MannKind keeps hitting higher revenues
Westlake Village-based MannKind saw rising revenue and gave a positive update to its orphan lung pipeline when it announced its earnings for the third quarter of 2024.
MannKind, a biotechnology company that develops treatments for diabetes and pulmonary arterial hypertension, announced that revenue for the quarter ended Sept. 30 hit $70.1 million, up from $51.2 million in the same quarter a year ago.
Revenue growth was led by royalties sales for Tyvaso DPI increased $6.9 million, or 34%, due to increased sales by United Therapeutics.
Net income for the quarter was $11.5 million, up dramatically from last year’s $1.5 million profit.
“Our business demonstrated double-digit revenue growth compared to last year,” Michael Castagna, MannKind’s CEO, said in a press release.
Castagna added that MannKind’s third quarter was also marked by “strong progress” in its clinical development programs.
MannKind announced that MNKD-101, a treatment for Nontuberculous mycobacteria lung diseases, began enrolling in Phase 3 of its trial and it also completed its Phase 1 trial for MNKD-201, a treatment for idiopathic pulmonary fibrosis.
Afrezza, MannKind’s key product, an inhaled insulin treatment for diabetes, saw revenue increase $1.6 million to $15.1 million, as a result of higher demand and improved gross-to-net adjustments.
MannKind shares closed at $7.22 on Nov. 11. Shares are up 84% year-to-date.
MannKind closed the quarter with cash and cash equivalents at $62.3 million.
