MannKind delivers record revenue
MannKind, a biotechnology company that develops treatments for diabetes and pulmonary arterial hypertension, delivered a record year for revenue behind its multiple products out in the market.
Based in Westlake Village, MannKind generated revenue worth $99.7 million in 2022, up from $75.2 million in 2021.
In the fourth quarter, revenue also shot up to $36 million, nearly tripling its fourth quarter amount from 2021 of $12.5 million.
The strong revenue growth is due to the continued adoption of its main product, Afrezza, which saw 11% growth in sales year-over-year to $43.3 million. MannKind’s other product, V-Go which it acquired in 2022, reached sales of $12.9 million.
“For 2022, we recognized almost $100 million in total revenues – an incredible triumph for our entire organization,” Michael Castagna, CEO of MannKind, said in a press release.
“With our revenues growing nicely, we are focusing on our product pipeline where our INHALE-1 Phase 3 trial for Afrezza in pediatrics reached 50% enrollment at December 31, 2022 and our inhaled clofazimine will move into an adaptive Phase 2/3 study in the second half of 2023.”’
The company did suffer a net loss of $17.8 million in the fourth quarter, and although it was higher than analysts expected, it was still lower than the company’s $28 million loss in the fourth quarter of 2021.
For the year, MannKind had a net loss of $87.4 million up from $80 million in 2021, but that was mostly due to the company’s acquisition of V-Go.
Shares of MannKind are down about 7% since the company released its earnings on Feb. 23 with the price hovering above $4.80 as of March 1.
The company ended the quarter with cash and cash equivalents worth $172.8 million.