MannKind Corporation reported a total revenue of $90.2 million for the first quarter of 2026, marking a 15% increase from $78.4 million in the same period of 2025. The growth was primarily driven by a significant rise in commercial product sales, which reached $33.9 million, up 79% from $19.0 million a year earlier. This increase was largely attributed to the addition of Furoscix to the product portfolio following the acquisition of scPharmaceuticals in October 2025. However, revenue from collaborations and services decreased by 20% to $23.5 million, while royalties increased by 9% to $32.7 million, reflecting higher net sales of Tyvaso DPI by United Therapeutics.
Despite the revenue growth, MannKind reported a net loss of $16.6 million for the quarter, compared to a net income of $13.2 million in the prior year. This shift was influenced by a substantial increase in total expenses, which rose 64% to $91.8 million, driven by higher selling, general, and administrative costs, as well as increased research and development expenditures. The company’s selling, general, and administrative expenses surged by 116% to $54.1 million, largely due to costs associated with the promotion of Furoscix and preparations for a potential pediatric launch of Afrezza.
Operationally, MannKind's product adoption rates showed mixed results. While sales of Afrezza experienced a slight decline in gross revenue, Furoscix generated $20.9 million in gross revenue in its first quarter of commercialization. The company also reported a gross margin of 78% for its commercial products, slightly down from 80% in the previous year, indicating effective cost management despite rising expenses. The total employee headcount increased as the company expanded its workforce to support its growing product lines and operational needs.
Looking ahead, MannKind is focused on several strategic initiatives, including the anticipated FDA decisions on supplemental applications for Afrezza and Furoscix, which could significantly impact future revenues. The company is also exploring geographic expansion opportunities, particularly in India, where it has begun supplying Afrezza to its partner Cipla. With a cash position of $64.6 million and ongoing revenue from its product lines, MannKind believes it can meet its liquidity needs over the next 12 months while continuing to invest in its product pipeline and operational capabilities.
About MANNKIND CORP
MannKind Corporation is a biopharmaceutical company specializing in developing and commercializing innovative inhalation-based therapies for endocrine and orphan lung diseases. Its core products include Afrezza, an inhaled insulin, and V-Go, a wearable insulin delivery device. The company leverages proprietary Technosphere dry-powder formulations and inhaler technologies to deliver rapid, convenient treatments primarily in the U.S. and select international markets.
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