Business
MannKind Corporation Reports 2024 Second Quarter Financial Results: Provides Clinical Development Update
Conference Call to Begin Today at 9:00 a.m. (ET) 2Q 2024 Total revenues of $72M; +49% vs. 2Q 2023YTD 2024 Total revenues of $139M; +55% vs. YTD 2023YTD 2024
About this update from Mannkind Corporation
[{"type":"text","content":"Conference Call to Begin Today at 9:00 a.m. (ET)\n2Q 2024 Total revenues of $72M; +49% vs. 2Q 2023YTD 2024 Total revenues of $139M; +55% vs. YTD 2023YTD 2024 Net income of $9 million; Non-GAAP net income of $29 millionAdvances two orphan lung programs to human studies MNKD-101 Phase 3 clinical trial activities initiatedMNKD-201 Phase 1 clinical trial on schedule to read out 4Q 2024 DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD) today reported financial results for the quarter ended June 30, 2024. “We achieved our ninth consecutive quarter of revenue growth and are approaching an annual revenue run rate of over $275 million based on the first half of 2024,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. “We are excited about our future as we move our orphan lung programs into Phase 1 and Phase 3 studies and look forward to the additional Afrezza data read-outs later this year. We believe our diversification strategy of allocating capital towards our pipeline, in-line growth and debt reduction sets us up to deliver sustainable short and long-term value for our shareholders.” Second Quarter 2024 Results Revenue Highlights Three Months Ended June 30, 2024 2023 $ Change % Change (Dollars in thousands) Royalties – collaboration $25,592 $19,055 $6,537 34%Revenue – collaborations and services 26,014 11,211 $14,803 132%Net revenue – Afrezza 16,289 13,527 $2,762 20%Net revenue – V-Go 4,491 4,818 $(327) (7%)Total revenues $72,386 $48,611 $23,775 49% Second quarter royalties for Tyvaso DPI® increased $6.5 million, or 34%, over the same period in prior year due to increased sales by United Therapeutics (\"UT\"). Collaborations and services revenue increased $14.8 million, or 132%, compared to the same period in 2023 primarily attributable to an increase in manufacturing activities for Tyvaso DPI. Afrezza® net revenue for the second quarter of 2024 increased $2.8 million, or 20%, compared to the same period in 2023 primarily as a result of price (including a decrease in gross-to-net adjustments) and higher demand. V-Go® net revenue for the second quarter of 2024 decreased $0.3 million, or 7%, compared to the same period in 2023 as a result of lower product demand partially offset by increased price. Commercial product gross margin in the secon...