Liquidia resolves United Therapeutics litigation, Q3 YUTREPIA PAH-only sales rise

 

Liquidia resolves United Therapeutics litigation as Q3 YUTREPIA PAH-only sales rise 31% QoQ

• Litigation overhang removed via $389.7m settlement; YUTREPIA continues with PAH-only label.
• Company retired prior $1B 2027 revenue target following settlement with United Therapeutics.
• Company will provide updated long-term guidance in January after revising outlook post-settlement.
• Q3 YUTREPIA net product sales $222.7m, up 31% QoQ; YoY not disclosed.
• Q3 2026 revenue was $225.3m, up 315% YoY, beating analyst estimates.
• Paid patient demand $212.2m; October shipments highest since launch, stacking refills plus new starts.
• GAAP net loss $236.3m driven by one-time settlement; adjusted EBITDA rose to $140.5m.
• Gross margin ~94% flat QoQ; SG&A fell to 26% of revenue, showing operating leverage.
• PAH now dominates mix: >70% September scripts; conversion rate remains above 87% with ~1,300 prescribers.
• October referrals ran >75% of Q3 daily rate; management views this as a floor, not trend.
• R&D $25.3m, up 47% QoQ, funding Re-Spire, SPRINT, RE-WARM and broader pipeline.
• Settlement ends future royalties to United after April 2027; $380.7m cash payable through then.
• Q&A focused on PAH vs PH-ILD exposure, attestation/reauth dynamics, and L606 PH-ILD/PH-COPD opportunity.
• Main concern: near-term referral volatility and heavy reliance on continued PAH prostacyclin market share gains.
• Strong quarter, driven by robust YUTREPIA PAH growth and margin leverage despite one-time settlement charge.

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