Start here if you're new
what it is
MannKind sells inhaled insulin, an insulin patch device, and a drug-delivery platform other drug companies pay to use.
how it gets paid
Last year Mannkind made $349M in revenue.
why it's growing
Revenue grew 22.2% last year. The quarter's revenue was up 189% vs. prior year.
what just happened
Revenue reached $237M, while EPS came in at $0.07, showing sales scaled faster than profit.
At a glance
B balance sheet — gets the job done, barely
40/100 earnings predictability — expect surprises
56.6x trailing p/e — you're paying up for this one
17.2% return on capital — nothing to write home about
$0.10 fy2024 eps est
xvary composite: 55/100 — below average
What they do
MannKind sells inhaled insulin, an insulin patch device, and a drug-delivery platform other drug companies pay to use.
The moat is the inhalation platform. Platform → drug-delivery system → so what: partners do not want to rebuild a formulation, factory process, and FDA package from scratch. In 2025, collaborations, services, and royalties were about $272.8M of $349.4M in revenue, so the platform already pays the bills.
How they make money
$349M
annual revenue · their business grew +22.2% last year
total revenue
$349M
+22.2%
The products that matter
inhaled insulin franchise
Afrezza
$78.4M · +46%
this is the clearest operating engine in the story: $78.4M in disclosed sales, up 46% from last year. if MNKD is going to earn its multiple, this is where you will see it first.
core driver
partner and service revenue
Collaborations & Services
$33.6M · disclosed
this brought in $33.6M based on the current snapshot. helpful, yes. diversified enough to de-risk a one-product narrative, no.
supporting
platform and pipeline optionality
Dry-powder platform
$286M total revenue
the whole company produced $286M in annual revenue, but only $112.0M is specifically broken out here. that leaves the platform story real, but the visibility limited.
optionality
Key numbers
56.6x
p/e ratio
P/E → price compared with profit → so what: you are paying growth-stock pricing for a company expected to earn just $0.10 a share.
$177M
long-term debt
That is 17% of capital, which is manageable, but it still matters when your market cap is only about $853M.
17.2%
return on capital
Return on capital → profit generated from the money inside the business → so what: this says the operating model can work when volume shows up.
11.1%
operating margin
Operating margin → profit left after running the business → so what: MannKind is profitable, but not yet by a wide enough margin to make 56.6x feel cheap.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 15 / 100
- long-term debt $177M (17% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MNKD right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue reached $237M, while EPS came in at $0.07, showing sales scaled faster than profit.
The quarter's revenue was up 189% vs. prior year, and full-year revenue hit $349M, up 22.2%. Quiet part out loud: the sales engine is moving a lot faster than the earnings line.
$87M
revenue
$0.07
eps
189%
vs. last year revenue growth
the number that mattered
The number that mattered was 189% revenue growth, because a company on $0.10 expected annual EPS needs sales momentum to justify a 56.6x multiple.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Afrezza concentration with regulatory and pipeline dependence layered on top.
med
Afrezza still carries the story
Afrezza contributed $78.4M in disclosed sales and grew 46% from last year. That is good news until it becomes the only news. If adoption cools, the stock loses the cleanest reason investors pay 56.6x trailing earnings.
Impact: slower Afrezza growth would hit both narrative quality and valuation quality at the same time.
med
pipeline and regulatory execution have to broaden the base
Management needs more than a stable flagship product. It needs additional products, approvals, or partnerships to prove this is a platform company rather than a one-franchise biotech. The current page does not give you enough hard segment detail to assume that diversification has already arrived.
Impact: if the pipeline slips, $286M of annual revenue starts looking less like a launchpad and more like a ceiling.
med
the multiple is doing a lot of work
A 56.6x trailing p/e and just $0.10 of current eps estimate is a fragile combo. You do not need an operational collapse for returns to disappoint. You just need growth to slow while investors decide the same business deserves a lower multiple.
Impact: valuation compression can hurt even if revenue keeps rising.
Between $78.4M of disclosed Afrezza sales, $33.6M of collaborations and services, and a 56.6x trailing p/e, this is a stock that needs both growth and story expansion. If either one breaks, the downside math changes fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Afrezza sales growth
$78.4M and +46% is the cleanest datapoint on the page. If that line cools, the whole story gets harder to defend.
trend
revenue breadth, not just revenue growth
$286M of annual revenue sounds better than a single-product story. The question is whether future updates make that statement more true or less true.
risk
valuation versus predictability
56.6x trailing earnings and 40/100 predictability is an awkward pairing. Expensive stocks usually want steadier numbers than this.
calendar
the next operating update
Updated feb 27, 2026 is the current checkpoint. The next report needs to answer the same question more clearly: is MannKind building a broader business, or just a better Afrezza quarter.
Analyst rankings
short-term outlook
mixed
analyst target data is thin here. in human-speak: there is no sturdy consensus for you to hide behind.
risk profile
volatile
15/100 price stability tells you this will not behave like a sleepy healthcare incumbent.
chart momentum
catalyst-driven
the $3–$7 52-week range says this name trades on stock-specific developments more than smooth technical trends.
earnings predictability
40/100
translation: the business is still changing shape, so you should expect more variance than comfort.
source: institutional data
Institutional activity
institutional ownership data for MNKD is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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