - | 3.88 | -2.09 | -12.83 | -14.16 |
| Total Unusual Items Excluding Goodwill | - | 3.88 | -2.09 | -12.83 | -14.16 |
| Special Income Charges | - | 0 | -0.17 | -16.74 | -6.41 |
| Other Special Charges | 17.20 | - | - | 20.44 | - |
| Write Off | - | 0 | 0.17 | 1.55 | 6.41 |
| Impairment Of Capital Assets | 0.11 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | - | 0 | 0 | -5.26 | 0 |
| Gain On Sale Of Security | - | 3.88 | -1.92 | 3.91 | -7.75 |
| Depreciation Amortization Depletion Income Statement | - | - | 0 | 0 | 3.97 |
| Depreciation And Amortization In Income Statement | - | - | 0 | 0 | 3.97 |
| General And Administrative Expense | 31.89 | 37.72 | 42.54 | - | - |
| Other Gand A | 31.89 | 37.72 | 42.54 | - | - |
| Total Other Finance Cost | - | - | 0.21 | 0.21 | 0.21 |
| Other Operating Expenses | 0.34 | - | - | - | - |
| Selling And Marketing Expense | 45.53 | 53.75 | 51.78 | - | - |
| Amortization | - | - | 0 | 0 | 3.97 |
| Amortization Of Intangibles Income Statement | - | - | 0 | 0 | 3.97 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| MannKind Corporationthis co. | MNKD | $1.1B | 185.49 | -21.31 | -11.5% | 26.79 |
| OPKO Health, Inc. | OPK | $1.1B | -4.88 | 0.87 | -17.8% | -27.38 |
| Aktis Oncology, Inc. | AKTS | $1.1B | -17.25 | -7.52 | 43.6% | -14.83 |
| Savara Inc. | SVRA | $1.1B | -9.14 | 5.35 | -58.5% | -8.83 |
| Omada Health, Inc. | OMDA | $1.1B | -84.72 |
| - |
| - |
| - |
| - |
| - |
| 4.71 |
| -5.6% |
| -181.05 |
| Xeris Biopharma Holdings, Inc. | XERS | $1.1B | 1916.51 | 77.56 | 4.0% | 28.56 |
| Collegium Pharmaceutical, Inc. | COLL | $1.1B | 16.86 | 3.51 | 20.8% | 4.10 |
| CONMED Corporation | CNMD | $1.1B | 22.48 | 1.02 | 4.6% | 10.49 |
| Azenta, Inc. | AZTA | $1.1B | -18.88 | 0.61 | -3.2% | 20.85 |
| Peer Median | - | -7.01 | 2.27 | 0.4% | -2.36 | |