Companies /Healthcare

Liquidia Corp

NASDAQ: LQDA Drug Manufacturers - Specialty & Generic
$69.94
▼ $1.42 (−1.99%) today
Markets closed · 4:40am ET

Q4 2025 Earnings

Reported Mar 5, 2026, 6:45am ET · SEC source
$0.15
Miss −55.09%
EPS · est. $0.33
$92.0M
Beat +5.18%
Revenue · est. $87.5M
+11.5%
Beating market
LQDA vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−6%0+6%+12%Mar 5Mar 6report 6:45am ETearnings−1.7%+2.4%
−6%0+6%+12%Mar 5Mar 6earnings−1.7%+2.4%
LQDA +2.4%S&P 500 −1.7%
−6%0+6%+12%Mar 5Mar 6report 6:45am ETearnings−1.3%+2.4%
−6%0+6%+12%Mar 5Mar 6earnings−1.3%+2.4%
LQDA +2.4%NASDAQ −1.3%
−12%−6%0+6%Mar 4Mar 13report 6:45am ETearnings−2.2%+5.1%
−12%−6%0+6%Mar 4Mar 13earnings−2.2%+5.1%
LQDA +5.1%S&P 500 −2.2%
−12%−6%0+6%Mar 4Mar 13report 6:45am ETearnings−1.5%+5.1%
−12%−6%0+6%Mar 4Mar 13earnings−1.5%+5.1%
LQDA +5.1%NASDAQ −1.5%
+0.41%
Day of report
+4.37%
Next session
+8.86%
One week
+8.23%
30 days

S&P 500 over the same 30 days: −3.24%.

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, 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

“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.”

Liquidia CEO, on the earnings call

Forward Guidance & Outlook

Liquidia plans to deepen prescriber adoption, grow its sales force, expand YUTREPIA's clinical evidence through multiple new studies, and advance L606 into pivotal trials in 2026, all funded from operations. Management expressed confidence in building on the foundation of two consecutive quarters of profitability from a position of financial strength.

LQDA YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$30.0M$60.0M$90.0M$2.9M$92.0MRevenue$7.8M$19.8MOperating Income$6.1M$14.6MNet Income
$0$30.0M$60.0M$90.0MRevenueOperating IncomeNet Income

LQDA Revenue by Segment

YUTREPIA$90.1M
Treprostinil Injection (Sandoz Promotion Agreement)
Treprostinil Injection (Service Revenue)$1.9M
Treprostinil Injection (Sandoz Promotion)

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