MannKind Q3 Revenue Rises 24%, Q4 Profit Expected

MannKind Corporation (NASDAQ: MNKD) reported a 24% increase in third-quarter 2026 revenue to $102 million, as Furoscix and the pediatric launch of Afrezza strengthened the company’s commercial business alongside higher Tyvaso DPI royalties. Despite the revenue growth, MannKind recorded a GAAP net loss of $23.2 million, compared with net income of $8.0 million a year earlier. Management said it expects the fourth quarter to be profitable, supported by record revenue.

Commercial product revenue more than doubled from the prior-year quarter, making it MannKind’s largest revenue source in Q3. Furoscix generated $22.4 million in net sales, while Afrezza net sales rose 5% year over year to $19.3 million. Royalty revenue increased 12% to $37.5 million, driven by Tyvaso DPI, and collaboration and services revenue totaled $19.4 million.

On a non-GAAP basis, MannKind posted an adjusted net loss of $3.6 million, compared with adjusted net income of $22.4 million in Q3 2025. The company’s GAAP-to-non-GAAP reconciliation included $11.6 million of contingent consideration expense, $6.4 million of stock-based compensation and $5.2 million of amortization related to acquired intangible assets.

Furoscix ReadyFlow adoption supports commercial growth

Furoscix ReadyFlow received U.S. Food and Drug Administration approval during the quarter, with shipments beginning Sept. 14 after promotional activity started in August. About 75% of Furoscix shipments had transitioned to ReadyFlow by late October, ahead of the company’s internal conversion expectations.

Average weekly doses shipped increased by more than 50% after ReadyFlow became available, and more than 1,600 prescribers had written prescriptions for the product since launch. MannKind said Furoscix also reached record levels of prescribers and prescriptions in September.

The company plans to support longer-term Furoscix growth through Phase 4 evidence generation, broader outreach that includes nephrology and integrated delivery networks, and measures intended to reduce access and distribution friction.

Pediatric demand lifts Afrezza prescriptions

Afrezza’s June 2026 pediatric launch helped return the brand to year-over-year revenue growth in the third quarter. Total prescriptions increased 17% from Q2, while average monthly new-to-brand prescriptions rose about 80% sequentially.

Pediatric prescriptions more than doubled from the second quarter and represented roughly one in four Afrezza prescriptions in Q3. More than 2,000 pediatric patients had been treated and approximately 600 pediatric prescribers had used the product as of early October. The presentation defined pediatric patients as those age 23 or younger.

For the first nine months of 2026, Afrezza revenue was $51.6 million, in line with the prior-year period. Management listed anticipated approval of a two-unit Afrezza cartridge in the second half of 2027 and an anticipated launch of a higher-concentration formulation in 2028 or later among its product milestones.

Nine-month revenue reaches $301.4 million

Revenue for the first nine months of 2026 increased 27% to $301.4 million. Commercial product revenue rose 90% to $120.9 million, primarily reflecting $60.1 million from Furoscix following MannKind’s October 2025 acquisition of scPharmaceuticals. V-Go contributed another $9.2 million.

Collaboration revenue totaled $180.5 million, including $102.6 million of royalties, up 8%, and $77.9 million from collaborations and services. MannKind’s year-to-date GAAP net loss was $58.9 million, compared with net income of $21.8 million in the first nine months of 2025. The adjusted net loss was $10.4 million, versus adjusted net income of $58.0 million a year earlier.

Tyvaso DPI remains the foundation of MannKind’s collaboration revenue. The company said royalties from the United Therapeutics product increased 16% sequentially in Q3, while MannKind continues to serve as its sole-source manufacturer. MannKind estimates that United Therapeutics-related revenue could exceed $1 billion cumulatively from 2027 through 2030, based on current assumptions, but said that estimate is not financial guidance. The company also anticipates $15 million of milestones related to ralinepag DPI in 2027.

Nintedanib DPI moves into Phase 2

MannKind is advancing MNKD-201, its inhaled formulation of nintedanib, into global Phase 2 development after reporting positive Phase 1b INFLO-1 safety and tolerability results.

The INFLO-2 study is designed to enroll 153 patients with idiopathic pulmonary fibrosis. Its randomized, placebo-controlled portion will evaluate two twice-daily dose levels over 12 weeks, followed by a six-month open-label extension. The primary objective is safety and tolerability, with a data readout anticipated in the first half of 2028.

Other stated milestones include progress on INFLO-2 enrollment and advancement of ralinepag DPI into clinical development during the first half of 2027. MannKind also identified potential expansion opportunities for out-licensed Tyvaso DPI and ralinepag DPI programs in IPF, progressive pulmonary fibrosis and interstitial lung disease.

During Q3, MannKind completed a $50 million private placement led by Frazier Life Sciences. The proceeds funded a $45 million contingent value rights payment.

The company cautioned that its outlook and development timelines are subject to manufacturing and supply risks, uncertainties associated with clinical development, stock-price volatility and other risks described in its regulatory filings. Estimates for collaboration revenue, product milestones and clinical readouts are based on current expectations and may differ from actual outcomes.