MannKind Barely Misses Estimates

MannKind Corp. (MNKD) announced its second quarter financial results on Monday, reporting an adjusted net loss of $30 million (-7 cents a share) for the second quarter ended June 30, compared with an adjusted net loss of $28.9 million (-7 cents) for the same quarter a year ago. Earnings estimates were -6 cents a share on revenue of $30,000, according to Thomson Financial Network. MannKind did not disclose revenue for the quarter. During the three-month period, manufacturing of its sole commercial product Afrezza — an inhalable insulin — resumed, and the company relaunched the drug on Aug. 1. Earlier this year, French pharma Sanofi terminated its licensing agreement with the Valencia biotech but continued distribution of its current inventory until MannKind took over in the beginning of the month. MannKind earned $300,000 under the Sanofi licensing agreement during the quarter. Proceeds will be applied as a prepayment against the balance owed to Sanofi, which was $70.3 million as of June 30. As part of its relaunch strategy, MannKind plans to offer new programs to enhance education and adoption of Afrezza, including a new copay assistance program. Shares closed up 2 cents, or 2 percent, to $1 on the Nasdaq.