Revenue growth has decelerated from a peak of 63.1% in 2024Q1 to 15.1% in 2026Q1, while operating margins remain inconsistent, swinging from a 34.5% peak in 2024Q4 to a -3.3% loss in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 360.78M | 348.97M | 285.5M | 198.96M | 99.77M | 75.44M | 65.14M | 63.04M | 27.86M | 11.74M | 174.76M | 0 | 0 | 0 | 35K | 50K | 93K | 0 | 20K | 10K | 100K | 0 | 0 | 0 | 0 |
| Revenue Growth % | 21.23% | 22.23% | 43.5% | 99.42% | 32.25% | 15.81% | 3.34% | 126.28% | 137.2% | -93.28% | - | - | - | -100% | -30% | -46.24% | - | -100% | 100% | -90% | - | - | - | - | - |
| Cost of Goods Sold | 86.73M | 61.16M | 76.6M | 62.77M | 57.5M | 38.86M | 24.64M | 27.98M | 20.48M | 17.23M | 50.09M | 140.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 17.53% | 26.83% | 31.55% | 57.63% | 51.51% | 37.83% | 44.38% | 73.51% | 146.68% | 28.66% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 274.05M | 287.81M | 208.9M | 136.19M | 42.27M | 36.59M | 40.5M | 35.06M | 7.38M | -5.48M | 124.67M | -140.41M | 0 | 0 | 35K | 50K | 93K | 0 | 20K | 10K | 100K | 0 | 0 | 0 | 0 |
| Gross Margin % | 75.96% | 82.47% | 73.17% | 68.45% | 42.37% | 48.49% | 62.17% | 55.62% | 26.49% | -46.68% | 71.34% | - | - | - | 100% | 100% | 100% | - | 100% | 100% | 100% | - | - | - | - |
| Gross Profit Growth % | - | 37.77% | 53.39% | 222.17% | 15.55% | -9.67% | 15.53% | 375.05% | 234.6% | -104.4% | 188.79% | - | - | -100% | -30% | -46.24% | - | -100% | 100% | -90% | - | - | - | - | - |
| Operating Expenses | 260.65M | 249M | 136.31M | 127.51M | 106.38M | 83.61M | 88.42M | 79.66M | 88.44M | 88.86M | 59.58M | 204.24M | 179.63M | 169.4M | 147M | 140.59M | 152.59M | 209.78M | 305.79M | 307.37M | 233.8M | 118.12M | 77.15M | 66.31M | 207.37M |
| OpEx % of Revenue | - | 71.36% | 47.75% | 64.09% | 106.63% | 110.82% | 135.72% | 126.36% | 317.47% | 756.59% | 34.09% | - | - | - | 419985.71% | 281178% | 164076.34% | - | 1528925% | 3073670% | 233797% | - | - | - | - |
| Selling, General & Admin | 173.21M | 144.13M | 94.33M | 94.31M | 91.47M | 77.42M | 59.04M | 74.67M | 79.72M | 74.96M | 46.93M | 108.4M | 79.38M | 59.68M | 45.47M | 40.63M | 40.31M | 53.45M | 55.34M | 50.52M | 42M | 22.77M | 17.88M | 20.7M | 13.21M |
| SG&A % of Revenue | - | 41.3% | 33.04% | 47.4% | 91.68% | 102.62% | 90.63% | 118.45% | 286.14% | 638.22% | 26.85% | - | - | - | 129922.86% | 81260% | 43346.24% | - | 276715% | 505230% | 42001% | - | - | - | - |
| Research & Development | 72.56M | 66.35M | 45.89M | 31.28M | 19.72M | 12.31M | 6.25M | 6.9M | 8.74M | 14.12M | 14.92M | 29.67M | 100.24M | 109.72M | 101.52M | 99.96M | 112.28M | 156.33M | 250.44M | 256.84M | 191.8M | 95.35M | 59.27M | 45.61M | 42.72M |
| R&D % of Revenue | - | 19.01% | 16.07% | 15.72% | 19.77% | 16.32% | 9.59% | 10.95% | 31.36% | 120.2% | 8.54% | - | - | - | 290062.86% | 199918% | 120730.11% | - | 1252210% | 2568440% | 191796% | - | - | - | - |
| Other Operating Expenses | 2M | 38.52M | -3.91M | 1.92M | -4.81M | -6.12M | 23.13M | -1.91M | -437K | 13K | -597K | 1.37M | 1.68M | -635K | -1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 13.4M | 38.8M | 72.59M | 8.68M | -64.11M | -47.02M | -47.91M | -44.6M | -76.59M | -108.19M | 67.26M | -344.65M | -179.63M | -169.4M | -146.96M | -140.54M | -152.5M | -209.78M | -305.76M | -307.36M | -233.7M | -118.12M | -77.15M | -66.31M | -207.37M |
| Operating Margin % | 3.72% | 11.12% | 25.42% | 4.36% | -64.26% | -62.33% | -73.55% | -70.75% | -274.94% | -921.15% | 38.49% | - | - | - | -419885.71% | -281078% | -163976.34% | - | -1528825% | -3073570% | -233697% | - | - | - | - |
| Operating Income Growth % | - | -46.55% | 736.45% | 113.54% | -36.34% | 1.86% | -7.44% | 41.78% | 29.2% | -260.85% | 119.52% | -91.87% | -6.04% | -15.27% | -4.57% | 7.84% | 27.31% | 31.39% | 0.52% | -31.52% | -97.84% | -53.11% | -16.34% | 68.02% | - |
| EBITDA | 30.42M | 51.09M | 81.56M | 13.21M | -57.8M | -43.78M | -44.59M | -42.44M | -74.89M | -106.39M | 69.66M | -331.38M | -161.05M | -155.34M | -132.56M | -124.63M | -135.17M | -191.05M | -293.48M | -298.38M | -225.18M | -110.73M | -69.97M | -58.66M | -202.29M |
| EBITDA Margin % | 8.43% | 14.64% | 28.57% | 6.64% | -57.93% | -58.03% | -68.44% | -67.33% | -268.84% | -905.82% | 39.86% | - | - | - | -378737.14% | -249254% | -145348.39% | - | -1467390% | -2983840% | -225180% | - | - | - | - |
| EBITDA Growth % | -65.49% | -37.36% | 517.23% | 122.86% | -32.03% | 1.81% | -5.05% | 43.33% | 29.6% | -252.73% | 121.02% | -105.76% | -3.67% | -17.19% | -6.36% | 7.8% | 29.25% | 34.9% | 1.64% | -32.51% | -103.36% | -58.26% | -19.29% | 71.01% | - |
| D&A (Non-Cash Add-back) | 17.02M | 12.28M | 8.97M | 4.54M | 6.31M | 3.24M | 3.33M | 2.15M | 1.7M | 1.8M | 2.4M | 13.28M | 18.57M | 14.06M | 14.4M | 15.91M | 17.32M | 18.73M | 12.29M | 8.97M | 8.52M | 7.39M | 7.18M | 7.66M | 5.07M |
| EBIT | 11.48M | 15.24M | 68.5M | 10.59M | -62.63M | -64.35M | -47.99M | -41M | -77.3M | -104.01M | 144.14M | -345.11M | -178.76M | -170.03M | -148.14M | -138.98M | -153.18M | -209.66M | -300.7M | -289.78M | -233.7M | -114.34M | -75.99M | -66.31M | 0 |
| Net Interest Income | -29.43M | -13.83M | -25.37M | -19.01M | -22.26M | -16.46M | -9.3M | -9.91M | -8.94M | -12.98M | -18.39M | -24.11M | -20.43M | -21.45M | -21.62M | -21.81M | -17.34M | -10.38M | 2.79M | 14.37M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.68M | 0 | 12.62M | 6.15M | 2.51M | 112K | 167K | 997K | 501K | 293K | 85K | 18K | 9K | 8K | 7K | 18K | 40K | 70K | 5.13M | 17.77M | 0 | 3.71M | 932K | 0 | 0 |
| Interest Expense | 39.11M | 13.83M | 37.98M | 25.16M | 24.77M | 16.58M | 9.47M | 10.91M | 9.44M | 13.28M | 18.48M | 24.13M | 20.44M | 21.46M | 21.63M | 21.82M | 17.38M | 10.45M | 2.34M | 3.41M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -41.98M | -37.39M | -42.07M | -19.05M | -23.29M | -33.9M | -9.54M | -7.31M | -10.14M | -9.09M | 58.4M | -23.79M | -18.75M | -22.09M | -22.81M | -20.27M | -18.06M | -10.33M | 2.73M | 14.17M | 3.15M | 3.79M | 1.16M | 434K | 1.1M |
| Pretax Income | -28.58M | 1.41M | 30.52M | -10.38M | -87.4M | -80.93M | -57.46M | -51.9M | -86.73M | -117.28M | 125.66M | -368.44M | -198.38M | -191.49M | -169.77M | -160.8M | -170.56M | -220.1M | -303.04M | -293.19M | -230.54M | -114.34M | -75.99M | -65.88M | -206.26M |
| Pretax Margin % | -7.92% | 0.4% | 10.69% | -5.22% | -87.6% | -107.27% | -88.2% | -82.34% | -311.34% | -998.57% | 71.91% | - | - | - | -485068.57% | -321608% | -183397.85% | - | -1515185% | -2931870% | -230543% | - | - | - | - |
| Income Tax | -4.66M | -4.46M | 2.93M | 1.56M | 0 | 0 | -218K | 0 | 240K | 51K | 0 | 0 | 0 | 0 | -408K | 0 | 738K | 0 | 2K | 3K | 5K | 1K | 1K | 1K | 2K |
| Effective Tax Rate % | 16.31% | -316.7% | 9.6% | -15.04% | 0% | 0% | 0.38% | 0% | -0.28% | -0.04% | 0% | 0% | 0% | 0% | 0.24% | 0% | -0.43% | 0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% |
| Net Income | -23.91M | 5.86M | 27.59M | -11.94M | -87.4M | -80.93M | -57.24M | -51.9M | -86.97M | -117.33M | 125.66M | -368.44M | -198.38M | -191.49M | -169.37M | -160.8M | -170.56M | -220.1M | -303.04M | -293.19M | -230.55M | -114.34M | -75.99M | -65.88M | -206.26M |
| Net Margin % | -6.63% | 1.68% | 9.66% | -6% | -87.6% | -107.27% | -87.87% | -82.34% | -312.2% | -999% | 71.91% | - | - | - | -483902.86% | -321608% | -183397.85% | - | -1515195% | -2931900% | -230548% | - | - | - | - |
| Net Income Growth % | -179.41% | -78.75% | 331.09% | 86.34% | -8% | -41.38% | -10.28% | 40.32% | 25.87% | -193.37% | 134.11% | -85.72% | -3.6% | -13.06% | -5.32% | 5.72% | 22.51% | 27.37% | -3.36% | -27.17% | -101.64% | -50.46% | -15.35% | 68.06% | - |
| Net Income (Continuing) | -23.91M | 5.86M | 27.59M | -11.94M | -87.4M | -80.93M | -57.24M | -51.9M | -86.97M | -117.33M | 125.66M | -368.44M | -198.38M | -191.49M | -169.37M | -160.8M | -170.56M | -220.1M | -303.04M | -293.19M | -230.55M | -114.34M | -75.99M | -65.88M | -206.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.08 | 0.02 | 0.10 | -0.04 | -0.44 | -0.37 | -0.26 | -0.31 | -0.60 | -1.13 | 1.36 | -4.54 | -2.57 | -3.20 | -4.68 | -6.60 | -7.50 | -10.33 | -14.92 | -18.32 | -22.62 | -14.34 | -15.07 | -17.82 | -76.55 |
| EPS Growth % | -175.43% | -79.42% | 317.45% | 89.84% | -18.92% | -42.31% | 16.13% | 48.33% | 46.9% | -183.09% | 129.96% | -76.65% | 19.69% | 31.62% | 29.09% | 12% | 27.4% | 30.76% | 18.56% | 19.01% | -57.74% | 4.84% | 15.43% | 76.72% | - |
| EPS (Basic) | - | 0.02 | 0.10 | -0.04 | -0.44 | -0.37 | -0.26 | -0.31 | -0.60 | -1.13 | 1.37 | -4.54 | -2.57 | -3.20 | -4.68 | -6.60 | -7.50 | -10.33 | -14.92 | -18.32 | -22.62 | -14.34 | -15.07 | -17.82 | -76.55 |
| Diluted Shares Outstanding | 308.27M | 314.11M | 283.84M | 267.01M | 257.09M | 249.24M | 222.59M | 195.58M | 144.14M | 104.25M | 92.08M | 81.23M | 77.05M | 59.92M | 36.17M | 24.36M | 22.73M | 21.31M | 20.31M | 16.01M | 10.19M | 7.97M | 5.04M | 3.7M | 2.69M |
| Basic Shares Outstanding | 308.27M | 305.64M | 274.42M | 267.01M | 257.09M | 249.24M | 222.59M | 195.58M | 144.14M | 103.83M | 92.05M | 81.16M | 77.05M | 59.92M | 36.17M | 24.36M | 22.73M | 21.31M | 20.31M | 16.01M | 10.19M | 7.97M | 5.04M | 3.7M | 2.69M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Concentration in Tyvaso royalties
As reported in financial statements, MannKind's revenue growth has decelerated from a peak of 63.1% in 2024Q1 to 15.1% by 2026Q1, reflecting a transition from initial rapid adoption phases toward a more mature, albeit slower, expansion trajectory within its core endocrine and pulmonary partnership segments.
The deceleration in top-line growth suggests that the initial surge from Tyvaso DPI adoption is beginning to stabilize, requiring the company to find new volume drivers to maintain momentum. Investors should monitor whether the current growth rate represents a sustainable baseline or if the lack of new product catalysts will lead to further cooling in the coming quarters.
Based on reported figures, gross margins have fluctuated between 69.1% and 78.5% over the last ten quarters, indicating that while the high-margin royalty stream from United Therapeutics provides a solid foundation, the company remains sensitive to manufacturing throughput and potential inventory-related cost volatility at its Danbury facility.
The variability in gross margins suggests that the company has not yet achieved the consistent operating scale necessary to fully decouple its profitability from manufacturing overhead. Future margin stability appears contingent on the company's ability to optimize its production mix and minimize the impact of fixed-cost absorption during periods of lower demand.
According to recent SEC filings, the company's operating income has swung from a peak of $26.5 million in 2024Q4 to a loss of $3.0 million in 2026Q1, demonstrating that SG&A expenses are not yet scaling efficiently enough to guarantee consistent profitability across all reporting periods.
The erratic nature of operating income suggests that management is still balancing the need for aggressive commercial investment with the requirement for bottom-line discipline. This lack of consistent operating leverage warrants further investigation into whether current SG&A levels are truly driving incremental revenue or if they represent a structural drag on earnings.
As evidenced by the shift from a $13.2 million net profit in 2025Q1 to a $16.6 million net loss in 2026Q1, the quality of reported earnings appears heavily influenced by non-operating items and periodic stock-based compensation, which complicates the assessment of the company's true underlying operational performance.
The frequent swings between net profitability and losses suggest that investors should focus on core operating metrics rather than headline net income, which may be distorted by accounting nuances. The presence of stock-based compensation, while moderate, further complicates the picture, necessitating a cautious approach when evaluating the sustainability of recent earnings trends.
Based on the provided data, the heavy reliance on a single major partnership for high-margin royalty income creates a significant concentration risk, as any disruption to the Tyvaso DPI franchise could disproportionately impact the company's ability to maintain its current path toward sustained operational profitability.
Short-term observers may argue that the current valuation ignores the potential for margin compression if competitive pressures or regulatory hurdles emerge in the pulmonary space. The company's history of inconsistent profitability suggests that the market may be overestimating the durability of its current revenue mix without sufficient evidence of a diversified pipeline.
Quick answers to the most common questions about buying MNKD stock.
For fiscal year 2025, MannKind Corporation (MNKD) reported total revenue of $349.0M.
MannKind Corporation (MNKD) is profitable, generating $5.9M in net income for the fiscal year ending 2025 with a net profit margin of 1.7%.
MannKind Corporation (MNKD) reported an operating income of $38.8M, resulting in an operating profit margin of 11.1%. This margin reflects the operational efficiency of the business before interest and taxes.
MannKind Corporation (MNKD) generated $287.8M in gross profit for the year, representing a gross profit margin of 82.5%. This demonstrates the company's core pricing power and production efficiency.