MannKind Misses Quarterly Estimate But Afrezza Sales Increase

MannKind Corp. missed third-quarter earnings estimates by 1 cent, but enjoyed a net revenue increase for its flagship drug, inhalable insulin Afrezza.The Westlake Village biotech company on Wednesday reported a net loss of $11.3 million (-5 cents a share) for the quarter ended Sept. 30, compared to a loss of $10.4 million (-5 cents) for the same quarter a year ago. Revenue totaled $15.4 million, an increase of 5.4 percent from $14.6 million in the same quarter the previous year.Zacks Consensus Estimate expected a quarterly loss of 4 cents a share.Afrezza net revenue made up $7.3 million of MannKind’s revenue total, a 27 percent increase compared to the third financial quarter last year.“Our employees continue to execute in a tumultuous COVID-19 environment,” Michael Castagna, chief executive of MannKind, said in a statement. “As we head toward year-end, our focus remains on two significant drivers of value for shareholders: enabling health care providers to increase their prescribing of Afrezza and supporting United Therapeutics as they move the TreT clinical program to completion, including manufacturing TreT clinical supplies.”TreT is a dry powder formulation of treprostinil, currently being tested to treat pulmonary arterial hypertension.The company reported results Wednesday. Shares of MannKind (MNKD) closed Friday up 5 cents, or more than 2 percent, to $2.28 on the Nasdaq.