Q1 26 EPS
$0.52
BEAT +28.08%
Est. $0.41
Q1 26 Revenue
$132.9M
BEAT +11.27%
Est. $119.4M
vs S&P Since Q1 26
+76.8%
BEATING MARKET
LQDA +76.0% vs S&P -0.8%
Market Reaction
Did LQDA Beat Earnings? Q1 2026 Results
Liquidia Corporation delivered a strong first-quarter 2026 performance, posting earnings per share of $0.52 against a consensus estimate of $0.41, a beat of 28.08%, while revenue of $132.87 million topped the $119.40 million estimate by 11.27% and su… Read more Liquidia Corporation delivered a strong first-quarter 2026 performance, posting earnings per share of $0.52 against a consensus estimate of $0.41, a beat of 28.08%, while revenue of $132.87 million topped the $119.40 million estimate by 11.27% and surged 4,158.5% year-over-year. The driving force behind the quarter was YUTREPIA, Liquidia's inhalation powder for pulmonary arterial hypertension, which generated $129.88 million in net product sales, reflecting 44% sequential growth from Q4 2025 as the commercial launch continued to build momentum across an expanding prescriber base of over 980 physicians. The company recorded GAAP net income of $52.86 million, compared to a net loss of $38.37 million in the year-ago period, underscoring the financial transformation that YUTREPIA's ramp has produced. Cash on hand grew to $222.79 million, up $32.10 million during the quarter, signaling the company's shift to cash-generating operations. Analysts have taken note of the trajectory, with at least one major research firm recently upgrading shares to a strong-buy rating ahead of the print.
Key Takeaways
- • YUTREPIA net product sales of approximately $130 million in Q1 2026, representing 44% sequential growth from Q4 2025
- • More than 4,500 unique patient prescriptions since launch in June 2025 through April 30, 2026
- • Approximately 3,750 patients started on YUTREPIA treatment since launch
- • Prescription-to-start conversion rate remained strong at or above 85%
- • Over 980 prescribers since launch, with approximately 270 prescribing to 5 or more patients
- • Third consecutive quarter of GAAP profitability
LQDA YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
LQDA Revenue by Segment
With YoY comparisons, source: SEC Filings
“In its third full quarter on the market, YUTREPIA continued to demonstrate sustained uptake in pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), consistent with its growing adoption as the preferred inhaled prostacyclin of choice. Having initiated additional Phase 4 studies of YUTREPIA and our pivotal Phase 3 Re-Spire study of L606, our focus in 2026 is on making the full benefit of prostacyclin therapy available to more patients who need it, across a broader set of serious pulmonary and vascular diseases where high unmet need remains prevalent.”
— Roger Jeffs, Q1 2026 Earnings Press Release
LQDA Earnings Trends
LQDA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LQDA EPS Trend
Earnings per share: estimate vs actual
LQDA Revenue Trend
Quarterly revenue: estimate vs actual
LQDA Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.41 | $0.52 | +28.08% | $132.9M | +11.27% |
| Q4 25 MISS FY | $0.33 | $0.15 | -55.09% | $92.0M | +5.18% |
| FY Full Year | — | $-0.80 | — | $158.3M | — |
| Q3 25 BEAT | $-0.33 | $-0.04 | +88.00% | $54.3M | +188.17% |
| Q2 25 MISS | $-0.39 | $-0.49 | -24.84% | $8.8M | +126.96% |
| Q1 25 MISS | $-0.42 | $-0.45 | -7.14% | $3.1M | -3.26% |