MannKind Corp (MNKD) Q3 2024 Earnings Call Highlights: Strong Revenue Growth and Strategic ...

In This Article:

  • Third Quarter Revenue: $70 million, a 37% increase compared to last year.

  • Year-to-Date Revenue: $209 million, a 49% increase over the prior year period.

  • Tyvaso DPI Royalties: $27 million in Q3, a 34% increase over the same quarter last year.

  • Collaboration and Services Revenue: $23 million in Q3, a 78% increase from Q3 2023.

  • Afrezza Net Revenue: $15 million in Q3, a 12% increase due to higher demand and improved gross-to-net.

  • V-Go Net Revenue: Approximately $5 million in Q3, an increase of 5%.

  • GAAP Net Income: $12 million in Q3.

  • Non-GAAP Net Income: $15 million in Q3.

  • Cash and Investments: $268 million as of the end of September.

Release Date: November 07, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

  • MannKind Corp (NASDAQ:MNKD) reported a 37% increase in third-quarter revenues, reaching $70 million, driven by strong performance in Tyvaso DPI and Afrezza.

  • The company has a strong financial position with $268 million in cash and $15 million in non-GAAP operating income for the quarter.

  • MannKind Corp (NASDAQ:MNKD) is advancing its pipeline with promising developments in Cozamin 101 and 201, targeting unmet needs in NTM lung disease and IPF.

  • Afrezza net revenue increased by 12% in the third quarter due to higher demand and improved growth to net.

  • The company is strategically focusing on profitable growth, evidenced by a $12 million improvement in bottom-line contribution year-to-date.

Negative Points

  • MannKind Corp (NASDAQ:MNKD) faced headwinds impacting Afrezza's growth, including payer restrictions and sales force restructuring.

  • The company experienced a slight decline in Wego net revenue due to lower product demand.

  • There are uncertainties regarding the FDA's response to MannKind Corp (NASDAQ:MNKD)'s trial designs and regulatory strategies for Cozamin 101 and 201.

  • The overall rapid-acting mealtime insulin market saw a decline, impacting Afrezza's performance.

  • MannKind Corp (NASDAQ:MNKD) is one of the last companies investing in NTM due to competitors' failures, which could indicate challenges in the market.

Q & A Highlights

Q: Can you provide insights on the market penetration of 101 compared to Arikayce and its potential market size? Also, how does the phase one data for 201 inform the phase 2/3 design? A: Michael Castagna, CEO: For 101, we aim to displace Arikayce in refractory populations due to better administration and tolerability. We're finalizing the formulation and plan to introduce a dry powder form for earlier treatment lines. For 201, the phase one study confirmed minimal GI side effects and no adverse reactions, setting the stage for a dose range finding study as per FDA's preliminary comments.