MannKind Corporation (NASDAQ:MNKD) has recently released its third quarter earnings report.
“We began distributing MannKind branded Afrezza products to wholesalers during the week of July 25, 2016,” emphasized the company about the third quarter.
Q3 Financial Results
MannKind had a total revenue of $162.35 million, including a collaboration revenue of $161.78 million and commercial products revenue of $0.57 million.
The company had incurred a total of $44.13 million in total costs, up year-over-year from $26 million. This includes collaboration product costs of $22.74 million; selling, general, and administrative (SG&A) costs of $13.14 million, up year-over-year from $11.55 million; cost of goods sold of $4.33 million, down year-over-year from $8.12 million; and research and development (R&D) costs of $3.92 million, down year-over-year from $6.34 million. Consequently, operating income had come in at $118.23 million, which is comparable to an operating loss of $26 million recorded during the same period in 2015.
MannKind had a net income of $126.52 million, which is comparable to a net loss of $31.86 million recorded during the same period last year. Consequently, basic and diluted earnings per share (EPS) had come in at $0.26, which is comparable to the $(0.08) recorded during the same period last year.
Year-to-Date (YTD) Financial Results
YTD, the company has a total revenue of $162.35 million, including a collaboration revenue of $161.78 million and commercial products revenue of $0.57 million.
MannKind has incurred a total of $83.26 million in total costs, up year-over-year from $71.79 million. This includes SG&A costs of $31.60 million, down year-over-year from $32.65 million; collaboration product costs of $22.74 million; cost of goods sold of $15.57 million, down year-over-year from $15.69 million; and R&D costs of $13.36 million, down year-over-year from $23.46 million. Consequently, it has an operating income of $79.09 million, which is comparable to an operating loss of $71.79 million recorded during the same period in 2015.
MannKind has a net income of $71.69 million, which is comparable to a net loss of $91.43 million recorded during the same period last year. This means that basic and diluted EPS YTD stands at $0.16.
MannKind has closed at $0.65 on Friday.
