Q3 25 EPS
$-0.04
BEAT +88.00%
Est. $-0.33
Q3 25 Revenue
$54.3M
BEAT +188.17%
Est. $18.9M
vs S&P Since Q3 25
+222.0%
BEATING MARKET
LQDA +229.3% vs S&P +7.3%
Market Reaction
Did LQDA Beat Earnings? Q3 2025 Results
Liquidia Corporation delivered a blowout third quarter for the period ending September 30, 2025, posting revenue of $54.34 million, a 1,121.7% surge year-over-year that beat the $18.86 million consensus estimate by 188.17%, while its loss per share o… Read more Liquidia Corporation delivered a blowout third quarter for the period ending September 30, 2025, posting revenue of $54.34 million, a 1,121.7% surge year-over-year that beat the $18.86 million consensus estimate by 188.17%, while its loss per share of $0.04 came in dramatically ahead of the $0.33 analyst forecast, representing an 88.00% positive surprise. The engine behind those figures was unmistakably YUTREPIA, the company's pulmonary arterial hypertension therapy that generated $51.67 million in net product sales following its FDA approval in May 2025, compared to zero product revenue in the year-ago period when Liquidia relied entirely on a Sandoz promotion agreement. The quarter also saw the company swing to $1.77 million in operating income from a $29.19 million operating loss a year earlier, with non-GAAP adjusted EBITDA reaching $10.14 million, reflecting strong clinician and patient uptake across more than 2,000 unique prescriptions and 1,500 patient starts. Looking ahead, Liquidia plans to invest in expanding YUTREPIA's therapeutic profile and advance its L606 program into pivotal trials, though ongoing patent litigation with United Therapeutics remains a material overhang on continued commercial momentum.
Key Takeaways
- • First full quarter of YUTREPIA commercial sales generating $51.7 million in net product sales
- • Over 2,000 unique prescriptions and 1,500 patient starts supported by over 600 prescribers
- • Achieved operating income of $1.8 million, swinging from $29.2 million operating loss in Q3 2024
- • Positive non-GAAP Adjusted EBITDA of $10.1 million
LQDA YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
LQDA Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our third quarter results demonstrate the continued momentum of YUTREPIA's launch and the clear enthusiasm from both prescribers and patients. As of October 30, 2025, we have received more than 2,000 unique prescriptions and shipped to more than 1,500 patients, supported by over 600 prescribers nationwide. As our real-world evidence continues to grow and access broadens, we continue to believe in YUTREPIA's potential to become the preferred inhaled prostacyclin to treat patients with pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). With the strong foundation established in our first full quarter post-launch, we are well positioned to pursue sustained growth and continued profitability, while thoughtfully investing in programs to expand YUTREPIA's therapeutic profile and advance L606 into pivotal trials.”
— Roger Jeffs, Q3 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% |