Business
MannKind Corporation Reports 2020 Second Quarter Financial Results
Conference Call to Begin Today at 5:00 PM ET 2Q 2020 Afrezza Net Revenue of $7.0 million; +15% vs. 2Q 20191H 2020 Afrezza Net Revenue of $15.0 million; +35%
About this update from Mannkind Corporation
[{"type":"text","content":"Conference Call to Begin Today at 5:00 PM ET\n2Q 2020 Afrezza Net Revenue of $7.0 million; +15% vs. 2Q 20191H 2020 Afrezza Net Revenue of $15.0 million; +35% vs. 1H 2019Cash and cash equivalents of $63.2 million at June 30, 2020Non-GAAP cash used in operating activities decreased by 37% vs. 1H 2019Chief Commercial Officer, Alejandro Galindo, joined MannKind WESTLAKE VILLAGE, Calif., Aug. 05, 2020 (GLOBE NEWSWIRE) -- MannKind Corporation (NASDAQ:MNKD) today reported financial results for the quarter and six months ended June 30, 2020.\n “I am proud of how our employees pulled together during these uncertain times and innovated as a team to minimize the impact of the COVID-19 pandemic on our business during the second quarter,” said Michael Castagna, Chief Executive Officer. “A small 3% reduction in Afrezza TRx compared to the first quarter, when there was a bolus of prescriptions due to patient stockpiling, reflects the successful execution of our commercial plan in a new virtual environment. We faced many challenges during this quarter, but whether it was production personnel ensuring Afrezza supply through the end of the year, the research team producing clinical supplies for our collaboration partner, United Therapeutics, the field force executing new sales tactics or home office staff adapting to a totally virtual environment, our team exceeded all expectations.” Second Quarter 2020 Results Total revenues were $15.1 million for the second quarter of 2020, reflecting Afrezza net revenue of $7.0 million and collaboration and services revenue of $8.1 million. Afrezza net revenue increased 15% compared to $6.1 million in the second quarter of 2019, primarily driven by price, a favorable mix of cartridges and higher product demand. Collaboration and services revenue for the second quarter of 2020 decreased $0.8 million compared to the second quarter of 2019, primarily due to the substantial completion of the research agreement with United Therapeutics in the second quarter of 2019. Afrezza gross profit for the second quarter of 2020 was $3.3 million vs. $1.7 million in the same period of 2019, a 90% increase that was driven primarily by higher Afrezza revenue combined with a reduction in cost of goods sold. Cost of goods sold decreased by $0.7 million, primarily due to $0.6 million in reduced spending. Gross margin in the second q...