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MannKind serves patients with lung disease, diabetes and fluid buildup. Most of its revenue comes from Tyvaso DPI, an inhaled treatment for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. United Therapeutics markets the treatment, pays MannKind for the product it manufactures and supplies, and pays royalties tied to net sales. United Therapeutics controls marketing, pricing and sales, so this income depends heavily on its commercial priorities.
MannKind also earns revenue from selling its own products in the United States: Afrezza delivers insulin by inhalation, V-Go is a wearable insulin-delivery device, and Furoscix delivers furosemide through an on-body infusor to treat fluid buildup associated with chronic heart failure or chronic kidney disease. Sales depend substantially on insurers and other healthcare payers covering the products and providing adequate reimbursement.
Supply is another important dependency. MannKind’s Connecticut facility is the sole manufacturing location for Afrezza and Tyvaso DPI, and Amphastar is its only qualified insulin supplier for Afrezza. Furoscix and V-Go rely on contract manufacturers. MannKind may promote prescription products only for approved uses and within approved labeling.
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United Therapeutics’ Tyvaso DPI sales to pulmonary hypertension patients feed MannKind’s revenue: it buys finished medicine and inhalers from MannKind and pays sales royalties. Watch Tyvaso DPI net sales, on which MannKind retains a 9% royalty.
Liquidia Corporation’s YUTREPIA inhalation powder competes with Tyvaso DPI for patients with pulmonary arterial hypertension or pulmonary hypertension associated with interstitial lung disease, threatening MannKind’s royalties and manufacturing revenue. YUTREPIA sales are the line to watch for this competitive pressure.
MannKind depends on Amphastar Pharmaceuticals for the insulin used in Afrezza, its inhaled insulin for adults with diabetes; Amphastar’s French subsidiary was its only qualified source as of December 31, 2025. Watch progress in qualifying the upgraded insulin made there, as Amphastar says MannKind will not buy its recombinant human insulin for at least the next two years during that process.
Novo Nordisk competes for MannKind’s diabetes patients with mealtime insulin against inhaled Afrezza, long-acting basal insulin as an alternative to the V-Go wearable insulin-delivery device, and GLP-1 diabetes treatments. Its diabetes business, rather than its obesity or rare-disease business, is the relevant area to watch.
Eli Lilly competes directly with MannKind’s inhaled Afrezza by selling rapid-acting mealtime insulin to diabetes patients, while its GLP-1 injections offer another treatment option. Watch news about these diabetes treatments for pressure on Afrezza, rather than Lilly’s overall drug sales.
Sanofi competes for MannKind’s diabetes patients with rapid-acting mealtime insulin against inhaled Afrezza and long-acting basal insulin as an alternative to V-Go’s wearable insulin delivery. Its insulin sales and product news matter more to this tie than its vaccine business.
MannKind relies on West Pharmaceutical Services to manufacture the wearable infusor that delivers Furoscix, its medicine for edema in heart failure or chronic kidney disease. West supplies drug-delivery products to pharmaceutical companies; its Furoscix supply agreement runs through December 31, 2027, making that device’s supply the relevant news to watch.
Medtronic’s insulin pumps for people with Type 1 and Type 2 diabetes compete with MannKind’s V-Go wearable insulin-delivery device. Watch its pump improvements and launches for changes in the alternatives available to patients prescribed insulin-delivery devices.
Eli Lilly & Co. earningsLLY
Eli Lilly’s report will show demand for rapid-acting mealtime insulin in its diabetes business, a competitive reference for MannKind’s Afrezza.
Look for sales or demand information on mealtime insulin in Lilly’s diabetes business, not its overall drug sales. Stronger demand for competing mealtime insulin would show that patients and clinicians are using this treatment approach more, potentially increasing pressure on Afrezza. Weaker demand would be a softer competitive signal, but would not establish Afrezza’s own sales.
West Pharmaceutical Services, Inc. earningsWST
West Pharmaceutical Services’ report will show manufacturing and supply conditions in its drug-delivery business, a clue to the availability of MannKind’s Furoscix infusor.
Watch West’s disclosures on manufacturing, orders and deliveries in drug-delivery products. It makes the wearable infusor for Furoscix under a supply agreement running through the end of 2027. Steady activity and deliveries would offer no obvious supply warning; manufacturing or delivery problems could constrain MannKind’s Furoscix supply, but would not prove it has been interrupted.
Liquidia Corporation earningsLQDA
Liquidia Corporation’s report will show YUTREPIA sales, a measure of competitive pressure on the Tyvaso DPI supply revenue and royalties MannKind receives.
Watch YUTREPIA sales and commercialization in the pulmonary hypertension treatment markets it shares with Tyvaso DPI. Stronger sales would suggest it may be winning patients from the same market, putting pressure on United Therapeutics’ Tyvaso DPI sales and therefore on MannKind’s supply revenue and retained 9% royalty. Weaker sales would offer less evidence of competitive pressure, but would not establish Tyvaso DPI sales.
Mannkind Corporation earningsThis company
MannKind’s report will show how sales of its own products and Tyvaso DPI-related revenue each changed, revealing which parts of the business drove growth.
Separate net commercial product sales from collaborations and services revenue and royalties. The first reflects sales of Afrezza, Furoscix and V-Go; the latter lines mainly reflect MannKind’s supply of Tyvaso DPI to United Therapeutics and royalties tied to its net sales. If own-product sales rise alongside collaboration revenue and royalties, growth is coming from more than one source. If own-product sales weaken while the partnership lines support revenue, the business is more dependent on United Therapeutics’ sales.
United Therapeutics Corp earningsUTHR
United Therapeutics’ report will show Tyvaso DPI sales, which drive MannKind’s product-supply revenue and retained 9% royalty.
Focus on United Therapeutics’ Tyvaso DPI net sales and relate them to MannKind’s supply and royalty revenue. Higher net sales would generally mean more product supplied by MannKind and support its 9% royalty on net sales; lower net sales would weaken both revenue streams and underscore MannKind’s dependence on United Therapeutics’ commercialization.
