MannKind Corporation Reports 18% Revenue Growth to $78.4 Million in Q1 2025

MannKind Corporation reported a total revenue of $78.4 million for the three months ended March 31, 2025, marking an increase of 18% from $66.3 million in the same period of the previous year. The growth was driven by a rise in collaboration and service revenues, which increased by 18% to $29.4 million, and a 32% increase in royalty revenues to $30.0 million, primarily due to higher net sales of Tyvaso DPI by United Therapeutics. Commercial product sales also saw a slight increase, reaching $19.0 million compared to $18.8 million in the prior year. The company reported a net income of $13.2 million, up from $10.6 million, with earnings per share remaining stable at $0.04 for both periods.

In terms of expenses, MannKind's total expenses rose to $56.1 million, a 13% increase from $49.5 million in the prior year. This increase was attributed to higher selling, general, and administrative expenses, which grew by 12% to $25.0 million, and a 10% rise in research and development costs to $11.0 million. The company also experienced a significant loss on foreign currency transactions, amounting to $2.5 million, compared to a gain of $1.4 million in the previous year. The overall increase in expenses contributed to a higher operating income of $22.3 million, compared to $16.7 million in the same quarter of 2024.

MannKind's operational metrics indicate a positive trend in product adoption and market engagement. The company reported a gross margin of 80% for its commercial products, consistent with the previous year. The company continues to focus on its core products, Afrezza and V-Go, while also expanding its pipeline, including the development of MNKD-101 and MNKD-201 for orphan lung diseases. The company’s cash, cash equivalents, and investments totaled $198.2 million as of March 31, 2025, providing a solid liquidity position to support ongoing operations and development efforts.

Looking ahead, MannKind remains optimistic about its growth trajectory, particularly with the increasing demand for Tyvaso DPI and the potential of its pipeline products. The company is actively monitoring market conditions and exploring strategies to mitigate risks associated with raw material sourcing and manufacturing costs. Management believes that the current financial resources, along with anticipated revenues from product sales and collaborations, will be sufficient to meet liquidity needs over the next 12 months. The company is also considering potential financing options to support its long-term growth objectives.