Business
MannKind Corporation Reports 2020 Third Quarter Financial Results
Conference Call to Begin Today at 5:00 PM ET 3Q 2020 U.S. Afrezza Net Revenue of $7.3 million; +27% vs. 3Q 2019 3Q YTD 2020 U.S. Afrezza Net Revenue of $22.1
About this update from Mannkind Corporation
[{"type":"text","content":"Conference Call to Begin Today at 5:00 PM ET\n 3Q 2020 U.S. Afrezza Net Revenue of $7.3 million; +27% vs. 3Q 2019 3Q YTD 2020 U.S. Afrezza Net Revenue of $22.1 million; +31% vs. 3Q YTD 2019Cash and cash equivalents of $52.4 million at September 30, 2020On track to complete Treprostinil Technosphere development activities in 4Q 2020Expanded Afrezza commercial and medical teamsYTD Afrezza scientific presentations and publications total 14 WESTLAKE VILLAGE, Calif., Nov. 04, 2020 (GLOBE NEWSWIRE) -- MannKind Corporation (NASDAQ:MNKD) today reported financial results for the quarter and nine months ended September 30, 2020. “Our employees continue to execute in a tumultuous Covid-19 environment,” said Michael Castagna, Chief Executive Officer. “As we head toward year-end, our focus remains on two significant drivers of value for shareholders: enabling healthcare providers to increase their prescribing of Afrezza and supporting United Therapeutics as they move the TreT clinical program to completion, including manufacturing TreT clinical supplies.” Third Quarter 2020 Results Total revenues were $15.4 million for the third quarter of 2020, reflecting Afrezza net revenue of $7.3 million and collaboration and services revenue of $8.1 million. Afrezza U.S net revenue of $7.3 million increased 27% compared to $5.7 million in the third quarter of 2019, driven by higher product demand, a favorable mix of cartridges, and price. The first sale of Afrezza to the Company’s marketing partner in Brazil was completed in the third quarter of 2019 for $0.7 million; there were no international sales in the third quarter of 2020. Collaboration and services revenue for the third quarter of 2020 decreased $0.1 million compared to the third quarter of 2019. Afrezza gross profit for the third quarter of 2020 was $3.7 million compared to a loss of $0.7 million in the same period of 2019, an increase of $4.4 million that was driven primarily by higher Afrezza revenue combined with a reduction in cost of goods sold, primarily attributable to a $2.8 million amendment fee associated with our insulin supply agreement in 2019. Non-GAAP gross margin in the third quarter of 2020 increased to 51% from 32% for the same quarter in 2019. Selling, general and administrative expenses for the third quarter of 2020 were $13.9 million compared to $16.7 million for the third...