Liquidia (NASDAQ:LQDA) Posts Earnings Results, Misses Estimates By $0.02 EPS

Posted by Stanley Muller on Aug 14th, 2026

Liquidia (NASDAQ:LQDA – Get Free Report) posted its quarterly earnings results on Wednesday. The company reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.02), FiscalAI reports. The firm had revenue of $171.68 million for the quarter, compared to the consensus estimate of $168.48 million. Liquidia had a return on equity of 237.10% and a net margin of 30.74%.Liquidia’s quarterly revenue was up 1842.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.49) EPS.

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 Performance

NASDAQ LQDA opened at $72.10 on Friday. Liquidia has a twelve month low of $21.15 and a twelve month high of $93.61. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 52.63 and a beta of 0.58. The business has a 50-day moving average price of $78.42 and a 200-day moving average price of $55.00. The company has a quick ratio of 2.03, a current ratio of 2.22 and a debt-to-equity ratio of 1.18.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Oppenheimer set a $75.00 price target on shares of Liquidia in a report on Friday, June 5th. Lifesci Capital cut shares of Liquidia from an “outperform” rating to a “hold” rating and set a $90.00 price target on the stock. in a report on Wednesday. Stephens set a $130.00 price objective on shares of Liquidia in a report on Friday, July 24th. Bank of America lifted their price objective on shares of Liquidia from $79.00 to $92.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Needham & Company LLC lifted their target price on shares of Liquidia from $70.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $98.08.

Check Out Our Latest Stock Report on LQDA

Key Headlines Impacting Liquidia

Here are the key news stories impacting Liquidia this week:

Positive Sentiment: YUTREPIA sales drove a sharp increase in revenue and profitability. Liquidia reported approximately $171.7 million in quarterly revenue, including about $170.4 million from YUTREPIA, while net income reached roughly $74.7 million. Management also reaffirmed its goal of generating more than $1 billion in net revenue in 2027. LQDA Q2 Earnings Top, Strong Yutrepia Sales Fuel Top-Line Growth
Positive Sentiment: Analysts raised their targets following the earnings report. Needham increased its target to $110 from $70 and maintained a buy rating, while BTIG raised its target to $111 from $109 and reiterated buy. Bank of America lifted its target to $92 from $79, although it retained a neutral rating. Liquidia Stock Price Expected to Rise, Needham Analyst Says
Neutral Sentiment: Lifesci Capital reaffirmed a market perform rating but set a $90 price target, indicating potential upside while signaling a more cautious view than the buy-rated analysts. Liquidia Earns Market Perform Rating from Lifesci Capital
Negative Sentiment: Adjusted earnings per share of $0.74 were slightly below the company’s reported consensus estimate of $0.76, even though revenue exceeded expectations. The modest earnings miss, elevated expectations after a 155% year-to-date rally, and anticipated higher second-half research and development spending for the L606 Phase 3 program contributed to the selloff and a gap lower in the shares. Liquidia Shares Gap Down on Disappointing Earnings

Insider Buying and Selling at Liquidia

In related news, insider Jason Adair sold 688 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $87.53, for a total transaction of $60,220.64. Following the sale, the insider owned 216,438 shares of the company’s stock, valued at approximately $18,944,818.14. The trade was a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Stephen M. Bloch sold 100,000 shares of the business’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $89.48, for a total value of $8,948,000.00. Following the transaction, the director owned 501,477 shares in the company, valued at approximately $44,872,161.96. This represents a 16.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,756,861 shares of company stock worth $122,981,112. 25.60% of the stock is owned by corporate insiders.

Institutional Trading of Liquidia

Several institutional investors have recently added to or reduced their stakes in LQDA. Entropy Technologies LP purchased a new position in shares of Liquidia in the 4th quarter worth approximately $326,000. Rafferty Asset Management LLC purchased a new stake in shares of Liquidia during the fourth quarter worth about $247,000. Resurgent Financial Advisors LLC acquired a new position in Liquidia in the 4th quarter valued at $259,000. Numerai GP LLC acquired a new stake in shares of Liquidia in the third quarter valued at $288,000. Finally, Ameriprise Financial Inc. acquired a new stake in Liquidia during the third quarter worth approximately $246,000. 64.54% of the stock is currently owned by institutional investors.

Liquidia Company Profile

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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).