What happened
Commercial-stage biotech MannKind (MNKD 1.20%) was a top choice of investors on the second day of the trading week. Tuesday saw MannKind's share price leap by almost 19%, making it stand out on a day when the S&P 500 index slumped by 0.4%.
So what
The reason for the stock's jump wasn't hard to tease out.
MannKind, which concentrates on developing treatments for endocrine and lung disorders, published its second-quarter results that day.
The company's total revenue was $48.6 million, a vast improvement over the $18.9 million it earned in the same period of 2022. The net loss according to non-GAAP (generally accepted accounting principles) adjusted standards narrowed dramatically, coming in at $366,000 ($0.00 per share) against the year-ago shortfall of over $29 million.
Analysts weren't forecasting such solid performance. On average, they were estimating MannKind would book just under $43 million on the top line and post an adjusted net loss of $0.04 per share.
The most notable jumps in revenue for MannKind during the quarter came from collaborations. Royalties from the company's partnerships brought in more than $19 million in the quarter, well up from the $304,000 in the same time frame last year.
Now what
MannKind has also effectively leveraged its two approved insulin treatments: the inhalable Afrezza and the V-Go patch. In the earnings release, it quoted CEO Michael Castagna as saying the company "optimized our commercial operations" supporting the two products. As a consequence, its endocrine business unit should become profitable starting next year.
CORRECTION: The original version of this report misstated the size of MannKind's second-quarter adjusted net loss. It is $366,000.
