It is what we said it is
Late yesterday MannKind (NASDAQ:MNKD) released their first quarter results which was followed by a call this morning. Not surprisingly the company acknowledge what everyone already knew that sales of Afrezza haven’t been going all that well. Management outlined numerous reasons for this less than stellular start most of which centered upon the business aspects of selling Afrezza. Basically what management acknowledged is what Diabetic Investor has been saying all along – the issues facing Afrezza are very real and this has nothing to whether patients like using Afrezza.
Still in typical MannKind fashion, a company well known for making outrageous statements, management noted the iPhone wasn’t popular when it first came to market and it took time for it to become a hit. The problem is the iPhone wasn’t facing the many real issues facing Afrezza.
The fact is Afrezza is what we said it is – nothing more than a niche product. That the therapeutic aspects should not be confused with the issues facing the drug. The fact is Afrezza does work and there are patients who will benefit from using the drug. The problems facing Afrezza are directly related to the business aspects of diabetes, things like poor formulary presence, obtaining broader coverage and the additional tests required by the physician.
Now we’re sure MannKind supporters will explain away any negatives from today’s call and stress patience. They will continue to point to Afrezza reviews on social media, they will say the direct to consumer ad campaign is coming and it’s only a matter of time before sales ramp upward. They will do all this as shares of MannKind continue to sink into the abyss.
Now far be it from Diabetic Investor to gloat but when it comes to Afrezza – it is what we said it is.