The combination of strong revenue growth, successful integration of scPharma, and upcoming FDA catalysts in 2026 suggests potential for continued momentum. Traders should monitor the PDUFA decisions for Afrezza pediatrics and Furoscix ReadyFlow as key value inflection points.
Price Chart
Executive Summary
MannKind reported strong fourth quarter and full year 2025 financial results, with Q4 revenue up 46% year-over-year to $112 million and full year revenue up 22% to $349 million, driven by the acquisition of scPharma and growth in Afrezza and Furoscix sales. The company also highlighted upcoming FDA catalysts for Afrezza in pediatrics and Furoscix ReadyFlow Autoinjector.
Key Financial Metrics
Key Facts
- Q4 2025 revenue was $111.96 million, a 46% increase from $76.78 million in Q4 2024
- Full year 2025 revenue was $348.97 million, up 22% from $285.50 million in 2024
- Furoscix generated $23.18 million in net sales following the October 2025 acquisition of scPharma
- Afrezza Q4 2025 net sales were $22.88 million, up 25% from Q4 2024
- Company has $176 million in cash, cash equivalents, and investments as of December 31, 2025
- FDA accepted sBLA for Afrezza in pediatrics with PDUFA date of May 29, 2026
- FDA accepted sNDA for Furoscix ReadyFlow Autoinjector with PDUFA date of July 26, 2026
Financial Impact
Revenue growth of $63.46 million year-over-year, driven by acquisition and product sales growth
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Afrezza | $22.9M | +25.0% |
| Furoscix | $23.2M | — |
| Royalties | $33.6M | +24.0% |
Risk Factors
- Net loss of $15.95 million in Q4 2025 despite revenue growth, indicating ongoing profitability challenges
- Significant increase in SG&A expenses (144% YoY) and R&D expenses (148% YoY) could pressure margins
- Dependence on regulatory approvals for future growth, with inherent uncertainty in FDA decisions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-073509 |
| Document: mnkd-20260226.htm | 0001193125-26-073509 |
| Document: 0001193125-26-073509-index-headers.html | 0001193125-26-073509 |
| Document: 0001193125-26-073509-index.html | 0001193125-26-073509 |
| Document: 0001193125-26-073509.txt | 0001193125-26-073509 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 29, 2026 9w ago | Press Release | $3.85 $4.09 | ▲ +6.23% | ▲ +1.21% | $3.74 (−2.86%) |
Jul 24, 2026 9w ago | 8-K | $3.95 $4.07 | ▲ +3.04% | ▼ −0.26% | $3.74 (−5.32%) |
Jul 18, 2026 10w ago | Insider Cluster | $3.98 $3.90 | ▼ −2.01% | ▼ −6.13% | $3.74 (−6.03%) |
Jun 3, 2026 17w ago | Press Release | $3.36 $4.52 | ▲ +34.52% | ▲ +35.52% | $3.74 (+11.31%) |
Jun 2, 2026 17w ago | 8-K | $3.43 $4.05 | ▲ +18.08% | ▲ +19.64% | $3.74 (+9.04%) |
May 29, 2026 18w ago | Press Release | $3.77 $4.24 | ▲ +12.47% | ▲ +14.26% | $3.74 (−0.80%) |
May 29, 2026 18w ago | Press Release | $3.77 $4.24 | ▲ +12.47% | ▲ +14.26% | $3.74 (−0.80%) |
May 28, 2026 18w ago | 8-K | $3.64 $4.14 | ▲ +13.74% | ▲ +16.88% | $3.74 (+2.75%) |
May 27, 2026 18w ago | Press Release | $3.55 $3.93 | ▲ +10.70% | ▲ +12.61% | $3.74 (+5.35%) |
May 12, 2026 20w ago | Insider Cluster | $3.28 $3.63 | ▲ +10.67% | ▲ +12.40% | $3.74 (+14.02%) |
US Market Status
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