MannKind Corporation (MNKD) saw its stock plummet by 5.19% in pre-market trading on Thursday, despite reporting strong revenue growth and progress across its pipeline in the fourth quarter of 2024. The company's Q4 earnings failed to enthuse investors, who seemingly adopted a cautious stance ahead of several key upcoming catalysts.
The biopharmaceutical firm recorded revenues of $286 million for the full year 2024, a 43% increase over the prior year, driven by robust growth in royalties and manufacturing revenue from its partnership with United Therapeutics for Tyvaso DPI. Afrezza, MannKind's flagship product for diabetes, also witnessed a 17% year-over-year increase in sales.
MannKind's management expressed optimism surrounding several potential catalysts in the near future, including the anticipated approval of Afrezza for the pediatric market in 2026, which could significantly boost the product's sales. The company is also progressing its clofazimine and nintedanib clinical programs, with interim analysis and FDA meetings slated for 2025 and 2026. Positive readouts from United Therapeutics' TETON trials evaluating Tyvaso DPI in IPF could further propel MannKind's fortunes.
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