MannKind (MNKD) Q4 2025 earnings summary

Executive summary

• Achieved record total revenue of $349 million for 2025, up 22% year-over-year, driven by Afrezza and FUROSCIX growth.

• Q4 2025 revenue reached a record $112 million, up 46% from the prior year quarter, with FUROSCIX and Afrezza as key drivers.

• Completed the acquisition of scPharmaceuticals in Q4 2025, adding FUROSCIX to the portfolio and strengthening the cardiometabolic franchise.

• Afrezza pediatric indication and FUROSCIX ReadyFlow Autoinjector have major PDUFA dates in 2026.

• Cash, cash equivalents, and investments totaled $176 million at year-end 2025.

Financial highlights

• Full-year 2025 GAAP net income was $5.9 million; non-GAAP adjusted net income was $59.5 million.

• Q4 2025 GAAP net loss was $(15.95) million; non-GAAP adjusted net income was $1.54 million.

• FUROSCIX net sales were $23.3 million in Q4 (up 91% YoY) and $70.4 million for the full year.

• Afrezza Q4 US net sales were $22.3 million (up 22–25% YoY); global net sales for 2025 were $74.6 million.

• Royalty revenue from Tyvaso DPI was $128 million for the year, up 25% YoY.

Outlook and guidance

• Expecting over $450 million revenue run rate in 2026.

• Anticipate $110–$120 million in FUROSCIX revenue for 2026, driven by hospital integration and marketing investments.

• United Therapeutics projects durable double-digit growth for Tyvaso DPI in 2026, supporting royalty revenue.

• Significant commercial catalysts in 2026 include Afrezza pediatric approval and FUROSCIX ReadyFlow Autoinjector launch.

• Topline data from Nintedanib DPI INFLO-1 Phase 1b expected in 2H 2026.