10-K · February 26, 2026
MannKind Corporation's 10-K report for the year ended December 31, 2025, highlights significant revenue growth driven by Afrezza and new product contributions, although net income reflects narrower margins impacted by…
Earnings analysis · 10-Q
MNKD earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
MannKind Corporation reported Q1 2026 results with total revenues of $90.2 million, representing a 15% increase year-over-year but missing estimates by 14.2%. The company faced challenges as it reported a diluted EPS…
Read full summary
MannKind Corporation reported Q1 2026 results with total revenues of $90.2 million, representing a 15% increase year-over-year but missing estimates by 14.2%. The company faced challenges as it reported a diluted EPS loss of $0.05, and significant increases in R&D and SGA expenses, driven by the acquisition and promotion of Furoscix.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.05
What stood out
-
Revenue Growth Y-O-Y
Total revenues increased to $90.2 million, up 15% from $78.4 million a year earlier.
-
Furoscix Incremental Revenue
Furoscix generated gross revenue of $20.9 million, with net revenue at $15.5 million, significantly contributing to total revenues.
-
Decreased Gross-to-Net Adjustment
Gross-to-net revenue adjustment for Afrezza improved from 36% to 31%, contributing to a slight increase in net revenue despite declining gross sales.
-
Substantial Increase in Operating Expenses
SGA expenses surged by 116% to $54.1 million, driven by promotion costs related to Furoscix.
-
Improved Gross Margin
Commercial product gross profit increased 74% year-over-year to $26.4 million, indicating better profitability from product sales.
-
Cash Flow from Operating Activities
Net cash used for operating activities was $5.4 million, a slight improvement from $6.4 million in Q1 2025.
What to watch
-
Significant Net Loss
MannKind reported a net loss of $16.6 million for Q1 2026, increasing risks regarding profitability.
-
Liquidity Risks
The company must manage $325 million of debt under the Blackstone Credit Facility, impacting future operational flexibility.
-
Reduced Demand for Products
Sales of Afrezza decreased by $1.1 million due to lower demand, raising concerns over market acceptance.
Management's outlook
No forward guidance provided in the 10-Q.
Earlier filings 4
10-Q · November 5, 2025
MannKind Corporation reported Q3 2025 results showing a revenue increase of 17.8% year-over-year, achieving $82.1 million, primarily driven by collaboration revenues and royalties. Gross margin for the quarter was…
10-Q · August 6, 2025
MannKind Corporation reported revenues of $76.5 million for Q2 2025, reflecting a 4.4% increase year-over-year. However, the company experienced a decline in operating margin to 13.9% and reported an EPS of $0.05,…
10-Q · May 8, 2025
MannKind Corporation reported strong Q1 2025 results, with revenue increasing to $78 million, a 17.9% rise from Q1 2024, driven by robust demand for its products. Gross margin improved to 77.7% and EPS increased to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.