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Post by ezrasfund on Sept 29, 2015 7:57:20 GMT -5
Debbie Downer, I feel embarrassed that I actually emailed MannKind to ask about this [no answer yet]. It seems obvious that if 130 people were being laid off, especially in a company of MNKD's size, it would be a material event that would be announced; it could not, should not, would not be a secret. Most big layoffs are news events covered in the local press, if not the national press.
So if it turns out there is no layoff, Debbie, could you do us the favor of telling us about your reliable source, and trying to trace the rumor back from that source?
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Post by sf1981 on Sept 29, 2015 8:00:37 GMT -5
Regarding the layoffs, I think we need to accept that MNKD is now in defense mode and trying to preserve cash and adjust capacity to reality. As much as we can debate the prudency of a soft vs. a hard launch (and I believe there are good arguments on both sides of this debate), the slow uptake of Afrezza also seems to be significantly below internal expectations. This does not mean Afrezza will eventually fail, but we also cannot deny that by the time the SNY/MNKD deal was signed, expectations were for things to move faster than they actually did. I would not be surprised if MNKD converts the open USD 32m into stock at a disappointingly low price, and given how things stand, it would make sense for them to do so. This is now a game of buying enough time until Afrezza eventually ramps, and reality is that so far we are still stuck at very low numbers. Amphastar has also commented that MNKD has reduced insulin orders in the most recent quarter. However, there is a minimum commitment, so this is not an area where capacity is easily adjusted. At USD 3 per share, this stock is in a life or death mode now. If the layoffs give MNKD some financial breathing room, then so be it. There is only one way out of this, and that is Afrezza sales to pick up.
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Post by yossarian on Sept 29, 2015 10:14:24 GMT -5
The article is from Feb.11, 2011! That's over 4 years ago!
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Post by brentie on Sept 29, 2015 10:55:37 GMT -5
Lynn,
I have no idea if MNKD laid off part of their workforce or not. I'll believe it when I hear it from Matt or some other reputable source. However, even if there was such a lay off, it wouldn't surprise me or bother me. I was laid off more times in my lifetime than I can remember. Responsible companies do that when things get slow. MannKind was cranking out Afrezza 24/7 and I think we can all agree that the script numbers show that, at this point, that's not necessary. It makes no sense to pay these people to sweep the floor.
If and when sales pick up, I'm sure these people would be called back to work. They always called me back.
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Post by harrys on Sept 29, 2015 11:43:45 GMT -5
Debbie Downer, I feel embarrassed that I actually emailed MannKind to ask about this [no answer yet]. It seems obvious that if 130 people were being laid off, especially in a company of MNKD's size, it would be a material event that would be announced; it could not, should not, would not be a secret. Most big layoffs are news events covered in the local press, if not the national press. So if it turns out there is no layoff, Debbie, could you do us the favor of telling us about your reliable source, and trying to trace the rumor back from that source? Not gonna comment on the layoff rumor any further until it's verified one way or the other, but seriously... " it could not, should not, would not be a secret".... everything is a secret with MNKD! If aliens landed on the roof of the Danbury Facility, Matt and Hakan would find a way to make sure the public never found out. We have a better chance finding out whats going on at Area 51 than we do at MNKD.
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Post by mssciguy on Sept 29, 2015 11:49:43 GMT -5
Not gonna comment on the layoff rumor any further until it's verified one way or the other, but seriously... " it could not, should not, would not be a secret".... everything is a secret with MNKD! If aliens landed on the roof of the Danbury Facility, Matt and Hakan would find a way to make sure the public never found out. We have a better chance finding out whats going on at Area 51 than we do at MNKD. Thank you for supplying a good laugh in the vein of "conspiracy theory du jour" --- --- it's almost like Google X Labs in there huh, beyond top secret... why show your hand with those scoundrels in the short arena drooling for another chance at a hit piece?
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Post by lynn on Sept 29, 2015 12:32:32 GMT -5
My apologies to everyone . I wasn't trying to spread rumors . I heard that from someone on this board that I trust . But when I dug deeper this person isn't certain if there is any truth to it as they heard it from someone else .
I just got off the phone with Roberta from IR. She is a very nice lady , but as expected she could not tell me much . I inquired about the layoffs , she stated that as far as laying off 130 employees , it is not true .
I also stated my perception of why script #'s are so low , the process it takes after getting appt , Spirometry test , insurance hurdles ect , but that once a patient finally gets on Afrezza they seem to love it .Her reply " you are absolutely right , the patients Love it , they're lowering their A1C's and seeing great results , it is very frustrating for me to see the share price & script #'s where they are ".
She also stated that the Joint Alliance Committee between Mannkind & Sanofi meet once a month , sometimes more and that they all are well aware of the hurdles and working to correct them . She also remains confident re: the status of the partnership . She even talked about the shorts but I can't recall exactly what she said , but I could definitely sense her frustration .
I know this isn't anything new , but it was nice to talk to her & I thought I'd share with you all . My apologies again for my previous post . If I can I will delete it now .
Lynn
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Post by bradleysbest on Sept 29, 2015 13:43:31 GMT -5
Must suck to be Roberta! Having to answer the phones & people asking, "Where is my money %&*#@ ! Hang in there longs.... lol
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Post by harrys on Sept 29, 2015 14:31:06 GMT -5
Must suck to be Roberta! Having to answer the phones & people asking, "Where is my money %&*#@ ! Hang in there longs.... lol I told Kevinmik over on YMB he should invite Roberta out to dinner next time he speaks to her. All the longs who have bothered her incessantly for the past year can pick up the tab.
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Post by kball on Sept 29, 2015 15:02:40 GMT -5
Not sure where to put this... But i would like to propose a change in that newer members post less often, and older members post more often.
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Post by harrys on Sept 30, 2015 20:40:59 GMT -5
There was a theory circulating on YMB that the unverified layoffs at Danbury were due to a wait for FDA approval of Sanofi's insulin being used on manufacturing lines. Any thoughts as to truth behind this? Unverified layoffs in Danbury...seems this would be a material event that MNKD should announce, especially if they are halting production, but... ...MNKD has a 5 year agreement with Amphastar to supply insulin. That insulin is currently the only insulin supply certified by the FDA for use in Afrezza... Might it be that for the first time something you read on YMB or Twitter was not true? Spoke to soon...
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Post by ezrasfund on Oct 1, 2015 13:24:36 GMT -5
Unverified layoffs in Danbury...seems this would be a material event that MNKD should announce, especially if they are halting production, but... ...MNKD has a 5 year agreement with Amphastar to supply insulin. That insulin is currently the only insulin supply certified by the FDA for use in Afrezza... Might it be that for the first time something you read on YMB or Twitter was not true? Spoke to soon... I think not. The Danbury Newstimes article's last paragraph... MannKind engages in third round of layoffs in Danbury By Dirk Perrefort Published 6:45 pm, Wednesday, September 30, 2015 "Pfeffer noted that the company has closed its facility in Paramus, N.J. and moved certain functions from its Valencia, California, headquarters to the Danbury facility, which is located on Casper Street near the city’s downtown. A number of the local employees who have been laid off, he said, were short- term transfers from the New Jersey facility. Others laid off at the California facility, he said, are being replaced with new hires at the Danbury plant." This is not a major reduction in force like the 130 layoffs that were repeatedly referenced. Given sales to date would anyone be surprised if they were not running 3 shifts 24/7, but only 2 shifts 5 days a week? But the article doesn't even say that. It only mentions the tripling of "production" [not just manufacturing capacity], and then fails to update anything about now reducing production, much to my surprise. In fact none of the layoffs specifically referenced have to do with production, but maybe he could not pry that out of Matt. www.newstimes.com/business/article/MannKind-engages-in-third-round-of-layoffs-in-6541355.php
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Post by harrys on Oct 1, 2015 13:45:21 GMT -5
I think not. The Danbury Newstimes article's last paragraph... MannKind engages in third round of layoffs in Danbury By Dirk Perrefort Published 6:45 pm, Wednesday, September 30, 2015 "Pfeffer noted that the company has closed its facility in Paramus, N.J. and moved certain functions from its Valencia, California, headquarters to the Danbury facility, which is located on Casper Street near the city’s downtown. A number of the local employees who have been laid off, he said, were short- term transfers from the New Jersey facility. Others laid off at the California facility, he said, are being replaced with new hires at the Danbury plant." This is not a major reduction in force like the 130 layoffs that were repeatedly referenced. Given sales to date would anyone be surprised if they were not running 3 shifts 24/7, but only 2 shifts 5 days a week? But the article doesn't even say that. It only mentions the tripling of "production" [not just manufacturing capacity], and then fails to update anything about now reducing production, much to my surprise. In fact none of the layoffs specifically referenced have to do with production, but maybe he could not pry that out of Matt. MannKind (Nasdaq: MNKD), a drug manufacturer in Danbury, has laid off workers as part of a reorganization effort amid slower-than-expected revenue from the company’s main product. The company’s stock, meanwhile, hit a 52 week low earlier this week after trading at around $3 per share. CFO Matt Pfeffer confirmed this week that an undisclosed number of layoffs have occurred at the pharmaceutical company - the third round of job cuts this year - as part of an ongoing effort of “right-sizing the company to reflect anticipated demand and operational needs.” “These reductions affected all of our sites, both here on the east coast as well as California, and affected all levels of management in the company,” Pfeffer told The News-Times this week. He said the reorganization was aimed at providing a more efficient operating structure after sales of Afrezza, the inhaled form of insulin that is MannKind’s primary drug, were “different” than anticipated. Sales of Afrezza—which was approved by the U.S. Food and Drug Administration last year and hit the market in February— so far have been lackluster, with marketing partner Sanofi reporting total sales of about $5.5 million as of June 30. Despite the lower-than-expected sales, the company announced in August that it was tripling its production of Afrezza at the Danbury plant. “The company is very different today than it was a year ago or two years ago and we have very different needs,” Pfeffer told The News-Times in a statement earlier this week. “The projected sales curve for our lead product is also different than we anticipated. All these things, taken together, cause us to continually re-evaluate our needs and our organizational structure to make it optimal from an efficiency and cost standpoint. This is just good business practice.” Pfeffer noted that the company has closed its facility in Paramus, N.J. and moved certain functions from its Valencia, California, headquarters to the Danbury facility, which is located on Casper Street near the city’s downtown. A number of the local employees who have been laid off, he said, were short- term transfers from the New Jersey facility. Others laid off at the California facility, he said, are being replaced with new hires at the Danbury plant. I don't know who was repeatedly referencing the "130 layoffs" figure... it sure wasn't me because I never had a figure, all I knew was that a layoff was taking place. I'm not arguing with the fact that this is good business practice at this sorry point in time, but this doesn't help the fact of the curcumstances which have led to this layoff being necessary. The optics couldn't be worse; what do layoffs usually signal? The only argument that can be made to shrug off yet another ridiculous development is the usual "the company and the share price are mutually exclusive!" and I've already addressed that elsewhere. Next time don't be the person denying an inconvenient truth, it doesn't look good.
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Post by ezrasfund on Oct 1, 2015 18:40:18 GMT -5
harrys, do you have any more info about the layoff; numbers, departments, production, research...?
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Post by harrys on Oct 1, 2015 19:57:01 GMT -5
harrys, do you have any more info about the layoff; numbers, departments, production, research...? No, I have a childhood friend who lives in Danbury, upon first seeing the rumor on YMB I gave her a call and asked her if she knew anything about the property there and as it turns out she knew of a worker who had been laid off. That was the confirmation I needed. I wouldn't begin to speculate on what department, if I were to take an intuitive guess I'd say production based on what we know of sales.
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