MannKind (MNKD)
Market Price (6/20/2026): $3.925 | Market Cap: $1.2 BilSector: Health Care | Industry: Biotechnology
MannKind (MNKD)
Market Price (6/20/2026): $3.925Market Cap: $1.2 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -33% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Diabetes Management, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -79% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 110x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 63x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2% Key risksMNKD key risks include [1] the potential failure of its clinical development programs, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -33% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Diabetes Management, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -60%, 3Y Excs Rtn is -79% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 110x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 63x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.2% |
| Key risksMNKD key risks include [1] the potential failure of its clinical development programs, Show more. |
Qualitative Assessment
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Updated on 6/15/2026
MannKind (MNKD) stock has gained about 20% since 2/28/2026 because of the following key factors:
1. FDA Approval of Afrezza for Pediatric Use.
On May 29, 2026, the U.S. Food and Drug Administration (FDA) approved Afrezza (insulin human) Inhalation Powder for use in children and adolescents aged 6 and older with type 1 and type 2 diabetes. This approval expanded Afrezza's label beyond adults, positioning it as the first and only needle-free mealtime insulin option for this pediatric population.
2. Expanded Collaboration with United Therapeutics.
MannKind received a $5 million upfront payment from United Therapeutics for advancing the ralinepag dry powder inhaler (DPI) program (MNKD-1501). This collaboration includes the potential for MannKind to receive up to $35 million in additional development milestones, with approximately $15 million expected within the next 12 months, along with a 10% royalty on net sales. This agreement underscores the validation of MannKind's Technosphere dry powder inhalation platform.
Show more
MannKind (MNKD) stock has gained about 20% since 2/28/2026 because of the following key factors:
1. FDA Approval of Afrezza for Pediatric Use.
On May 29, 2026, the U.S. Food and Drug Administration (FDA) approved Afrezza (insulin human) Inhalation Powder for use in children and adolescents aged 6 and older with type 1 and type 2 diabetes. This approval expanded Afrezza's label beyond adults, positioning it as the first and only needle-free mealtime insulin option for this pediatric population.
2. Expanded Collaboration with United Therapeutics.
MannKind received a $5 million upfront payment from United Therapeutics for advancing the ralinepag dry powder inhaler (DPI) program (MNKD-1501). This collaboration includes the potential for MannKind to receive up to $35 million in additional development milestones, with approximately $15 million expected within the next 12 months, along with a 10% royalty on net sales. This agreement underscores the validation of MannKind's Technosphere dry powder inhalation platform.
Show more
Updated on 6/15/2026
MannKind (MNKD) stock has gained about 20% since 2/28/2026 because of the following key factors:
1. FDA Approval of Afrezza for Pediatric Use.
On May 29, 2026, the U.S. Food and Drug Administration (FDA) approved Afrezza (insulin human) Inhalation Powder for use in children and adolescents aged 6 and older with type 1 and type 2 diabetes. This approval expanded Afrezza's label beyond adults, positioning it as the first and only needle-free mealtime insulin option for this pediatric population.
2. Expanded Collaboration with United Therapeutics.
MannKind received a $5 million upfront payment from United Therapeutics for advancing the ralinepag dry powder inhaler (DPI) program (MNKD-1501). This collaboration includes the potential for MannKind to receive up to $35 million in additional development milestones, with approximately $15 million expected within the next 12 months, along with a 10% royalty on net sales. This agreement underscores the validation of MannKind's Technosphere dry powder inhalation platform.
3. Advancement of Nintedanib DPI (MNKD-201) in Clinical Trials.
MannKind announced on June 3, 2026, the completion of patient randomization in its U.S. Phase 1b INFLO-1 clinical trial and the enrollment of the first patient in its global Phase 2 INFLO-2 study for nintedanib DPI (MNKD-201), a treatment for idiopathic pulmonary fibrosis (IPF). Top-line data from the INFLO-1 study are anticipated in fiscal Q3 2026.
4. Positive Momentum for FUROSCIX and Upcoming Regulatory Catalyst.
Despite missing fiscal Q1 2026 revenue estimates of $105.38 million with actual revenue of $90.17 million, FUROSCIX net sales for the quarter were $15.5 million, and doses dispensed increased by 64% over fiscal Q1 2025. The company also has a pending PDUFA date of July 26, 2026, for the FUROSCIX ReadyFlow Autoinjector, which, if approved, would provide an IV-equivalent diuretic dose in under 10 seconds. This strong underlying demand and anticipated approval contributed to the positive stock trend.
Show less
MannKind (MNKD) stock has gained about 20% since 2/28/2026 because of the following key factors:
1. FDA Approval of Afrezza for Pediatric Use.
On May 29, 2026, the U.S. Food and Drug Administration (FDA) approved Afrezza (insulin human) Inhalation Powder for use in children and adolescents aged 6 and older with type 1 and type 2 diabetes. This approval expanded Afrezza's label beyond adults, positioning it as the first and only needle-free mealtime insulin option for this pediatric population.
2. Expanded Collaboration with United Therapeutics.
MannKind received a $5 million upfront payment from United Therapeutics for advancing the ralinepag dry powder inhaler (DPI) program (MNKD-1501). This collaboration includes the potential for MannKind to receive up to $35 million in additional development milestones, with approximately $15 million expected within the next 12 months, along with a 10% royalty on net sales. This agreement underscores the validation of MannKind's Technosphere dry powder inhalation platform.
3. Advancement of Nintedanib DPI (MNKD-201) in Clinical Trials.
MannKind announced on June 3, 2026, the completion of patient randomization in its U.S. Phase 1b INFLO-1 clinical trial and the enrollment of the first patient in its global Phase 2 INFLO-2 study for nintedanib DPI (MNKD-201), a treatment for idiopathic pulmonary fibrosis (IPF). Top-line data from the INFLO-1 study are anticipated in fiscal Q3 2026.
4. Positive Momentum for FUROSCIX and Upcoming Regulatory Catalyst.
Despite missing fiscal Q1 2026 revenue estimates of $105.38 million with actual revenue of $90.17 million, FUROSCIX net sales for the quarter were $15.5 million, and doses dispensed increased by 64% over fiscal Q1 2025. The company also has a pending PDUFA date of July 26, 2026, for the FUROSCIX ReadyFlow Autoinjector, which, if approved, would provide an IV-equivalent diuretic dose in under 10 seconds. This strong underlying demand and anticipated approval contributed to the positive stock trend.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 20.1% change in MNKD stock from 2/28/2026 to 6/19/2026 was primarily driven by a 16.6% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.28 | 3.94 | 20.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 349 | 361 | 3.4% |
| P/S Multiple | 2.9 | 3.4 | 16.6% |
| Shares Outstanding (Mil) | 307 | 308 | -0.3% |
| Cumulative Contribution | 20.1% |
Market Drivers
2/28/2026 to 6/19/2026| Return | Correlation | |
|---|---|---|
| MNKD | 20.1% | |
| Market (SPY) | 9.2% | 43.5% |
| Sector (XLV) | -6.4% | 28.0% |
Fundamental Drivers
The -26.4% change in MNKD stock from 11/30/2025 to 6/19/2026 was primarily driven by a -35.6% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.35 | 3.94 | -26.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 314 | 361 | 15.0% |
| P/S Multiple | 5.2 | 3.4 | -35.6% |
| Shares Outstanding (Mil) | 307 | 308 | -0.5% |
| Cumulative Contribution | -26.4% |
Market Drivers
11/30/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| MNKD | -26.4% | |
| Market (SPY) | 9.9% | 22.4% |
| Sector (XLV) | -4.4% | 19.3% |
Fundamental Drivers
The -5.1% change in MNKD stock from 5/31/2025 to 6/19/2026 was primarily driven by a -20.5% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.15 | 3.94 | -5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 298 | 361 | 21.2% |
| P/S Multiple | 4.2 | 3.4 | -20.5% |
| Shares Outstanding (Mil) | 303 | 308 | -1.6% |
| Cumulative Contribution | -5.1% |
Market Drivers
5/31/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| MNKD | -5.1% | |
| Market (SPY) | 28.1% | 19.6% |
| Sector (XLV) | 14.6% | 20.7% |
Fundamental Drivers
The -15.1% change in MNKD stock from 5/31/2023 to 6/19/2026 was primarily driven by a -64.7% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.64 | 3.94 | -15.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 128 | 361 | 181.0% |
| P/S Multiple | 9.5 | 3.4 | -64.7% |
| Shares Outstanding (Mil) | 264 | 308 | -14.4% |
| Cumulative Contribution | -15.1% |
Market Drivers
5/31/2023 to 6/19/2026| Return | Correlation | |
|---|---|---|
| MNKD | -15.1% | |
| Market (SPY) | 85.7% | 22.5% |
| Sector (XLV) | 22.9% | 25.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MNKD Return | 40% | 21% | -31% | 77% | -12% | -31% | 25% |
| Peers Return | 43% | -20% | 3% | 78% | -33% | -14% | 20% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| MNKD Win Rate | 50% | 50% | 50% | 67% | 50% | 67% | |
| Peers Win Rate | 46% | 50% | 46% | 58% | 75% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MNKD Max Drawdown | -48% | -41% | -41% | -23% | -48% | -63% | |
| Peers Max Drawdown | -41% | -46% | -34% | -26% | -59% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, ATYR, AVLN, CNXU, COAG. See MNKD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | MNKD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.7% | -18.8% |
| % Gain to Breakeven | 48.5% | 23.1% |
| Time to Breakeven | 81 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.1% | -9.5% |
| % Gain to Breakeven | 30.0% | 10.5% |
| Time to Breakeven | 112 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.8% | -6.7% |
| % Gain to Breakeven | 42.5% | 7.1% |
| Time to Breakeven | 98 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.1% | -24.5% |
| % Gain to Breakeven | 69.8% | 32.4% |
| Time to Breakeven | 87 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.2% | -33.7% |
| % Gain to Breakeven | 69.9% | 50.9% |
| Time to Breakeven | 67 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -43.3% | -19.2% |
| % Gain to Breakeven | 76.5% | 23.8% |
| Time to Breakeven | 62 days | 105 days |
In The Past
MannKind's stock fell -32.7% during the 2025 US Tariff Shock. Such a loss loss requires a 48.5% gain to breakeven.
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Asset Allocation
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| Event | MNKD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.7% | -18.8% |
| % Gain to Breakeven | 48.5% | 23.1% |
| Time to Breakeven | 81 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.1% | -9.5% |
| % Gain to Breakeven | 30.0% | 10.5% |
| Time to Breakeven | 112 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.8% | -6.7% |
| % Gain to Breakeven | 42.5% | 7.1% |
| Time to Breakeven | 98 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.1% | -24.5% |
| % Gain to Breakeven | 69.8% | 32.4% |
| Time to Breakeven | 87 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.2% | -33.7% |
| % Gain to Breakeven | 69.9% | 50.9% |
| Time to Breakeven | 67 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -43.3% | -19.2% |
| % Gain to Breakeven | 76.5% | 23.8% |
| Time to Breakeven | 62 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -76.8% | -3.7% |
| % Gain to Breakeven | 331.8% | 3.9% |
| Time to Breakeven | 154 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.6% | -17.9% |
| % Gain to Breakeven | 57.8% | 21.8% |
| Time to Breakeven | 44 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -29.3% | -15.4% |
| % Gain to Breakeven | 41.5% | 18.2% |
| Time to Breakeven | 36 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -75.8% | -53.4% |
| % Gain to Breakeven | 313.4% | 114.4% |
| Time to Breakeven | 105 days | 1085 days |
In The Past
MannKind's stock fell -32.7% during the 2025 US Tariff Shock. Such a loss loss requires a 48.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About MannKind (MNKD)
MannKind Corporation (MNKD) is a biopharmaceutical company that specializes in developing and commercializing inhaled therapeutic products. The company primarily focuses on addressing endocrine diseases, such as diabetes and hypothyroidism, and orphan lung diseases, utilizing its expertise in inhaled drug delivery systems.
The company's flagship commercial product is Afrezza, an inhaled insulin designed to improve glycemic control for adults with diabetes. MannKind also promotes Thyquidity, a medication used for the treatment of hypothyroidism, directly targeting adult and pediatric endocrinologists and other healthcare providers as its key customer base for this offering.
Beyond its commercialized products, MannKind engages in strategic collaborations to further its pipeline. This includes a license and collaboration agreement with United Therapeutics Corporation, as well as an ongoing agreement with NRx Pharmaceuticals to develop a dry powder formulation of ZYESAMI (aviptadil), intended to help protect cells against inflammatory conditions.
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- The Eli Lilly of inhaled insulin.
- The Dyson of inhaled drug delivery.
- Like a specialized Vertex Pharmaceuticals, but focused on inhaled treatments for endocrine and orphan lung diseases.
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- Afrezza: An inhaled insulin used to improve glycemic control in adults with diabetes.
- Thyquidity: A product promoted for the treatment of hypothyroidism.
- ZYESAMI (aviptadil): A dry powder formulation under development in collaboration with NRx Pharmaceuticals to help protect cells against inflammatory conditions.
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MannKind Corporation (MNKD) sells its products primarily to other companies within the healthcare supply chain and through strategic collaborations. Its major customers include:
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Pharmaceutical Wholesalers: These companies are the primary direct purchasers of MannKind’s commercial products, such as Afrezza and Thyquidity, for distribution to pharmacies, hospitals, and other healthcare providers. The largest pharmaceutical wholesalers in the United States, which typically serve as major customers for biopharmaceutical companies, include:
- McKesson Corporation (MCK)
- Cardinal Health, Inc. (CAH)
- AmerisourceBergen Corporation (ABC)
- United Therapeutics Corporation (UTHR): As per the company description, MannKind has a license and collaboration agreement with United Therapeutics Corporation. This agreement indicates that United Therapeutics is a significant partner and customer for licensed products or services related to their collaboration.
- NRx Pharmaceuticals (NRXP): MannKind has an agreement with NRx Pharmaceuticals to develop a dry powder formulation of ZYESAMI. This type of development agreement often involves payments for services or future product supply, making NRx Pharmaceuticals a customer in this context.
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- United Therapeutics Corporation (UTHR)
- Bachem AG (BANB)
- Dr. Reddy's Laboratories Ltd. (RDY)
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Michael Castagna, Chief Executive Officer
Michael Castagna became CEO of MannKind Corporation and joined its board of directors in 2017, bringing over 25 years of experience in healthcare, pharmaceuticals, and biotechnology to the company's product and medical device development strategy. Prior to MannKind, he served as Vice President at Amgen, where he guided both the Lifecycle Management and Global Commercial Biosimilar business areas. He spent a combined 10 years at Bristol-Myers Squibb, focusing on medical, marketing, and sales, and also directed their Immunoscience division. His other industry experience includes serving as a Vice President at Sandoz (Novartis), where he established the U.S. Biologics Business Unit, and as a Director at Merck, Serono, Pharmasset, and DuPont Pharmaceuticals.
Christopher Prentiss, Chief Financial Officer
Christopher Prentiss was appointed Chief Financial Officer of MannKind Corporation effective April 22, 2024. He brings over two decades of financial leadership experience within the biopharma sector. Prior to joining MannKind, Mr. Prentiss served as CFO of ADARx Pharmaceuticals, where he helped facilitate a funding round of nearly $250 million. His professional history also includes a tenure as CFO at Adamas Pharmaceuticals, where he contributed to significant company milestones such as product launches and revenue growth.
Dominic Marasco, President, Endocrine Business Unit
Dominic Marasco joined MannKind Corporation as President, Endocrine Business Unit, effective January 6, 2025. He has over 25 years of experience in driving commercial success within the biopharma and biotech sectors. Mr. Marasco previously held the position of Executive President, Chief Commercial Officer for Envision Pharma Group, and prior to that, he was Chief Commercial Officer at BioAgilytix Labs, Inc. His background also includes leadership roles at Syneos Health, Amgen, and Sandoz Biopharmaceuticals.
Ajay Ahuja, Executive Vice President and Chief Medical Officer
Dr. Ajay Ahuja joined MannKind Corporation as Executive Vice President and Chief Medical Officer in 2025, with his appointment effective September 29, 2025. A pediatrician and cardiologist, Dr. Ahuja is a seasoned biopharmaceutical leader with over two decades of industry experience. His expertise spans medical devices, drug delivery platforms, and biopharmaceuticals, particularly in therapeutic areas such as diabetes, cardiovascular disease, respiratory medicine, and infectious diseases. Before MannKind, Dr. Ahuja held leadership roles in clinical development, medical affairs, and commercial strategy at companies including Kardigan Bio, Takeda, Pfizer, GSK, and Novartis.
Sanjay Singh, Executive Vice President, Technical Operations
Sanjay Singh is MannKind's Executive Vice President of Technical Operations, leading the company's Danbury facility and overseeing commercial and contract manufacturing. He brings over 30 years of experience in pharmaceutical technical operations, having worked with multiple technologies, delivery systems, and therapeutic areas. Prior to joining MannKind in 2022, Mr. Singh was Associate President of Operations for Aurobindo Pharma USA and served as Senior VP of Operations for Aurobindo Pharma India.
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The key risks to MannKind Corporation (MNKD) include the following, listed in order from most significant to least significant:
- Dependence on United Therapeutics and Competition from New Products: MannKind is heavily reliant on its collaboration with United Therapeutics, particularly for royalties derived from Tyvaso DPI. A significant and immediate risk is United Therapeutics' recent unveiling of Tresmi, a soft-mist treprostinil inhaler, which has been described as a "category killer product" and could potentially compete with or replace Tyvaso DPI. This development introduces uncertainty regarding the long-term durability of MannKind's Tyvaso DPI royalties, a key revenue stream.
- Regulatory and Market Adoption Challenges for Products: As a biopharmaceutical company, MannKind faces ongoing regulatory risks. Immediate risks include upcoming FDA decisions on the Afrezza pediatric sBLA in May 2026 and the Furoscix ReadyFlow Autoinjector sNDA in July 2026. Delays or negative outcomes in these regulatory processes could materially impact near-term growth expectations. Historically, Afrezza has also encountered significant market adoption hurdles, including issues with insurance coverage and the requirement for lung function tests, which could recur with new product introductions or expanded indications.
- Need for Additional Capital and Financial Health: MannKind has a history of requiring additional capital to fund its operations, research and development activities, and commercialization efforts. Despite recent initiatives like a sale-leaseback transaction to generate capital, indicators such as a low Altman Z-Score suggest an elevated financial distress risk and highlight that interest payments are not consistently well covered by earnings. The company must continuously manage its financial health and access to capital to support its growth strategy and ongoing operations.
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MannKind Corporation's primary products, Afrezza and Thyquidity, operate within addressable markets of significant size. Information regarding the addressable market for their collaboration product, ZYESAMI, is not available.
* **Afrezza (Inhaled Insulin)**
The global inhalable insulin market was valued at USD 630 million in 2024 and is projected to reach USD 1,476.10 million by 2032. Within North America, the inhaled insulin market was valued at USD 237.51 million in 2024 and is expected to reach approximately USD 1,012.83 million by 2034. The U.S. inhalable insulin market held the largest revenue share of 77.9% within North America in 2024. The broader global non-injectable insulin market, which includes inhalable insulin, is estimated at USD 1.7 billion in 2024 and is projected to reach USD 6.1 billion by 2034.
* **Thyquidity (Hypothyroidism Treatment)**
The global thyroid gland disorder treatment market was valued at USD 2.22 billion in 2023 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 3.6% from 2024 to 2030. Hypothyroidism was the dominant segment within this market, accounting for a 68.7% share in 2023. North America led the global thyroid gland disorder treatment market with a revenue share of over 35.44% in 2023, with the U.S. market alone accounting for 29.4% of the global market in the same year. Additionally, the 7 major hypothyroidism markets (United States, EU4, UK, and Japan) collectively reached USD 1.6 billion in 2024 and are anticipated to grow to USD 2.3 billion by 2035. The global hypothyroidism market is projected to reach USD 1,817.13 million (approximately USD 1.82 billion) by 2030.
* **ZYESAMI (aviptadil)**
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MannKind (MNKD) is expected to drive future revenue growth over the next 2-3 years through several key areas:
- Continued Growth in Tyvaso DPI Royalties and Collaboration Revenue: MannKind's collaboration with United Therapeutics for Tyvaso DPI, an inhaled therapy for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease, continues to be a significant revenue driver. The company receives royalties on net sales of Tyvaso DPI and revenue from its manufacturing activities. Strong patient demand for this product has consistently driven increased revenue, with MannKind anticipating receiving between $700 million and $1 billion in cash from Tyvaso over the next few years.
- Expansion and Demand for Afrezza: Afrezza, MannKind's inhaled insulin product, is expected to see continued revenue growth driven by increasing patient demand, favorable pricing strategies, and improved gross-to-net adjustments. A significant anticipated catalyst is the potential FDA approval for a pediatric indication, with a decision expected by May 29th, 2026. Additionally, an FDA label update to simplify switching from injected insulin is expected to further support its adoption. International expansion efforts are also contributing to Afrezza's growth.
- Growth of FUROSCIX with Autoinjector Launch: Following the acquisition of scPharmaceuticals, FUROSCIX has become a key growth engine within MannKind's cardiometabolic franchise. The anticipated approval of the FUROSCIX ReadyFlow Autoinjector, with a PDUFA date of July 26th, 2026, is considered a major catalyst. This autoinjector is expected to significantly expand market reach, particularly within hospitals, and accelerate sales growth, with MannKind aiming for FUROSCIX revenues in the range of $110 million to $120 million in 2026.
- Advancement of Orphan Lung Disease Pipeline (MNKD-101 and MNKD-201): MannKind is actively advancing its pipeline products for orphan lung diseases. MNKD-101 (clofazimine inhalation suspension for NTM lung disease) is progressing into a global Phase 3 clinical trial. Furthermore, MNKD-201 (nintedanib DPI for Idiopathic Pulmonary Fibrosis - IPF) has successfully completed Phase 1 studies and is on track for further clinical development, including Phase 2/3 trials. Successful development and potential commercialization of these pipeline assets represent future revenue opportunities.
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Share Issuance
- MannKind reached agreements in December 2024 to exchange approximately $193.7 million of its convertible senior notes for 26,749,559 shares of common stock and about $89.2 million in cash.
- The number of shares issued and outstanding increased from 302,959,782 as of December 31, 2024, to 307,832,587 as of December 31, 2025.
- Shares outstanding (diluted average) grew by 10.39% to $313.3 million in 2025 from $283.8 million in 2024, and by 6.3% in 2024 from $267.0 million in 2023.
Inbound Investments
- MannKind receives royalties from United Therapeutics for the sales of Tyvaso DPI, leveraging MannKind's Technosphere drug delivery technology.
- The company anticipates receiving $700 million to $1 billion in cash from Tyvaso over the next few years.
- A minimum supply agreement with United Therapeutics is expected to provide approximately $100 million in revenue for 2025 and 2026, and about $50 million annually thereafter, ensuring a predictable cash flow.
Outbound Investments
- MannKind successfully completed the acquisition of scPharmaceuticals Inc. in October 2025.
- This acquisition is projected to diversify and accelerate MannKind's double-digit revenue growth, primarily driven by FUROSCIX.
Capital Expenditures
- Capital expenditures for MannKind were $4.57 million in 2025, $9.69 million in 2024, and $42 million in 2023.
- In Q4 2025, capital expenditures amounted to $2.0 million.
- Capital expenditures absorb a significant portion of operating cash flow, contributing to a low free cash flow margin of 3.9%.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| MannKind Earnings Notes | 12/16/2025 | |
| Can MannKind Stock Hold Up When Markets Turn? | 10/17/2025 | |
| MannKind (MNKD) Revenue Comparison | 08/08/2025 | |
| MannKind (MNKD) Net Income Comparison | 08/08/2025 | |
| MannKind (MNKD) Operating Cash Flow Comparison | 08/08/2025 | |
| MannKind (MNKD) Operating Income Comparison | 08/08/2025 | |
| MannKind (MNKD) Debt Comparison | 08/08/2025 | |
| MannKind (MNKD) EBITDA Comparison | 08/08/2025 | |
| MannKind (MNKD) Tax Expense Comparison | 08/08/2025 | |
| Why MannKind Stock Moved: MNKD Stock Has Gained 60% Since 2023 Fiscal End, Primarily Due To Favorable Change In Revenues | 08/08/2025 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 03/26/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 21.26 |
| Mkt Cap | 58.0 |
| Rev LTM | 361 |
| Op Inc LTM | 19 |
| FCF LTM | 13 |
| FCF 3Y Avg | 995 |
| CFO LTM | 19 |
| CFO 3Y Avg | 1,215 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.7% |
| Rev Chg 3Y Avg | 26.4% |
| Rev Chg Q | 11.5% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 569.0% |
| Op Inc Chg 3Y Avg | 221.7% |
| Op Mgn LTM | 21.7% |
| Op Mgn 3Y Avg | 19.6% |
| QoQ Delta Op Mgn LTM | -4.0% |
| CFO/Rev LTM | 20.0% |
| CFO/Rev 3Y Avg | 16.2% |
| FCF/Rev LTM | 17.0% |
| FCF/Rev 3Y Avg | 10.9% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| BLA022472 | AFREZZA | insulin recombinant human | powder | 6272014 | -39.0% | -43.4% | -41.8% | -87.5% | -92.1% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| BLA022472 | AFREZZA | insulin recombinant human | powder | 6272014 | -39.0% | -43.4% | -41.8% | -87.5% | -92.1% |
Price Behavior
Price Behavior
| Market Price | $3.94 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 07/28/2004 | |
| Distance from 52W High | -36.6% | |
| 50 Days | 200 Days | |
| DMA Price | $3.21 | $4.53 |
| DMA Trend | down | up |
| Distance from DMA | 22.9% | -13.1% |
| 3M | 1YR | |
| Volatility | 71.8% | 73.2% |
| Downside Capture | 101.50 | 93.14 |
| Upside Capture | 210.53 | 71.41 |
| Correlation (SPY) | 40.8% | 19.4% |
MNKD Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 6.62 | 3.35 | 2.24 | 1.29 | 1.12 | 0.82 |
| Up Beta | 14.98 | 4.07 | 3.08 | 2.73 | 2.01 | 0.68 |
| Down Beta | 1.95 | 2.96 | 1.50 | 0.41 | 0.71 | 0.76 |
| Up Capture | 602% | 344% | 219% | 28% | 57% | 50% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 24 | 30 | 58 | 116 | 350 |
| Down Capture | 398% | 269% | 202% | 141% | 109% | 103% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 9 | 17 | 31 | 59 | 122 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MNKD | |
|---|---|---|---|---|
| MNKD | 7.5% | 73.1% | 0.43 | - |
| Sector ETF (XLV) | 14.0% | 15.0% | 0.66 | 21.7% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 19.3% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 19.4% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -17.3% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 16.2% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 8.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MNKD | |
|---|---|---|---|---|
| MNKD | -0.1% | 59.3% | 0.24 | - |
| Sector ETF (XLV) | 5.4% | 14.7% | 0.19 | 30.8% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 32.1% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 11.8% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 2.0% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 29.8% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MNKD | |
|---|---|---|---|---|
| MNKD | -2.4% | 83.2% | 0.33 | - |
| Sector ETF (XLV) | 9.4% | 16.6% | 0.46 | 21.9% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 23.3% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 6.2% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 7.4% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 18.4% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 9.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -0.3% | -9.8% | -4.5% |
| 2/26/2026 | -7.4% | -15.7% | -34.3% |
| 11/5/2025 | 10.6% | -4.2% | 3.6% |
| 8/6/2025 | -13.2% | -8.3% | 33.8% |
| 5/8/2025 | -4.5% | -5.8% | -9.7% |
| 2/26/2025 | -4.4% | -5.9% | -6.8% |
| 11/7/2024 | -0.6% | -5.0% | -9.9% |
| 8/7/2024 | -4.9% | -3.8% | 14.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 12 |
| # Negative | 13 | 14 | 12 |
| Median Positive | 4.9% | 11.1% | 18.5% |
| Median Negative | -4.5% | -6.9% | -9.8% |
| Max Positive | 18.5% | 35.3% | 42.5% |
| Max Negative | -13.2% | -39.5% | -37.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -0.3% | -9.8% | -4.5% |
| 2/26/2026 | -7.4% | -15.7% | -34.3% |
| 11/5/2025 | 10.6% | -4.2% | 3.6% |
| 8/6/2025 | -13.2% | -8.3% | 33.8% |
| 5/8/2025 | -4.5% | -5.8% | -9.7% |
| 2/26/2025 | -4.4% | -5.9% | -6.8% |
| 11/7/2024 | -0.6% | -5.0% | -9.9% |
| 8/7/2024 | -4.9% | -3.8% | 14.4% |
| 5/8/2024 | -2.0% | 1.1% | 6.1% |
| 2/27/2024 | 3.7% | 25.7% | 22.5% |
| 11/7/2023 | -3.9% | -2.1% | -3.4% |
| 8/7/2023 | 18.5% | 14.6% | -1.3% |
| 5/9/2023 | 15.8% | 15.5% | 8.4% |
| 2/23/2023 | 3.6% | -7.9% | -23.6% |
| 11/8/2022 | 5.0% | 17.4% | 29.5% |
| 8/9/2022 | 4.9% | -3.2% | -3.2% |
| 5/5/2022 | -3.9% | -11.1% | 41.4% |
| 2/24/2022 | -6.5% | 7.6% | 19.2% |
| 11/9/2021 | 0.2% | 1.7% | -13.5% |
| 8/11/2021 | 2.5% | 2.3% | 17.8% |
| 5/12/2021 | 0.2% | 5.2% | 0.7% |
| 2/25/2021 | -6.2% | -39.5% | -37.5% |
| 11/4/2020 | 7.7% | 35.3% | 42.5% |
| 8/5/2020 | -10.8% | -12.4% | -11.3% |
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 12 |
| # Negative | 13 | 14 | 12 |
| Median Positive | 4.9% | 11.1% | 18.5% |
| Median Negative | -4.5% | -6.9% | -9.8% |
| Max Positive | 18.5% | 35.3% | 42.5% |
| Max Negative | -13.2% | -39.5% | -37.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/11/2021 | 10-Q |
| 03/31/2021 | 05/12/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/07/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Development Milestone Payments | 35.00 Mil | ||||||
| 2026 Royalties | 0.1 | ||||||
Insider Activity
Updated 5/22/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Binder, Steven B | Direct | Sell | 5132026 | 3.29 | 16,940 | 55,733 | 2,658,346 | Form | |
| 2 | Thomson, David | EVP Genl Counsel & Secretary | Direct | Sell | 5132026 | 3.29 | 3,033 | 9,979 | 2,718,524 | Form |
| 3 | Castagna, Michael | Chief Executive Officer | Direct | Buy | 3102026 | 2.59 | 100,000 | 259,000 | 6,671,609 | Form |
| 4 | Tross, Stuart A | Chief People & Workpl Officer | Direct | Sell | 1092026 | 6.33 | 47,006 | 297,548 | 6,235,094 | Form |
| 5 | Castagna, Michael | Chief Executive Officer | Direct | Sell | 12192025 | 6.01 | 65,804 | 395,482 | 15,053,800 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Binder, Steven B | Direct | Sell | 5132026 | 3.29 | 16,940 | 55,733 | 2,658,346 | Form | |
| 2 | Thomson, David | EVP Genl Counsel & Secretary | Direct | Sell | 5132026 | 3.29 | 3,033 | 9,979 | 2,718,524 | Form |
| 3 | Castagna, Michael | Chief Executive Officer | Direct | Buy | 3102026 | 2.59 | 100,000 | 259,000 | 6,671,609 | Form |
| 4 | Tross, Stuart A | Chief People & Workpl Officer | Direct | Sell | 1092026 | 6.33 | 47,006 | 297,548 | 6,235,094 | Form |
| 5 | Castagna, Michael | Chief Executive Officer | Direct | Sell | 12192025 | 6.01 | 65,804 | 395,482 | 15,053,800 | Form |
| 6 | Castagna, Michael | Chief Executive Officer | Direct | Sell | 12162025 | 6.00 | 21,310 | 127,860 | 15,028,752 | Form |
| 7 | Castagna, Michael | Chief Executive Officer | Direct | Sell | 12162025 | 6.00 | 20,806 | 124,836 | 15,028,752 | Form |
| 8 | Castagna, Michael | Chief Executive Officer | Direct | Sell | 12042025 | 5.57 | 107,920 | 601,114 | 13,951,691 | Form |
| 9 | Thomson, David | EVP Genl Counsel & Secretary | Direct | Sell | 12042025 | 5.57 | 147,780 | 823,135 | 4,688,375 | Form |
| 10 | Singh, Sanjay R | EVP Technical Operations | Direct | Sell | 11142025 | 5.03 | 18,777 | 94,448 | 2,289,711 | Form |
| 11 | Tross, Stuart A | Chief People & Workpl Officer | Direct | Sell | 9172025 | 5.34 | 47,000 | 250,980 | 5,510,949 | Form |
| 12 | Binder, Steven B | Direct | Sell | 7172025 | 3.94 | 75,367 | 296,946 | 3,272,202 | Form | |
| 13 | Thomson, David | EVP Genl Counsel & Secretary | Direct | Sell | 7172025 | 3.94 | 7,466 | 29,416 | 3,316,373 | Form |
| 14 | Binder, Steven B | Direct | Sell | 6102025 | 4.00 | 64,085 | 256,340 | 3,701,032 | Form | |
| 15 | Binder, Steven B | Direct | Sell | 5202025 | 4.40 | 12,078 | 53,143 | 4,353,109 | Form | |
| 16 | Thomson, David | EVP Genl Counsel & Secretary | Direct | Sell | 5202025 | 4.41 | 2,345 | 10,341 | 3,878,798 | Form |
| 17 | Thomson, David | EVP Genl Counsel & Secretary | Direct | Sell | 5152025 | 4.68 | 32,179 | 150,598 | 3,614,958 | Form |
| 18 | Binder, Steven B | Direct | Sell | 5152025 | 4.69 | 80,144 | 375,875 | 4,721,006 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/19/2026