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Q4 and Year End 2017

Earnings Call
February 27, 2018

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Cautionary Statement
Today’s call includes forward-looking statements relating to the development,
commercialization and benefits of our products and investigational product
candidates, including AFREZZA®, that are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
projected herein. The words "believe," "expect," "intend," "anticipate," "plan,"
variations of such words, and similar expressions identify forward-looking
statements, but their absence does not mean that a statement is not forward-
looking. These forward-looking statements are not guarantees of future
performance and are subject to certain risks, uncertainties, and assumptions
that are difficult for us to predict and include, without limitation, our ability
to generate significant product sales, our ability to manage our existing cash
resources or raise additional cash resources, stock price volatility and other
risks detailed in MannKind’s filings with the Securities and Exchange
Commission. For detailed information about the risks and uncertainties that
could cause actual results to differ materially from those implied by, or
anticipated in, these forward looking statements, please refer to our current
and periodic reports filed with the Securities and Exchange Commission from
time to time, including our annual report on Form 10-K for the year ended
December 31, 2017.
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Today’s Agenda

Overview & Highlights Michael Castagna

Financial Review Steven Binder

Commercial Review Pat McCauley

Medical and Regulatory Review David Kendall

Q&A All

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David M. Kendall, MD
Corporate Vice President and Chief Medical Officer

 Native of Minneapolis and St. Peter, Minnesota


– St. Olaf College
– University of Minnesota Medical School
 Assistant – Associate Professor of Medicine – Univ. of Minnesota
 International Diabetes Center (Minneapolis, MN)
– Medical Director and Chief of Clinical Services
 Amylin Pharmaceuticals – Executive Medical Director
 American Diabetes Association – Chief Scientific & Medical Officer
 Lilly Diabetes (Eli Lilly & Co)
– VP Global Medical Affairs and Distinguished Medical Fellow

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Q4 and YE 2017 Overview

Michael Castagna
Chief Executive Officer

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Transformational Growth is Built Around Afrezza

Sustained
Growth
Stability (2018)
(2017)

Survival
(2016)

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Key Highlights Since Jan 2017
 Successfully transitioned into a fully integrated biopharmaceutical
company
– Established experienced executive team and expanded talent base
– Built core commercial, medical and back-end capabilities that are scalable
– Positioned MannKind to be at the forefront of diabetes treatment and
technology

 Executed several new clinical trials and mined existing data


– STAT study completed in December; ADA abstracts submitted
– Expand the scientific knowledge and awareness of Afrezza

 Three positive interactions w/FDA: EpiHale, TreT & Afrezza Label


update
– Advanced the pipeline with the filing of TreT IND to start Phase 1

 Simplified capital complexity and increased financial flexibility


– Restructured and/or eliminated over $80M in near term outstanding debt

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Reduced or Restructured >$80M in Deerfield and
Senior Convertible Debt Over Past 12 Months

Deerfield & Senior Convertible Notes


120.0

102.7 (15.0)
100.0
Deerfield
(14.0) Conversion
Up To
80.0 (50.0)
$M

60.0

40.0 2017

20.0 $5.15
Convertible
Convertible note was moved 4 years from Oct 2017 note
0.0
31-Dec-16 2Q2017 4Q2017 2018/2019 2019 2020* 2021

*Mann Group debt of $80M not included in this summary due to initial
recapitalization focus on near term maturities
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Financial Review

Steven B. Binder
Chief Financial Officer

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Recap Progress – Efficient Use of Equity

Description Date Action Common Shares Outcome


Warrants Q3 Repurchase -1.3M + 9.7M = +8.4M Secured 8.4M shares
Equity Raise Q4 Registered Direct -10.2M Raised $57.7M (net)
Q4 ATM -0.2M Raised $0.5M (net)
Sr Convertible Notes Q4 Debt for Equity -1.0M Reduced debt -$4.0M
Q4 Reserve for Conversion -4.0M $5.15/share
Deerfield Debt Q2 Debt for Equity -5.2M Reduced debt -$6.0M
Q4 Debt for Equity -1.7M Reduced debt -$5.6M
Q1 18 Debt for Equity -1.3M Reduced debt -$3.2M
Q1 18 Reserve for Conversion -10.0M VWAP > $2.75/share

 Raised +$58M
 Reduced debt -$19M
 Convertible debt $51M - $75M

Raised cash and reduced debt with equity for potential combined
value of $128M-$152M at an average of $3.80 - $4.50/share

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2017 Results

Income Statement 3 Months Ended Variance


(In $M) 31-Dec-17 31-Dec-16 vs. 4Q '16
Afrezza Net Revenue 4.5 1.3 238%
Research & Development (3.5) (1.6) 125%
Selling, General & Administration (23.3) (15.3) 52%
Income Statement 12 Months Ended Variance
(In $M) 31-Dec-17 31-Dec-16 vs. '16
Afrezza Net Revenue 9.2 1.9 385%
Cash Flow 3 Months Ended Variance
(In $M) 31-Dec-17 31-Dec-16 vs. 4Q '16
Net Cash Used in Operating Activities (30.0) (12.6) 138%
Balance Sheet As of
(In $M) 31-Dec-17 31-Dec-16
Cash, Cash Equivalents & Restricted Cash 48.4 22.9

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We Achieved Guidance on Net Revenue and Cash

 Actual vs. 2017 2H Guidance


– Afrezza Net Revenue $6M-$10M – Actual $6.4M
– Net Cash Used in Operating Activities $48M-$56M – Actual $53.3M

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Commercial Review

Pat McCauley
Chief Commercial Officer

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4Q Commercial Highlights

 Afrezza® sales and key metrics continued to grow in Q4 2017

 Afrezza® 8 unit and 12 unit volume growth are showing significant


contributions to sales

 Continued successfully recruiting and hiring top talent

 Initiated our regional TV commercial pilot and gained key insights

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Afrezza® Grows Across Key Metrics in 2017

Q1 2017 to Q4 2017 Afrezza® Growth


140%
128%
120%

100% 91% 92%


% Growth

80%

60%

40%

20%

0%
NRx TRx New Writers

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MannKind Promotional Efforts Accelerate
TRx Growth in 4Q
Afrezza® Prescription Counts by Month

2,087 2,100
1,983
Prescription Count

1,842
1,746
1,524 1,564
1,343
1,210
1,130
1,055
973

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2017

Q4 Consecutive Growth – TRx 20%


Source: Symphony Prescriber Source
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Afrezza® Experienced a Reduced January New Year
Script Impact in 2018 versus 2017
Afrezza® TRx Prescription Counts by Month

2,500

2,000
Prescription Count

1,500

1,000

500

0
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2016 2017 2018

December – January TRx Decline:


2017 (-18%) versus 2018 (-7%)
Source: Symphony Prescriber Source
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2017 Afrezza® Top Territory TRx Growth
Demonstrates Future Potential

250
221% Growth
4Q v 1Q
203 Top 10
200
Avg. TRx per Territory

142% Growth
140
4Q v 1Q
150 138

Top 25
94 107
100
78 97% Growth
65 4Q v 1Q
63 55
57 42
50
National
33 Avg.

-
1Q 2Q 3Q 4Q

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2017 Experienced 95% Cartridge Volume Growth:
Mix Highlights the Impact on Value Contribution
Volume Mix Value Contribution
100%
11%
90% 18%
30%
80%

70%
45%
60% 41%

50%
47%
40%

30%

20% 44% 41%


10% 23%

0%
Q1 Cartridge Mix Q4 Cartridge Mix Q4 $ Value (est)
4U 8U 12U
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2018 Afrezza® Messaging Evolution:
18+ Million Patients (OADs, Basal, and MDIs)
Oral Antidiabetic Drugs (OADs)
Basal
Multiple Daily Injections (MDIs)

19%
• 7M+ Patients 44%
>2 OADs • Primary Care Focus 37%

• 6M+ Patients
Basal • Endocrinologist & Primary Care Focus

2017 focus

• 3-5M+ Patients
MDI • Endocrinology Focus

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Regional TV Commercial Pilot Insights:
Pilot Markets versus Non-Pilot Markets Show Early Signs of Impact

~4x growth in new writers


~13x growth in average weekly unique writers
~3x growth in average weekly TRx
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Well Positioned for Afrezza® Growth

 Several clinical studies in T2DM showing efficacy, safety and average


dose ranges for Afrezza®

 Successfully launched new Afrezza® packaging that provides clarity


and efficiency in the initiation and titration phase

 Afrezza® samples have been updated to include 8U & 12U cartridges

 Increased payor coverage and patient support with MannKind Cares

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2018: Commercial Team Strategic Priorities

Efficiency &
Execution

Strategic Cross-
Investment Functional
Decisions Alignment

Evolving
Maximize
Afrezza®
Sales Force
Selling
Capacity
Message

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Medical and Regulatory
Review

David Kendall, MD
Chief Medical Officer

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Research, Development and Medical Affairs

2018 Priorities

 Refine and execute the Afrezza clinical development plan


and enhance scientific communication platform and clinical
support

 Review the robust existing research dataset and execute a


comprehensive scientific disclosure plan

 Further refine and implement our Afrezza regulatory


strategy

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Afrezza Clinical Program
2017 2018 2019- 2024
Pediatric PK study
(MKC-TI-155 part 1)

Pediatric phase 3 (MKC-TI-155 part 2)

Long-term safety (MKC-TI-182)

ADD-1 (MKC-TI-187)
(Afrezza dynamic dosing)

APEX (MKC-TI-190)
(Afrezza T1DM patient satisfaction)

STAT* (T1DM)
(Time in range CGM)

A-ONE* (T2DM)
(Afrezza One Drop)

Levin* (initiating mealtime


Afrezza in uncontrolled T2DM)

Yale**
(closed loop)

*Collaborative Clinical Research **Investigator-Initiated Trial


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TreT Development Program ~24 months:
Planned Milestones and Activities

2018 2019 2020


1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

SAD study

Start Pivotal PK Anticipated


Submitted Switch Study Trial 505(b)(2)
IND NDA
Jan 2018 Submission
PROs, Safety & Tolerability
Study

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MannKind 2018+

Building the Foundation


for the Future
Michael Castagna
Chief Executive Officer

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Transformational Growth is Built Around Afrezza

Sustained
Growth
Stability (2018)
(2017)

Survival
(2016)

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Global Expansion Focus for Afrezza
>50% of the World’s Population

Nearly 12% or
114 million
Chinese
adults are
suffering from
diabetes

Targeted
Launched
80 million people in
Partnered India with diabetes;
average A1C is 10.

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Near Term Milestones and Key Events
The Foundation for Long-term Growth
Growth Trajectory Continues for Afrezza
FDA Label Change
Completion of STAT Trial (Afrezza+Dexcom) – ADA Submissions &
Publication
IND Filed for Treprostinil
Increase in Payor Coverage (continuing)
 Recapitalization (ongoing)
Warrant Exchange
Equity Raise
Restructure/Reduce Debt
Shareholder Vote to Increase Authorized Shares
 International Expansion
 Receptor Life Sciences
 One Drop Collaboration
 Co-Promote or In-License Opportunities
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2018 Guidance

 2018 Full Year Guidance


– Afrezza Net Revenue $25M-$30M
– Net Cash Used in Operating Activities $90M-$100M

 Started January 1, 2018 with $48M in cash


 Sources of Capital
– Afrezza® product revenue
– ATM
– Co-promote opportunities
– Debt options
– Equity
– International Licensing
– Partnership(s) for pipeline assets
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The transformation of our revenue growth drivers
compound over the next 5 years

Pediatric

Pipeline and In-license

International expansion

US Afrezza

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Q&A
THANK YOU

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