Business
Mannkind Corporation Reports 2023 First Quarter Financial Results
Conference Call to Begin Today at 5:00 p.m. (ET) 1Q 2023 Total Revenues of $41 million; +239% vs. 1Q 2022 1Q 2023 Revenues associated with Tyvaso DPI of $23
About this update from Mannkind Corporation
[{"type":"text","content":"Conference Call to Begin Today at 5:00 p.m. (ET)\n1Q 2023 Total Revenues of $41 million; +239% vs. 1Q 2022 1Q 2023 Revenues associated with Tyvaso DPI of $23 million 1Q 2023 Loss from operations decreased 72% vs. 1Q 2022 to $6 million $167 million of Cash, Cash Equivalents and Investments at March 31, 2023 DANBURY, Conn. and WESTLAKE VILLAGE, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD) today reported financial results for the quarter ended March 31, 2023. “Demand for Tyvaso DPI® has been very strong, which resulted in $23 million in revenues in the first quarter of 2023,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. “I'm excited about our inhaled platform and orphan lung pipeline as we get ready to launch our Phase 2/3 inhaled clofazimine trial for patients in the second half of 2023.” Revenue Highlights Three Months Ended March 31, 2023 2022 $ Change % Change (Dollars in thousands) Net revenue – Afrezza$12,423 $9,826 $2,597 26%Net revenue – V-Go 5,139 — $5,139 * Revenue – collaborations and services 11,386 2,166 $9,220 426%Royalties – collaborations 11,678 — $11,678 * Total revenues$40,626 $11,992 $28,634 239% ___________________* Not meaningful Afrezza® net revenue for the first quarter of 2023 increased compared to the same period in 2022 as a result of higher product demand, higher price (including a more favorable gross-to-net adjustment) and a more favorable cartridge mix. V-Go® was acquired in the second quarter of 2022. The increase in collaborations and services revenue reflected that the commercial manufacturing of Tyvaso DPI had not yet commenced in the prior period. Royalties related to Tyvaso DPI, launched in the second quarter of 2022 by United Therapeutics (“UT”), continued to grow based on strong patient demand. Commercial product gross margin in the first quarter of 2023 was 69% compared to 77% for the same period in 2022 primarily related to the addition of V-Go in the second quarter of 2022 which had a lower gross margin than Afrezza. Cost of revenue – collaborations and services for the first quarter of 2023 was $10.7 million compared to $8.7 million for the same period in 2022, an increase of $2.0 million, due to an increase in manufacturing activities for Tyvaso DPI. Research and development expenses for the first quarter of 2023 were $5.6 ...