Liquidia Corporation

Liquidia reported Q2 2026 net product sales of $170.4 million for YUTREPIA, up over $40 million or 31% sequentially. Net income increased to approximately $74.7 million and non-GAAP adjusted EBITDA increased to approximately $96.3 million. Cash and cash equivalents were approximately $284.2 million at quarter-end, up $61.4 million from Q1 and nearly $93.5 million since the start of the year. Management did not provide full company revenue or EPS figures in the remarks, but reiterated confidence in continued revenue growth and said it expects to be more than $1 billion in net revenue in 2027. They also said R&D expense in the second half of 2026 should be double the first half, with further increases expected in 2027.

Roger Jeffs framed the quarter as validation of YUTREPIA’s tolerability-led product thesis, saying physicians are prescribing it, patients are switching, and starts are accruing at a sustained pace. He emphasized that better tolerability enables higher dosing and better efficacy, and pointed to ASCENT data showing dose increases were associated with improving 6-minute walk distance without worsening cough. His tone was notably confident and expansionary, highlighting both YUTREPIA and L606 as setting a higher bar for the inhaled treprostinil category and supporting a broader R&D plan.

Michael Kaseta said Q2 reflected continued operating leverage, with YUTREPIA sales more than tripling over the last 3 quarters and profitability improving for 4 straight quarters. He cited Q2 net product sales of $170.4 million, net income of approximately $74.7 million, and adjusted EBITDA of approximately $96.3 million, plus quarter-end cash of approximately $284.2 million. He said SG&A will rise with commercialization and R&D should increase as Re-Spire enrollment ramps and multiple studies begin, adding that second-half 2026 R&D expense is expected to be double first-half levels and to rise again in 2027.

Analysts pressed on the durability of new patient adds, payer access, whether growth is coming more from market expansion or switching, and how the company thinks about the 327 litigation. Management said growth has been a linear trajectory since launch and that the expanded sales force and patient support should help sustain that pace. On access, Scott Moomaw said coverage is generally at parity across the board and product choice is now the key driver; on 327, Rusty Schundler said the range of outcomes is unchanged, with no visibility into timing, though a decision could come any day. Management also said switches are still happening from other inhaled and some oral prostacyclins, while market expansion is being driven by greater diagnosis and awareness in the community.