Shares of MannKind Corporation (NASDAQ: MNKD), a biopharmaceutical company focused on inhaled therapeutic products, took a nosedive on November 8, 2024, plummeting by 5.95% in pre-market trading. This sharp decline came despite the company reporting better-than-expected earnings for the third quarter of 2024 the previous day.

While MannKind's Q3 2024 adjusted earnings per share of $0.05 surpassed analysts' estimates of $0.03, the company's revenue performance fell significantly short of expectations. MannKind reported revenue of $19.73 million, a staggering 61.5% lower than the year-ago quarter, missing analysts' projections of $74.50 million.

The primary concern for investors appears to be the underwhelming performance of MannKind's flagship product, Afrezza, an inhaled insulin product for diabetic patients. Afrezza's net revenue grew by a modest 12% year-over-year in Q3 2024, primarily driven by higher demand and improved gross-to-net adjustments. However, the company acknowledged facing headwinds throughout the year, including payers implementing double step edits and a shift in inventory at a major pharmacy chain and one of its specialty pharmacies.