Want to see MNKD full AI Analyst Report?
Top Page
MannKind
(NASDAQ:MNKD)
Select Model
Select Model
Rating:49Neutral
Price Target:
$3.00
▼(-26.65% Downside)
Action:Reiterated
Date:10/21/26
The score is held back primarily by financial risk: negative equity, elevated debt, and a TTM reversion to losses and free-cash-flow burn despite strong revenue growth and high gross margins. Technicals also weigh on the rating, with the stock trading below major moving averages and negative MACD. The earnings call provides a partial offset due to delivered catalysts and guidance tied to ReadyFlow-driven margin expansion, but execution, access, and expense headwinds remain meaningful.
Positive Factors
Strong Revenue Growth and Gross Margin
MannKind has built substantial commercial momentum, with revenue rising from approximately $75 million in 2021 to $394 million TTM while maintaining roughly 79% gross margin. This combination supports attractive product economics and provides a foundation for continued investment in launches and development.
Negative Factors
Negative Equity and Elevated Debt
Negative equity and substantial debt leave MannKind with limited balance-sheet cushion if operating performance weakens. This stressed capital structure increases reliance on external funding, reduces flexibility for development and launches, and can constrain capital allocation over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth and Gross Margin
MannKind has built substantial commercial momentum, with revenue rising from approximately $75 million in 2021 to $394 million TTM while maintaining roughly 79% gross margin. This combination supports attractive product economics and provides a foundation for continued investment in launches and development.
Read all positive factors
MannKind (MNKD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.03B
Dividend YieldN/A
Average Volume (3M)4.80M
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue Growth30.46%
EPS Growth-223.84%
CountryUS
Employees592
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.14
Shares Outstanding321,544,500
10 Day Avg. Volume3,788,951
30 Day Avg. Volume4,798,818
Financial Highlights & Ratios
PEG Ratio-3.54
Price to Book (P/B)-33.97
Price to Sales (P/S)4.97
P/FCF Ratio126.60
Enterprise Value/Market Cap1.60
Enterprise Value/Revenue4.17
Enterprise Value/Gross Profit5.51
Enterprise Value/Ebitda54.50
Forecast
1Y Price Target
$7.86Price Target Upside92.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-0.19
Revenue Forecast (FY)$440.12M
MannKind Business Overview & Revenue Model
Company Description
MannKind Corporation operates as a biopharmaceutical firm, primarily focused on innovating and bringing to market respiratory-delivered treatments. Its efforts are directed towards tackling endocrine system disorders and rare lung conditions withi...
How the Company Makes Money
MannKind makes money primarily through (1) product-related revenues from its own commercial product Afrezza and (2) collaboration revenue tied to its partnership with United Therapeutics for TYVASO DPI, along with (3) services/manufacturing revenu...
MannKind Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call was strongly optimistic, with management reporting delivery of all three 2026 catalysts, 43% year-over-year quarterly revenue growth, strong early Afrezza pediatric adoption, FUROSCIX growth, ReadyFlow approval, and positive nintedanib safety results. The main negatives were the quarterly net loss, significantly higher operating expenses, Afrezza adult softness and payer friction, FUROSCIX affordability and second-half execution requirements, the ReadyFlow supply-chain delay, and continued regulatory uncertainty for nintedanib. The number and significance of the stated achievements outweighed the challenges.Positive Updates
All Three 2026 Strategic Catalysts Delivered
MannKind stated that it delivered on all three catalysts identified for 2026: Afrezza pediatric approval, FUROSCIX ReadyFlow approval, and positive Phase 1b results for nintedanib DPI in patients with IPF.
Negative Updates
Quarterly Net Loss Replaced Prior-Year Net Income
MannKind reported a GAAP net loss of $19 million in Q2 2026, compared with GAAP net income of $700,000 in the prior-year quarter. Non-GAAP net loss was $2.7 million, compared with non-GAAP net income of $13.9 million in Q2 2025.
Read all updates
Q2-2026 Updates
Positive
Negative
All Three 2026 Strategic Catalysts Delivered
MannKind stated that it delivered on all three catalysts identified for 2026: Afrezza pediatric approval, FUROSCIX ReadyFlow approval, and positive Phase 1b results for nintedanib DPI in patients with IPF.
Read all positive updates
Company Guidance
Management expects FUROSCIX revenue of $110 million-$120 million for 2026, with inventory shifting between the auto-injector and on-body infuser in Q3 and Q4; manufacturing-related revenues are expected to be in line with the prior year, with Q2 the highest quarter. FUROSCIX ReadyFlow will be available by the end of this month, with inventory expected by the end of the week of August 10th or the following Monday, and FUROSCIX margin is expected to increase by about 70% with the transition from OBI to ReadyFlow, with a large majority of 2027 expected to be ReadyFlow. Afrezza’s 2-unit cartridge is expected hopefully in 2027, high concentration formulations are expected as we approach 2028, and work on high doses will take another 12-18 months. The nintedanib DPI Phase 2 study is expected to continue activating sites throughout 2026, with FDA feedback expected in the fall; the working assumption is at least one trial for IPF and likely additional data generated in other target populations.MannKind Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
30
Negative
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 393.63M | 348.97M | 285.50M | 198.96M | 99.77M | 75.44M |
| Gross Profit | 297.93M | 287.81M | 208.90M | 136.19M | 42.27M | 36.59M |
| EBITDA | 30.14M | 27.52M | 77.47M | 16.39M | -56.32M | -61.10M |
| Net Income | -43.61M | 5.86M | 27.59M | -11.94M | -87.40M | -80.93M |
Balance Sheet | ||||||
| Total Assets | 732.30M | 792.18M | 393.84M | 475.20M | 295.28M | 321.16M |
| Cash, Cash Equivalents and Short-Term Investments | 111.13M | 171.35M | 197.26M | 295.10M | 170.85M | 204.12M |
| Total Debt | 330.85M | 473.38M | 47.70M | 272.62M | 288.40M | 289.22M |
| Total Liabilities | 799.50M | 843.20M | 472.66M | 721.37M | 545.82M | 530.51M |
| Stockholders Equity | -67.20M | -51.02M | -78.82M | -246.17M | -250.54M | -209.35M |
Cash Flow | ||||||
| Free Cash Flow | -18.57M | 13.69M | 32.82M | -8.35M | -88.29M | -73.17M |
| Operating Cash Flow | -8.49M | 18.25M | 42.51M | 34.09M | -80.70M | -61.71M |
| Investing Cash Flow | -280.39M | -304.80M | -96.65M | -1.99M | 4.87M | -151.54M |
| Financing Cash Flow | 284.81M | 315.10M | -137.27M | 136.61M | 21.41M | 270.27M |
MannKind Technical Analysis
Negative
4.09
Price Trends
3.65
Negative
3.79
Negative
3.79
Negative
Market Momentum
-0.16
Negative
42.72
Neutral
65.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MNKD, the sentiment is Negative. The current price of 4.09 is above the 20-day moving average (MA) of 3.35, above the 50-day MA of 3.65, and above the 200-day MA of 3.79, indicating a bearish trend. The MACD of -0.16 indicates Negative momentum. The RSI at 42.72 is Neutral, neither overbought nor oversold. The STOCH value of 65.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MNKD.
MannKind Risk Analysis
MannKind disclosed 51 risk factors in its most recent earnings report. MannKind reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MannKind Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $1.49B | 4.24 | 30.03% | 7.39% | 18.17% | 693.83% | |
65 Neutral | $1.86B | -105.05 | -426.33% | ― | 36.33% | 54.68% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.03B | -22.87 | 78.60% | ― | 30.46% | -223.84% | |
46 Neutral | $631.84M | -9.44 | -40.40% | ― | -29.03% | 54.11% | |
45 Neutral | $867.04M | -7.28 | -90.28% | ― | ― | -12.40% |
* Healthcare Sector Average
MNKD
MannKind
3.19
-2.23
-41.14%
LXRX
Lexicon Pharmaceuticals
1.42
0.03
2.16%
INVA
Innoviva
20.66
2.94
16.59%
SVRA
Savara
4.22
-0.16
-3.65%
XERS
Xeris Pharmaceuticals
10.20
0.89
9.56%
MannKind Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
MannKind Prepares Shelf Registration for Potential Stock Offering
Neutral
Aug 21, 2026
On August 21, 2026, MannKind Corporation filed a prospectus supplement to its automatic shelf registration statement on Form S-3 with the Securities and Exchange Commission, signaling preparations for a potential issuance and sale of its common st...
Business Operations and StrategyPrivate Placements and Financing
MannKind Raises $50 Million in Private Placement
Positive
Jul 24, 2026
On July 23, 2026, MannKind Corporation entered into a securities purchase agreement with institutional investors for a private placement of 10,440,838 common shares and pre-funded warrants for 2,412,632 shares at roughly $3.89 per share or warrant...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.