Business
MannKind Corporation Reports 2023 Third Quarter Financial Results
Conference Call to Begin Today at 5:00 p.m. (ET) 3Q 2023 Total revenues of $51M; +56% vs. 3Q 20223Q YTD 2023 Total revenues of $140M; +121% vs. 3Q YTD 20223Q
About this update from Mannkind Corporation
[{"type":"text","content":"Conference Call to Begin Today at 5:00 p.m. (ET) 3Q 2023 Total revenues of $51M; +56% vs. 3Q 20223Q YTD 2023 Total revenues of $140M; +121% vs. 3Q YTD 20223Q 2023 Net income of $2M; Non-GAAP net income of $4M3Q 2023 Tyvaso DPI royalties of $20M; +225% vs. 3Q 20223Q 2023 Endocrine BU net revenues of $18M; Afrezza net revenues +24% vs. 3Q 2022 DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Nov. 07, 2023 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD) today reported financial results for the quarter ended September 30, 2023. “We had another strong quarter of revenue growth with total revenues exceeding $51 million,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. \"With the continued success of Tyvaso DPI®, we believe we will continue to have the ability to execute our commercial operating plan and fund our pipeline development efforts.\" Third Quarter 2023 Results Revenue Highlights Three MonthsEnded September 30, 2023 2022 $ Change % Change (Dollars in thousands) Net revenue – Afrezza $13,476 $10,831 $2,645 24%Net revenue – V-Go 4,451 5,428 $(977) (18%)Revenue – collaborations and services 13,108 10,346 $2,762 27%Royalties – collaborations 20,218 6,220 $13,998 225%Total revenues $51,253 $32,825 $18,428 56% Afrezza® net revenue for the third quarter of 2023 increased $2.6 million, or 24%, compared to the same period in 2022 as a result of higher product demand and higher price. V-Go® net revenue for the third quarter of 2023 decreased $1.0 million, or 18%, compared to the same period in 2022 as a result of lower product demand and an increase in rebates (as a percentage of gross sales). The increase in collaborations and services revenue was primarily attributable to an increase in the sale of semi-finished Tyvaso DPI to UT. Royalties related to Tyvaso DPI for the third quarter of 2023 increased $14.0 million, or 225%, primarily as a result of an increase in patient demand. Commercial product gross margin in the third quarter of 2023 was 78% compared to 69% for the same period in 2022, primarily attributable to an increase in Afrezza net revenue and a decrease in cost of goods sold. Cost of revenue – collaborations and services for the third quarter of 2023 was $10.3 million compared to $12.4 million for the same period in 2022, a decrease of $2.2 million, or 18%, due to an increase in manufac...