Mannkind 2025 Q2 Earnings Record Net Income Surges 133.2%

Mannkind (MNKD) reported its fiscal 2025 Q2 earnings on August 6, 2025, delivering a significant turnaround in profitability. The company exceeded expectations with a 133.2% improvement in net income and posted a 5.7% revenue increase. CEO Michael Castagna highlighted progress in key pipelines and strong balance sheet strength.

Revenue
Mannkind’s total revenue for Q2 2025 reached $76.53 million, up 5.7% from $72.39 million in the same period a year ago. Royalties from Tyvaso DPI drove a 22% increase to $31.23 million, while Afrezza sales grew 13% to $18.33 million. Collaborations and services revenue, however, fell 12% to $22.85 million, while V-Go revenue declined 8% to $4.13 million, impacted by lower demand.

Earnings/Net Income
The company reported a net income of $668,000 for Q2 2025, a remarkable turnaround from a $2.01 million net loss in the prior year. Despite maintaining an EPS of $0.00, this marked a 133.2% swing and a record high for the quarter, reflecting improved operational efficiency and cost management.

Price Action
Mannkind’s stock price has declined across recent periods, dropping 5.59% on the latest trading day, 10.47% for the week, and 2.12% month-to-date, signaling investor caution despite earnings outperformance.

Post-Earnings Price Action Review
Historically, buying Mannkind shares on the day of its earnings report and holding for 30 days has yielded mixed results over the past three years. The strategy gained 14.29% in the first year, driven by Afrezza and Tyvaso DPI royalty growth, but underperformed the market by 19.56% over three years compared to a 7.1% gain for the S&P 500. The second year saw a sharp 26.06% decline versus a 9.54% market gain, while the third year returned a modest 1.77% versus 11.64%. The volatility underscores the stock’s sensitivity to earnings reports and broader market sentiment.

CEO Commentary
CEO Michael Castagna emphasized Mannkind’s strategic focus on advancing its inhaled pipeline, particularly Afrezza and MNKD-101. With the submission of a supplemental Biologics License Application for Afrezza in the pediatric population and robust progress in the ICoN-1 trial, the company is preparing for key catalysts in the coming quarters. Castagna also highlighted the $201.2 million in cash and the $500 million Blackstone financing as strong enablers of growth, with plans to expand Afrezza’s market reach and prepare for a pediatric launch.

Guidance
Mannkind projected Q2 2025 revenue of $76.5 million, up 6% year-over-year, and YTD 2025 revenue of $155 million, up 12% year-over-year. The CEO emphasized continued growth in Afrezza and Tyvaso DPI royalties and no specific EPS guidance was provided, focusing instead on leveraging the $500 million Blackstone funding to accelerate development and commercial initiatives.

Additional News
Mannkind submitted an sBLA for Afrezza in pediatric patients, a significant milestone with potential regulatory decision expected in early Q4 2025. The ICoN-1 trial for inhaled clofazimine in NTM lung disease is ahead of schedule, with an interim enrollment target of 100 patients expected by early Q4 2025. The company also plans to initiate a Phase 2 clinical trial for nintedanib DPI in IPF by year-end 2025. In the endocrine business unit, data from pediatric and adult studies of Afrezza were presented at the American Diabetes Association’s 85th Scientific Sessions, affirming positive outcomes of inhaled insulin therapy. Mannkind’s strong balance sheet, with $201.2 million in cash as of June 30, 2025, supports continued investment in its development pipeline and commercial activities.