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MNKD · NASDAQ · Biotechnology

MannKind

Commercializes Afrezza, FUROSCIX and V-Go while manufacturing Tyvaso DPI for United Therapeutics.

$3.95

After-hours close0.00 (0.00%)

At close$3.95(−2.71%)

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Profile

MannKind CorporationMNKDHealth Care

Commercializes Afrezza, FUROSCIX and V-Go in the United States while earning Tyvaso DPI royalties and manufacturing revenue from United Therapeutics. Operations run as a single US reportable segment, with economics tied to diabetes care, fluid-overload treatment and partner demand for Tyvaso DPI.

Commercial operations center on Afrezza, an ultra rapid-acting inhaled insulin, FUROSCIX for fluid buildup linked to heart failure or chronic kidney disease, and V-Go, a wearable insulin delivery patch. Tyvaso DPI adds partner economics rather than a MannKind sales channel: United Therapeutics commercializes the product while MannKind manufactures supply and earns royalties.

Reported operations are organized as one segment in the United States, so product lines should be read as a portfolio inside a single operating structure. The business combines specialty sales execution, device-enabled drug delivery and manufacturing capacity.

Structural dependencies include FDA-regulated labels, payer and clinician adoption in diabetes and cardiometabolic care, competition from injectable insulin and GLP-1 products, and United Therapeutics demand for Tyvaso DPI.

Company facts

CEOMichael E. Castagna

ListedJul 28, 2004

ExchangeNASDAQ

HeadquartersDanbury, CT

CountryUnited States

Employees592

CIK0000899460

ISINUS56400P7069

Key statistics

Market cap$1.26B

EPS (ttm)−$0.1373

P/E (ttm)−28.77

ROE78.6%

P/B−18.17

P/S3.21

Dividend yield—

Beta1.01vs XLV 0.80

Year to date −29.5% · Average volume (30d) 4.4M

Analysts

Price target, next 12 months$8.50+115.2%Median of 20 analysts · vs the Aug 28 close

ConsensusBuy10 of 20 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $3.95

High$13.00+229.1%

Median$8.50+115.2%

Low$6.00+51.9%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Aug 6, 2026	Wells Fargo	Reiterate	Overweight	$14	$13
Jul 30, 2026	Wells Fargo	Reiterate	Overweight	$11	$14
May 31, 2026	Wells Fargo	Target		$10	$11
May 7, 2026	Mizuho Securities	Target		$8	$7
May 7, 2026	Wells Fargo	Reiterate	Overweight		$10

Earnings

EPS

Estimate−$0.08

ReportedDue Nov 4, 2026

Revenue

Estimate$110.2M

ReportedDue Nov 4, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 5, 2026Q2 FY26	−$0.01	−$0.06	−700.0%	$108.1M	$109.4M	+1.2%	−5.12%
May 6, 2026Q1 FY26	−$0.02	−$0.05	−150.0%	$105.4M	$90.2M	−14.4%	−0.28%
Feb 26, 2026Q4 FY25	−$0.01	−$0.05	−400.0%	$97.6M	$112.0M	+14.7%	+1.23%
Nov 5, 2025Q3 FY25	$0.01	$0.03	+200.0%	$99.9M	$82.1M	−17.7%	−5.94%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$78.4M	$76.5M	$82.1M	$112.0M	$90.2M	$109.4M
Gross profit	$60.8M	$56.0M	$61.9M	$87.8M	$68.3M	$79.8M
Operating income	$22.3M	$5.3M	$18.8M	−$7.7M	−$3.0M	−$350.0K
Net income	$13.2M	$668.0K	$8.0M	−$15.9M	−$16.6M	−$19.0M
Diluted EPS	$0.04	$0.00	$0.03	−$0.05	−$0.05	−$0.06
Gross margin	77.6%	73.1%	75.4%	78.5%	75.8%	73.0%
Operating margin	28.5%	6.9%	22.9%	-6.9%	-3.3%	-0.3%

Fiscal years (4-quarter sums)FY21 $75.4M · FY22 $99.8M · FY23 $199.0M · FY24 $285.5M · FY25 $349.0M

Revenue by product · Q2 FY26

Product Revenue$71.6M · 65%

Royalty$32.4M · 30%

Service$5.4M · 5%

Balance sheet, Jun 30, 2026Cash & short-term investments $111.1M · Total debt $330.8M · Total assets $732.3M · Shareholders' equity −$67.2M

Dividends

No dividends on record.

Ownership

Institutions 58.28%186.14M sharesInsiders 2.44%7.78M sharesOther 39.28%125.47M shares

Shares outstanding 319.39M · Float 303.10M · 94.9% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
BlackRock, Inc.	32.13M	10.06%	13F	Aug 7, 2026
Rubric Capital Management LP	18.00M	5.83%	13G	Aug 14, 2026
State Street Corp	16.17M	5.06%	13F	Aug 7, 2026
Vanguard Capital Management	15.45M	5.00%	13G	Jul 31, 2026
Geode Capital Management, LLC	7.95M	2.49%	13F	Aug 12, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 7, 2026	Steven B. Binder	director	−39,051	$4.06
Jul 17, 2026	Steven B. Binder	director	−52,485	$4.06
Jul 17, 2026	David Thomson	officer: EVP Genl Counsel & Secretary	−24,109	$4.05
May 12, 2026	David Thomson	officer: EVP Genl Counsel & Secretary	−3,033	$3.29
May 12, 2026	Steven B. Binder	director	−16,940	$3.29