Business
MannKind Corporation Reports 2019 Fourth Quarter and Full Year Financial Results
Conference Call to Begin Today at 9:00 AM ET 2019 Total Revenue of $63.0 million ° 2019 Afrezza Net Revenue of $25.3 million; +46% vs. 2018° 2019
About this update from Mannkind Corporation
[{"type":"text","content":"Conference Call to Begin Today at 9:00 AM ET\n2019 Total Revenue of $63.0 million ° 2019 Afrezza Net Revenue of $25.3 million; +46% vs. 2018° 2019 Collaborations and Services Revenue of $37.7 million; +257% vs. 2018\n 4Q 2019 Total Revenue of $16.0 million ° 4Q 2019 Afrezza Net Revenue of $7.8 million; +35% vs. 4Q 2018 ▪ 4Q 2019 Afrezza Net Revenue grew 22% vs. 3Q 2019▪ 4Q 2019 Afrezza Gross Profit $3.1 million; 40% Gross Margin ° 4Q 2019 Collaborations and Services Revenue of $8.2 million; -20% vs. 4Q 2018 $50.2 million of Cash, Cash Equivalents, Restricted Cash, and Short-term Investments at December 31, 2019 WESTLAKE VILLAGE, Calif., Feb. 25, 2020 (GLOBE NEWSWIRE) -- MannKind Corporation (NASDAQ:MNKD) today reported financial results for the fourth quarter and full year ended December 31, 2019. “We ended 2019 on a strong note with fourth quarter 2019 Afrezza net revenue of $7.8 million, our best quarter to date,” said Michael Castagna, Chief Executive Officer of MannKind Corporation. He also noted, “Our collaboration with United Therapeutics on TreT continues to make progress along the clinical and commercial pathways that are expected to set up a filing with the FDA within 12 months.” Fourth Quarter 2019 Results Total revenues were $16.0 million for the fourth quarter of 2019, reflecting Afrezza net revenue of $7.8 million and collaborations and services revenue of $8.2 million. Afrezza net revenue increased 35% compared to $5.7 million in the fourth quarter of 2018, primarily driven by higher product demand and price. Collaborations and services revenue decreased $2.1 million compared to the fourth quarter of 2018, primarily due to lower revenue from the United Therapeutics research agreement, which was substantially completed by the second quarter of 2019. On a GAAP basis, Afrezza gross profit was $3.1 million for the fourth quarter of 2019 compared to $0.7 million in the same period in 2018. Afrezza cost of goods sold for the fourth quarter of 2018 included a fee of $2.0 million recorded in connection with the amendment of our insulin supply agreement with Amphastar. As a result, on a non-GAAP basis, gross profit was $2.7 million or 48% gross margin for the fourth quarter of 2018, compared to a GAAP basis gross margin of 40% for the fourth quarter of 2019. Research and development (R&D) expenses for the fourth quarter of ...