NASDAQ$MNKD

MannKind Corp · Q4 2025 earnings

Q4 2025 earnings · · Before market open · Investor relations

Briefing

MannKind reported Q4 2025 revenue of $112M with a net loss of $(15.9)M, or $(0.05) per share.

Q4 2025 revenue was $112 million (+46% YoY) including Afrezza net sales of $23 million (+25%) and Furoscix net sales of $23 million (+91% post-acquisition). Net loss was $(15.9) million, or $(0.05) per share. Full-year revenue was $349 million (+22%) with scPharmaceuticals acquisition closed in October.

  • Q4 revenue $112M (+46% YoY).
  • Afrezza $23M; Furoscix $23M in Q4.
  • Net loss $(15.9)M; EPS $(0.05).
  • Two FDA PDUFA dates in 2026 for pipeline products.

Headline financials

Total Revenue

$112M

Previous: $76.8M+45.9%
EPS (adj)

-$0.05

Previous: $0.08-162.5%
R&D expenses

$27.6M

No prior period
SG&A expenses

$58.4M

No prior period
Gain on foreign currency

-$3K

No prior period
Interest income, net

$1.64M

No prior period
Interest expense - royalty liability

-$3.89M

No prior period
Interest expense - financing liability

-$2.45M

No prior period
Interest expense

-$7.54M

No prior period
Income tax benefit

-$4.98M

No prior period
Net Income

-$15.9M

Previous: $7.42M-314.9%
Operating Income

-$7.69M

Previous: $26.5M-129.0%

Revenue & EPS history

MannKind · Revenue · Quarterly

$112M

Q4 2025+45.9%vs Q4 2024
Beat estimate in 13 of 15 quarters(87%)
ActualEstimate

Revenue by segment

MannKind · $31M total across 3 segments · Q3 2023

  • Afrezza
    $13.5M
  • Collaborations and services
    $13.1M
  • V-Go
    $4.45M

Forward guidance

PDUFA dates May 29 and July 26, 2026 for Afrezza pediatric and Furoscix ReadyFlow.

Tailwinds

  • Commercial portfolio momentum.
  • Cardiometabolic franchise expanded with Furoscix.

Headwinds

  • Quarterly net loss despite revenue growth.
  • Integration and launch costs.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

-0.4%

Avg return

Earnings day

-0.7%

Avg return

5 days after

+1.5%

Avg return

30 days after

39%

25 / 64 earnings

Positive

+44.9%

Q3 2016

Best reaction

-28.5%

Q1 2016

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+24.5%+17.5%+18.5%
Q4 2025-6.9%-16.3%-34.9%
Q3 2025+10.6%-1.1%+3.6%
Q1 2025-4.5%-2.7%-9.7%
Q4 2024-4.4%-5.9%-8.0%
Q3 2024-1.2%-4.8%-8.6%
Q2 2024-1.5%-1.5%+12.5%
Q1 2024-3.6%-1.3%+4.5%
Q4 2023+9.5%+25.7%+26.5%
Q3 2023-0.8%-6.8%-0.3%
Q2 2023+15.5%+11.2%-3.8%
Q1 2023+13.4%+9.0%+6.2%
Q4 2022+4.2%+1.7%-23.1%
Q3 2022+6.3%+20.7%+32.8%
Q2 2022-1.4%-4.6%-9.0%
Q1 2022-8.7%-8.7%+42.7%
Q4 2021-25.7%-24.9%-5.2%
Q3 2021-0.6%+3.1%-14.3%
Q2 2021+5.1%+5.4%+20.8%
Q1 2021-8.4%-3.9%-8.0%
Q4 2020-4.5%-36.8%-40.0%
Q3 2020+8.8%+19.0%+43.9%
Q2 2020+0.0%-4.2%-1.2%
Q1 2020-2.2%-0.7%+4.5%
Q4 2019-7.9%-16.4%-27.6%
Q3 2019-15.1%-16.8%-18.8%
Q2 2019-0.9%+4.6%+13.9%
Q1 2019-12.3%-19.4%-25.2%
Q4 2018+23.8%+17.2%+27.8%
Q3 2018+0.0%-1.1%-2.7%
Q2 2018-26.8%-29.3%-29.9%
Q1 2018+2.3%+8.7%+13.3%
Q4 2017-10.4%-13.5%-30.3%
Q3 2017-7.1%+0.3%-4.3%
Q2 2017-5.7%-2.5%+61.5%
Q1 2017+13.8%-5.4%+39.3%
Q4 2016+9.9%+2.5%-34.2%
Q3 2016+44.9%+51.2%+51.2%
Q2 2016-6.2%+2.0%-27.6%
Q1 2016-28.5%
Q4 2015+6.0%
Q3 2015-19.9%
Q2 2015+4.5%
Q1 2015-8.4%
Q4 2014+2.8%
Q3 2014-1.5%
Q2 2014-8.0%
Q1 2014+5.8%
Q4 2013+5.9%
Q3 2013+7.3%
Q2 2013-5.1%
Q1 2013+11.0%
Q4 2012-1.9%
Q3 2012+2.6%
Q2 2012+3.9%
Q1 2012-8.3%
Q4 2011+7.9%
Q3 2011-1.6%
Q2 2011-10.1%
Q1 2011-11.8%
Q4 2010-5.5%
Q3 2010-2.3%
Q2 2010-0.7%
Q1 2010+3.3%

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