MannKind Reports Q1 Revenue of $90.17M, Below Consensus
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4 days ago
0mins
Should l Buy MNKD?
Reports Q1 revenue $90.17M, consensus $105.31M. "We are making meaningful progress executing our corporate transformation strategy, focused on the expansion and diversification of both our commercial portfolio and development pipeline," said Michael Castagna, Chief Executive Officer of MannKind Corporation. "2026 is the most catalyst-rich year in the Company's history. The Furoscix ReadyFlow Autoinjector, if approved, represents an opportunity to scale the brand's growth trajectory. At the same time, we are excited and prepared for the potential Afrezza approval and launch in pediatrics, which would address unmet needs of a new patient population. Combined with the continued momentum of Tyvaso DPI, including its expansion into IPF, a strengthening pipeline, and our expanded collaboration with United Therapeutics to advance ralinepag DPI, MannKind is well positioned to deliver sustained, long-term value for shareholders."
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Analyst Views on MNKD
Wall Street analysts forecast MNKD stock price to rise
7 Analyst Rating
7 Buy
0 Hold
0 Sell
Strong Buy
Current: 3.550
Low
7.50
Averages
9.25
High
11.00
Current: 3.550
Low
7.50
Averages
9.25
High
11.00
About MNKD
MannKind Corporation is a biopharmaceutical company engaged in transforming chronic disease care through patient-centric solutions. Focused on cardiometabolic and orphan lung diseases, 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. Its commercial assets include Afrezza, FUROSCIX and V-Go along with Tyvaso DPI. Its commercializing Afrezza (insulin human) Inhalation Powder, an ultra-rapid-acting inhaled insulin indicated 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 that require insulin. Its orphan lung disease product, Tyvaso DPI (treprostinil) inhalation powder, is used in the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
MannKind Q1 2026 Earnings Call Insights
- Revenue Performance: MannKind reported $90 million in revenue for Q1 2026, with FUROSCIX net sales at $15.5 million, reflecting confidence in the business's direction despite challenges from annual deductible resets and inventory transitions.
- Collaboration Expansion: The partnership with United Therapeutics has deepened, with MannKind receiving a $5 million payment and the potential for up to $35 million in development milestone payments over the next 12 months, providing crucial support for the company's long-term growth.
- Product Launch Plans: Management expects to achieve FUROSCIX revenue targets of $110 million to $120 million in 2026, with launches for Afrezza pediatrics on May 29 and FUROSCIX ReadyFlow on July 26, anticipated to positively impact future sales.
- R&D Investment: Despite reporting a GAAP net loss of $16.6 million in Q1, management emphasized ongoing investments in MannKind 201's R&D, which are expected to drive future product development and market expansion, although short-term cost pressures remain.
See More
MannKind Q1 2026 Earnings Report Analysis
- Disappointing Earnings: MannKind reported a Q1 non-GAAP EPS of -$0.02, missing expectations by $0.03, indicating pressure on profitability that could undermine investor confidence.
- Lackluster Revenue Growth: The company generated $90.2 million in revenue for Q1, a 15.1% year-over-year increase, yet fell short of expectations by $15.11 million, reflecting unmet market demand that may impact future sales strategies.
- Significant Cost Increase: Cost of goods sold reached $7.5 million in Q1, up 99% from $3.8 million in the same period last year, primarily due to the addition of Furoscix following the scPharma acquisition, which has increased operational burdens.
- Surge in R&D and SG&A Expenses: Research and development expenses totaled $17.2 million, a 56% increase, while selling, general, and administrative expenses soared to $54.1 million, up 116%, indicating substantial investments in product line expansion and market promotion that may affect short-term profitability.
See More
MannKind Partners with United Therapeutics for New Drug Development
- Drug Development Partnership: MannKind is collaborating with United Therapeutics to develop an inhaled version of Ralinepag, with MannKind supporting formulation and supply, potentially earning up to $35 million in milestone payments, highlighting the company's prospects in the pulmonary arterial hypertension market.
- Significant Stock Surge: MannKind's shares jumped over 30% on Wednesday, marking the largest single-day gain since February 2021 and breaking past the 100-day moving average for the first time in over two months, reflecting strong market interest in its drug progress.
- Innovative Drug Formulation: The company is developing a dry powder inhalation (DPI) version of Ralinepag, aiming for less frequent dosing; initial studies indicate that its oral form met primary endpoints in a Phase 3 trial, suggesting promising potential for the inhaled therapy.
- Shifting Market Sentiment: Retail sentiment for MannKind on Stocktwits shifted from neutral to bullish, with users expressing optimism about further stock price increases over the next two months, despite the stock's nearly 36% decline this year.
See More
MannKind and United Therapeutics Expand Collaboration Agreement
- Stock Surge: MannKind (MNKD) shares rose approximately 16% in premarket trading on Wednesday, reflecting positive market sentiment towards its newly expanded collaboration agreement with United Therapeutics (UTHR), indicating investor confidence in future growth potential.
- New Therapy Development: MannKind is developing a dry powder inhaler version of the drug ralinepag (MNKD-1501) as part of the expanded agreement with United Therapeutics, aimed at providing new treatment options for pulmonary arterial hypertension and enriching its product portfolio.
- Funding Support: Under the expanded agreement, MannKind received $5 million from UTHR last month to expedite the development of ralinepag DPI, which not only aids in shortening the time to market but also enhances the company's competitive position in the pulmonary disease treatment market.
- Future Revenue Potential: MannKind stands to gain $35 million in development milestone payments and 10% royalties on net sales of MNKD-1501, which will provide robust financial support for the company’s future performance, especially as it expands into new indications like interstitial lung disease and idiopathic pulmonary fibrosis.
See More
MannKind Partners with United Therapeutics to Advance Ralinepag DPI
- Funding Support: United Therapeutics made a $5 million payment to MannKind in April 2026 to accelerate the development of ralinepag DPI, which will significantly enhance the project's advancement speed and ensure the product enters clinical stages promptly.
- Market Potential: MannKind is eligible to receive up to $35 million in development milestone payments and 10% royalties on net sales, which not only provides a substantial revenue stream for the company but also indicates strong market demand and confidence in the product.
- Clinical Research Plans: Currently, non-clinical studies and a subsequent phase 1 study in healthy volunteers are underway to assess dosing and pharmacokinetic comparability with oral ralinepag tablets, laying the groundwork for pivotal studies in PAH patients.
- Strategic Collaboration: This partnership is based on a global collaboration agreement established in 2018, where United Therapeutics leads global development and commercialization activities while MannKind focuses on formulation and supply, facilitating success in the complex drug delivery space.
See More
MannKind Corporation Showcases Growth Potential at Healthcare Conference
- Strategic Partnership: MannKind's partnership with United Therapeutics (UT) has been confirmed, with CEO Castagna noting that MannKind will be the primary supplier for Tyvaso DPI, indicating a significantly higher revenue floor than initially modeled, which is expected to drive future revenue growth for the company.
- New Product Development: MannKind is collaborating with UT on a second undisclosed compound, and if this product receives FDA approval, MannKind will earn a 10% royalty, providing an additional revenue stream for the company's future.
- Acquisition Integration: MannKind completed its $360 million acquisition of scPharmaceuticals in 2025, integrating FUROSCIX into its product line, with a revenue target of $110-$120 million for 2026, further expanding the company's cardiometabolic business unit.
- Market Outlook: Although analysts previously modeled peak sales for FUROSCIX at $500 million, Castagna indicated that this figure is merely a starting point, highlighting MannKind's growth potential in the treatment of heart and lung diseases, which enhances investor confidence in its future performance.
See More
MannKind Q1 2026 Earnings Call Insights
- Revenue Performance: MannKind reported $90 million in revenue for Q1 2026, with FUROSCIX net sales at $15.5 million, reflecting confidence in the business's direction despite challenges from annual deductible resets and inventory transitions.
- Collaboration Expansion: The partnership with United Therapeutics has deepened, with MannKind receiving a $5 million payment and the potential for up to $35 million in development milestone payments over the next 12 months, providing crucial support for the company's long-term growth.
- Product Launch Plans: Management expects to achieve FUROSCIX revenue targets of $110 million to $120 million in 2026, with launches for Afrezza pediatrics on May 29 and FUROSCIX ReadyFlow on July 26, anticipated to positively impact future sales.
- R&D Investment: Despite reporting a GAAP net loss of $16.6 million in Q1, management emphasized ongoing investments in MannKind 201's R&D, which are expected to drive future product development and market expansion, although short-term cost pressures remain.
See More
MannKind Q1 2026 Earnings Report Analysis
- Disappointing Earnings: MannKind reported a Q1 non-GAAP EPS of -$0.02, missing expectations by $0.03, indicating pressure on profitability that could undermine investor confidence.
- Lackluster Revenue Growth: The company generated $90.2 million in revenue for Q1, a 15.1% year-over-year increase, yet fell short of expectations by $15.11 million, reflecting unmet market demand that may impact future sales strategies.
- Significant Cost Increase: Cost of goods sold reached $7.5 million in Q1, up 99% from $3.8 million in the same period last year, primarily due to the addition of Furoscix following the scPharma acquisition, which has increased operational burdens.
- Surge in R&D and SG&A Expenses: Research and development expenses totaled $17.2 million, a 56% increase, while selling, general, and administrative expenses soared to $54.1 million, up 116%, indicating substantial investments in product line expansion and market promotion that may affect short-term profitability.
See More
MannKind Partners with United Therapeutics for New Drug Development
- Drug Development Partnership: MannKind is collaborating with United Therapeutics to develop an inhaled version of Ralinepag, with MannKind supporting formulation and supply, potentially earning up to $35 million in milestone payments, highlighting the company's prospects in the pulmonary arterial hypertension market.
- Significant Stock Surge: MannKind's shares jumped over 30% on Wednesday, marking the largest single-day gain since February 2021 and breaking past the 100-day moving average for the first time in over two months, reflecting strong market interest in its drug progress.
- Innovative Drug Formulation: The company is developing a dry powder inhalation (DPI) version of Ralinepag, aiming for less frequent dosing; initial studies indicate that its oral form met primary endpoints in a Phase 3 trial, suggesting promising potential for the inhaled therapy.
- Shifting Market Sentiment: Retail sentiment for MannKind on Stocktwits shifted from neutral to bullish, with users expressing optimism about further stock price increases over the next two months, despite the stock's nearly 36% decline this year.
See More
MannKind and United Therapeutics Expand Collaboration Agreement
- Stock Surge: MannKind (MNKD) shares rose approximately 16% in premarket trading on Wednesday, reflecting positive market sentiment towards its newly expanded collaboration agreement with United Therapeutics (UTHR), indicating investor confidence in future growth potential.
- New Therapy Development: MannKind is developing a dry powder inhaler version of the drug ralinepag (MNKD-1501) as part of the expanded agreement with United Therapeutics, aimed at providing new treatment options for pulmonary arterial hypertension and enriching its product portfolio.
- Funding Support: Under the expanded agreement, MannKind received $5 million from UTHR last month to expedite the development of ralinepag DPI, which not only aids in shortening the time to market but also enhances the company's competitive position in the pulmonary disease treatment market.
- Future Revenue Potential: MannKind stands to gain $35 million in development milestone payments and 10% royalties on net sales of MNKD-1501, which will provide robust financial support for the company’s future performance, especially as it expands into new indications like interstitial lung disease and idiopathic pulmonary fibrosis.
See More
MannKind Partners with United Therapeutics to Advance Ralinepag DPI
- Funding Support: United Therapeutics made a $5 million payment to MannKind in April 2026 to accelerate the development of ralinepag DPI, which will significantly enhance the project's advancement speed and ensure the product enters clinical stages promptly.
- Market Potential: MannKind is eligible to receive up to $35 million in development milestone payments and 10% royalties on net sales, which not only provides a substantial revenue stream for the company but also indicates strong market demand and confidence in the product.
- Clinical Research Plans: Currently, non-clinical studies and a subsequent phase 1 study in healthy volunteers are underway to assess dosing and pharmacokinetic comparability with oral ralinepag tablets, laying the groundwork for pivotal studies in PAH patients.
- Strategic Collaboration: This partnership is based on a global collaboration agreement established in 2018, where United Therapeutics leads global development and commercialization activities while MannKind focuses on formulation and supply, facilitating success in the complex drug delivery space.
See More
MannKind Corporation Showcases Growth Potential at Healthcare Conference
- Strategic Partnership: MannKind's partnership with United Therapeutics (UT) has been confirmed, with CEO Castagna noting that MannKind will be the primary supplier for Tyvaso DPI, indicating a significantly higher revenue floor than initially modeled, which is expected to drive future revenue growth for the company.
- New Product Development: MannKind is collaborating with UT on a second undisclosed compound, and if this product receives FDA approval, MannKind will earn a 10% royalty, providing an additional revenue stream for the company's future.
- Acquisition Integration: MannKind completed its $360 million acquisition of scPharmaceuticals in 2025, integrating FUROSCIX into its product line, with a revenue target of $110-$120 million for 2026, further expanding the company's cardiometabolic business unit.
- Market Outlook: Although analysts previously modeled peak sales for FUROSCIX at $500 million, Castagna indicated that this figure is merely a starting point, highlighting MannKind's growth potential in the treatment of heart and lung diseases, which enhances investor confidence in its future performance.
See More
