Business
MannKind Corporation Reports 2021 Third Quarter Financial Results
Conference Call to Begin Today at 5:00 p.m. (ET) 3Q 2021 Total Revenues of $22.2 million; +45% vs. 3Q 20203Q 2021 Afrezza Net Revenue of $9.8 million; +34%
About this update from Mannkind Corporation
[{"type":"text","content":"Conference Call to Begin Today at 5:00 p.m. (ET) 3Q 2021 Total Revenues of $22.2 million; +45% vs. 3Q 20203Q 2021 Afrezza Net Revenue of $9.8 million; +34% vs. 3Q 2020$181.1 million of Cash, Cash Equivalents and Investments at September 30, 2021Sale-Leaseback of Danbury manufacturing facility closed November 8, 2021 WESTLAKE VILLAGE, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD) today reported financial results for the quarter and nine months ended September 30, 2021. “The MannKind team continues to stay focused and execute our corporate objectives of preparing for the commercial launch of Tyvaso DPI, moving our pipeline forward and growing Afrezza,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. “The recently completed animal toxicology studies of inhaled clofazimine support our timeline of moving this unique chemical entity into Phase 1 clinical trials by year-end.” Third Quarter 2021 ResultsTotal revenues were $22.2 million for the third quarter of 2021, an increase of $6.9 million or 45% from the same period in 2020, reflecting Afrezza net revenue of $9.8 million and collaboration and services revenue of $12.5 million. Afrezza net revenue increased $2.5 million, or 34%, compared to $7.3 million in the third quarter of 2020 as a result of higher prescription demand and price, including lower gross-to-net deductions. Collaboration and services revenue for the third quarter of 2021 increased $4.4 million, or 54%, compared to the third quarter of 2020 primarily due to additional development work associated with our collaboration with United Therapeutics (“UT”). Afrezza gross profit for the third quarter of 2021 was $5.9 million compared to $3.7 million in the same period of 2020, a 61% increase that was driven primarily by an increase in Afrezza net revenue. Gross margin in the third quarter of 2021 was 61% compared to 51% for the same period in 2020, reflecting the favorable impact of increased revenue. Research and development (“R&D”) expenses for the third quarter of 2021 were $3.7 million compared to $1.5 million for the third quarter of 2020. This increase of $2.2 million, or 146%, was attributable to research activities on our product pipeline and to the initiation of the Afrezza pediatrics clinical study (INHALE-1). Selling, general and administrative (“SG&A...