MannKind Corp. (MNKD) stock prices were up 2.57% as of the market closing on August 11th 2021. This brought the price per share up to USD$3.99 at the end of the trading day. Subsequent premarket fluctuations saw the stock fall by 5.76%, bringing it down to USD$3.76.
MNKD Stock’s Revenue Reports
Total revenues for the second quarter of fiscal 2021 were reported at USD$23.3 million, representing a 54% increase. Afrezza net revenue was reported at USD$10 million, while collaboration and services revenue came in at USD$13.3 million. This represents a 43% increase in Afrezza net revenue from the USD$7 million reported in the prior year quarter. This year-over-year difference is largely driven by higher prescription demand. The negative effects of the Covid-19 pandemic in the prior year period further consolidated the yearly difference. Further adding to the year-over-year difference was a more favorable mix of Afrezza cartridges and price.
Gross Profit Reports
Gross profit for the quarter came out to USD$5.6 million, compared to the USD$3.3 million reported in the prior year quarter. The 68% increase was largely attributable to higher Afrezza revenue and increased manufacturing activities. This resulted in a higher amount of costs capitalized to inventory, which was partially offset by a USD$2 million fee. The fee was for an amendment of MNKD’s insulin supply agreement.
Gross Margin and R&D Costs
Gross margin for Q2 2021 was reported at 56%, up from the 47% reported in the prior-year quarter. Excluding the USD$2 million insulin supply amendment fee, the gross margin was 76% on a non-GAAP basis for Q2 2021. This is comparable to the 47% reported in the same period of fiscal 2020. R&D expenses for Q2 2021 came in at USD$2.3 million, up from the USD$1.5 million reported for Q2 2020. The 59% increase was largely driven by increased development activity related to MNKD stock’s product pipeline.
MNKD Stock’s SG&A Costs
SG&A costs for Q2 2021 were reported at USD$20.1 million, up from the USD$13.7 million for the second quarter of 2020. The 47% increase was largely driven by the expansion of MNKD stock’s Afrezza related investment. Lowered expenses in 2020 from reduced compensation and field force activities also drove the yearly difference.
Future Outlook for MNKD Stock
MNKD is poised to capitalize on the momentum generated by the strength of its financial reports for Q2 2021. The company is keen to leverage the resources at its disposal to continue its trajectory of success. Investors are confident in management’s ability to facilitate consistent returns in shareholder value.
