Companies /Healthcare

Liquidia Corp

NASDAQ: LQDA Drug Manufacturers - Specialty & Generic
$67.69
▼ $2.25 (−3.22%) today
Markets closed · 10:17pm ET

Q2 2026 Earnings

Reported Aug 12, 2026, 6:45am ET · SEC source
$0.74
Miss −11.48%
EPS · est. $0.84 GAAP
$171.7M
Beat +1.90%
Revenue · est. $168.5M
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−6%0+6%+12%Aug 12Aug 13report 6:45am ETearnings+0.6%−9.2%
−6%0+6%+12%Aug 12Aug 13earnings+0.6%−9.2%
LQDA −9.2%S&P 500 +0.6%
−6%0+6%+12%Aug 12Aug 13report 6:45am ETearnings+1.2%−9.2%
−6%0+6%+12%Aug 12Aug 13earnings+1.2%−9.2%
LQDA −9.2%NASDAQ +1.2%
−8%0+8%Aug 11Aug 20report 6:45am ETearnings−0.7%−9.3%
−8%0+8%Aug 11Aug 20earnings−0.7%−9.3%
LQDA −9.3%S&P 500 −0.7%
−8%0+8%Aug 11Aug 20report 6:45am ETearnings−1.4%−9.3%
−8%0+8%Aug 11Aug 20earnings−1.4%−9.3%
LQDA −9.3%NASDAQ −1.4%
−10.52%
Day of report
−8.49%
Next session
−4.39%
One week

Did LQDA Beat Earnings? Q2 2026 Results

Liquidia Corporation delivered a mixed second quarter for 2026, posting revenue of $171.68 million, a 1.90% beat against the $168.48 million consensus and a staggering 1,842.7% increase from the year-ago period, while GAAP earnings per share of $0.74 fell short of the $0.84 analyst estimate by 11.48%, as surging commercial and pipeline investment costs weighed on the bottom line. The story behind both figures is the same: YUTREPIA, Liquidia's inhaled dry-powder treprostinil, continued its rapid commercial ramp, with net product sales reaching $170.38 million, up 31% sequentially from Q1 2026, driven by a prescriber base exceeding 1,100 physicians and over 5,000 patients started on therapy since launch. The company swung to GAAP net income of $74.72 million from a net loss of $41.58 million a year ago, and its cash position grew to $284.18 million, supporting a self-funded pipeline of 10 clinical studies. With an annualized net product sales run-rate exiting the quarter at approximately $682 million and key programs including the global pivotal Re-Spire study now recruiting, institutional investors holding roughly 65% of shares appear positioned for the next phase of growth.

Key Takeaways
  • YUTREPIA net product sales of $170.4 million in Q2 2026, up 31% sequentially from Q1 2026
  • Approximately 5,900 unique patient prescriptions since launch in June 2025
  • More than 5,000 patients started on treatment since launch
  • Prescription-to-start conversion rate remained strong above 85%
  • Over 1,100 prescribers, with more than 30% prescribing to at least 5 patients
  • Inhaled prostacyclin category has grown almost 40% since YUTREPIA launch
  • Fourth consecutive quarter of increasing profitability

“We are pleased by the sustained adoption of YUTREPIA as the inhaled prostacyclin of choice. The inhaled category has grown almost 40% since launch, and YUTREPIA has captured an ever-increasing share of that growth. We are building on that momentum by strengthening the clinical evidence for YUTREPIA in PAH and PH-ILD patients transitioning from other therapies, and advancing studies in new indications that may broaden its impact. Having reset the bar for tolerability and dose flexibility with YUTREPIA, we are excited to have begun site activation and enrollment in Re-Spire, our pivotal study for L606, which we believe can raise that bar even further, beyond any therapy currently available or in development.”

Liquidia CEO, on the earnings call

Forward Guidance & Outlook

Liquidia exited Q2 2026 at an annualized net product sales run-rate of approximately $682 million. The company is progressing 10 clinical studies supporting YUTREPIA and L606 across known and new indications for inhaled treprostinil, including initiating enrollment in Re-Spire, the global pivotal study for L606 in PH-ILD. Additional studies planned for initiation include LTI-403 (selexipag transition to YUTREPIA, Q3 2026), SPRINT hemodynamic study (Q4 2026), RE-WARM for SSc-Raynaud's (Q4 2026), and programs in IPF/PPF and PH-COPD (planned for 2027). The company's growing cash position of $284.2 million supports self-funded investment in these pipeline programs.

LQDA YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$50.0M$100.0M$150.0M$8.8M$171.7MRevenue$7.5M$160.1MGross Profit$20.0M$85.5MOperating Income$19.7M$74.7MNet Income
$0$50.0M$100.0M$150.0MRevenueGross ProfitOperating IncomeNet Income

LQDA Revenue by Segment

YUTREPIA$170.4M+2,514.4%
Treprostinil Injection (Sandoz Promotion Agreement)
Treprostinil Injection (Service Revenue)$1.3M
Treprostinil Injection (Sandoz Promotion)

Figures from SEC filings and company reports. Not investment advice.