During the quarter, MannKind pulled in $10.1 million in revenue for Afrezza, its inhalable insulin, a 30 percent increase compared to sales in the same quarter of 2019.
The Westlake Village biotech company reported an adjusted net loss of $13.2 million (-6 cents a share). That’s narrower than the net loss of $14.3 million (-7 cents) in the same period a year earlier. Revenue was $18.4 million, an increase from $16 million the same quarter the previous year.
Analysts on average expected earnings equal to -4 cents on revenue of $16.2 million, according to Yahoo Finance.
Total revenue for the year was $65.1 million, with Afrezza sales making up $32.3 million of that figure. Total revenue for 2019 was $63 million with $25.3 million from Afrezza.
Chief Executive Michael Castagna told analysts on a conference call that the company’s acquisition of Pennsylvania-based QrumPharma and collaboration with Vertice Pharma in New Jersey, both announced in December, will help them develop new treatments.
Qrum develops inhalable treatments for pulmonary infections; Vertice owns FDA-approved Thyquidity, an oral replacement therapy for hypothyroidism.
Castagna added that United Therapeutics, which has a licensing and collaboration agreement with MannKind to develop a dry inhalable powder to treat pulmonary arterial hypertension, plans to submit a new drug application for Tyvaso DPI in April. The drug uses treprostinil, developed through the collaboration.
Shares of MannKind (MNKD) closed Thursday down 37 cents, or more than 6 percent, to $5.61 on the Nasdaq.