MannKind (MNKD)
Commercializes Afrezza, FUROSCIX and V-Go while manufacturing Tyvaso DPI for United Therapeutics.
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Commercializes Afrezza, FUROSCIX and V-Go in the United States while earning Tyvaso DPI royalties and manufacturing revenue from United Therapeutics. Operations run as a single US reportable segment, with economics tied to diabetes care, fluid-overload treatment and partner demand for Tyvaso DPI.
Commercial operations center on Afrezza, an ultra rapid-acting inhaled insulin, FUROSCIX for fluid buildup linked to heart failure or chronic kidney disease, and V-Go, a wearable insulin delivery patch. Tyvaso DPI adds partner economics rather than a MannKind sales channel: United Therapeutics commercializes the product while MannKind manufactures supply and earns royalties.
Reported operations are organized as one segment in the United States, so product lines should be read as a portfolio inside a single operating structure. The business combines specialty sales execution, device-enabled drug delivery and manufacturing capacity.
Structural dependencies include FDA-regulated labels, payer and clinician adoption in diabetes and cardiometabolic care, competition from injectable insulin and GLP-1 products, and United Therapeutics demand for Tyvaso DPI.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 6, 2026 | Wells Fargo | Reiterate | Rating: —Target: $14 | Target: $13 |
| Jul 30, 2026 | Wells Fargo | Reiterate | Rating: —Target: $11 | Target: $14 |
| May 31, 2026 | Wells Fargo | Target | Target: $10 | Target: $11 |
| May 7, 2026 | Mizuho Securities | Target | Target: $8 | Target: $7 |
| May 7, 2026 | Wells Fargo | Reiterate | Rating: —Target: — | Target: $10 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $111.1M · Total debt $330.8M · Total assets $732.3M · Shareholders' equity −$67.2M
- Revenue
- $109.4M
- Operating income
- −$350.0K
- Net income
- −$19.0M
No dividends on record.
| Institutions | 57.51% | 184.93M shares | |
|---|---|---|---|
| 268 holders · as of Jun 30, 2026 | |||
| Insiders | 2.41% | 7.74M shares | |
| 13 holders · as of Sep 14, 2026 | |||
| Other | 40.08% | 128.87M shares | |
| remainder | |||
321.54M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.99% | 32.13M | as of Jun 30, 2026 |
Rubric Capital Management LPInstitution | 5.60% | 18.00M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.03% | 16.17M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.10% | 13.17M | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 2.47% | 7.95M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 10, 2026 | Steven B. Binder | director | −33,558 | $3.81 |
| Aug 7, 2026 | Steven B. Binder | director | −39,051 | $4.06 |
| Jul 17, 2026 | Steven B. Binder | director | −52,485 | $4.06 |
| Jul 17, 2026 | David Thomson | officer: EVP Genl Counsel & Secretary | −24,109 | $4.05 |
| May 12, 2026 | David Thomson | officer: EVP Genl Counsel & Secretary | −3,033 | $3.29 |
- Eli Lilly
Mealtime insulin and incretin pressure on diabetes care
- Novo Nordisk (ADR)
Insulin and GLP-1 franchise across Afrezza and V-Go use cases
- Liquidia
Dry-powder treprostinil challenger to Tyvaso DPI economics
- AstraZeneca (ADR)
Cardiorenal therapy and GLP-1-adjacent pressure
- Sanofi (ADR)
Basal insulin franchise and legacy mealtime insulin pressure
- Novartis (ADR)
Heart-failure drug franchise overlapping FUROSCIX use cases
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MannKind | $3.48 | 0.00% | $1.12B | — | — | 2.8 | +42.9% |
| Eli Lilly | $1,171.63 | +0.10% | $1.10T | 39.1 | 28.6 | 13.8 | +47.7% |
| Novo Nordisk (ADR) | $39.44 | +0.08% | $176.83B | 9.9 | 16.2 | 3.5 | +1.3% |
| Liquidia | $68.64 | 0.00% | $5.91B | 48.5 | 15.4 | 13.1 | +1,842.7% |
| AstraZeneca (ADR) | $168.07 | −0.18% | $260.70B | 25.2 | 15.8 | 4.2 | +6.4% |
| Sanofi (ADR) | $42.51 | +0.09% | $102.05B | 75.6 | — | 1.8 | +11.2% |
| Novartis (ADR) | $141.28 | +0.01% | $267.96B | 21.3 | 15.0 | 4.8 | +0.9% |
| Median | 32.2 | 15.8 | 4.5 | +8.8% |