MannKind (MNKD) Q4 2025 earnings summary

Executive summary

• Achieved record total revenue of $349 million for 2025, up 22% year-over-year, with Q4 revenue of $112 million, up 46%, driven by Afrezza and FUROSCIX growth.

• Completed the acquisition of scPharmaceuticals in October 2025, integrating FUROSCIX and expanding the cardiometabolic franchise.

• Diversified commercial portfolio now includes four FDA-approved products, reducing reliance on a single revenue stream.

• Strategic focus on Afrezza pediatric launch and FUROSCIX ReadyFlow Autoinjector, both with upcoming PDUFA dates in 2026.

• Pipeline advancement with MannKind 201 (nintedanib DPI) entering phase 2 for IPF, with topline data expected in 2H 2026.

Financial highlights

• Q4 2025 revenue reached $112 million, up 46% from the prior year quarter; full-year 2025 revenue was $349 million, up 22%.

• FUROSCIX Q4 net sales were $23.3 million, up 91% year-over-year; full-year FUROSCIX sales were $70.4 million.

• Afrezza Q4 US net sales were $22.3 million, up 22% year-over-year; full-year global net sales reached $74.6 million.

• Royalty revenue for Q4 was $34 million, up 24% year-over-year; full-year royalty revenue was $128 million, up 25%.

• Reported GAAP net income of $5.9 million and non-GAAP adjusted net income of $59.5 million for 2025; Q4 2025 GAAP net loss was $(15.9) million, with non-GAAP adjusted net income of $1.5 million.

Outlook and guidance

• Projected 2026 revenue run rate to exceed $450 million, driven by Afrezza and FUROSCIX launches.

• Expecting $350 million in royalties over the next 36 months from Tyvaso DPI, with a minimum supply agreement providing $50 million annual revenue floor through 2031.

• Anticipates significant commercial catalysts in 2026, including Afrezza pediatric approval and FUROSCIX ReadyFlow Autoinjector launch.

• Topline data from Nintedanib DPI INFLO-1 Phase 1b expected in 2H 2026.

• Anticipate significant investments in commercial infrastructure and marketing, with up to $40 million additional spend in 2026.