MannKind Corporation has reported its financial results for the second quarter of 2024, showing a substantial increase in total revenues. The company's total revenues for the quarter were $72 million, up 49% from the same period in 2023. Year-to-date 2024, total revenues reached $139 million, marking a 55% increase compared to the same period in 2023.
The revenue highlights for the second quarter of 2024 include: Royalties from collaboration increased by $6.5 million, or 34%, compared to the same period in 2023. Revenue from collaborations and services surged by $14.8 million, representing a remarkable 132% increase from the second quarter of 2023. Net revenue from Afrezza increased by $2.8 million, or 20%, compared to the same period in 2023. Net revenue from V-Go decreased by $0.3 million, or 7%, compared to the same period in 2023.
The commercial product gross margin for the second quarter of 2024 was 73%, a slight increase from the 72% gross margin in the same period in 2023, primarily driven by the increase in Afrezza net revenue.
Moreover, the company's research and development ("R&D") expenses for the second quarter of 2024 were $11.8 million, a $5.4 million increase from the same period in 2023, largely due to higher costs for development activities for certain programs.
Looking at the first half of 2024, MannKind Corporation continued to demonstrate strong financial performance with total revenues reaching $138.6 million, up 55% from the same period in 2023.
The revenue highlights for the first half of 2024 include: Royalties from collaboration saw a significant increase of $17.5 million, or 57%, compared to the same period in 2023. Revenue from collaborations and services surged by $28.3 million, representing a remarkable 125% increase from the first half of 2023. Net revenue from Afrezza increased by $4.8 million, or 18%, compared to the same period in 2023. Net revenue from V-Go decreased by $1.1 million, or 11%, compared to the same period in 2023.
The commercial product gross margin for the first half of 2024 was 76%, showing a substantial increase from the 70% gross margin in the same period in 2023, primarily attributable to the increase in Afrezza net revenue.
As for non-GAAP measures, the company reported a non-GAAP net income of $29 million for the year-to-date 2024.
In terms of clinical development, MannKind Corporation provided updates on various programs, including advancements in orphan lung programs to human studies and the initiation of phase 1 clinical trials for certain treatments.
The market has reacted to these announcements by moving the company's shares -4.6% to a price of $5.03. For more information, read the company's full 8-K submission here.
