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Conference Alarm to Begin Today at 9:00 AM ET



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WESTLAKE VILLAGE, Calif., Nov. 01, 2018 (GLOBE NEWSWIRE) — MannKind Corporation (MNKD) today appear banking after-effects for the third division concluded September 30, 2018.

“In 3Q 2018, we accomplished on both of our accumulated bulk drivers, Afrezza and Technosphere Platform, by signing a all-around licensing and accord acceding for Treprostinil Technosphere and a analysis acceding for an bearding Technosphere conception with upfront payments from these deals accustomed in the aftermost two months. Our sales and business efforts abide to appearance advance in growing Afrezza sales as the 3Q revenues accept added than angled from 3Q 2017,” said Michael Castagna, Chief Executive Officer of MannKind Corporation.

Third Division Results



For the third division of 2018, Afrezza net acquirement was $4.4 million, an access of 121% compared to $2.0 actor for the third division of 2017, absorption added artefact appeal and appraisement as able-bodied as a added favorable mix of cartridges.

Cost of appurtenances awash was $5.3 actor for the third division of 2018, an access of 16% compared to $4.6 actor for the aforementioned aeon in 2017, which was apprenticed by an added write-off of expiring account in the bulk of $0.7 million.

Research and development (R&D) costs for the third division of 2018 were $2.0 actor compared to $4.4 actor for the third division of 2017, a abatement of $2.4 actor or 53%, absorption $1.0 actor in lower bacon accompanying costs (for cadre who were affianced in analysis and development activities in 2017 but who accept transitioned to Afrezza bartering abutment activities), lower analytic balloon amount of $0.9 million, a abatement in headcount of $0.4 actor and lower analysis and development accumulation costs of $0.2 million. These decreases were account by increases in banal advantage amount and in biking costs of $0.2 million.

Selling, accepted and authoritative (SG&A) costs were $19.4 actor for the third division of 2018 compared to $17.7 actor for the third division of 2017.  The $1.7 actor or 9% access was primarily due to a business and announcement amount access of $1.2 million, an access in bartering operations headcount of $0.9 million, an access in sample spending of $0.3 actor which were account by lower adeptness costs of $0.5 actor and a abatement in accepted and authoritative cadre severance costs of $0.4 million.

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Interest amount on addendum was $1.0 actor for the third division of 2018 compared to $2.3 actor for the third division of 2017. The $1.3 actor or 57% abatement was primarily due to a abridgement in the arch debt balances.

The net accident for the third division of 2018 was $24.2 million, or $0.16 per share, compared to the $32.9 actor net accident in the third division of 2017 or $0.31 per share.  The lower accident per allotment is attributable to an access in revenues, lower costs and an access in shares acclimated to compute the basal and adulterated net accident per share.

Nine Months Concluded Results

For the nine months concluded September 30, 2018, Afrezza net acquirement was $11.5 million, an access of 144% compared to $4.7 actor for the aforementioned aeon in 2017, absorption added artefact appeal and appraisement as able-bodied as a added favorable mix of cartridges.

Cost of appurtenances awash for the nine months concluded September 30, 2018 was $14.4 actor compared to $12.2 actor for the nine months concluded September 30, 2017.  This access of $2.2 actor or 18% was primarily attributable to a $1.2 actor access consistent from college Afrezza sales, an access of $0.9 actor of balance accommodation costs and a $0.4 actor accomplished bill accident from insulin purchases which were account by a $0.3 actor adjustment of a acclaim accompanying to a acquirement of insulin.  Account write-offs of $1.8 actor for the nine months concluded September 30, 2018 remained collapsed compared to 2017.

R&D costs for the nine months concluded September 30, 2018 were $7.7 actor compared to $10.6 actor for the aforementioned aeon in 2017. This $3.0 actor or 28% abatement was primarily attributable to a $2.2 actor abatement in salary-related costs (for cadre who were affianced in analysis and development activities in 2017 but who accept transitioned to Afrezza bartering abutment activities), a abatement in headcount of $0.7 million, a abatement in analysis and development accumulation costs of $0.5 million, and a abatement in bacon accompanying costs for cadre acknowledging accomplishment and assembly activities of $0.4 million. These decreases were account by an access in alteration and recruiting fees of $0.6 actor added an access in consulting casework costs of $0.4 actor in affiliation with all-embracing authoritative activities.

Story Continues

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SG&A costs were $61.7 actor for the nine months concluded September 30, 2018 compared to $51.7 actor for the aforementioned aeon in 2017.  The $10.0 actor or 19% access was primarily due to an access in headcount-related costs associated with bartering operations of $3.5 actor and accepted and administering cadre of $2.5 million, a $2.2 actor access in salary-related costs (for cadre who were affianced in analysis and development activities in 2017 but who accept transitioned to Afrezza bartering abutment activities), an access in stock-based advantage amount of $1.9 million, a $1.1 actor access in the amount of transitioning accumulated abutment functions from Connecticut to our address in California and an access in consulting fees in affiliation with accumulated strategies of $0.9 million, which were account by lower business costs of $1.6 actor and a abatement in adeptness costs of $0.7 million.

Interest amount on addendum was $4.5 actor for the nine months concluded September 30, 2018 compared to $7.4 actor for the aforementioned aeon in 2017. The $2.9 actor or 40% abatement was primarily due to a abridgement in the arch debt balances.

The net accident for the nine months concluded September 30, 2018 was $77.2 million, or $0.56 per share, compared to $84.5 actor for the nine months concluded September 30, 2017, or $0.84 per share.  The lower net accident per allotment is attributable to an access in revenues, a abatement in costs and an access in shares acclimated to compute basal and adulterated net accident per share.

Cash and Banknote Equivalents

Cash, banknote equivalents and belted banknote at September 30, 2018 was $11.0 actor compared to $48.4 actor at December 31, 2017, primarily due to net banknote acclimated in operating activities of $62.7 million, across-the-board of $10.0 actor accustomed from United Therapeutics in September 2018, primarily account by $26.4 actor of net gain from a registered absolute alms of 14 actor shares of accepted banal and warrants at a acquirement amount of $2.00 per allotment and accompanying warrant.

Conference Alarm

MannKind will host a appointment alarm and presentation webcast to altercate these after-effects today at 9:00 a.m. Eastern Time. To appearance and accept to the balance alarm webcast alive via the Internet, appointment the Company’s website at www.mannkindcorp.com and bang on the “Q3 2018 MannKind Balance Appointment Call” articulation in the Webcasts area of News & Events.  To participate in the alive alarm by telephone, amuse punch (888) 394-8218 toll-free or (323) 701-0225 toll/international and use the appointment passcode: 5666425.

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A blast epitomize of the alarm will be attainable for about 14 canicule afterward achievement of the alarm by dialing (844) 512-2921 toll-free or (412) 317-6671 toll/international and use the epitomize passcode: 5666425.  A epitomize will additionally be attainable on MannKind’s website for 14 days.

About MannKind Corporation

MannKind Corporation (MNKD) focuses on the development and commercialization of inhaled ameliorative articles for patients with diseases such as diabetes and pulmonary arterial hypertension. MannKind is currently commercializing Afrezza® (insulin human) Inhalation Powder, the Company’s aboriginal FDA-approved artefact and the alone inhaled rapid-acting mealtime insulin in the United States, area it is attainable by decree from pharmacies nationwide.  MannKind is headquartered in Westlake Village, California, and has a state-of-the art accomplishment adeptness in Danbury, Connecticut. The Company additionally employs acreage sales and medical assembly beyond the U.S. For added information, appointment www.mannkindcorp.com.  

Forward-Looking Statements

This columnist absolution contains advanced statements that absorb risks and uncertainties, including statements apropos MannKind’s adeptness to anon commercialize biologic products. Words such as “believes”, “anticipates”, “plans”, “expects”, “intend”, “will”, “goal”, “potential” and agnate expressions are advised to analyze advanced statements. These advanced statements are based aloft the MannKind’s accepted expectations. Actual after-effects and the timing of contest could alter materially from those advancing in such advanced statements as a aftereffect of these risks and uncertainties, which include, afterwards limitation, the adeptness to accomplish cogent artefact sales for MannKind, MannKind’s adeptness to administer its absolute banknote assets or accession added banknote resources, banal amount animation and added risks abundant in MannKind’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year concluded December 31, 2017 and consecutive alternate letters on Form 10-Q and accepted letters on Form 8-K. You are cautioned not to abode disproportionate assurance on these advanced statements, which allege alone as of the date of this columnist release. All advanced statements are able in their absoluteness by this cautionary statement, and MannKind undertakes no obligation to alter or amend any advanced statements to reflect contest or affairs afterwards the date of this columnist release.

Company Contact: Rose AlinayaSVP, Investor Relations and Treasury818-661-5000ir@mannkindcorp.com

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