MannKind Corp. met analyst expectations for earnings and fell just short on revenue in the second quarter.
The Westlake Village pharmaceutical firm reported a net loss of $12.4 million (-7 cents a share) for the quarter, compared to a loss of $20.5 million (-16 cents) a year ago. Revenue jumped to $15 million in the quarter, an increase of 285 percent compared to the $3.9 million in revenue for the second quarter last year.
Analysts on average expected a loss of -7 cents a share on revenue of $15.3 million, according to Thomson Financial Network.
The change is primarily due to Afrezza, the company’s inhalable insulin, which contributed revenue of $6.1 million, as well as collaboration and services revenue of $8.9 million. Afrezza, MannKind’s primary product, produced revenue of $3.8 million in the second quarter a year ago.
“Our partner in Brazil, Biomm, received marketing approval for Afrezza and expects to launch in the second half of this year,” Michael Castagna, chief executive for MannKind, said in a statement. “Meanwhile, our partnership with United Therapeutics continues to gain strength as we celebrated the completed construction of a new high-potency manufacturing suite in our Danbury facility in July.”
Shares of MannKind fell 5 cents, or 4.5 percent, on Thursday to close at $1.07 on the Nasdaq.