MannKind

What MannKind does

MannKind Corporation is a publicly traded biopharmaceutical company (NASDAQ: MNKD) founded in 1991 by Alfred E. Mann and headquartered in Westlake Village, California, with manufacturing in Danbury, Connecticut and research and development operations in Boston, Massachusetts. The company develops and commercializes therapeutic products for patients with cardiometabolic and orphan lung diseases, including type 1 and type 2 diabetes, chronic heart failure, chronic kidney disease, pulmonary arterial hypertension, and interstitial lung disease. MannKind operates through two primary business units—an Endocrine franchise anchored by Afrezza (inhaled mealtime insulin) and V-Go (wearable insulin delivery patch), and an Orphan Lung franchise featuring FUROSCIX (on-body furosemide infusor for edema in heart failure and CKD) and the Technosphere-enabled Tyvaso DPI (treprostinil for pulmonary arterial hypertension and PH-ILD), which is commercialized by United Therapeutics.

The company's foundation is its proprietary Technosphere dry powder inhalation technology, which uses fumaryl diketopiperazine (FDKP) microparticles engineered for deep-lung drug delivery and is compatible with molecular weights ranging from 200 to 150,000 daltons at drug content up to 90% by weight. Afrezza delivers ultra-rapid-acting mealtime insulin in 4-, 8-, and 12-unit color-coded single-use cartridges and is FDA-approved for adults and, as of May 2026, for pediatric patients aged 6 and older. V-Go provides continuous preset subcutaneous insulin delivery via the h-Patch platform. FUROSCIX, acquired through the October 2025 scPharmaceuticals acquisition for up to $360 million, is an on-body infusor now FDA-approved for both adult and pediatric patients weighing 43 kg or more. Complementary platforms include the Dreamboat reusable inhaler, the CRICKET single-use inhaler, and the BluHale connected care ecosystem for inhalation training. MannKind protects this technology base with more than 1,000 global patents covering Technosphere, more than 600 patents around Afrezza, and more than 150 patents around h-Patch and V-Go.

MannKind's revenue model combines direct product sales of Afrezza, V-Go, and FUROSCIX, licensing royalties and manufacturing fees from United Therapeutics (approximately 10% of net sales of Tyvaso DPI plus manufacturing payments), and upfront or milestone payments from development collaborations. United States commercial operations are driven by field-based Sales and Medical Affairs teams; international markets are reached through exclusive distribution partnerships with Cipla (India, where Afrezza launched in December 2025) and BIOMM (Brazil). The company offers Afrezza at $35 or less per month to eligible patients through the MannKind Cares program. MannKind generated $349 million in full-year 2025 revenue (22% year-over-year growth), with Q4 2025 revenue of $112 million (+46% YoY) and Q1 2026 revenue of $90 million (+15% YoY). Management has guided to revenue above $450 million in 2026 and a five-year target of $1 billion, supported by up to $500 million of non-dilutive Blackstone financing and a Sagard Healthcare royalty purchase agreement of up to $200 million.

Name

MannKind

Legal name

MannKind Corporation

Website

https://mannkindcorp.com

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

251–500 employees

Short description

MannKind Corporation (NASDAQ: MNKD) is a biopharmaceutical company that develops and commercializes inhaled and wearable drug delivery therapies—including Afrezza inhaled insulin, V-Go, and FUROSCIX—for patients with diabetes, heart failure, chronic kidney disease, and orphan pulmonary conditions, built on its proprietary Technosphere dry powder platform.

Ownership category

akta.pro rank

Product category

Inhaled and Wearable Pharmaceutical Therapeutics

NAICS

Pharmaceutical Preparation Manufacturing (325412), Biological Product (except Diagnostic) Manufacturing (325414), Medical Equipment and Supplies Manufacturing (3391)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Cardiometabolic Pharmaceuticals (Cardiovascular/Diabetes/Obesity) (HLAIAAAE)

akta.pro secondary industries

Pulmonology & Allergy Specialty Pharmaceuticals (HLAIACAF), Nephrology & Urology Specialty Pharmaceuticals (HLAIACAH), Respiratory & Allergy Pharmaceuticals (HLAIAAAH)

Keywords

• Inhaled insulin therapy
• Dry powder inhalation
• Drug delivery platforms
• Cardiometabolic therapeutics
• Orphan lung disease

Headquarters

HQ city

Valencia

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. Product Sales - Afrezza: Direct sales of Afrezza inhaled insulin for diabetes management. FDA approved for adults and children aged 6+ with Type 1 and Type 2 diabetes. Sold through direct commercial teams.
2. Product Sales - V-Go: Sales of V-Go all-in-one insulin delivery patch for adults with diabetes.
3. Product Sales - FUROSCIX: Sales of FUROSCIX On-body Infusor for furosemide injection, marketed by scPharmaceuticals subsidiary. FDA approved for edema from CHF/CKD in adults and pediatric patients weighing 43kg or more.
4. Tyvaso DPI Royalties: MannKind receives approximately 10% royalties on net sales of Tyvaso DPI from United Therapeutics plus manufacturing fees. The product was approved by FDA in May 2022 for PAH/PH-ILD.
5. Collaboration and Milestone Payments: Upfront payments, development milestones, and royalties from partnerships including United Therapeutics (second DPI therapy), BIOMM (Brazil), and Cipla (India).
6. Strategic Financing: Non-dilutive capital from Blackstone financing agreement (up to $500 million) to support growth strategies and pipeline development.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

MannKind discovers, develops, manufactures, and commercializes pharmaceutical products for cardiometabolic and orphan lung diseases using its proprietary Technosphere dry powder inhalation and h-Patch wearable subcutaneous drug delivery platforms. Its commercial products include Afrezza (inhaled mealtime insulin), V-Go (wearable basal insulin patch), and FUROSCIX (subcutaneous furosemide on-body infusor), with Tyvaso DPI licensed to United Therapeutics. MannKind also monetizes its delivery platforms through licensing, royalties, and supply agreements with partners globally.

Product overview

MannKind Corporation offers a portfolio of innovative drug delivery products and technologies focused on cardiometabolic and orphan lung diseases. The core product portfolio includes Afrezza (inhaled insulin), V-Go (insulin delivery patch), and FUROSCIX (furosemide injection), with Tyvaso DPI licensed to United Therapeutics. The company operates through two business segments: Cardiometabolic (diabetes and heart/kidney disease treatments) and Orphan Lung (pulmonary hypertension and fibrosis treatments). Underlying these products is the proprietary Technosphere dry powder inhalation platform and h-Patch wearable drug delivery technology. Pipeline candidates include FUROSCIX ReadyFlow autoinjector, nintedanib DPI for IPF, and ralinepag DPI for pulmonary hypertension, all leveraging MannKind's core drug delivery technologies.

Differentiator

Problem solved

Functional benefit

Brands

• Afrezza: Ultra rapid-acting inhaled insulin product (insulin human) Inhalation Powder for diabetes treatment
• FUROSCIX
• V-Go
• Tyvaso DPI
• Technosphere
• Dreamboat
• CRICKET
• BluHale
• h-Patch

Products and services

• Afrezza (insulin human) Inhalation Powder Ultra rapid-acting mealtime insulin delivered via oral inhaler using Technosphere technology. Available in 4-, 8-, and 12-unit color-coded single-use cartridges for adults and children aged 6 and older with type 1 and type 2 diabetes.
• V-Go All-in-One Insulin Delivery Patch Once-daily wearable insulin delivery device providing continuous preset subcutaneous insulin delivery for 1-72 hours via a needle that remains under the skin, designed for adult patients with diabetes who want an injection-free basal insulin option.
• FUROSCIX (furosemide injection) On-body Infusor Subcutaneous furosemide delivery system marketed by scPharmaceuticals, a wholly owned MannKind subsidiary, for outpatient edema management in adults and pediatric patients (≥43 kg) with chronic heart failure or chronic kidney disease.
• Tyvaso DPI (treprostinil) Inhalation Powder Next-generation dry powder formulation of treprostinil for pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), commercialized by United Therapeutics using MannKind's Technosphere technology and Dreamboat inhaler; MannKind receives approximately 10% royalties on net sales plus manufacturing fees.
• Technosphere Technology Platform Proprietary dry powder formulation platform using fumaryl diketopiperazine (FDKP) microparticles for rapid deep lung drug delivery. Compatible with molecular weights from 200 to 150,000 daltons and drug content up to 90% by weight, offered to partners for licensing and co-development.
• FUROSCIX ReadyFlow Autoinjector New subcutaneous furosemide autoinjector device intended to significantly reduce treatment time for edema in patients with chronic heart failure or chronic kidney disease; under FDA review with PDUFA target action date in Q3 2026.
• Nintedanib DPI (MNKD-201) Inhaled dry powder formulation of nintedanib in Phase 2 (INFLO-2) and Phase 1b (INFLO-1) clinical trials for idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF) using MannKind's Technosphere technology.
• Ralinepag DPI (MNKD-1501) Dry powder inhalation formulation of ralinepag being co-developed with United Therapeutics for pulmonary arterial hypertension (PAH), PH-ILD, IPF, and PPF using MannKind's Technosphere platform.

Quantifiable outcome

• Q4 2025 revenue of $112 million, up 46% year-over-year
• +4 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core and regional.

• scPharmaceuticalscoreStrategic or Co-development Partner · 7 October 2025MannKind acquired scPharmaceuticals for up to $360 million in late 2025, gaining FUROSCIX On-body Infusor for heart failure and CKD patients and strengthening cardiometabolic portfolio.
• United Therapeutics CorporationcoreStrategic or Co-development Partner · 1 September 2018Worldwide exclusive licensing and collaboration agreement for development of Tyvaso DPI using MannKind's Technosphere technology and Dreamboat inhalation device. United Therapeutics handles preclinical/clinical development and commercialization while MannKind manufactures and supplies the product. MannKind receives approximately 10% royalties on net sales plus manufacturing fees. Collaboration expanded in August 2025 for second dry powder inhalation therapy with $5 million upfront and up to $35 million in development milestones.
• Cipla Ltd.regionalChannel Partner/ Reseller/ DistributorExclusive supply and distribution agreement for commercialization of Afrezza in India. MannKind manufactures and supplies Afrezza to Cipla, while Cipla is responsible for obtaining regulatory approvals and all marketing and sales activities in India.
• BIOMM SAregionalChannel Partner/ Reseller/ DistributorExclusive supply and distribution agreement for commercialization of Afrezza in Brazil. MannKind manufactures and supplies Afrezza to Biomm, and Biomm is responsible for promoting and distributing Afrezza within Brazil.

Scale indicators14 records

Recent moves6 records

Expansion highlights8 records

Emerging players

• Tandem Diabetes Care: Manufacturer of insulin pumps and automated insulin delivery (AID) systems for diabetes management. Competes with MannKind's endocrine portfolio (Afrezza, V-Go) for the same patient and prescriber base, particularly given Afrezza's growing focus on AID system integration.
• Insulet Corporation: Developer of the Omnipod wearable insulin delivery patch — directly comparable to MannKind's V-Go insulin delivery device. Both companies target needle-free / wearable insulin delivery for people with diabetes, with similar endocrinology customer call points.
• Insmed Incorporated: Specialty pharmaceutical company focused on inhaled therapies for rare lung diseases (e.g., ARIKAYCE for NTM lung disease). Highly comparable to MannKind's orphan lung disease franchise and clofazimine DPI program, with parallel focus on inhaled antibiotics and pulmonary drug delivery.
• Arrowhead Pharmaceuticals: Developer of RNAi-based therapeutics with an active inhalation delivery platform (TRiM) targeting pulmonary diseases. Comparable to MannKind's Technosphere platform in the inhaled drug delivery category, with similar interest in lung-targeted therapies.
• Aerami Therapeutics: Emerging inhaled drug delivery company developing liposomal inhaled therapies for pulmonary and systemic conditions (including diabetes via inhaled insulin). Directly comparable to MannKind as a smaller-scale pulmonary delivery platform company pursuing needle-free inhaled therapeutics.

Direct peers

• United Therapeutics Corporation: MannKind's strategic partner and exclusive worldwide licensee for Tyvaso DPI (treprostinil) using MannKind's Technosphere technology. United Therapeutics markets the product in PAH/PH-ILD and pays MannKind ~10% royalties on net sales plus manufacturing fees, making it both a partner and the most directly comparable inhalation-therapeutics peer.
• Liquidia Technologies: Competitor in the inhaled treprostinil space with Yutrepia, directly challenging Tyvaso DPI for PAH/PH-ILD market share. Liquidia's PRINT technology for inhaled drug delivery makes it a close comparable on both product category and pulmonary route of administration.

Broad incumbents

• Zealand Pharma: Former owner of the V-Go insulin delivery device (sold to MannKind for $10M in May 2022) and developer of peptide-based therapeutics for diabetes/obesity. Comparable as a peer in the diabetes treatment space with prior direct product overlap in V-Go.
• Halozyme Therapeutics: Drug delivery platform company whose ENHANZE technology underpins multiple partnered biologics. Comparable to MannKind's Technosphere platform as a delivery technology licensor generating royalty revenue from multiple partners across therapeutic areas.
• Viatris Inc. Major manufacturer of generic and biosimilar insulins (including via the Biocon partnership) and broad cardiometabolic portfolio. Comparable as a diabetes therapeutics incumbent whose offerings compete with Afrezza and V-Go in the same payer and prescriber channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds7 records

Investors6 records

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M&A2 records

Investments

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Frequently asked questions about MannKind