89.4 F
San Fernando
Thursday, Feb 22, 2024

MannKind’s Earnings Buoyed

Thanks to one-time payments, MannKind Corp. beat Wall Street estimates on earnings and revenue for the third quarter. The Valencia biotech firm on Wednesday reported net income of $127 million (26 cents a share) for the quarter ending Sept. 30, compared to a net loss of $31.9 million (-8 cents) in the same period a year earlier. Revenue was $162 million. Analysts on average expected a loss equal to 6 cents a share on revenue of $2 million, according to Thomson Financial Network. MannKind received deferred payments of $200 million from Sanofi S.A., its former partner in distributing Afrezza, an inhalable insulin developed by MannKind. The payments were offset by a net $64.8 million loss from its share of the partnership that was terminated earlier this year. Shares on Wednesday closed up nearly 4 cents, or more than 8 percent, to 47 cents on the Nasdaq.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

Featured Articles

Related Articles