Piper Jaffray analyst Joshua Schimmer says MannKind (MNKD) is closer to insolvency after it announced that Sanofi (SNY) was terminating its license for Afrezza and returning rights to the product. Today's selloff in MannKind might still not reflect the greater than 400M shares outstanding, the company's net debt obligation and it modest cash position, Schimmer tells investors in a research note. He is skeptical that MannKind can find a new commercial partner for Afrezza and reiterates an Underweight rating on the name. The stock is down 39c to $1.06 in early trading.

Reports business EPS of EUR 1.78, down 17.6% reported and 7.4% at CER. Reports Q1 IRFS net sales EUR 10.464B, up 2.4%. Paul Hudson, Chief Executive Officer, commented: "We are off to an excellent start in 2024, delivering on our strategic priorities and a transformation of our portfolio of medicines and vaccines to become a development-driven, tech-powered biopharma company committed to serving patients and accelerating growth. Continued strong performance by Dupixent and our new launches drove sales growth of seven percent. In parallel, we are delivering on our promise of increased investments in our late-stage pipeline to fully realize its value for patients and Sanofi. We are awaiting regulatory decisions for Dupixent in COPD, a progressive disease with limited effective treatment options. If approved, Dupixent will be the first biologic treatment in COPD. With the robust progress in our portfolio transformation, we reaffirm our financial guidance for 2024."