Liquidia Corp
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.21%.
Did LQDA Beat Earnings? Q1 2026 Results
Liquidia Corporation delivered a strong first-quarter 2026 performance, posting earnings per share of $0.52 against a consensus estimate of $0.41, a beat of 28.08%, while revenue of $132.87 million topped the $119.40 million estimate by 11.27% and surged 4,158.5% year-over-year. The driving force behind the quarter was YUTREPIA, Liquidia's inhalation powder for pulmonary arterial hypertension, which generated $129.88 million in net product sales, reflecting 44% sequential growth from Q4 2025 as the commercial launch continued to build momentum across an expanding prescriber base of over 980 physicians. The company recorded GAAP net income of $52.86 million, compared to a net loss of $38.37 million in the year-ago period, underscoring the financial transformation that YUTREPIA's ramp has produced. Cash on hand grew to $222.79 million, up $32.10 million during the quarter, signaling the company's shift to cash-generating operations. Analysts have taken note of the trajectory, with at least one major research firm recently upgrading shares to a strong-buy rating ahead of the print.
- YUTREPIA net product sales of approximately $130 million in Q1 2026, representing 44% sequential growth from Q4 2025
- More than 4,500 unique patient prescriptions since launch in June 2025 through April 30, 2026
- Approximately 3,750 patients started on YUTREPIA treatment since launch
- Prescription-to-start conversion rate remained strong at or above 85%
- Over 980 prescribers since launch, with approximately 270 prescribing to 5 or more patients
- Third consecutive quarter of GAAP profitability
“In its third full quarter on the market, YUTREPIA continued to demonstrate sustained uptake in pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), consistent with its growing adoption as the preferred inhaled prostacyclin of choice. Having initiated additional Phase 4 studies of YUTREPIA and our pivotal Phase 3 Re-Spire study of L606, our focus in 2026 is on making the full benefit of prostacyclin therapy available to more patients who need it, across a broader set of serious pulmonary and vascular diseases where high unmet need remains prevalent.”
Liquidia CEO, on the earnings call
LQDA YoY Financials
LQDA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.