Liquidia (LQDA) Q2 2026 earnings summary

Executive summary

• YUTREPIA achieved net product sales of $170.4 million in Q2 2026, a 31% increase from Q1 2026, with over 5,900 unique prescriptions and more than 5,000 patients treated since launch, driven by strong physician uptake and market share gains in inhaled treprostinil.

• YUTREPIA's growth outpaced the overall inhaled prostacyclin market, now nearing 30% market share, and is the primary driver of category expansion.

• Clinical data from ASCEND and L606 studies demonstrate improved tolerability, higher dosing, and durable efficacy, supporting continued product differentiation and expansion into new indications.

• Ten clinical studies are underway or planned for YUTREPIA and L606, targeting expanded indications and further market penetration.

• YUTREPIA commercialization ramped up following FDA approval in May 2025, with over 1,100 prescribers and strong prescription-to-patient conversion rates above 85%.

Financial highlights

• Net product sales of $170.4 million in Q2 2026, up from $6.5 million in Q2 2025, with total revenue at $171.7 million.

• Net income rose to $74.7 million in Q2 2026, compared to a net loss in Q2 2025, with non-GAAP Adjusted EBITDA at $96.3 million for the quarter.

• Cash and cash equivalents increased to $284.2 million as of June 30, 2026, up $61.4 million sequentially and $93.5 million year-to-date.

• Operating income reached $85.5 million in Q2 2026, with cost of product sales at $10.8 million, supporting high gross margins.

• Quarterly sales have more than tripled over the last three quarters, with four consecutive quarters of increasing profitability.

Outlook and guidance

• Revenue is expected to continue growing at a similar quarterly pace, with profitability also increasing despite higher R&D and SG&A investments.

• R&D expenses are projected to double in the second half of 2026 and rise again in 2027 as clinical programs expand.

• Confident in achieving over $1 billion in net revenue by 2027, supported by current growth trajectory and market expansion.

• Management expects to have sufficient cash to meet obligations for at least the next twelve months, assuming continued YUTREPIA sales.

• Future funding needs depend on YUTREPIA's commercial success and development of L606.