Slide 1: Q4/FY 2025 Financial Results & Business Update
Q4/FY 2025 Financial Results & Business Update February 26, 2026 © Copyright 2026. All rights reserved. Mannkind Corporation.
Slide 2: Cautionary Statement
Cautionary Statement Statements in this presentation that are not statements of historical fact are forward-looking statements that involve risks and uncertainties. Words such as “believes”, “anticipates”, “plans”, “expects”, “intend”, “will”, “goal”, “potential” and similar expressions are intended
Slide 3: Agenda
Agenda 1 Opening Remarks 2 Commercial Performance 3 Financials Michael Castagna Chris Prentiss 4 R&D Updates Chief Executive Officer Chief Financial Officer 5 Q&A 3 © Copyright 2026. All rights reserved. MannKind Corporation. / 25 February 2026
Slide 4: Opening Remarks
Opening Remarks 4 © Copyright 2026. All rights reserved. MannKind Corporation.
Slide 5: DPI Maintained >50% Share 8-Years Post SMI Launch
DPI Maintained >50% Share 8-Years Post SMI Launch 2500M Medicare Part D Gross Spending for Spiriva® HandiHaler (DPI) Respimat (Soft Mist) $110M 2000M $307M $427M $529M $671M 1500M $805M $857M $892M $2.2B 1000M $1.8B $1.7B $1.4B $1.3B $1.2B 500M $1.0B $0.9B 0M 2015 2016 2017 2018 2019 2020 2021 2022
Slide 6: Five-Year Annual Revenue
Five-Year Annual Revenue Royalties C&S Endocrine FUROSCIX $349 350 $23 300 $286 46% $91 250 CAGR Net Revenue (M) $199 200 $107 150 $100 100 $76 $128 50 0 2021 2022 2023 2024 2025 6 © Copyright 2025. All rights reserved. MannKind Corporation. / 25 February 2026
Slide 7: Q4/YE 2025 Highlights
Q4/YE 2025 Highlights • Completed the scPharmaceuticals acquisition, strengthening our cardiometabolic franchise with FUROSCIX® • Delivered record quarterly revenue of $112M • Afrezza® Pediatric Indication: PDUFA date May 29, 2026 • FUROSCIX ReadyFlow Autoinjector: PDUFA date July 26, 2026 7 © Copyr
Slide 8: FUROSCIX Performance
FUROSCIX Performance 8 © Copyright 2026. All rights reserved. MannKind Corporation.
Slide 9: FUROSCIX Sales
FUROSCIX Sales* 80 $70.4 70 60 50 Q4 2025 Net Sales (M) Sales 40 $36.3 30 $23.3M* 20 Up 91% YoY $13.6 10 0 2023 2024 2025 9 © Copyright 2026. All rights reserved. MannKind Corporation. *Includes sales recorded by scPharmaceuticals prior to acquisition on October 7, 2025. Only post-acquisition revenu
Slide 10: FUROSCIX Sales QoQ
FUROSCIX Sales QoQ* 25 $23.3 20 $19.3 $16.0 Net Sales (M) 15 $12.2 $11.8 $10.0 10 $8.1 $6.1 $6.1 5 $3.8 $2.1 $1.6 0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 *Includes sales recorded by scPharmaceuticals prior to acquisition on October 7, 2025. O
Slide 11: MannKind Has Advanced Key FUROSCIX Growth Opportunities
MannKind Has Advanced Key FUROSCIX Growth Opportunities Identified Challenges Opportunities Strategic Responses Deployed a KAM team to deepen IDN Limited Hospital 1 Presence Increase IDN engagement to drive stronger hospital pull-through relationships and expand hospital discharge protocols Sharpen
Slide 12: FUROSCIX ReadyFlow Autoinjector Could Transform Care From Hours to Seconds
FUROSCIX ReadyFlow Autoinjector Could Transform Care From Hours to Seconds • If approved, would deliver an IV-equivalent diuretic dose in under 10 seconds • Potential to significantly reduce COGS • PDUFA date July 26, 2026 12 © Copyright 2026. All rights reserved. MannKind Corporation.
Slide 13: Afrezza Performance
Afrezza Performance 13 © Copyright 2026. All rights reserved. MannKind Corporation.
Slide 14: Afrezza Global Sales
Afrezza Global Sales 80.0 $74.6 70.0 $64.0 60.0 $54.9 Net Sales (M) 50.0 Q4 2025 40.0 U.S. Sales 30.0 $22.3M 20.0 Up 22% YoY 10.0 0.0 2023 2024 2025 14 © Copyright 2026. All rights reserved. MannKind Corporation. / 25 February 2026
Slide 15: New ADA Guidelines Position Inhaled Insulin as an Equivalent Option
New ADA Guidelines Position Inhaled Insulin as an Equivalent Option Assess adequacy of insulin dose and insulin-taking behaviors at every visit. Consider person-specific considerations and clinical signs to evaluate for need for modification of administration method (switch to or from MDI, AID, inha
Slide 16: Updated Afrezza Label Enhances Post-Mealtime Glucose Control
Updated Afrezza Label Enhances Post-Mealtime Glucose Control 58% Reduction in PPGE with higher Afrezza dose 16 © Copyright 2026. All rights reserved. MannKind Corporation. / 25 February 2026
Slide 17: Daily Burden Remains High; Core Benefits of Inhaled Insulin Resonate with Target HCPs
Daily Burden Remains High; Core Benefits of Inhaled Insulin Resonate with Target HCPs Top Drivers of Afrezza Usage (% of Pediatric HCPs selecting) • Carb counting, school schedules, and social Removes mealtime 52% dynamics create friction injections with current mealtime tools • Broad alignment acro
Slide 18: Demand Signals Point to Meaningful Opportunity if Approved in Pediatric Diabetes
Demand Signals Point to Meaningful Opportunity if Approved in Pediatric Diabetes ~50% 2 out of 3 Driven to Eliminate Mealtime Likely to Prescribe Afrezza Injections 1 out of 4 23-37% Potential to Use at Diagnosis Share Potential Launched INHALE-1ST pediatric study with Recent market research suggest
Slide 19: Financials
Financials Chris Prentiss Chief Financial Officer 19 © Copyright 2026. All rights reserved. MannKind Corporation.
Slide 20: Q4 2025 Revenues
Q4 2025 Revenues $23 CARDIOMETABOLIC $18 +119% $23 FUROSCIX Afrezza V-Go $ 112 Q4 2024 Q4 2025 $ 77 +46% C&S $27 +5% $28 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Total Revenue ROYALTIES $27 +24% $34 (in millions) Q4 2024 Q4 2025 20 © Copyright 2026. All rights reserved. MannKind Corporation. / 25 February 20
Slide 21: Full Year 2025 Revenues
Full Year 2025 Revenues $23 CARDIOMETABOLIC $64 +39% $75 FUROSCIX Afrezza V-Go $18 $16 2024 2025 $349 $286 +22% C&S $101 +6% $107 2024 2025 2024 2025 Total Revenue ROYALTIES $102 +25% $128 (in millions) 2024 2025 21 © Copyright 2026. All rights reserved. MannKind Corporation. / 25 February 2026
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in Millions Q4 2025 Q4 2024 FY 2025 FY 2024 GAAP Net (loss) Income $(15.9) $7.4 $5.9 $27.6 Stock compensation 7.0 5.8 24.2 21.4 Interest expense on liability for sale of future royalties 3.9 3.5 14.4 16.2 Sold portion of royalty revenue (3.4) (2.7) (12.8) (10.2) Acq
Slide 23: Upcoming Investor Events
Upcoming Investor Events MIAMI March 9-11 / Leerink Partners Global Healthcare Conference March 10-12 / Barclays Global Healthcare Conference 23 © Copyright 2026. All rights reserved. MannKind Corporation. / 25 February 2026
Slide 24: R&D Updates
R&D Updates 24 © Copyright 2026. All rights reserved. MannKind Corporation.
Slide 25: Major Catalysts Driving 2026
Major Catalysts Driving 2026 COMMERCIAL Label (Dosing) Pediatric Indication ReadyFlow Update FDA (PDUFA: May 29, 2026) Autoinjector Approved (PDUFA: July 26, 2026) 1H 2026 2H 2026 Nintedanib DPI Nintedanib DPI Ph 2 INFLO-2 Ph 1b INFLO-1 First Patient Topline Data CLINICAL DRIVERS & COLLABORATIONS 25
Slide 26: IPF: A Progressive and Fatal Disease with Problematic Therapies
IPF: A Progressive and Fatal Disease with Problematic Therapies Minority of U.S. Patients Start IPF Therapy • ~100K2 IPF cases in the U.S.; 20% increase in the last decade ~13-26%1 Patients on • Current therapies exhibit major safety an approved therapy and tolerability issues leading to high ~74-87
Slide 27: Lung-Targeted Delivery is Emerging as the Winning Strategy in IPF
Lung-Targeted Delivery is Emerging as the Winning Strategy in IPF • Systemic (oral) delivery has not translated into meaningful antifibrotic impact • Our Technosphere®-based DPIs have demonstrated safety and tolerability in patients with underlying lung diseases, including in IPF • Nintedanib DPI (M
Slide 28: Upcoming Scientific Conferences
Upcoming Scientific Conferences Technology & Heart Failure Therapeutics (THT) Advanced Technologies & Treatments for Diabetes (ATTD) March 2-4 / Boston March 11-14 / Barcelona 1 Presentation 2 Presentations, 1 ePoster 28 © Copyright 2026. All rights reserved. MannKind Corporation. / 25 February 2026
Slide 29: Our Key Pillars
Our Key Pillars FUROSCIX ReadyFlow Approval Would Expand Market Opportunity FUROSCIX® Tyvaso DPI® High-Growth Backbone of Revenue Stream PAH/PH-ILD Afrezza® Nintedanib DPI Positioned for Growth with 2026 Progressing Phase 2 Pediatric Catalyst Trial in IPF 29 © Copyright 2026. All rights reserved. Ma
Slide 30: Q&A Contact: ir@mnkd.com
Q&A Contact: ir@mnkd.com 30 © Copyright 2025. All rights reserved. MannKind Corporation.
Slide 31: mannkind
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