Liquidia (NASDAQ:LQDA) Announces Earnings Results

Liquidia (NASDAQ:LQDA) released its quarterly earnings data on Tuesday. The company reported ($2.64) EPS for the quarter, missing the consensus estimate of $0.96 by ($3.60), FiscalAI reports. The company had revenue of $225.30 million during the quarter, compared to analysts’ expectations of $214.18 million. Liquidia had a positive return on equity of 184.00% and a negative net margin of 15.15%. The company’s revenue for the quarter was up 314.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.04) EPS.

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

• YUTREPIA continued its strong launch growth: third-quarter net product sales rose 31% sequentially to $222.7 million, and adjusted EBITDA reached $140.5 million, its fifth consecutive quarterly increase. The company said more than 70% of September prescriptions included a PAH diagnosis and October shipments were the highest since launch.
• The settlement ended the litigation overhang and, according to Liquidia, requires no switch for existing PH-ILD patients; the company reported no changes to payer formularies or coverage. Liquidia said it has no ongoing royalty or payment obligations to United Therapeutics after its final settlement payment in April 2027.
• Management said litigation-related uncertainty briefly slowed referrals at some centers: October’s daily referral rate was more than 75% of Q3’s rate. Liquidia expects referrals to recover but said it wants more data before providing 2027 revenue guidance, which it expects to address in early January.
• Liquidia reported a substantial cash balance and said it can fund its plans without raising capital: cash and equivalents were $396.1 million at quarter-end before settlement payments. The GAAP net loss of $236.3 million included a one-time $389.7 million settlement charge, with $380.7 million payable in cash through April 2027.
• The company outlined a broad development agenda, including a PH-ILD pivotal study for L606 expected to complete enrollment in 2028, with data intended to support an NDA submission in 2029; a PAH pivotal study is planned for 2027. It also expects to complete its YUTREPIA Raynaud’s dose-finding study in the first half of 2027 and plans a PH-COPD pivotal study in the second half of 2027.

Liquidia Stock Up 7.4%

NASDAQ:LQDA opened at $55.21 on Thursday. The company has a quick ratio of 2.12, a current ratio of 2.31 and a debt-to-equity ratio of 0.63. The stock’s fifty day moving average is $49.42 and its two-hundred day moving average is $54.60. Liquidia has a 52 week low of $22.31 and a 52 week high of $93.61. The stock has a market capitalization of $4.94 billion, a price-to-earnings ratio of 23.26, a price-to-earnings-growth ratio of 0.45 and a beta of 0.40.

Insider Buying and Selling at Liquidia

In other news, Director Stephen M. Bloch sold 235,477 shares of the firm’s stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $27.13, for a total value of $6,388,491.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Katherine Rielly-Gauvin sold 36,789 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $74.99, for a total transaction of $2,758,807.11. Following the sale, the director owned 44,637 shares in the company, valued at approximately $3,347,328.63. This trade represents a 45.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 566,579 shares of company stock valued at $25,746,120. Corporate insiders own 25.60% of the company’s stock.

Wall Street Analysts Forecast Growth

LQDA has been the subject of a number of analyst reports. Bank of America set a $54.00 price target on Liquidia and gave the company a “neutral” rating in a research report on Wednesday. Royal Bank Of Canada set a $65.00 target price on Liquidia in a report on Thursday, October 15th. Lifesci Capital upgraded shares of Liquidia from a “hold” rating to an “outperform” rating and set a $59.00 price objective for the company in a research report on Wednesday, October 14th. Jefferies Financial Group lifted their price target on shares of Liquidia from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Wall Street Zen lowered Liquidia from a “buy” rating to a “hold” rating in a research note on Saturday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $74.38.

Key Headlines Impacting Liquidia

Here are a few of the latest headlines about LQDA:

• Positive Sentiment: Commercial momentum looks strong: YUTREPIA sales surged in the third quarter, with the company reporting record October shipments and expanding PAH adoption. Earnings and revenue beat estimates on an adjusted basis, reinforcing expectations that the product can drive growth. Q3 results and YUTREPIA sales
• Neutral Sentiment: Shares moved above their 50-day moving average, a potentially supportive technical signal, though this followed weak reported headline earnings. Shares cross 50-day average
• Negative Sentiment: Reported GAAP results were weighed down by a roughly $389.7 million charge, resulting in a headline loss despite strong sales and adjusted earnings. Wells Fargo raised its price target to $40 but maintained an Equal Weight rating, signaling a more cautious view than the bullish upgrades. Q3 charge and results

Liquidia Company Profile

Liquidia Corporation is a biopharmaceutical company focused on developing and commercializing treatments for pulmonary hypertension and other serious diseases. Its work includes inhaled therapies designed to deliver medicines to the lungs. The company’s marketed product, Yutrepia (treprostinil) inhalation powder, is approved in the United States for adults with pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. Liquidia also has a pipeline of investigational therapies, including other formulations of treprostinil.