MannKind (NASDAQ:MNKD) Announces Earnings Results, Misses Estimates By $0.03 EPS

Key Points

• United Therapeutics deal expanded: MannKind unveiled MNKD‑1501 as ralinepag DPI, received a $5M upfront payment, can earn up to $35M in milestones (≈$15M expected in 12 months) plus a 10% royalty, and was confirmed as sole manufacturer of Tyvaso DPI with contractual minimums.
• FUROSCIX momentum and guidance: Q1 net sales were $15.5M with doses dispensed up ~64% year‑over‑year and management reaffirmed 2026 revenue guidance of $110M–$120M.
• Mixed financials and near‑term catalysts: MannKind missed Q1 EPS by $0.03 (reported -$0.05 vs. -$0.02) and posted a GAAP net loss of $16.6M, but shares rose ~24.5% on heavy volume ahead of two PDUFA dates (Afrezza Pediatrics on May 29 and FUROSCIX ReadyFlow on July 26).

MannKind (NASDAQ:MNKD - Get Free Report) released its quarterly earnings data on Wednesday. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.03), Zacks reports. MannKind had a net margin of 1.68% and a negative return on equity of 11.21%. During the same quarter in the previous year, the business earned $0.04 earnings per share. The business's revenue was up 15.1% on a year-over-year basis.

Here are the key takeaways from MannKind's conference call:

• United Therapeutics collaboration expanded — MannKind unveiled MNKD-1501 as ralinepag DPI, received $5M upfront, can earn up to $35M in milestones (about $15M expected in 12 months) plus a 10% royalty, and was confirmed as sole manufacturer of Tyvaso DPI with contractual minimums.
• FUROSCIX momentum and guidance — Q1 net sales for FUROSCIX were $15.5M with doses dispensed up ~64% YoY, record prescribers, and management reaffirmed 2026 FUROSCIX revenue guidance of $110M–$120M.
• Near-term regulatory catalysts — Two PDUFA events (Afrezza Pediatrics on May 29 and FUROSCIX ReadyFlow auto‑injector on July 26) could materially expand addressable markets and adoption if approved.
• MNKD‑201 (nintedanib DPI) advancing — Cohort 1 of the phase I‑B InFlow study in IPF patients is complete with no discontinuations for cough or serious AEs, top‑line data expected in Q3, and global phase II enrollment has started.
• Q1 profitability pressure — Company reported a GAAP net loss of $16.6M (non‑GAAP loss $6.9M) driven by increased R&D and commercial investments for the planned launches and scPharmaceuticals integration, though management says liquidity is sufficient.

MannKind Stock Up 24.5%

Shares of NASDAQ MNKD traded up $0.70 on Wednesday, reaching $3.56. 36,731,986 shares of the company's stock traded hands, compared to its average volume of 3,571,547. The business's 50 day simple moving average is $2.77 and its two-hundred day simple moving average is $4.60. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 178.09 and a beta of 1.04. MannKind has a 12 month low of $2.23 and a 12 month high of $6.51.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MNKD shares. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $3.50 target price (down from $7.50) on shares of MannKind in a research note on Friday, February 27th. Zacks Research upgraded shares of MannKind from a "strong sell" rating to a "hold" rating in a research note on Wednesday, April 15th. Wells Fargo & Company increased their target price on shares of MannKind from $7.00 to $8.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. HC Wainwright reaffirmed a "buy" rating and set a $11.00 target price on shares of MannKind in a report on Wednesday, February 25th. Finally, Weiss Ratings lowered shares of MannKind from a "hold (c)" rating to a "sell (d+)" rating in a report on Monday, March 2nd. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $8.69.

Insider Buying and Selling at MannKind

In other MannKind news, CEO Michael Castagna acquired 100,000 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were acquired at an average cost of $2.59 per share, with a total value of $259,000.00. Following the transaction, the chief executive officer owned 2,575,911 shares of the company's stock, valued at $6,671,609.49. The trade was a 4.04% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On MannKind

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV bought a new position in MannKind in the 4th quarter valued at approximately $70,000. Voloridge Investment Management LLC lifted its position in MannKind by 50.8% in the 4th quarter. Voloridge Investment Management LLC now owns 1,861,046 shares of the biopharmaceutical company's stock valued at $10,552,000 after acquiring an additional 626,878 shares in the last quarter. Tudor Investment Corp ET AL bought a new position in MannKind in the 4th quarter valued at approximately $182,000. Polymer Capital Management US LLC bought a new position in MannKind in the 4th quarter valued at approximately $168,000. Finally, Man Group plc lifted its position in MannKind by 80.9% in the 4th quarter. Man Group plc now owns 178,494 shares of the biopharmaceutical company's stock valued at $1,012,000 after acquiring an additional 79,843 shares in the last quarter. 49.55% of the stock is owned by institutional investors.

About MannKind

MannKind Corporation is a biopharmaceutical company specialized in the development and commercialization of inhaled therapeutic products. The company's core business revolves around its proprietary Technosphere® drug‐delivery platform, which is designed to enable rapid absorption of small‐molecule drugs through pulmonary administration. MannKind's lead product, Afrezza®, is an inhaled insulin therapy intended for adults with type 1 and type 2 diabetes, offering users a rapid‐acting alternative to traditional injectable insulins.

Afrezza received U.S.

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