MannKind Achieves 46% Q4 Revenue Growth to $112M and Settles $36.3M Notes
MannKind reported Q4 2025 revenue of $112 million, up 46% year-over-year, and completed the acquisition of SC Pharmaceuticals to bolster its cardio-metabolic franchise. The company anticipates a 2026 revenue run rate exceeding $450 million and settled $36.3 million of convertible notes with $35.5 million in cash.
1. Record Q4 Revenue
MannKind delivered $112 million in Q4 2025 revenue, a 46% increase over the prior year, driven by strong sales across its four FDA-approved products. The performance marks the highest quarterly topline in company history and underscores growing market adoption of its flagship therapy.
2. Acquisition of SC Pharmaceuticals
The acquisition of SC Pharmaceuticals strengthens MannKind’s cardio-metabolic portfolio by adding established product lines and leveraging SC’s commercial infrastructure. This strategic move diversifies revenue streams and reduces reliance on any single product.
3. Convertible Note Settlement
On March 4, 2026 MannKind settled the remaining $36.3 million principal of its 2.50% convertible senior notes, using $35.5 million in cash and issuing 569,023 common shares. The transaction eliminates near-term debt obligations and reduces future interest expense.
4. 2026 Guidance and Pipeline
The company projects a revenue run rate above $450 million in 2026, supported by a minimum $350 million supply agreement over 36 months and upcoming product launches. Meanwhile, the MNKD 201 idiopathic pulmonary fibrosis program is in phase 1B with data expected in H2 2026, and gross margins are forecast to dip slightly before improving with an auto-injector rollout.