Q4 25 EPS
$0.15
MISS 55.09%
Est. $0.33
Q4 25 Revenue
$92.0M
BEAT +5.18%
Est. $87.5M
vs S&P Since Q4 25
+122.4%
BEATING MARKET
LQDA +130.0% vs S&P +7.6%
Full Year 2025 Results
FY 25 EPS
$-0.80
FY 25 Revenue
$158.3M
Market Reaction
Did LQDA Beat Earnings? Q4 2025 Results
Liquidia delivered a mixed Q4 2025, posting revenue that cleared Wall Street expectations while earnings fell well short of consensus, sending shares lower even as the company reported a swing to profitability. Revenue came in at $92.02 million, beat… Read more Liquidia delivered a mixed Q4 2025, posting revenue that cleared Wall Street expectations while earnings fell well short of consensus, sending shares lower even as the company reported a swing to profitability. Revenue came in at $92.02 million, beating the $87.49 million estimate by 5.18% and reflecting a 3054.7% year-over-year surge driven almost entirely by YUTREPIA net product sales of $90.10 million, a line that generated nothing in the year-ago period. EPS of $0.15, however, missed the $0.33 consensus by 55.09%, and the stock slid roughly 5% following the print as investors weighed new shelf registration filings alongside the results. GAAP net income reached $14.55 million, compared to a loss of $38.51 million in Q4 2024, supported by $27.31 million in adjusted EBITDA. With more than 2,900 patients started on treatment and prescription-to-start conversion holding at or above 85%, management is targeting deeper prescriber adoption and advancing the L606 pipeline toward pivotal trials, all while navigating a persistent litigation threat from United Therapeutics that could constrain YUTREPIA's commercial runway.
Key Takeaways
- • YUTREPIA commercial launch in June 2025 drove product revenue from zero to $90.1 million in Q4
- • More than 3,600 unique prescriptions received and 2,900 patients treated since launch
- • Prescription-to-start conversion rate at or above 85%
- • Prescriber base expanded to approximately 860
- • Second consecutive quarter of profitability
LQDA YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
LQDA Revenue by Segment
With YoY comparisons, source: SEC Filings
“As we close 2025, we are encouraged by how quickly YUTREPIA® has taken hold in clinical practice, placing it among one of the top specialty drug launches over the past five years across all therapeutic categories. Adoption continues to broaden across PAH and PH-ILD, with increasing depth in treatment centers and more experience transitioning appropriate patients from oral, inhaled and systemic prostacyclin therapies.”
— Roger Jeffs, Q4 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% |