United Therapeutics' New Drug Plans Pressure Partner and Rival Stocks
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 25 2026
0mins
Should l Buy MNKD?
Source: seekingalpha
- New Drug Launch Plans: United Therapeutics (UTHR) announced plans to launch a new drug device formulation of its lung therapy treprostinil next year, which led to a ~38% drop in partner MannKind (MNKD) shares and a ~10% decline in rival Liquidia (LQDA) shares.
- Market Reaction: The significant stock declines of MannKind and Liquidia reflect strong market interest in United's new product, Tresmi, designed to reduce the primary side effect of dry powder inhalers—coughing—by up to 90% based on preliminary human studies.
- Patent Litigation Context: Despite ongoing patent litigation with United, Liquidia plans to launch its dry powder formulation Yutrepia in 2025, intensifying market competition and potentially impacting MannKind's market share.
- FDA Filing Plans: United Therapeutics expects to file for FDA approval for PAH and PH-ILD this year, with CEO Martine Rothblatt stating that the new product will change patient reliance on treatments and reduce discontinuation due to cough.
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Analyst Views on MNKD
Wall Street analysts forecast MNKD stock price to rise
7 Analyst Rating
7 Buy
0 Hold
0 Sell
Strong Buy
Current: 2.925
Low
7.50
Averages
9.25
High
11.00
Current: 2.925
Low
7.50
Averages
9.25
High
11.00
About MNKD
MannKind Corporation is a biopharmaceutical company engaged in transforming chronic disease care through patient-centric solutions. Focused on cardiometabolic and orphan lung diseases, it develops and commercializes treatments that address serious unmet medical needs, including diabetes, pulmonary hypertension, and fluid overload in heart failure and chronic kidney disease. Its commercial assets include Afrezza, FUROSCIX and V-Go along with Tyvaso DPI. Its commercializing Afrezza (insulin human) Inhalation Powder, an ultra-rapid-acting inhaled insulin indicated to improve glycemic control in adults with diabetes, and the V-Go wearable insulin delivery device, which provides continuous subcutaneous infusion of insulin in adults that require insulin. Its orphan lung disease product, Tyvaso DPI (treprostinil) inhalation powder, is used in the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
MannKind Reports 2025 Financial Results with Strong Sales Growth
- Earnings Highlights: MannKind reported adjusted earnings per share of one cent for Q4 2025, aligning with market expectations, while quarterly sales reached $111.955 million, surpassing the Street's forecast of $97.604 million, indicating robust sales performance.
- Revenue Growth Drivers: The company noted that total revenues for Q4 and the full year 2025 increased due to higher royalties, collaborations, and commercial product sales, with the addition of Furoscix significantly boosting their cardiometabolic franchise, while Afrezza and UT-related revenues continue to show sustained growth, reflecting a positive impact from product diversification.
- Cash Position: MannKind exited the quarter with cash and equivalents totaling $74.882 million, ensuring financial flexibility for future operations and supporting ongoing R&D and market expansion initiatives.
- Market Technical Analysis: The stock is currently trading at $3.26, 9.8% below its 20-day simple moving average, indicating a bearish trend in the short term; however, with an RSI of 44.45, the market is in neutral territory, suggesting that investors should approach future market fluctuations with caution.
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MannKind's Earnings Miss Expectations, Stock Drops
- Earnings Performance: MannKind reported its Q4 and full-year 2025 results, showing a 46% year-over-year revenue increase to nearly $112 million, although this figure includes $22.9 million from Furoscix sales, indicating positive progress in drug integration.
- Net Income Decline: The company's net income fell to just over $1.5 million ($0.01 per share), a significant drop from nearly $23 million last year, missing the average analyst estimate of $0.02 per share for non-GAAP profitability, reflecting pressure from rising costs.
- Cost Impact: Increased cost of goods sold, primarily due to the integration of Furoscix and higher R&D expenses, significantly impacted profitability, despite revenue exceeding the market expectation of $97.9 million.
- Overreaction in Market: Although the stock price dropped over 7% due to the earnings report, analysts believe that the addition of Furoscix and the company's strong pipeline make the current stock price attractive, suggesting an overreaction from investors.
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MannKind Reports Mixed Earnings, Stock Drops Over 7%
- Significant Revenue Growth: MannKind reported its Q4 and full-year 2025 results, showing a 46% year-over-year revenue increase to nearly $112 million, although this includes $22.9 million from the sales of the acquired drug Furoscix, indicating the company's market growth potential.
- Sharp Decline in Net Income: The company's net income fell to just over $1.5 million ($0.01 per share), a substantial drop from nearly $23 million last year, missing the analyst estimate of $0.02 per share, reflecting the pressure of rising costs on profitability.
- Negative Investor Reaction: Despite exceeding revenue expectations, MannKind's stock dropped over 7% by the end of the trading day, indicating investor concerns about the company's future profitability, particularly against a backdrop of increased R&D and sales costs.
- Market Outlook Analysis: Although the stock faces short-term pressure, analysts believe that the addition of Furoscix will strengthen MannKind's product lineup, and with several projects in later stages of development, the company still holds potential for future growth.
See More
MannKind Corporation Reports Strong Q4 2025 Earnings and Growth Strategy
- Significant Revenue Growth: MannKind reported Q4 2025 revenues of $112 million, a 46% increase year-over-year, with FUROSCIX and Afrezza each contributing $23 million, demonstrating strong performance in the cardiometabolic sector and indicating potential for sustained future growth.
- Strategic Acquisition Completed: The acquisition of sCPharmaceuticals has been finalized, integrating FUROSCIX into MannKind's portfolio, with plans to accelerate growth through an expanded sales force and increased marketing efforts, targeting FUROSCIX revenues of $110 million to $120 million by 2026.
- Upcoming Regulatory Milestones: The company is approaching critical PDUFA dates on May 29 for the Afrezza pediatric indication and July 26 for the FUROSCIX ReadyFlow autoinjector, which will provide strong support for product launches and enhance market share.
- Optimistic Future Outlook: Management anticipates revenues exceeding $450 million in 2026, emphasizing that the approval of Afrezza for pediatric use and the launch of the FUROSCIX autoinjector will serve as commercial catalysts, showcasing the company's strategic positioning and market potential in the cardiometabolic space.
See More
MannKind Shares Plummet to New 52-Week Low Following Earnings Miss
- Earnings Report Disappointment: MannKind's Q4 2025 revenue reached approximately $112 million, reflecting over 46% year-over-year growth, exceeding market expectations by about $12.1 million; however, the adjusted EPS plummeted 88% year-over-year to $0.01, indicating a significant deterioration in profitability.
- Surging R&D Expenses: The company's R&D costs exceeded $27.6 million in Q4, more than doubling from the previous year, primarily due to the discontinuation of a late-stage trial, resulting in a net loss of $15.9 million compared to a loss of $7.4 million in the prior year.
- Severe Market Reaction: Following United Therapeutics' announcement of plans to launch a new formulation next year, MannKind's shares plummeted on Wednesday, reflecting market concerns over its future product competitiveness, leading to further declines on Thursday and hitting a new 52-week low.
- Annual Performance Review: Despite recording total revenue of $349 million for the full year, a year-over-year growth of approximately 22%, the adjusted EPS fell 24% year-over-year to $0.19, indicating that while revenue is increasing, profitability is continuously deteriorating, necessitating a reassessment of future strategies.
See More
MannKind Q4 Earnings Beat Expectations with Revenue Growth
- Earnings Highlights: MannKind reported a Q4 non-GAAP EPS of $0.01, missing expectations by $0.02; however, revenue reached $111.96 million, up 45.8% year-over-year, exceeding estimates by $12.11 million, indicating strong market performance.
- Sales Growth: Furoscix® net sales for Q4 2025 were $23 million, a remarkable 91% increase compared to Q4 2024, while Afrezza® also reported net sales of $23 million, up 25%, reflecting sustained demand for the company's products among heart failure patients.
- Future Outlook: MannKind anticipates continued sales growth for Afrezza and Furoscix in 2026, planning to leverage the ReadyFlow autoinjector to enhance patient treatment experiences and strengthen its competitive position in the market.
- FDA Review Progress: The Furoscix autoinjector is currently under FDA review for label expansion, which could open new market opportunities for the company and further drive revenue growth.
See More
MannKind Reports 2025 Financial Results with Strong Sales Growth
- Earnings Highlights: MannKind reported adjusted earnings per share of one cent for Q4 2025, aligning with market expectations, while quarterly sales reached $111.955 million, surpassing the Street's forecast of $97.604 million, indicating robust sales performance.
- Revenue Growth Drivers: The company noted that total revenues for Q4 and the full year 2025 increased due to higher royalties, collaborations, and commercial product sales, with the addition of Furoscix significantly boosting their cardiometabolic franchise, while Afrezza and UT-related revenues continue to show sustained growth, reflecting a positive impact from product diversification.
- Cash Position: MannKind exited the quarter with cash and equivalents totaling $74.882 million, ensuring financial flexibility for future operations and supporting ongoing R&D and market expansion initiatives.
- Market Technical Analysis: The stock is currently trading at $3.26, 9.8% below its 20-day simple moving average, indicating a bearish trend in the short term; however, with an RSI of 44.45, the market is in neutral territory, suggesting that investors should approach future market fluctuations with caution.
See More
MannKind's Earnings Miss Expectations, Stock Drops
- Earnings Performance: MannKind reported its Q4 and full-year 2025 results, showing a 46% year-over-year revenue increase to nearly $112 million, although this figure includes $22.9 million from Furoscix sales, indicating positive progress in drug integration.
- Net Income Decline: The company's net income fell to just over $1.5 million ($0.01 per share), a significant drop from nearly $23 million last year, missing the average analyst estimate of $0.02 per share for non-GAAP profitability, reflecting pressure from rising costs.
- Cost Impact: Increased cost of goods sold, primarily due to the integration of Furoscix and higher R&D expenses, significantly impacted profitability, despite revenue exceeding the market expectation of $97.9 million.
- Overreaction in Market: Although the stock price dropped over 7% due to the earnings report, analysts believe that the addition of Furoscix and the company's strong pipeline make the current stock price attractive, suggesting an overreaction from investors.
See More
MannKind Reports Mixed Earnings, Stock Drops Over 7%
- Significant Revenue Growth: MannKind reported its Q4 and full-year 2025 results, showing a 46% year-over-year revenue increase to nearly $112 million, although this includes $22.9 million from the sales of the acquired drug Furoscix, indicating the company's market growth potential.
- Sharp Decline in Net Income: The company's net income fell to just over $1.5 million ($0.01 per share), a substantial drop from nearly $23 million last year, missing the analyst estimate of $0.02 per share, reflecting the pressure of rising costs on profitability.
- Negative Investor Reaction: Despite exceeding revenue expectations, MannKind's stock dropped over 7% by the end of the trading day, indicating investor concerns about the company's future profitability, particularly against a backdrop of increased R&D and sales costs.
- Market Outlook Analysis: Although the stock faces short-term pressure, analysts believe that the addition of Furoscix will strengthen MannKind's product lineup, and with several projects in later stages of development, the company still holds potential for future growth.
See More
MannKind Corporation Reports Strong Q4 2025 Earnings and Growth Strategy
- Significant Revenue Growth: MannKind reported Q4 2025 revenues of $112 million, a 46% increase year-over-year, with FUROSCIX and Afrezza each contributing $23 million, demonstrating strong performance in the cardiometabolic sector and indicating potential for sustained future growth.
- Strategic Acquisition Completed: The acquisition of sCPharmaceuticals has been finalized, integrating FUROSCIX into MannKind's portfolio, with plans to accelerate growth through an expanded sales force and increased marketing efforts, targeting FUROSCIX revenues of $110 million to $120 million by 2026.
- Upcoming Regulatory Milestones: The company is approaching critical PDUFA dates on May 29 for the Afrezza pediatric indication and July 26 for the FUROSCIX ReadyFlow autoinjector, which will provide strong support for product launches and enhance market share.
- Optimistic Future Outlook: Management anticipates revenues exceeding $450 million in 2026, emphasizing that the approval of Afrezza for pediatric use and the launch of the FUROSCIX autoinjector will serve as commercial catalysts, showcasing the company's strategic positioning and market potential in the cardiometabolic space.
See More
MannKind Shares Plummet to New 52-Week Low Following Earnings Miss
- Earnings Report Disappointment: MannKind's Q4 2025 revenue reached approximately $112 million, reflecting over 46% year-over-year growth, exceeding market expectations by about $12.1 million; however, the adjusted EPS plummeted 88% year-over-year to $0.01, indicating a significant deterioration in profitability.
- Surging R&D Expenses: The company's R&D costs exceeded $27.6 million in Q4, more than doubling from the previous year, primarily due to the discontinuation of a late-stage trial, resulting in a net loss of $15.9 million compared to a loss of $7.4 million in the prior year.
- Severe Market Reaction: Following United Therapeutics' announcement of plans to launch a new formulation next year, MannKind's shares plummeted on Wednesday, reflecting market concerns over its future product competitiveness, leading to further declines on Thursday and hitting a new 52-week low.
- Annual Performance Review: Despite recording total revenue of $349 million for the full year, a year-over-year growth of approximately 22%, the adjusted EPS fell 24% year-over-year to $0.19, indicating that while revenue is increasing, profitability is continuously deteriorating, necessitating a reassessment of future strategies.
See More
MannKind Q4 Earnings Beat Expectations with Revenue Growth
- Earnings Highlights: MannKind reported a Q4 non-GAAP EPS of $0.01, missing expectations by $0.02; however, revenue reached $111.96 million, up 45.8% year-over-year, exceeding estimates by $12.11 million, indicating strong market performance.
- Sales Growth: Furoscix® net sales for Q4 2025 were $23 million, a remarkable 91% increase compared to Q4 2024, while Afrezza® also reported net sales of $23 million, up 25%, reflecting sustained demand for the company's products among heart failure patients.
- Future Outlook: MannKind anticipates continued sales growth for Afrezza and Furoscix in 2026, planning to leverage the ReadyFlow autoinjector to enhance patient treatment experiences and strengthen its competitive position in the market.
- FDA Review Progress: The Furoscix autoinjector is currently under FDA review for label expansion, which could open new market opportunities for the company and further drive revenue growth.
See More
