MannKind Corp. announced a substantial increase in revenue and a decrease in net loss in the third quarter of 2021 on November 9, despite the announcement since the end of the quarter that the U.S. Food and Drug Administration will not yet approve a treatment for hypertension with which the company develops. United therapeutic.
MannKind, a Westlake Village-based biotechnology company that develops drugs and treatments for people with diabetes and pulmonary arterial hypertension, reported 45% year-on-year revenue growth for the quarter ended September 30. third quarter of 2021, an increase of $ 6.9 million from the third quarter of 2020.
The revenue growth could be directly attributed to the product and treatment of MannKind’s Afrezza inhaler, which saw sales increase by 34% due to higher demand and price on prescriptions, including Lower deductions from gross to net, the company said. Afrezza’s sales were $ 12.5 million in the third quarter of 2021, up from $ 7.5 million a year earlier.
In the third quarter of 2021, MannKind’s net loss was $ 4.4 million, or 2 cents per share. This was an improvement from the third quarter a year earlier, when the company lost $ 11.3 million, or 5 cents per share. Afrezza’s gross profit for the third quarter of 2021 was $ 5.9 million, compared to $ 3.7 million for the same period of 2020.
The lower net loss is a direct result of the strong growth seen by Afrezza, the company said in a press release. Afrezza is an inhaled insulin treatment for patients with type 1 and type 2 diabetes.
“The MannKind team continues to stay focused and execute on our corporate goals of preparing for the commercial launch of Tyvaso DPI, advancing our pipeline and developing Afrezza,” said MannKind CEO Michael Castagna in the communicated.
MannKind’s third trimester was messed up a bit after it ended, with news from the FDA on October 18 that it refused to approve a new drug application for Tyvasio DPI, a treatment developed by MannKind and United for the Pulmonary arterial hypertension and pulmonary arterial hypertension associated with interstitial lung disease.
MannKind shares fell 18% on the news to $ 4.16. The shares recovered some of that loss and closed at $ 4.81 on November 10.
Plans to resubmit the drug are underway, and Castagna said on the company’s earnings call that he expects FDA approval by summer 2022.
Castagna told The Business Times last month that United Therapeutics had entered into a 10-year deal to supply Tyvaso. This is a longer-term commitment than the companies’ initial five-year agreement, he said.
MannKind ended the third quarter with $ 181.1 million in cash and cash equivalents.