Liquidia's third quarter revenue beats on $223M Yutrepia sales amid major United Therapeutics settlement

Liquidia reported third quarter 2026 total revenue of $225.3 million, exceeding consensus estimates behind robust commercial adoption of YUTREPIA. The company recorded a substantial GAAP net loss of $236.3 million, primarily driven by a one-time $389.7 million charge related to its global litigation settlement with United Therapeutics. Despite the bottom-line impact, operational leverage continued to improve as the company achieved its fifth consecutive quarter of adjusted EBITDA growth.

Key Highlights

• YUTREPIA net product sales reached $222.7 million, representing 31% growth over the second quarter and beating the $201.5 million consensus estimate.
• A global settlement resolved all litigation with United Therapeutics, requiring Liquidia to pay approximately $380.7 million in installments while securing long-term commercial continuity for YUTREPIA.
• Non-GAAP adjusted EBITDA rose to $140.5 million, a 46% sequential increase, as the prescriber base expanded to 1,300 physicians through October.