Short answer
MANNKIND CORP (MNKD) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $349M (+22.2% year over year) and net income of $6M.
- Top risk flagged: Regulatory risk: Inflation Reduction Act of 2022 limited insulin copays to $35/month for Medicare Part D starting 2023, pressuring Afrezza pricing and reimbursement
FY2025 key financial metrics · XBRL
- Revenue
- $349M
- +22.2% YoY
- Net income
- $6M
- −78.7% YoY
- Operating margin
- 11.1%
- −14.3 pp YoY
- EPS (diluted)
- $0.02
- −80.0% YoY
- ROE
- -11.5%
- +23.5 pp YoY
- Operating cash flow
- $18M
- −57.1% YoY
Source: XBRL data from the MANNKIND CORP (MNKD) FY2025 10-K on SEC EDGAR. USD.
MANNKIND CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: biopharmaceutical company focused on inhalation drug delivery and proprietary pulmonary technologies
- New emphasis: multiple amendments (up to seventh) to Commercial Supply Agreement with United Therapeutics Corporation in current year
- Strategic shift: continuation and expansion of collaboration and supply agreements rather than new product launches or segments
- Notable metric: numerous contract amendments in fiscal 2026, including the Seventh Amendment to Commercial Supply Agreement dated January 7, 2026
- Unusual fact: substantial focus in filing on detailed biographies of board members highlighting extensive pharma leadership experience
Management Discussion & Analysis
- Cardiometabolic segment consists of Afrezza, Furoscix, V-Go device with recent acquisition of scPharma in Oct 2025
- No forward-looking outlook, guidance, or emerging risks mentioned in the provided text
Risk Factors
- Regulatory risk: Inflation Reduction Act of 2022 limited insulin copays to $35/month for Medicare Part D starting 2023, pressuring Afrezza pricing and reimbursement
- Geopolitical risk: V-Go wholly manufactured in China, exposed to U.S.-China trade tensions and potential tariff changes affecting margins
- Operational risk: Single-source supplier of insulin for Afrezza from Amphastar, creating vulnerability to supply disruptions
- Competitive risk: United Therapeutics’ Tresmi with up to 90% less coughing may displace Tyvaso DPI, materially impacting royalty revenue
- Financial risk: scPharma acquisition funded by debt increased interest expense, leverage, and debt service requirements significantly
Generated from the filing text; verify against the original. How to read a 10-K
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