MNKDNasdaqPharmaceutical PreparationsUS GAAP · USD

MannKind Corporation

MannKind Corp is a biopharmaceutical company focused on developing and commercializing inhaled and other specialty therapies, with a commercial base in diabetes and cardiopulmonary care. Its portfolio includes Afrezza, an inhaled mealtime insulin, V-Go, a wearable insulin delivery device, and Furoscix, a subcutaneous furosemide therapy for fluid overload conditions, alongside collaboration and royalty revenue tied to partner products.

Kysy yhtiöstä
Liikevaihto349milj. USD
+22,2 %v/v
Liikevoitto (EBIT)38,8milj. USD
−46,5 %v/v
EBIT-marginaali11,1%
−14,3 %-yks.v/v
Nettotulos5,9milj. USD
−78,7 %v/v
Vapaa kassavirta13,7milj. USD
−58,3 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−1000100200300400milj. USD2020: 65 milj. USD2020: EBIT −48 milj. USD20202021: 75 milj. USD2021: EBIT −47 milj. USD20212022: 100 milj. USD2022: EBIT −64 milj. USD20222023: 199 milj. USD2023: EBIT 8,7 milj. USD20232024: 286 milj. USD2024: EBIT 73 milj. USD20242025: 349 milj. USD2025: EBIT 39 milj. USD202534939
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: MannKind Corporation

Liiketoiminta

Osuus liikevaihdosta
Commercial diabetes products45 %

Includes Afrezza and V-Go, which are sold to support insulin therapy in diabetes care.

Cardiopulmonary therapy10 %

Includes Furoscix, used for outpatient treatment of fluid overload and heart-failure-related conditions.

Collaboration and manufacturing services25 %

Includes product sold to partners, contract manufacturing, and related service revenue.

Royalties20 %

Includes royalty income from partner commercial sales, especially Tyvaso DPI.

Tuotteet

Raportoitu · osuus liikevaihdosta
61,8%36,5%FY2025100 %
  • Product Revenue61,8 %
  • Royalty36,5 %
  • Services1,2 %
  • Manufacturing Services0,5 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

MannKind sells mainly through a limited set of wholesale distributors, specialty and retail pharmacies, durable medical suppliers, specialty distributors, and direct purchasers in the U.S. and India. Its end customers are patients and healthcare providers in diabetes and cardiopulmonary care, while collaboration revenue depends on commercial partners and their downstream sales performance.

Wholesale distributors

Buy commercial products in bulk and resell into pharmacy and care channels; important for broad U.S. access.

Specialty and retail pharmacies

Dispense Afrezza and related therapies to patients and help drive prescription fulfillment.

Durable medical suppliers and specialty distributors

Purchase V-Go and similar products for distribution into diabetes care channels.

Direct purchasers

Buy directly in the U.S. and India, supporting localized commercial access.

Collaboration partners

Buy manufacturing, service, or product supply tied to partnered programs and royalty streams.

Strategia

MannKind is focused on expanding adoption of its approved products while maintaining the manufacturing and commercial infrastructure needed to support them. It is also reliant on collaboration economics, especially royalty and service revenue tied to Tyvaso DPI, so partner execution and partner product demand are central to its strategy.

Expand commercial execution for approved productsLyhyt aikaväli

Revenue depends on prescription uptake and channel access for Afrezza, V-Go and Furoscix.

Protect and grow collaboration revenueKeskipitkä aikaväli

Royalty and manufacturing income from UT is a meaningful revenue stream and depends on partner sales.

Improve manufacturing and supply resilienceLyhyt aikaväli

Commercial success depends on sufficient output and reliable sourcing of materials and components.

Maantiede

The company’s commercial revenue is concentrated in the United States, with additional direct customer activity in India and partner-related revenue tied to U.S. commercialization. Manufacturing and operations are centered in the U.S., including Danbury, Connecticut, which matters because supply continuity, regulatory compliance, and tariff exposure can affect product availability and cost.

Riskit

The company faces commercialization risk because its products may achieve only limited market acceptance, particularly in competitive diabetes and heart-failure markets. It is also exposed to manufacturing, supplier, reimbursement, and partner-dependence risks, since revenue can be affected by production shortfalls, payer coverage, and strategic decisions made by collaborators such as United Therapeutics.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Limited commercial success of approved products1Manufacturing and supply chain disruption2Payer coverage and reimbursement pressure3Partner concentration and dependence on United Therapeutics4Tariff and trade policy exposure5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Limited commercial success of approved productsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Afrezza, V-Go and Furoscix compete against entrenched therapies and may not achieve broad uptake.

    Kohdistuu: Diabetes and heart-failure treatment markets

  2. Manufacturing and supply chain disruptionVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company must manufacture sufficient quantities and source materials reliably to support sales.

    Kohdistuu: Commercial product supply

  3. Payer coverage and reimbursement pressureVaikutus: KorkeaTodennäköisyys: Kohtalainen

    If third-party payers do not cover products, prescriptions and sales can fall materially.

    Kohdistuu: U.S. commercial channels

  4. Partner concentration and dependence on United TherapeuticsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Royalty and collaboration revenue depend on UT's sales and strategic priorities.

    Kohdistuu: Tyvaso DPI royalty stream

  5. Tariff and trade policy exposureVaikutus: KeskitasoTodennäköisyys: Korkea

    Higher import costs for raw materials and components could pressure gross margin.

    Kohdistuu: U.S. sourcing and manufacturing

Kysy Clarifolta: MannKind Corporation

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition and gross-to-net reserves

Product sales are recorded net of discounts, rebates, chargebacks, returns and incentives.

Vaikutus: Can materially affect reported revenue and receivables

Royalty revenue from Tyvaso DPI

Royalty income depends on partner net sales and contractual royalty terms.

Vaikutus: Creates earnings sensitivity to partner sales trends

Collaboration and deferred revenue

Service and product-supply arrangements may include deferred recognition and one-time items.

Vaikutus: Can cause quarter-to-quarter revenue volatility

Business combinations and acquired intangibles

Valuation of acquired assets and contingent consideration requires estimates.

Vaikutus: Can affect amortization and impairment charges

Stock-based compensation

A meaningful non-cash expense for a development and commercial-stage biotech company.

Vaikutus: Affects operating expense and reported profitability

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026