MannKind Turns Profitable in Fourth Quarter

MannKind Corp. (MNKD) on Thursday reported fourth-quarter and full-year financial results, beating analysts’ expectations. For the fourth quarter, the Valencia biotech reported net income of $54 million (56 cents a share), compared to a loss of $277 million (-$3.30) for the same quarter a year earlier. Revenue for the quarter was $12.4 million compared to no revenue for the same three-month period last year. However, a non-revenue payment of $72 million from Sanofi, the French pharmaceutical company that previously had a marketing agreement with MannKind, explains the company’s high net income figure. Analysts on average expected a loss of 20 cents a share on revenue of $6 million, according to Thomson Financial Network. For the full year, MannKind had net income of $126 million ($1.37 a share) compared to a loss of $368 million (-$4.54) in 2015. Revenue was $175 million compared to no revenue in 2015. Analysts on average expected earnings of 58 cents a share on revenue of $168 million. On March 3, the company held a 1-for-5 reverse stock split, reducing the number of shares of common stock to 140 million from 700 million. Shares on Thursday closed up 5 cents, or 2.5 percent, to $2.07 on the Nasdaq.