Business
MannKind Corporation Reports 2023 Second Quarter Financial Results
Conference Call to Begin Today at 5:00 p.m. (ET) 2Q 2023 Total revenues of $49M; +157% vs. 2Q 2022 2Q 2023 Tyvaso DPI royalties of $19M; +63% vs. 1Q 20232Q
About this update from Mannkind Corporation
[{"type":"text","content":"Conference Call to Begin Today at 5:00 p.m. (ET) 2Q 2023 Total revenues of $49M; +157% vs. 2Q 2022 2Q 2023 Tyvaso DPI royalties of $19M; +63% vs. 1Q 20232Q 2023 Endocrine Business Unit net revenues of $18M; Afrezza net revenues +27% vs. 2Q 20222Q 2023 Income from operations of $2M; Non-GAAP income from operations of $8M DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD) today reported financial results for the quarter ended June 30, 2023. “We are excited to report positive income from operations in the second quarter driven by growing patient demand for Tyvaso DPI® and Afrezza as well as manufacturing revenues from Tyvaso DPI,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. “In addition, we have optimized our commercial operations supporting Afrezza® and V-Go®, which is expected to get our Endocrine Business Unit to profitability starting in 2024.” Second Quarter 2023 Results Revenue Highlights Three Months Ended June 30, 2023 2022 $ Change % Change (Dollars in thousands) Net revenue – Afrezza $13,527 $10,649 $2,878 27%Net revenue – V-Go 4,818 2,073 $2,745 * Revenue – collaborations and services 11,211 5,868 $5,343 91%Royalties – collaborations 19,055 304 $18,751 * Total revenues $48,611 $18,894 $29,717 157% ________________________* Not meaningful Afrezza net revenue for the second quarter of 2023 increased $2.9 million, or 27%, compared to the same period in 2022 as a result of higher product demand and price. V-Go was acquired in the second quarter of 2022 and achieved $22.0 million in cumulative net revenues one year post-acquisition, which was at the high end of our forecasted range. The increase in collaborations and services revenue was primarily attributable to revenues associated with the commercial supply agreement (the \"CSA\") with United Therapeutics (\"UT\"). In the second quarter of 2022, revenue associated with the CSA was deferred until we began commercial manufacturing and subsequently selling Tyvaso DPI in June 2022. Royalties related to Tyvaso DPI, launched in late second quarter of 2022 by UT, were $19.0 million in the second quarter of 2023 and continued to grow based on strong patient demand. Commercial product gross margin in the second quarter of 2023 was 72% compared to 64% for the same period in 2022, prima...