MannKind (MNKD) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached $90.2 million, up 15% year-over-year, driven by FUROSCIX, Afrezza, and higher Tyvaso DPI royalties, despite seasonal and transitional headwinds.

• Net loss for Q1 2026 was $16.6 million, compared to net income of $13.2 million in Q1 2025, reflecting increased operating expenses post-acquisition of scPharma.

• Advanced ralinepag DPI with United Therapeutics, receiving a $5 million milestone, with potential for $35 million more and 10% royalties on net sales.

• Integration of scPharma is substantially complete, with identified synergies exceeding the $20 million annual target.

• Built out launch infrastructure and expanded field teams in preparation for upcoming product launches.

Financial highlights

• Commercial product sales rose to $33.9 million, led by FUROSCIX at $15.5 million and Afrezza at $15.3 million, with doses dispensed up 64% year-over-year.

• Royalties increased 9% year-over-year to $32.7 million, driven by Tyvaso DPI sales.

• Collaboration and services revenue was $23.5 million, down 20% year-over-year due to lower product sold to United Therapeutics and timing of manufacturing activities.

• GAAP net loss was $16.6 million ($0.05/share), and Non-GAAP net loss was $6.9 million ($0.02/share), reflecting increased commercial investment and acquisition costs.

• Gross margin on commercial product sales was 78% in Q1 2026, compared to 80% in Q1 2025.

Outlook and guidance

• Reaffirmed 2026 FUROSCIX revenue guidance of $110 million-$120 million, expecting acceleration in Q3 and Q4 with ReadyFlow auto-injector launch (PDUFA: July 26, 2026).

• Afrezza pediatric launch (PDUFA: May 29, 2026) and FUROSCIX ReadyFlow auto-injector are key near-term regulatory catalysts.

• Anticipates $15 million in ralinepag DPI milestones over the next 12 months.

• Expects to enroll first patient in Phase 2 INFLO-2 trial for nintedanib DPI in Q2 2026; topline Phase 1b data expected Q3 2026.

• Liquidity is expected to be sufficient for at least the next 12 months, supported by $133.9 million in cash, cash equivalents, and investments as of March 31, 2026.