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1. Company Snapshot

1.a. Company Description

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States.It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes.It also promotes Thyquidity to adult and pediatric endocrinologists, and other healthcare providers for the treatment of hypothyroidism.


The company has a license and collaboration agreement with United Therapeutics Corporation.It also has an agreement with NRx Pharmaceuticals to develop a dry powder formulation of ZYESAMI (aviptadil), a synthetic form of human vasoactive intestinal peptide to help protect cells against inflammatory conditions.MannKind Corporation was incorporated in 1991 and is headquartered in Westlake Village, California.

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1.b. Last Insights on MNKD

MannKind Corporation's recent performance was driven by strong Q3 2025 results, with revenues of $82.1M, up 17% year-over-year. The acquisition of scPharmaceuticals, which completed in October 2025, is expected to accelerate revenue growth. Additionally, the FDA accepted the supplemental New Drug Application for the FUROSCIX ReadyFlow Autoinjector, a potential game-changer for heart failure patients. The company's Tyvaso DPI continues to show robust growth, and the pediatric sBLA acceptance for Afrezza adds to the positive outlook.

1.c. Company Highlights

2. MannKind's Q3 2025 Earnings: A Strong Performance

MannKind's Q3 2025 earnings report was impressive, with total revenues growing 17% year-over-year to $82 million, driven primarily by royalties earned on Tyvaso DPI. The company's Afrezza net revenue rose 23% to $18.5 million, while VGo contributed $3.8 million, down 19% over the prior year period. Earnings per share (EPS) came in at $0.03, beating estimates of $0.01. The strong revenue growth and EPS beat are a testament to the company's diversified revenue streams and its ability to execute on its growth initiatives.

Publication Date: Nov -19

📋 Highlights
  • Record Revenue:: Q3 2025 revenue hit $82 million, up 17% YoY, driven by $59 million from Tyvaso DPI royalties and manufacturing.
  • Afrezza Growth:: 31% YoY increase in new prescriptions, 27% total prescriptions, and 23% revenue growth to $18.5 million in Q3.
  • scPharma Acquisition:: Expanded commercial scale, enhancing growth in FUROSCIX, which saw 153% YoY dose growth to 27,000 in Q3.
  • Afrezza Regulatory Milestone:: Supplemental BLA accepted for review with a PDUFA date of Q2 2026 for potential pediatric insulin expansion.
  • Future Pipeline:: $500M+ peak sales potential for FUROSCIX, with 25% market share in pediatrics ($150M net revenue) and NTM/IPF trials 90% powered.

Revenue Streams and Growth Drivers

The company's Tyvaso DPI product contributed significantly to the revenue growth, with $33 million in royalties and $26 million in manufacturing-related revenue. Afrezza, the company's inhaled insulin product, also saw strong growth, with a 31% increase in new prescriptions and a 27% increase in total prescriptions year-over-year. The company's FUROSCIX product, which was acquired through the scPharmaceuticals acquisition, has seen strong adoption, with over 27,000 doses dispensed in Q3, up 153% from the same quarter last year.

Valuation and Growth Expectations

Analysts expect the company's revenues to grow at 24.4% next year. The current valuation metrics suggest that the stock is trading at a premium, with a P/E Ratio of 47.05 and a P/S Ratio of 5.15. The EV/EBITDA ratio is 19.51, which is relatively reasonable. However, the ROE is negative at -32.6%, which may be a concern. The company's focus on investing in growth initiatives and its strong revenue growth trajectory may justify the current valuation.

Pipeline and Future Growth Opportunities

The company is advancing innovation in diabetes, with Afrezza's potential to offer the first non-injectable insulin for pediatric patients. The company is also advancing programs in orphan lung indications, including the ICoN-1 global Phase III study in NTM and the INFLO Phase II study in IPF. The company's pipeline includes FUROSCIX, Afrezza, Tyvaso DPI, and new collaborations with United Therapeutics, providing a strong foundation for future growth.

Acquisition and Integration

The acquisition of scPharmaceuticals has enhanced the company's commercial scale and accelerated growth, particularly in FUROSCIX. The integration process is going smoothly, with most employees meeting with Michael Castagna and Nick, the President, multiple times. The companies are culturally similar, and there is not a lot of friction. The integration is expected to be completed in '26, starting in January, with packaging changes and other adjustments.

3. NewsRoom

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MannKind's ReadyFlow Autoinjector: A Game Changer For Heart Failure Patients

Dec -03

Source: seekingalpha.com

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MannKind Announces U.S. FDA Accepts for Review its Supplemental New Drug Application (sNDA) of FUROSCIX ReadyFlow™ Autoinjector for the Treatment of Edema in Adults with Chronic Heart Failure or Chronic Kidney Disease

Dec -01

Source: globenewswire.com

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Contrasting Silo Pharma (NASDAQ:SILO) & MannKind (NASDAQ:MNKD)

Nov -21

Source: defenseworld.net

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MannKind Corporation (MNKD) Discusses Discontinuation of ICoN-1 Phase III Trial for Nebulized Clofazimine in NTM Lung Disease Transcript

Nov -10

Source: seekingalpha.com

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MannKind Provides Update on Phase 3 ICoN-1 Trial of Nebulized Clofazimine for NTM Lung Disease

Nov -10

Source: globenewswire.com

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MannKind Commemorates Alfred E. Mann's 100th Birthday with New Scholarship Program Supporting Young Adults Living with Diabetes

Nov -06

Source: globenewswire.com

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MannKind Corporation (MNKD) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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MannKind (MNKD) Reports Q3 Earnings: What Key Metrics Have to Say

Nov -05

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.50%)

6. Segments

Innovative Therapeutic Products and Devices

Expected Growth: 8.5%

MannKind Corporation's 8.5% growth in Innovative Therapeutic Products and Devices is driven by increasing adoption of its inhalable insulin Afrezza, strong demand for its pulmonary arterial hypertension treatment Tyvaso, and expansion into new markets. Additionally, strategic partnerships and investments in R&D are expected to fuel future growth.

7. Detailed Products

Afrezza

Afrezza is a rapid-acting inhaled insulin used to improve glycemic control in adults with diabetes.

Dreamboat

Dreamboat is a dry powder inhaler device designed to deliver Afrezza, providing a convenient and discreet way to take inhaled insulin.

Technosphere

Technosphere is a proprietary technology platform used to develop and manufacture inhaled therapeutic products, including Afrezza.

8. MannKind Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

MannKind Corporation's Afrezza, an inhaled insulin, faces competition from traditional insulin injections and other diabetes treatments, but its unique delivery method and convenience provide some protection from substitutes.

Bargaining Power Of Customers

As a pharmaceutical company, MannKind Corporation's customers are primarily healthcare providers and patients, who have limited bargaining power due to the specialized nature of the company's products.

Bargaining Power Of Suppliers

MannKind Corporation relies on a limited number of suppliers for the production of Afrezza, which gives these suppliers some bargaining power, but the company's patents and proprietary technology mitigate this risk.

Threat Of New Entrants

The pharmaceutical industry has high barriers to entry, including significant research and development costs, regulatory hurdles, and patent protections, making it difficult for new entrants to compete with MannKind Corporation.

Intensity Of Rivalry

The diabetes treatment market is highly competitive, with many established players, including Eli Lilly, Novo Nordisk, and Sanofi, which creates a high level of rivalry for MannKind Corporation's Afrezza.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 748.37%
Debt Cost 5.72%
Equity Weight -648.37%
Equity Cost 10.63%
WACC -26.13%
Leverage -115.42%

11. Quality Control: MannKind Corporation passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Xeris Biopharma

A-Score: 5.2/10

Value: 6.2

Growth: 7.1

Quality: 5.4

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

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Dianthus Therapeutics

A-Score: 4.6/10

Value: 6.4

Growth: 6.0

Quality: 5.0

Yield: 0.0

Momentum: 8.5

Volatility: 1.7

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MannKind

A-Score: 4.0/10

Value: 3.2

Growth: 8.7

Quality: 7.1

Yield: 0.0

Momentum: 2.0

Volatility: 3.0

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Kymera Therapeutics

A-Score: 3.8/10

Value: 6.4

Growth: 3.1

Quality: 4.9

Yield: 0.0

Momentum: 6.5

Volatility: 2.0

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Syros Pharmaceuticals

A-Score: 3.5/10

Value: 8.2

Growth: 5.6

Quality: 7.4

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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OmniAb

A-Score: 2.7/10

Value: 7.7

Growth: 1.6

Quality: 4.6

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

-0.23$

Current Price

5.68$

Potential

-104.10%

Expected Cash-Flows