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MannKind
(NASDAQ:MNKD)
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Rating:47Neutral
Price Target:
$3.00
▼(-26.65% Downside)
Action:Reiterated
Date:10/01/26
The score is weighed down primarily by weak financial quality—negative equity, elevated debt, and a TTM return to losses and free-cash-flow burn—despite strong revenue growth and high gross margins. Technicals are mixed with slightly improving shorter-term price levels but negative MACD momentum. Valuation is constrained by a negative P/E and lack of dividend support, while the recent financing event is a modest positive for liquidity.
Positive Factors
Revenue Growth
The sustained multi-year revenue ramp indicates stronger commercial traction and expanding demand for MannKind’s products. Continued top-line growth can improve operating leverage, support reinvestment in the inhalation platform, and strengthen the company’s position over the next several quarters.
Negative Factors
Stressed Balance Sheet
Negative equity and substantial debt leave MannKind with limited financial cushioning if operating performance weakens. The stressed capital structure can restrict strategic flexibility, increase dependence on capital markets, and make future funding requirements more consequential for shareholders.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
The sustained multi-year revenue ramp indicates stronger commercial traction and expanding demand for MannKind’s products. Continued top-line growth can improve operating leverage, support reinvestment in the inhalation platform, and strengthen the company’s position over the next several quarters.
Read all positive factors
MannKind (MNKD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.06B
Dividend YieldN/A
Average Volume (3M)4.47M
Price to Earnings (P/E)―
Beta (1Y)1.17
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. Volume5,963,021
30 Day Avg. Volume4,472,071
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 Cap1.55
Enterprise Value/Revenue4.17
Enterprise Value/Gross Profit5.51
Enterprise Value/Ebitda54.50
Forecast
1Y Price Target
$7.56Price Target Upside84.81% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.18
Revenue Forecast (FY)$443.43M
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:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call highlighted multiple near-term commercial and clinical catalysts, solid top-line growth (15% YoY) and strong operational wins (FURO6 prescriber growth, royalties up 9%, SC Pharma synergies exceeding $20M), alongside meaningful progress on pipeline programs (MNKD-201 Phase 1b and Phase 2 start) and an expanded collaboration with United Therapeutics (ralinepag DPI payment and milestone potential). Short-term challenges include seasonality, field reorganization and inventory transitions that pressured Q1 revenue and contributed to GAAP and non-GAAP losses, plus some formulation and development uncertainty for new DPI programs. Management reiterated full-year FURO6 guidance and expects acceleration in H2 tied to the ReadyFlow auto-injector and Afrezza pediatrics launch, indicating confidence that near-term investments will drive longer-term growth.Positive Updates
Quarterly Revenue Growth
Total Q1 2026 revenues of $90.0M, up 15% year-over-year, driven in part by the inclusion of FURO6 following the SC Pharma acquisition.
Negative Updates
Q1 Profitability Decline
Reported GAAP net loss of $16.6M ($0.05 per share) and non-GAAP net loss of $6.9M ($0.02 per share) in Q1 2026 versus GAAP net income of $13.2M and non-GAAP net income of $21.6M in Q1 2025, reflecting increased commercial spend and acquisition-related costs.
Read all updates
Q1-2026 Updates
Positive
Negative
Quarterly Revenue Growth
Total Q1 2026 revenues of $90.0M, up 15% year-over-year, driven in part by the inclusion of FURO6 following the SC Pharma acquisition.
Read all positive updates
Company Guidance
Management reiterated a clear set of near‑term targets and timelines: Q1 revenues were $90.0M (up 15% YoY) with FURO6 net sales $15.5M and Afrezza net sales $15.3M (up 3% YoY), CNS/Tyvaso‑related revenue $23.5M (vs $29.4M prior year) and royalties of $32.7M (up 9% YoY); they reaffirmed a 2026 FURO6 revenue range of $110–$120M, noted doses dispensed were up ~64% YoY through April while FURO6 doses per prescription were ~20% lower in Q1 vs Q4, and highlighted a record number of FURO6 writers (75% repeat writers) with IDN growth of 97% YoY; corporate milestones include a $5M upfront ralinepag DPI payment with up to $35M in development milestones (about $15M expected in the next 12 months) plus a 10% royalty, PDUFA dates of May 29 (Afrezza pediatrics) and July 26 (FURO6 ReadyFlow), MNKD‑201 Phase 1b topline in Q3 and Phase 2 enrollment starting Q2, integration synergies that exceeded a $20M annual target, retirement of senior convertible notes in March, and a shift in owned revenue from ~40% pre‑SC acquisition to over 65% expected exiting 2026.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
3.81
Negative
3.83
Negative
3.92
Negative
Market Momentum
-0.09
Positive
37.23
Neutral
15.94
Positive
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 3.55, above the 50-day MA of 3.81, and above the 200-day MA of 3.92, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 37.23 is Neutral, neither overbought nor oversold. The STOCH value of 15.94 is Positive, 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 | $1.53B | 4.36 | 30.03% | 7.39% | 18.17% | 693.83% | |
60 Neutral | $1.91B | -107.93 | -426.33% | ― | 36.33% | 54.68% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $1.06B | -23.58 | 78.60% | ― | 30.46% | -223.84% | |
46 Neutral | $747.53M | -11.17 | -40.40% | ― | -29.03% | 54.11% | |
45 Neutral | $1.01B | -8.48 | -90.28% | ― | ― | -12.40% |
* Healthcare Sector Average
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MannKind
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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.