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Investing.com -- MannKind Corporation (NASDAQ:MNKD) reported second quarter earnings that met profit expectations but fell short on revenue, sending shares plunging 12% as investors reacted negatively to the sales miss.
The biopharmaceutical company posted adjusted earnings of $0.05 per share for the second quarter, matching analyst estimates. However, revenue came in at $76.53 million, below the consensus estimate of $77.83 million, despite representing a 6% increase from the $72.39 million reported in the same quarter last year.
MannKind’s stock tumbled following the announcement as investors focused on the revenue shortfall. Total (EPA:TTEF) revenue growth was driven by a 22% increase in royalties to $31.23 million and a 13% rise in Afrezza sales to $18.33 million. These gains were partially offset by a 12% decline in collaborations and services revenue to $22.85 million and an 8% drop in V-Go sales to $4.13 million.
"The submission of our supplemental Biologics License Application (sBLA) for Afrezza in pediatric patients is a meaningful milestone for MannKind and people living with diabetes," said Michael Castagna, CEO of MannKind Corporation.
Research and development expenses increased 16% YoY to approximately $13.8 million, primarily due to continued patient enrollment in the ICoN-1 study for inhaled clofazimine and clinical production scale-up for nintedanib DPI. Selling, general and administrative expenses rose 31% to approximately $31.7 million, driven by higher headcount and increased promotional costs for Afrezza.
The company ended the quarter with a strong cash position of $201.2 million in cash, cash equivalents and investments as of June 30, 2025. MannKind also highlighted that enrollment in its Phase 3 global clinical trial for inhaled clofazimine is ahead of schedule, with the company expecting to achieve its interim enrollment target of 100 patients in early fourth quarter 2025.
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