second quarter of 2026
Filed Aug 5, 2026MannKind Reports Second Quarter 2026 Financial Results and Provides Business Update
Total revenues increased 43% to $109,374 (Dollars in thousands), supported by Furoscix, collaborations and services, and royalties, while Afrezza and V-Go revenue declined, gross margin percentage decreased, and research and development and selling, general and administrative expenses increased.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended June 30, 2026GAAP | $109,374 (Dollars in thousands) | – | 43% |
| Revenue from marketed products growth, Q2 2026 versus Q1 2026other | 27% | 27% | – |
| Cost of goods sold – commercial, excluding amortization of acquired intangible assets, three months ended June 30, 2026GAAP | $14.4 million | – | – |
| Research and development expenses, three months ended June 30, 2026GAAP | $18.0 million | – | 32% |
| Selling, general and administrative expenses, three months ended June 30, 2026GAAP | $58.3 million | – | 84% |
| Total revenues, six months ended June 30, 2026GAAP | $199,544 (Dollars in thousands) | – | 29% |
| Cost of goods sold – commercial, excluding amortization of acquired intangible assets, six months ended June 30, 2026GAAP | $21.9 million | – | – |
| Research and development expenses, six months ended June 30, 2026GAAP | $35.2 million | – | 43% |
| Selling, general and administrative expenses, six months ended June 30, 2026GAAP | $112.4 million | – | 98% |
| Cash, cash equivalents and investments as of June 30, 2026GAAP | $111 million | – | – |
| Private placement closed on July 24, 2026other | $50 million | – | – |
| CVR payment triggered by FDA approval of Furoscix ReadyFlowother | $45 million | – | – |
| Top 100 pediatric insulin writers that have prescribed Afrezzaother | 1 in 3 | – | – |
| Integrated Delivery Networks doses purchased growth, Q2 2026 versus Q1 2026other | 36% | 36% | – |
| Nephrology units dispensed growth, Q2 2026 versus Q1 2026other | 67% | 67% | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AfrezzaReceived FDA approval on May 29, 2026 for use in children and adolescents ages 6 and older living with diabetes. | $17.0 million | – | (7 %) |
| FuroscixThe addition of Furoscix to the product portfolio followed the October 7, 2025 acquisition of scPharma. | $22.2 million | – | N/A |
| V-GoNot provided. | 2,770 (Dollars in thousands) | – | (33 %) |
| Collaborations and servicesThe increase was primarily attributable to increased product sold to UT and revenue earned related to the development of ralinepag DPI. | 35,022 (Dollars in thousands) | – | 53 % |
| RoyaltiesThe increase in royalties was due to UT’s increase in net revenue from sales of Tyvaso DPI. | 32,370 (Dollars in thousands) | – | 4 % |
Forward-looking milestones outlook
- NoteFuroscix ReadyFlow is expected to be commercially available in late August.
- NoteRalinepag DPI is on track for IND filing by year end.
What drove it
- Furoscix generated $22.2 million in net sales for Q2 2026 following its addition through the October 7, 2025 acquisition of scPharma.
- Collaborations and services revenue increased primarily from increased product sold to UT and revenue earned related to ralinepag DPI development.
- Royalties increased because UT increased net revenue from sales of Tyvaso DPI.
- Afrezza received FDA approval on May 29, 2026 for children and adolescents ages 6 and older living with diabetes.
- Furoscix ReadyFlow received FDA approval on July 23, 2026 for treatment of edema in adults with heart failure or chronic kidney disease.
- Topline U.S. Phase 1b INFLO-1 data demonstrated safety and tolerability of nintedanib DPI in IPF patients.
Concerns
- Afrezza revenue was 17,021 (Dollars in thousands), down (7 %) from 18,329 (Dollars in thousands).
- V-Go revenue was 2,770 (Dollars in thousands), down (33 %) from 4,125 (Dollars in thousands).
- Gross margin percentage decreased due to the inclusion of Furoscix, which has a lower gross margin percentage than Afrezza.
- Research and development expenses increased 32% to $18.0 million and selling, general and administrative expenses increased 84% to $58.3 million.
- The filing states that the $50 million private-placement proceeds will fund the $45 million CVR payment triggered by FDA approval of Furoscix ReadyFlow.
What to watch
- Commercial availability of Furoscix ReadyFlow in late August.
- Early adoption of pediatric Afrezza, for which 1 in 3 of the top 100 pediatric insulin writers have prescribed.
- Furoscix adoption in Integrated Delivery Networks and nephrology, where doses purchased increased by 36% and nephrology units dispensed increased by 67% over Q1 2026.
- Site activation and enrollment in the global Phase 2 INFLO-2 study of MNKD-201.
- The planned ralinepag DPI IND filing by year end.
Balance sheet and cash flow
- Cash, cash equivalents and investments as of June 30, 2026, totaled $111 million.
- Closed $50 million private placement on July 24, 2026; proceeds will fund the $45 million CVR payment triggered by the FDA approval of Furoscix ReadyFlow.
Analysis
MannKind reported Q2 2026 total revenues of $109,374 (Dollars in thousands), an increase of 43% from $76,527 (Dollars in thousands). The increase reflected Furoscix entering the portfolio through the October 7, 2025 acquisition of scPharma, as well as higher collaborations and services revenue and royalties. Revenue from marketed products grew 27% from Q1 2026 to Q2 2026.
Furoscix contributed $22.2 million in Q2 2026 net sales, while Afrezza generated $17.0 million and V-Go generated 2,770 (Dollars in thousands). Afrezza declined (7 %) from 18,329 (Dollars in thousands), and V-Go declined (33 %) from 4,125 (Dollars in thousands). Furoscix operating indicators were positive, with Integrated Delivery Networks doses purchased increasing 36% over Q1 2026 and a record number of nephrology units dispensed, increasing by 67% over Q1 2026. The pediatric Afrezza launch also showed early adoption, with 1 in 3 of the top 100 pediatric insulin writers having prescribed.
The revenue mix added cost and spending pressure. Cost of goods sold – commercial, excluding amortization of acquired intangible assets, was $14.4 million versus $4.6 million, and the company said gross margin percentage decreased because Furoscix has a lower gross margin percentage than Afrezza. Research and development expenses increased 32% to $18.0 million, reflecting Furoscix ReadyFlow formulation development, higher personnel costs following the scPharma acquisition, and MNKD-201 development. Selling, general and administrative expenses rose 84% to $58.3 million as MannKind promoted and supported Furoscix and expanded field-based teams for the pediatric Afrezza and Furoscix ReadyFlow launches.
The quarter included three development and regulatory milestones: pediatric Afrezza approval on May 29, 2026, Furoscix ReadyFlow approval on July 23, 2026, and positive Phase 1b INFLO-1 data for MNKD-201 in IPF patients. Management expects Furoscix ReadyFlow to be commercially available in late August, has global Phase 2 INFLO-2 site activation and enrollment underway, and is on track for a ralinepag DPI IND filing by year end. Cash, cash equivalents and investments totaled $111 million as of June 30, 2026, and the company closed a $50 million private placement on July 24, 2026 to fund the $45 million CVR payment triggered by the Furoscix ReadyFlow approval.
Management, verbatim
This was a transformative period for MannKind, during which we delivered all three major catalysts we set out to achieve in 2026.
Michael Castagna, Chief Executive Officer of MannKind
Not in the filing
stated, not guessed- GAAP gross margin percentage and prior-year gross margin percentage.
- GAAP operating income or loss.
- GAAP net income or loss.
- GAAP diluted earnings or loss per share.
- Non-GAAP operating income or loss, net income or loss, and earnings per share.
- Operating cash flow.
- Free cash flow.
- Debt balance.
- Share repurchases and dividends.
- Weighted-average shares outstanding.
- Individual Q1 2026 revenue figures for Afrezza, Furoscix, V-Go, collaborations and services, royalties, and total revenues.
- Formal quantitative revenue, gross-margin, operating-expense, or tax-rate guidance.
- Prior outlook or prior guidance for comparison.
- Full consolidated statements of operations, which were truncated in the provided filing text.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.