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MannKind Corporation Reports 2012 Third Quarter Financial Results

MannKind Corporation (Nasdaq: MNKD) today reported financial results for the third quarter ended September 30, 2012.

For the third quarter of 2012, total operating expenses were $35.5 million compared to $32.8 million for the third quarter of 2011, an increase of $2.7 million. Research and development (R&D) expenses were $25.4 million for the third quarter of 2012 compared to $23.1 million for the same quarter in 2011, an increase of $2.3 million. This 10.0% increase was primarily due to an increase of $7.0 million in clinical trial-related activities in the third quarter of 2012, offset in part by a non-recurring $4.1 million expense recorded in the third quarter of 2011 in connection with the settlement of the terminated insulin supply agreement. General and administrative (G&A) expenses were $10.1 million for the third quarter of 2012 compared to $9.6 million for the same quarter of 2011, an increase of $0.5 million. This 5.2% increase in G&A expense was primarily due to an increase in the litigation settlement accrual recorded in the third quarter of 2012.

For the first nine months of 2012, operating expenses totaled $113.5 million compared to $110.0 million in the first nine months of 2011, an increase of $3.5 million. Total R&D expenses were $76.2 million for the first nine months of 2012 compared to $79.7 million in the same period in 2011, a decrease of $3.5 million. This 4.4% decrease was primarily due to a non-recurring $16.0 million expense recorded during the first nine months of 2011 in connection with the settlement of the terminated insulin supply agreement and decreased salary-related expenses of $7.9 million resulting from the February 2011 restructuring, offset by $20.2 million in increased clinical trial-related expenses in the first nine months of 2012. G&A expenses were $37.3 million for the first nine months of 2012 as compared to $30.3 million in the same period in 2011, an increase of $7.0 million. This 23.1% increase was primarily due to the $8.6 million litigation settlement accrual recorded in the first nine months of 2012, partially offset by decreased salary-related costs as a result of the February 2011 reduction in force.

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