Liquidia beats on rapid YUTREPIA ramp, reiterates $1B 2027 target

 

Liquidia reports Q1 2026 non-GAAP EPS $0.52 (+216% YoY) and revenue $132.9M (+4158% YoY), beating estimates on rapid YUTREPIA ramp, reiterates $1B 2027 target

• YUTREPIA net product sales grew 44% QoQ to $129.9 million in Q1.
• Net income rose to $52.9 million, versus $14.6 million in Q4 2025, marking Liquidia's third consecutive profitable quarter.
• Non-GAAP adjusted EBITDA nearly tripled sequentially to $71.2 million, demonstrating strong operating leverage.
• Annualized YUTREPIA revenue run rate now exceeds $0.5 billion after <1 year commercial launch.
• Management reiterated line of sight to at least $1 billion net revenue in 2027.
• YUTREPIA is driving essentially all inhaled prostacyclin market growth, reaching ~23% share.
• Growth increasingly comes from deeper prescribing and expanding into community pulmonology, especially PH-ILD patients.
• Company is self-funding expanded manufacturing and multiple clinical programs, including Phase III RESPIRE for L606.
• Key risk and main concern are ongoing patent litigation and concentration risk around YUTREPIA as the primary growth engine.
• Large underpenetrated PH-ILD and broader pulmonary indications represent significant long-term upside if trials succeed.
• Strong quarter, driven by explosive YUTREPIA adoption and significant margin expansion from operating leverage.

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