MannKind Commercial Sales Double as Furoscix ReadyFlow Launches

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter commercial product revenue reached $45.0 million as ReadyFlow shipments began mid-September and Afrezza prescriptions rose after the pediatric launch.

MannKind Corporation (MNKD), a biopharmaceutical company focused on cardiometabolic and orphan lung diseases, reported third-quarter 2026 total revenues of $101.9 million, up 24% from $82.1 million a year earlier.

Commercial product revenue was $45.0 million, more than double the $22.3 million recorded in the year-ago quarter. Furoscix generated $22.4 million in net revenue after the October 2025 acquisition of scPharma. Shipments of Furoscix ReadyFlow, the autoinjector approved in July, began in mid-September. By late October, about 75% of weekly Furoscix shipments had shifted to ReadyFlow. The company said it achieved record monthly prescribers and prescriptions in September.

Chief Executive Officer Michael Castagna said the quarter marked a shift from delivering catalysts to executing against them, and that the company believes Furoscix will generate more revenue in the fourth quarter than it did in the first half of 2026.

Afrezza net sales were $19.3 million, up 5% from $18.5 million a year earlier. Total prescriptions increased about 17% from the second quarter after the pediatric launch, and average monthly new-to-brand prescriptions were about 80% higher than in the second quarter. All 60 priority pediatric institutions had prescribed Afrezza, with about 2,000 pediatric patients treated since launch.

Collaborations and services revenue fell to $19.4 million from $26.5 million a year earlier, which the company attributed primarily to decreased product sold to United Therapeutics. Royalties were $37.5 million, up 12% from $33.3 million, due to United Therapeutics’ higher net revenue from Tyvaso DPI. V-Go revenue declined to $3.3 million from $3.8 million.

Commercial cost of goods sold, excluding amortization of acquired intangible assets, was $11.2 million versus $4.5 million a year earlier. The company said the Furoscix on-body infusor has a lower gross-margin percentage than Afrezza, reducing gross margin. Selling, general and administrative expenses were $61.4 million, up 111% from $29.1 million, driven by Furoscix promotion, field-team expansion, and launch activities for ReadyFlow and the Afrezza pediatric indication. Research and development expenses were $14.4 million, up 2% from $14.1 million.

The company swung to an operating loss of $2.2 million from operating income of $18.9 million a year earlier, and to a net loss of $23.2 million, or $0.07 a share, from net income of $8.0 million, or $0.03 a share.

Cash, cash equivalents and investments totaled $96.6 million as of September 30, 2026. A $50 million private placement closed July 24, 2026, funded a $45 million CVR payment triggered by FDA approval of Furoscix ReadyFlow.

Nintedanib DPI Phase 1b INFLO-1 results were positive, and the company is advancing MNKD-201 into a global Phase 2 trial. Ralinepag DPI formulation work is complete; United Therapeutics plans to pursue clinical development, and MannKind anticipates $15 million in milestone payments in 2027. The company also entered a licensing and collaboration agreement with Rose Pharma to develop an inhaled rapid-acting, short-duration GLP-1 for weight management.