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MannKind Afrezza Contributes to Sanofi's Subpar Diabetes Unit Sales

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PARIS (TheStreet ) -- Sales of MannKind's (MNKD ) inhaled insulin Afrezza totaled €1 million in the first quarter of its commercial launch, marketing partner Sanofi (SNY ) reported Thursday.

Afrezza sales reported by Sanofi presumably includes inventory stocking, but the company did not break down the results further. Sanofi began selling Afrezza in early February.

In today's dollars, Afrezza sales were just over $1.1 million in the quarter, well below the MannKind analyst consensus target in the range of $3 million to $4 million. The Afrezza sales miss was anticipated, however, based on generally weak prescription numbers compiled by tracking services like IMS Health.

Asked to assess the nascent Afrezza launch, a Sanofi spokesperson said, "The initial rollout of Afrezza is

targeted and focused on building awareness behind the product and appropriate usage. Because of requirements imposed by the FDA for starting patients on this therapy and the necessary time to gain market access, it will take time for Afrezza to demonstrate its potential. Additional activities planned for 2015 include a direct-to-consumer campaign and the launch of the 12-unit cartridge planned for the second half of 2015."

Sanofi's total diabetes sales were €1.84 billion in the quarter, a decrease of 3.2% from the previous year. The company said diabetes sales would likely fall approximately 3% for the remainder of the year due to competition and pricing pressure in the U.S. Previously, Sanofi expected sales in its diabetes unit to remain "broadly stable" in 2015.

Category: Forex

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