Liquidia
Commercializes inhaled treprostinil therapies for pulmonary hypertension and develops twice-daily L606.
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Profile
Sells YUTREPIA, an inhaled treprostinil powder for two forms of pulmonary hypertension, while earning a smaller U.S. profit share from Sandoz's generic Treprostinil Injection. Revenue is concentrated in YUTREPIA, and the pipeline centers on twice-daily nebulized L606.
Commercializes YUTREPIA, an inhaled dry-powder form of treprostinil approved in the United States for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. Proprietary PRINT particle engineering produces uniform drug particles for a low-effort inhaler, while sales flow through specialty pharmacies and a specialty distributor.
Also promotes Sandoz's generic Treprostinil Injection in the United States for a share of product profit. The pipeline centers on L606, a licensed twice-daily liposomal treprostinil delivered by nebulizer and under clinical study for the same diseases.
Nearly all revenue comes from YUTREPIA. Operations depend on FDA approvals, outsourced manufacturing and third-party delivery devices; ongoing United Therapeutics litigation could affect YUTREPIA's continued sale or labeled indications.
Company facts
Key statistics
Year to date +115% · Average volume (30d) 1.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | Raymond James | Reiterate | Strong Buy | $68 | $106 |
| Aug 13, 2026 | Wells Fargo | Reiterate | Overweight | $62 | $108 |
| Jul 24, 2026 | RBC Capital | Target | $130 | ||
| Jul 24, 2026 | H.C. Wainwright | Target | $130 | $36 | |
| Jul 24, 2026 | Stephens | Target | $130 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | $0.76 | $0.74 | −2.4% | $168.5M | $171.7M | +1.9% | −10.52% |
| May 11, 2026Q1 FY26 | $0.34 | $0.52 | +52.9% | $119.4M | $132.9M | +11.2% | +6.53% |
| Mar 5, 2026Q4 FY25 | $0.08 | $0.15 | +87.5% | $88.6M | $92.0M | +3.9% | +4.37% |
| Nov 3, 2025Q3 FY25 | −$0.45 | −$0.04 | +91.1% | $80.7M | $54.3M | −32.7% | +10.67% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.1M | $8.8M | $54.3M | $92.0M | $132.9M | $171.7M | |
| Gross profit | $1.6M | $7.5M | $51.2M | $85.0M | $120.7M | $160.1M | |
| Operating income | −$35.4M | −$37.5M | $1.8M | $19.8M | $61.5M | $85.5M | |
| Net income | −$38.4M | −$41.6M | −$3.5M | $14.6M | $52.9M | $74.7M | |
| Diluted EPS | −$0.45 | −$0.49 | −$0.04 | $0.15 | $0.52 | $0.74 | |
| Gross margin | 51.4% | 85.4% | 94.2% | 92.3% | 90.9% | 93.3% | |
| Operating margin | -1,135.4% | -424.4% | 3.3% | 21.5% | 46.3% | 49.8% |
Fiscal years (4-quarter sums)FY21 $12.9M · FY22 $15.9M · FY23 $17.5M · FY24 $14.0M · FY25 $158.3M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $284.2M · Total debt $128.9M · Total assets $521.9M · Shareholders' equity $195.1M
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 88.93M · Float 62.33M · 70.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 10.79M | 12.13% | 13F | Aug 7, 2026 |
| Farallon Capital Management LLC | 8.37M | 9.41% | 13F | Aug 14, 2026 |
| Caligan Partners LP | 8.12M | 9.13% | 13F | Aug 14, 2026 |
| Findell Capital Management LLC | 3.50M | 3.94% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 3.14M | 3.53% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Jason Adair | officer: Chief Business Officer | −73,631 | $69.09 |
| Aug 20, 2026 | Katherine Rielly-Gauvin | director | −18,393 | $72.23 |
| Aug 19, 2026 | Katherine Rielly-Gauvin | director | −36,789 | $74.99 |
| Aug 19, 2026 | Rajeev Saggar | officer: Chief Medical Officer | −50,000 | $74.06 |
| Aug 17, 2026 | Rajeev Saggar | officer: Chief Medical Officer | −29,534 | $76.84 |
Peers
- United Therapeutics
Dominant direct rival across inhaled and infused treprostinil
- Insmed
Once-daily inhaled treprostinil prodrug threat
- Merck
Winrevair changes PAH add-on treatment decisions
- Johnson & Johnson
PAH incumbent through Opsumit, Uptravi, and Opsynvi
- Gossamer Bio
Inhaled PAH/PH-ILD pipeline rival with Phase 3 uncertainty
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Liquidia | $68.25 | +0.87% | $6.02B | 49.4 | 15.4 | 13.3 | +1,842.7% |
| United Therapeutics | $515.46 | +0.03% | $21.88B | 18.5 | 19.8 | 6.9 | −1.9% |
| Insmed | $118.65 | +0.13% | $25.69B | — | — | 22.6 | +296.1% |
| Merck | $148.19 | −0.08% | $366.18B | 118.7 | 17.2 | 5.5 | +5.1% |
| Johnson & Johnson | $268.40 | +0.13% | $645.95B | 31.1 | 22.4 | 6.6 | +6.6% |
| Gossamer Bio | $0.1726 | +2.49% | $83.2M | — | — | 1.6 | −19.6% |
| Median | 31.1 | 19.8 | 6.6 | +5.1% |