MannKind Corporation
mannkindcorp.comWhat Do They Do?
Sells inhaled insulin, furosemide treatments and wearable insulin-delivery devices through wholesalers, pharmacies and medical-equipment suppliers, and works with a partner on inhaled lung medicines.
10-K for FY2025, filed Feb 26, 2026Our cardiometabolic business is currently comprised of three commercial products: Afrezza (insulin human) Inhalation Powder; Furoscix…View ↗
Afrezza is an ultra rapid-acting inhaled insulin indicated to improve glycemic control in adults with diabetes. Afrezza was developed by us…View ↗
Furoscix is a novel formulation of furosemide that delivers an 80 mg dose via an on-body infusor over a five-hour period. Furoscix is…View ↗
V-Go is a mechanical basal-bolus insulin delivery system that is worn like a patch and can eliminate the need for taking multiple daily…View ↗
In the United States, we are solely responsible for the commercialization of Afrezza, Furoscix and V-Go. Outside of the U.S., our strategy…View ↗
The proprietary formulation and inhaler technologies used in Afrezza have also been deployed in our efforts to develop products to treat…View ↗
How Do They Make Money?
MannKind sells Afrezza, Furoscix and V-Go through wholesalers and pharmacies and supplies manufactured Tyvaso DPI to United Therapeutics; it also earns collaboration-service revenue and royalties tied to Tyvaso DPI sales.
10-K for FY2025, filed Feb 26, 2026Amounts represent the revenue from Afrezza, Furoscix and V-Go sales to wholesalers and specialty pharmacies and from the manufacture of…View ↗
Amounts represent revenue generated from the Company’s collaboration arrangements, including Next-Gen R&D Services (as defined in Note 11)…View ↗
Amounts represent royalties earned based on UT’s net revenue from Tyvaso DPI sales.View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$349M
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10-K for FY2025, filed Feb 26, 2026
$349M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product Revenue
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
62%
FY2022: 81%
|
Product Revenue, FY2025
$216.5M Sources
|
Sold outright |
|
Services
|
1.2%
FY2022: 3.1%
|
Services, FY2025
$4.3M Sources
|
|
|
Royalties
Licensed
10-K for FY2025, filed Feb 26, 2026 |
37%
FY2022: 16%
|
Royalties, FY2025
$128.1M Sources
|
Licensed |
Who Are Their Customers?
MannKind sells marketed products through wholesale distributors, specialty and retail pharmacies, and durable medical equipment suppliers. United Therapeutics buys manufactured Tyvaso DPI, while regional partners support sales outside the United States.
10-K for FY2025, filed Feb 26, 2026At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services…View ↗
Amounts represent the revenue from Afrezza, Furoscix and V-Go sales to wholesalers and specialty pharmacies and from the manufacture of…View ↗
In the United States, we are solely responsible for the commercialization of Afrezza, Furoscix and V-Go. Outside of the U.S., our strategy…View ↗
The proprietary formulation and inhaler technologies used in Afrezza have also been deployed in our efforts to develop products to treat…View ↗
10-K for FY2025, filed Feb 26, 2026
As of December 31, 2025 , there was a de minimis amount of allowance for credit losses and doubtful accounts for commercial accounts…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$38.8MView ↗
10-K for FY2025, filed Feb 26, 2026
$5.9MView ↗
10-K for FY2025, filed Feb 26, 2026
$13.7MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
−$19MView ↗
- ▼ Now a loss
- vs $668K in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Jul 24, 2026
FDA approves Furoscix ReadyFlow for edema linked to heart failure or kidney disease
The approval triggered a $45.0 million contingent value rights payment obligation.
Sources
8-K, filed Jul 24, 2026
The closing of the Private Placement occurred on July 24, 2026 (the “Closing”). The total gross proceeds received by the Company from the…View ↗
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Jun 2, 2026
FDA approves Afrezza for children and adolescents aged 6 and older
The FDA said the approval fulfilled Afrezza's last remaining postmarketing requirement.
Sources
8-K, filed Jun 2, 2026
On May 29, 2026, we announced that the U.S. Food and Drug Administration (FDA) approved Afrezza®(insulin human) Inhalation Powder for use…View ↗
Growing. Revenue grew 4.6x in 4 years, from $75.4M in FY2021 to $349M in FY2025, about 47% a year.
Broader cardiometabolic portfolio
The commercial portfolio has expanded from Afrezza and V-Go to also include Furoscix, a furosemide treatment for fluid overload.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 26, 2026In our endocrine business unit, we currently commercialize two products: Afrezza (insulin human) Inhalation Powder, an ultra rapid-acting…View ↗
India launch
Cipla's role in India moved from conducting a clinical study ahead of a regulatory submission to receiving Afrezza shipments to support a launch.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 26, 2026We are solely responsible for the commercialization of Afrezza and V-Go in the United States. Outside of the U.S., our strategy has been to…View ↗
In the United States, we are solely responsible for the commercialization of Afrezza, Furoscix and V-Go. Outside of the U.S., our strategy…View ↗
Who Do They Compete With?
Competes with Eli Lilly, Novo Nordisk, Sanofi, AstraZeneca, Abbott Laboratories, Amgen, Bayer, Bioheart, Boston Scientific, Boehringer Ingelheim, Corstasis, GlaxoSmithKline, Johnson & Johnson, Medtronic, Merck, Novartis, Pfizer, Roche, Sarfez Pharmaceuticals, and Servier Pharmaceuticals
10-K for FY2025, filed Feb 26, 2026Afrezza is administered at the beginning of a meal, so its principal competitors are “rapid-acting” insulin analogs that are used for…View ↗
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