MannKind Corporation reported fourth‑quarter and full‑year 2025 results on February 26 2026. Total revenue for the quarter was $112 million, a 46% year‑over‑year increase that beat the consensus estimate of roughly $97 million by about $15 million. Full‑year revenue reached $349 million, up 22% from $275 million in 2024, and exceeded the $96.8 million estimate by more than $250 million.
Afrezza net sales rose 25% to $23 million in Q4, while Tyvaso DPI royalties grew 24% to $34 million. Furoscix, acquired from scPharmaceuticals on October 7 2025, delivered $23 million in Q4 sales—a 91% jump from the $12 million reported in the same period a year earlier. Full‑year Furoscix revenue totaled $70.4 million, up 94% from $36.3 million in 2024, underscoring the acquisition’s immediate contribution to the company’s cardiometabolic portfolio.
The scPharmaceuticals acquisition, completed on October 7 2025 for up to $360 million, added Furoscix’s ready‑flow autoinjector and other cardiometabolic products. Integration costs and increased R&D and SG&A expenses associated with the deal contributed to a net loss of $15.9 million in Q4, resulting in earnings per share of –$0.05, a miss against the consensus estimate of –$0.01. The loss reflects one‑time acquisition‑related charges and higher operating expenses, while revenue growth offsets margin compression.
CEO Michael Castagna said, "MannKind closed 2025 with strong momentum across our commercial portfolio and meaningful progress in our pipeline. The addition of Furoscix strengthens our cardiometabolic franchise, while Afrezza and UT‑related revenues continue to deliver sustained growth." He added, "As we enter a catalyst‑rich 2026, with two upcoming FDA decisions, and Nintedanib DPI INFLO‑1 Phase 1b topline data, we believe we are well‑positioned to drive long‑term value for patients, providers and shareholders. Our team's hard work over the last several years is culminating in significant milestones with the potential to drive near‑term growth."
Investors reacted to the competitive threat posed by United Therapeutics’ announcement of Tresmi, a new treprostinil inhaler that could erode Tyvaso DPI royalties. The company also highlighted two forthcoming FDA decisions—Afrezza pediatric indication on May 29 2026 and Furoscix ReadyFlow autoinjector on July 26 2026—as key catalysts for 2026 growth.
The earnings beat on revenue, combined with the strategic expansion through Furoscix, signals robust commercial momentum. However, the EPS miss and net loss underscore the impact of acquisition‑related costs and the need for continued cost discipline. Management’s guidance for 2026 remains positive, with expectations of sustained revenue growth and the potential for margin improvement as integration costs normalize and new FDA approvals drive additional sales.
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