MannKind Corporation reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $285.5 million, a 43% increase from $199.0 million in 2023. The company achieved net income of $27.6 million, a notable turnaround from the net losses of $11.9 million and $87.4 million in the previous two years. This improvement was primarily driven by increased sales of its flagship product, Afrezza, and a substantial rise in collaboration and royalty revenues, particularly from its partnership with United Therapeutics for the Tyvaso DPI product.
The company experienced a 17% increase in net revenue from Afrezza, which rose to $62.8 million, attributed to higher demand and improved pricing strategies. However, sales of the V-Go device decreased by 4% to $19.5 million, reflecting lower demand despite a price increase. Collaboration and services revenue surged by 90% to $100.8 million, largely due to increased manufacturing volume for Tyvaso DPI, while royalty revenue from United Therapeutics increased by 42% to $102.3 million, driven by higher patient demand for the product.
MannKind's operational developments included the acquisition of Pulmatrix's iSPERSE formulation technology, which is expected to enhance its product development capabilities. The company also initiated a Phase 3 clinical study for MNKD-101, targeting severe pulmonary infections, and a Phase 1 study for MNKD-201, aimed at idiopathic pulmonary fibrosis. As of December 31, 2024, MannKind employed 407 individuals, with a significant portion dedicated to manufacturing and research and development.
The company noted that its accumulated deficit stood at $3.2 billion, primarily due to historical research and development costs. MannKind's liquidity position remains strong, with cash, cash equivalents, and investments totaling $202.7 million. The company anticipates that its current resources, along with projected sales and royalties, will be sufficient to meet its operational needs over the next 12 months. However, it acknowledged the potential need for additional capital to support ongoing operations and product development.
Looking ahead, MannKind's management expressed optimism about the future, emphasizing the importance of successful commercialization of its products and the advancement of its pipeline. The company remains focused on navigating the complexities of the biopharmaceutical landscape, including regulatory challenges and market competition, while aiming to leverage its innovative technologies to address unmet medical needs in endocrine and orphan lung diseases.
About MANNKIND CORP
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