MannKind Corporation (NASDAQ:MNKD) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET
Company Participants
Michael Castagna - CEO
Steven Binder - CFO
Conference Call Participants
Oren Livnat - H.C. Wainwright
Brandon Folkes - Cantor Fitzgerald
Anish Nikhanj - RBC Capital Markets
Thomas Smith - SVB Securities
Steven Lichtman - Oppenheimer
Anthony Petrone - Mizuho
Operator
Good afternoon. And welcome to the MannKind Corporation 2023 First Quarter Financial Results Earnings Call. As a reminder this call is being recorded on May 9, 2023 and will be available for playback on the MannKind Corporation website shortly after the conclusion of this call until May 23 2023.
This call will contain forward-looking statements. Such forward-looking statements are subject to risk and uncertainty which could cause actual results to differ materially from these stated expectations. For further information on the company's risk factors, please see their 10-Q report filed with the Securities and Exchange Commission this afternoon, the earnings release, and the slides prepared for this presentation.
Joining us today for MannKind are Chief Executive Officer, Michael Castagna; and Chief Financial Officer, Steven Binder.
I would now like to turn the conference over to Mr. Castagna. Please go ahead, sir.
Michael Castagna
Thank you, operator. Hope everyone is having a great afternoon. At MannKind, our mission is to give people control of their health and the freedom to live life, and what we call that is Life More Humann. We're really excited about our first quarter highlights of 2023. Number one, our UT collaboration is strong. Patient demand has driven royalty revenue growth of 29% versus Q4 of ‘22. We're currently undergoing manufacturing capacity expansion, which I'll talk later in this call. Our pipeline is quickly moving ahead with Inhaled Clofazimine going into Adaptive Phase 2/3, and we had a very successful pre-ID meeting with FDA on MannKind 201, in which we received written comments on how to proceed.
Our endocrine business underlying business is strong with Afrezza growing 26% versus 2022, and we had sequential growth over Q4 versus the traditional decline that we see in the New Year. Additionally, we are kicking off our first large phase 4 trial in a health rate called Pump Sparing, which is going to be head-to-head against the standard of care, and that should be enrolling hopefully late this quarter, early next quarter. And in V-Go, we dropped that product in our Afrezza sales bag starting in Q1, and we expect to continue growth throughout Q2 and beyond.