Business
MannKind Corporation Reports 2022 Fourth Quarter and Full Year Financial Results
Conference Call to Begin Today at 5:00 p.m. (ET) 2022 Total Revenues of $100 million; +32% vs. 20212022 Royalties from Tyvaso DPI of $16 million; 4Q 2022 of
About this update from Mannkind Corporation
[{"type":"text","content":"Conference Call to Begin Today at 5:00 p.m. (ET)\n2022 Total Revenues of $100 million; +32% vs. 20212022 Royalties from Tyvaso DPI of $16 million; 4Q 2022 of $9 million4Q 2022 Commercial Products Net Revenue of $17 million;+54% vs. 4Q 2021$173 million of Cash and Cash Equivalents and Investments at December 31, 2022 DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Feb. 23, 2023 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD) today reported financial results for the fourth quarter and full year ended December 31, 2022. “For 2022, we recognized almost $100 million in total revenues – an incredible triumph for our entire organization,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. “With our revenues growing nicely, we are focusing on our product pipeline where our INHALE-1 Phase 3 trial for Afrezza in pediatrics reached 50% enrollment at December 31, 2022 and our inhaled clofazimine will move into an adaptive Phase 2/3 study in the second half of 2023.” Fourth Quarter 2022 Results Revenue Highlights For the Three Months EndedDecember 31, 2022 2021 $ Change % Change Net revenue — Afrezza$12,006 $11,340 $666 6%Net revenue — V-Go 5,434 — $5,434 * Revenue — collaborations and services 9,544 1,175 $8,369 712%Royalties — collaborations 9,075 — $9,075 * Total revenues$36,059 $12,515 $23,544 188% ______________________________* Not meaningful The increase in Afrezza® net revenue was mainly a result of higher demand. V-Go was acquired in the second quarter of 2022. The increase in collaborations and services revenue reflected the fact that the manufacture of Tyvaso® DPI for commercial sale had not yet commenced in the previous period. Royalties from United Therapeutics (“UT”) for Tyvaso DPI continued to grow based on strong patient demand. Afrezza gross margin in the fourth quarter of 2022 was 92% compared to 62% for the same period in 2021, mainly due to a decrease in cost of goods sold driven by lower inventory write offs, lower cost of production per unit and a higher amount of manufacturing activity in 2022 (which absorbed more cost to inventory). V-Go® gross margin was 42% for the fourth quarter of 2022. Cost of revenue – collaborations and services for the fourth quarter of 2022 was $12.0 million compared to $7.1 million for the same period in 2021, an increase of $4.9 million, primarily due to an...