Liquidia (NASDAQ:LQDA) Releases Earnings Results, Misses Expectations By $0.02 EPS

Liquidia (NASDAQ:LQDA) issued its quarterly earnings data on Wednesday. The company reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.02), FiscalAI reports. The company had revenue of $171.68 million during the quarter, compared to analysts’ expectations of $168.48 million. Liquidia had a net margin of 7.74% and a return on equity of 46.82%. The firm’s quarterly revenue was up 1842.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.49) earnings per share.

Here are the key takeaways from Liquidia’s conference call:

• YUTREPIA continued strong commercial growth, with approximately 5,900 unique prescriptions, more than 5,000 patients started, and over 1,100 prescribing physicians as of July 31. Q2 net product sales reached $170.4 million, up 31% sequentially, and YUTREPIA represented nearly 30% of the inhaled treprostinil market.
• Liquidia reported improving profitability and cash generation, including $74.7 million of net income, $96.3 million of adjusted EBITDA, and $284.2 million in cash and equivalents. Management reiterated confidence in exceeding $1 billion in net revenue in 2027 while continuing to fund pipeline investments.
• The company is expanding its commercial organization and believes substantial opportunity remains in community-based PAH and PH-ILD diagnosis and treatment, as well as switches from competing inhaled, oral, and parenteral prostacyclin therapies. Payer access was described as broadly available and generally at parity.
• Liquidia plans significant R&D expansion, with second-half 2026 R&D expense expected to be double the first half and additional increases anticipated in 2027. The company has 10 YUTREPIA and L606 studies underway or planned, including the Phase III RESPIRE trial for twice-daily L606 and future studies in Raynaud’s phenomenon and progressive pulmonary fibrosis.
• The company is still awaiting a decision in the ’327 litigation, with management saying a ruling could come at any time and acknowledging possible outcomes including royalties or injunctive relief if the decision goes against Liquidia.

Liquidia Stock Down 1.6%

Shares of Liquidia stock traded down $1.41 during trading hours on Wednesday, reaching $86.64. 1,558,714 shares of the company were exchanged, compared to its average volume of 1,765,703. The firm has a market cap of $7.70 billion, a PE ratio of 618.90 and a beta of 0.58. The stock’s fifty day moving average is $77.76 and its 200 day moving average is $54.51. Liquidia has a 1 year low of $21.15 and a 1 year high of $93.61. The company has a debt-to-equity ratio of 1.18, a quick ratio of 2.03 and a current ratio of 2.22.

Liquidia News Summary

Here are the key news stories impacting Liquidia this week:

• Positive Sentiment: YUTREPIA net product sales reached approximately $170.4 million, increasing 31% from the first quarter. Liquidia also reported about 5,900 unique prescriptions and more than 5,000 patients treated since the product’s June 2025 launch. Liquidia Corporation Reports Second Quarter 2026 Financial Results
• Positive Sentiment: Liquidia posted $171.7 million in quarterly revenue, up 1,842% year over year, and net income of $74.7 million, or $0.74 per diluted share, compared with a $0.49-per-share loss in the prior-year period. Adjusted EBITDA was $96.3 million, marking the company’s fourth consecutive quarter of increasing profitability. Liquidia Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: Cash and cash equivalents rose to $284.2 million at June 30, from $190.7 million at year-end 2025. The company is also advancing 10 clinical studies for YUTREPIA and L606 across existing and potential new indications.
• Neutral Sentiment: Institutional positioning was mixed: 177 investors added LQDA shares in their latest reported quarter, while 108 reduced holdings. BlackRock and State Street were among the notable buyers, although Citadel and TCG Crossover reduced positions.
• Negative Sentiment: Results were mixed relative to analyst expectations. Revenue exceeded the consensus estimate of $168.48 million, but diluted EPS was slightly below one estimate of $0.76, despite beating the Zacks estimate of $0.70. Liquidia Earnings Report
• Negative Sentiment: Insider trading data showed 116 insider sales versus only one purchase over the past six months, including sizable sales by senior executives. With LQDA trading near its 12-month high and at a very elevated price-to-earnings ratio, those transactions may reinforce investor concerns about valuation and profit-taking.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Bank of America restated a “neutral” rating and issued a $79.00 price objective (up from $64.00) on shares of Liquidia in a report on Monday, June 29th. Piper Sandler set a $129.00 target price on Liquidia in a research report on Friday, July 24th. Royal Bank Of Canada set a $130.00 price target on Liquidia in a research note on Friday, July 24th. Oppenheimer set a $75.00 price target on Liquidia in a research report on Friday, June 5th. Finally, HC Wainwright set a $36.00 price objective on Liquidia in a research note on Friday, July 24th. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Liquidia currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.18.

Insider Buying and Selling at Liquidia

In other Liquidia news, Director Paul B. Manning sold 200,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $63.91, for a total value of $12,782,000.00. Following the sale, the director directly owned 716,311 shares of the company’s stock, valued at approximately $45,779,436.01. This represents a 21.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Stephen M. Bloch sold 242,269 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $70.43, for a total value of $17,063,005.67. Following the completion of the transaction, the director directly owned 1,176,184 shares in the company, valued at $82,838,639.12. This trade represents a 17.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,781,861 shares of company stock valued at $124,407,112 over the last three months. 25.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Liquidia during the 4th quarter worth about $25,000. NewEdge Advisors LLC acquired a new position in Liquidia in the second quarter valued at approximately $25,000. Tower Research Capital LLC TRC increased its stake in Liquidia by 281.2% in the second quarter. Tower Research Capital LLC TRC now owns 6,679 shares of the company’s stock valued at $83,000 after purchasing an additional 4,927 shares during the last quarter. Ensign Peak Advisors Inc purchased a new position in Liquidia in the fourth quarter valued at approximately $235,000. Finally, Rafferty Asset Management LLC acquired a new stake in Liquidia during the fourth quarter worth approximately $247,000. 64.54% of the stock is owned by institutional investors and hedge funds.

Liquidia Company Profile

Liquidia Technologies, Inc is a clinical-stage biopharmaceutical company headquartered in Research Triangle Park, North Carolina. The company leverages its proprietary PRINT® (Particle Replication In Non-wetting Templates) platform to engineer precisely shaped and sized drug particles, with the goal of improving delivery, efficacy and safety profiles. By controlling particle characteristics at the nanoscale, Liquidia seeks to enhance respiratory and other therapies that depend on targeted delivery.

The company’s lead product candidate, LIQ861, is a dry powder formulation of treprostinil designed for inhalation in patients with pulmonary arterial hypertension (PAH).