MannKind Corporation (NASDAQ:MNKD) Q4 2023 Earnings Conference Call February 27, 2024 5:00 PM ET

Company Participants

Michael Castagna - Chief Executive Officer

Steven Binder - Chief Financial Officer

Conference Call Participants

Andreas Argyrides - Wedbush Securities

Olivia Brayer - Cantor Fitzgerald

Steven Lichtman - Oppenheimer and Company

Oren Livnat - H.C. Wainwright

Thomas Smith - Leerink Partners

Anthony Petrone - Mizuho Group

Operator

Good afternoon and welcome to MannKind Corporation 2023 Fourth Quarter and Full Year Financial Results Earnings Call. As a reminder, this call is being recorded on February 27, 2024, and will be available for playback on the MannKind Corporation website shortly after the conclusion of the call until March 12, 2024.

This call will contain forward-looking statements. Such forward-looking statements are subject to risks and uncertainty, which could cause actual results to differ materially for those stated expectations.

For further information on the Company's risk factors, please see the 10-K report filed with the Securities and Exchange Commission this afternoon, the earning release, and the slides prepared for this presentation.

Joining us today from MannKind are Chief Executive Officer, Michael Castagna; and Chief Financial Officer, Steven Binder.

I will now turn the conference over to Mr. Castagna. Please go ahead, sir.

Michael Castagna

Thank you, Valerie. We have never seen a better time for MannKind than we do today. As we look at our future, it's extremely exciting and I'm never more motivated to ensure we deliver on all key operational opportunities in front of us.

As we think about today, Steve and I will go over the operational pipeline highlights of the financial review, and I'm also here today with Lauren Sabella, our Chief Operating Officer for Q&A.

We will drive shareholder value by making a difference in the lives of the patients we serve. We will make over 25 million doses and devices in 2024 and helped roughly 25,000 patients take a MannKind-produced product in 2023, the most in our history.

In Q4, we had record revenue for Tyvaso on both royalty and collaboration manufacturing, along with record production on Tyvaso cartridges. We advanced our pipeline in both the orphan business as well as the endocrine business, and our endocrine business hit its second consecutive profitable quarter.

We finished a year in the strongest position we have been in, in terms of financial ability, as well as by selling the Tyvaso -- 1% of our Tyvaso royalty for $150 million upfront and $50 million in revenue milestones.