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WESTLAKE VILLAGE, Calif. - MannKind Corporation (NASDAQ:MNKD) reported fourth-quarter earnings and revenue that beat analyst expectations, sending shares up 4.5% in after-hours trading Wednesday.
The biopharmaceutical company posted adjusted earnings per share of $0.08, surpassing the consensus estimate of $0.03. Revenue for the quarter came in at $76.77 million, topping expectations of $74.02 million and representing a 31% YoY increase.
MannKind’s strong performance was driven by growth across its business segments. Royalties jumped 28% to $27 million, while collaborations and services revenue surged 55% to $26.7 million. Afrezza sales grew 18% to $18.3 million.
For the full year 2024, MannKind reported total revenues of $285.5 million, up 43% compared to 2023. The company also significantly improved its balance sheet, reducing debt principal by $236 million to end the year with $203 million in cash and investments.
"Throughout 2024, we accomplished the milestones we outlined at the beginning of the year, including delivering robust revenues as we exited the year with an annual run rate of $300 million," said Michael Castagna, CEO of MannKind.
Looking ahead, MannKind expects to file for FDA approval of Afrezza in the pediatric population in the first half of 2025. The company is also advancing its pipeline, including progressing its clofazimine inhalation suspension to a global Phase 3 trial for NTM lung disease.
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