MannKind Corporation reported a total revenue of $348.97 million for the fiscal year ending December 31, 2025, marking a 22% increase from $285.50 million in 2024. The growth was driven by a 39% rise in net revenue from commercial product sales, which reached $114.14 million, primarily due to increased demand for Afrezza, an inhaled insulin product. The company also saw a significant increase in royalty revenue, which rose by 25% to $128.12 million, attributed to higher net sales of Tyvaso DPI, a product marketed by United Therapeutics. However, the gross margin for commercial products decreased to 73% from 79% in the previous year, largely due to amortization of acquired intangible assets.
In terms of operational changes, MannKind completed the acquisition of scPharmaceuticals in October 2025, which contributed to the revenue from Furoscix, generating $32.4 million in gross revenue from its acquisition date to year-end. The company also reported a significant increase in research and development expenses, which rose by 45% to $66.35 million, reflecting investments in clinical studies and product development, including the ongoing Phase 1b study of MNKD-201 for idiopathic pulmonary fibrosis.
MannKind's workforce as of December 31, 2025, consisted of 592 employees, with a notable increase in personnel costs contributing to the rise in selling, general, and administrative expenses, which surged by 53% to $144.14 million. The company is focused on expanding its commercial capabilities, particularly in preparation for the potential pediatric launch of Afrezza in 2026, and the anticipated launch of the Furoscix ReadyFlow Autoinjector.
Looking ahead, MannKind anticipates continued fluctuations in its financial performance due to various factors, including market conditions and the success of its product launches. The company has outlined strategic goals for 2026, including the expected approval of Afrezza for pediatric use and the launch of the Furoscix ReadyFlow Autoinjector. However, the company also faces risks related to manufacturing capacity, regulatory approvals, and competition in the biopharmaceutical sector, which could impact its ability to achieve these objectives.
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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