Q2 25 EPS
$-0.49
MISS 24.84%
Est. $-0.39
Q2 25 Revenue
$8.8M
BEAT +126.96%
Est. $3.9M
vs S&P Since Q2 25
+205.3%
BEATING MARKET
LQDA +219.4% vs S&P +14.1%
Market Reaction
Did LQDA Beat Earnings? Q2 2025 Results
Liquidia Corporation delivered a sharply mixed second quarter for 2025, posting revenue that far exceeded expectations while its bottom line fell short, as the costs of launching a newly approved drug weighed heavily on results. Total revenue came in… Read more Liquidia Corporation delivered a sharply mixed second quarter for 2025, posting revenue that far exceeded expectations while its bottom line fell short, as the costs of launching a newly approved drug weighed heavily on results. Total revenue came in at $8.84 million, a 141.5% increase year-over-year and well above the $3.89 million consensus estimate, driven primarily by $6.52 million in YUTREPIA product sales following the drug's FDA approval and commercial launch in late May. However, the earnings per share loss of $0.49 missed the $0.39 consensus estimate by 24.84%, as SG&A expenses nearly doubled to $38.82 million from $19.94 million a year ago, reflecting the steep personnel, legal, and commercial costs of building out a commercial operation. Early prescription momentum was notable, with over 900 unique patient prescriptions recorded within 11 weeks of launch, and management expects payor adoption to broaden through the back half of 2025, potentially accelerating revenue growth, though ongoing patent litigation with United Therapeutics remains a meaningful overhang on the commercial outlook.
Key Takeaways
- • FDA approval and commercial launch of YUTREPIA on May 23, 2025, generating first product revenue
- • Over 900 unique patient prescriptions and 550+ patient starts within 11 weeks of approval
- • 75% prescription-to-treatment-start conversion rate in first six weeks post-launch
- • More than 350 physicians prescribed YUTREPIA across PAH and PH-ILD indications
- • Service revenue declined due to unfavorable gross-to-net returns and managed care adjustments on Treprostinil Injection
LQDA YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
LQDA Revenue by Segment
With YoY comparisons, source: SEC Filings
“The second quarter was a defining period for Liquidia with the FDA approval and rapid commercial launch of YUTREPIA™ (treprostinil) inhalation powder. More than 350 physicians across the country have already prescribed YUTREPIA to treat patients with pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), including those new to prostacyclin treatment or transitioning from Tyvaso™, Tyvaso DPI™, and even from oral prostacyclins. In the 11 weeks since approval, we've recorded over 900 unique patient prescriptions leading to more than 550 patient starts. This initial demand has exceeded my own high expectations.”
— Roger Jeffs, Q2 2025 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% |