MannKind (MNKD) Barclays 28th Annual Global Healthcare Conference summary

Business transformation and growth strategy

• Transitioned from a single revenue stream to a diversified commercial-stage organization with multiple FDA-approved products, including the acquisition of scPharmaceuticals.

• Focused on tackling heart failure admissions and diabetes with innovative products such as an auto-injector, on-body infuser, and inhaled insulin.

• Projected 2024 revenue run rate exceeds $450 million, with expectations for significant double-digit growth and two product launches this year.

• Strategic shift toward revenue growth over short-term profitability, with investments in sales force and product launches.

• Long-term goal to surpass $1 billion in revenue within five years, leveraging both organic and inorganic growth opportunities.

Key partnerships and revenue streams

• United Therapeutics partnership remains central, with Tyvaso DPI holding 70% market share and expected double-digit growth.

• Recently became the primary supplier for Tyvaso DPI, increasing minimum revenue expectations for the next several years.

• Receives a 10% royalty on Tyvaso DPI and future pipeline products with United Therapeutics.

• Manufacturing and collaboration revenue, primarily from United Therapeutics, is expected to remain durable at around $100 million annually.

• Royalties and manufacturing revenue provide cash flow to fund further growth and product development.

Product portfolio and innovation

• FUROSCIX, acquired via scPharmaceuticals, targets heart failure and is expected to exceed analyst peak sales estimates of $500 million.

• Expanded sales force to over 160 reps, with dedicated teams for cardiology and nephrology to accelerate FUROSCIX adoption.

• Product innovation includes an auto-injector and on-body infuser, aiming to simplify use and increase adoption.

• Afrezza, the inhaled insulin, saw strong Q4 growth and is shifting focus to pediatric indications, supported by updated ADA guidelines.

• First shipments to Cipla for India mark international expansion, with early signs of strong demand.