MannKind (MNKD) Expands United Therapeutics Deal Can New Platform Revenues Transform Its Long-Term Story?

• On August 24, 2025, United Therapeutics announced an amendment to its collaboration agreement with MannKind, broadening the partnership to cover an additional development product using MannKind’s Technosphere platform and triggering an upfront payment plus potential milestone and royalty revenues for MannKind.
• This expanded collaboration highlights external confidence in MannKind’s core inhaled drug delivery technology and secures new opportunities for diversified, platform-driven revenue streams beyond its existing portfolio.
• We’ll take a look at how this expanded partnership with United Therapeutics strengthens MannKind’s investment narrative through channeling new platform validation and pipeline opportunities.

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MannKind Investment Narrative Recap

Owning MannKind stock means buying into the potential of its inhaled drug delivery platform and staying focused on commercial execution for Afrezza, despite current challenges in broader prescriber adoption. The recently expanded collaboration with United Therapeutics boosts long-term validation and provides new milestone and royalty revenue opportunities, but it does not meaningfully change Afrezza’s near-term adoption hurdles or MannKind’s concentrated revenue risk, which remain key factors for the business in the immediate future.

Among recent company announcements, MannKind’s amendment to the United Therapeutics agreement stands out as most relevant, as it signals renewed external support for the Technosphere platform and brings fresh funding to help fuel additional pipeline development. While the upfront and milestone payments provide some near-term upside, investors are likely to keep their attention fixed on Afrezza’s commercial uptake as the main short-term catalyst for revenue and earnings.

Yet, against these positives for the platform, it’s important to remember the concentrated revenue risk remains a real consideration if...

Read the full narrative on MannKind (it's free!)

MannKind's outlook anticipates $441.1 million in revenue and $71.3 million in earnings by 2028. This scenario assumes a 13.5% annual revenue growth rate and a $38.5 million increase in earnings from the current $32.8 million.

Uncover how MannKind's forecasts yield a $9.71 fair value, a 69% upside to its current price.

Exploring Other Perspectives

Three individual Simply Wall St Community fair value estimates for MannKind range widely from US$7.42 to US$20.45 per share. Views differ sharply, while the partnership news highlights how external collaborations may shape future performance, read on for detailed insights from both sides.

Explore 3 other fair value estimates on MannKind - why the stock might be worth over 3x more than the current price!

Build Your Own MannKind Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your MannKind research is our analysis highlighting 4 key rewards and 3 important warning signs that could impact your investment decision.
• Our free MannKind research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate MannKind's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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