Companies /Healthcare

Liquidia Corp

NASDAQ: LQDA Drug Manufacturers - Specialty & Generic
$69.94
▼ $1.42 (−1.99%) today
Markets closed · 3:10am ET

Q2 2025 Earnings

Reported Aug 12, 2025, 6:30am ET · SEC source
$-0.49
Miss −24.84%
EPS · est. $-0.39
$8.8M
Beat +126.96%
Revenue · est. $3.9M
+5.6%
Beating market
LQDA vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−6%0+6%Aug 12Aug 13report 6:30am ETearnings+1.1%+6.5%
−6%0+6%Aug 12Aug 13earnings+1.1%+6.5%
LQDA +6.5%S&P 500 +1.1%
−6%0+6%Aug 12Aug 13report 6:30am ETearnings+1.2%+6.5%
−6%0+6%Aug 12Aug 13earnings+1.2%+6.5%
LQDA +6.5%NASDAQ +1.2%
−10%0+10%Aug 11Aug 19report 6:30am ETearnings+0.7%+14.2%
−10%0+10%Aug 11Aug 19earnings+0.7%+14.2%
LQDA +14.2%S&P 500 +0.7%
−10%0+10%Aug 11Aug 19report 6:30am ETearnings−0.6%+14.2%
−10%0+10%Aug 11Aug 19earnings−0.6%+14.2%
LQDA +14.2%NASDAQ −0.6%
+13.68%
Day of report
+4.56%
Next session
+12.49%
One week
+7.84%
30 days

S&P 500 over the same 30 days: +2.29%.

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 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

“The second quarter was a defining period for Liquidia with the FDA approval and rapid commercial launch of YUTREPIAâ„¢ (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 Tyvasoâ„¢, Tyvaso DPIâ„¢, 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.”

Liquidia CEO, on the earnings call

Forward Guidance & Outlook

Liquidia expects accelerating YUTREPIA growth as payor adoption expands during Q3 and Q4 2025. The company has leased approximately 70,000 square feet of additional manufacturing space targeted for 2026 occupancy to support continued growth, including additional PRINT manufacturing lines. Detailed ASCENT clinical data will be presented at medical conferences in September and October 2025. A global pivotal placebo-controlled efficacy study for L606 in PH-ILD is planned. Ongoing patent litigation with United Therapeutics remains a key risk factor, as United Therapeutics is seeking injunctive relief that could block YUTREPIA sales.

LQDA YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$-90,000,000$-60,000,000$-30,000,000$0$3.7M$8.8MRevenue$2.2M$7.3MGross Profit$-60,394,525$-37,505,000Operating Income$-81,208,984$-41,579,000Net Income
$-90,000,000$-60,000,000$-30,000,000$0RevenueGross ProfitOperating IncomeNet Income

LQDA Revenue by Segment

YUTREPIA$6.5M
Treprostinil Injection (Sandoz Promotion Agreement)$2.3M
Treprostinil Injection (Service Revenue)
Treprostinil Injection (Sandoz Promotion)

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