YUTREPIA Sales at Liquidia Jump 31% Quarter on Quarter to $222.7 Million
Key Facts
Liquidia reported net sales of YUTREPIA of $222.7 million in the third quarter of 2026, up 31% from the previous quarter, the latest sign of expanding sales of its inhaled dry-powder treatment. The company’s total revenue was $225.3 million in the three months ended September 30, compared with $54.342 million in the same period of 2025. Net product sales rose to $222.7 million from $51.7 million a year earlier, the drugmaker said, attributing the increase to higher YUTREPIA sales volume. It also recorded $212.2 million in paid patient demand, excluding vouchers and treatment access programs. Revenue exceeded the analyst consensus estimate of $214.18 million, while the company reported an adjusted loss per share of $2.640 against an expected profit of $0.900, according to Investing.com data.
On the bottom line, Liquidia posted a net loss of $236.3 million, including a $389.7 million charge related to the litigation settlement. By contrast, the company reported adjusted earnings before interest, taxes, depreciation and amortization of $140.5 million for the quarter, marking the fifth consecutive quarter of growth. The figures reflect a widening gap between sales growth and the accounting result, as the settlement charge outweighed the impact of higher revenue. Research and development expenses were $25.3 million, compared with $9.3 million in the third quarter of 2025. The company said the increase included $11.1 million for the L606 program and $3.2 million for YUTREPIA development.
Selling, general and administrative expenses rose to $59.0 million, up 47% year over year, Liquidia said. The company attributed the increase to hiring, stock-based compensation and commercial spending to support the YUTREPIA launch. On demand, it said the base of physicians prescribing the treatment reached 1,300 by October, while the conversion of monthly referrals to treatment starts remained above 87%. Chief Executive Officer Roger Jeffs added that YUTREPIA had "quickly established a preferred treatment profile after five quarters on the market," citing physicians’ appreciation of the control and flexibility the treatment offers each patient. Patient shipments reached a monthly high since launch in October, while the daily referral rate exceeded 75% of its third-quarter daily average.
Commercial expansion coincided with the fallout from the patent dispute with United Therapeutics. A U.S. District Court in Delaware ruled on September 30 that certain claims held by the rival company concerning inhaled treprostinil treatment for pulmonary hypertension associated with interstitial lung disease were valid and had been infringed. Liquidia entered into a comprehensive settlement agreement on October 13, and YUTREPIA remained continuously available to patients after the agreement. But it halted promotion of the treatment for pulmonary hypertension associated with interstitial lung disease and filed an application to remove that use from the label. The company said the commercial impact of the change remains uncertain and that product sales could be adversely affected. Net settlement payments total $380.7 million in installments during 2026 and 2027, and Liquidia said it expects to fund them with existing cash and ongoing YUTREPIA sales.
Cash and cash equivalents totaled $396.1 million on September 30, before settlement payments, compared with $190.7 million on December 31, 2025. The ability of ongoing sales to support the installments and development spending remains an area to watch over the next two years, under the financing plan the company announced. Liquidia expects the pivotal LTI-403 study to be completed in the second quarter of 2027. It also expects the SPRINT trial to begin in the fourth quarter of 2026. These timelines put the development program alongside commercial product growth and settlement obligations among the company’s key priorities ahead.