Liquidia Q4 Sales Surge 74%, $14.6M Profit and $190.7M Cash
Liquidia posted Q4 2025 net product sales of $90.1 million, a sequential 74% increase, driving $14.6 million net income and $33 million cash flow. The year ended with $190.7 million cash, triggering Raymond James to reaffirm a Strong Buy with a $47 target.
1. Q4 Financial Performance
Liquidia achieved Q4 net product sales of $90.1 million, up 74% from Q3 2025, translating into $14.6 million net income, $27.3 million in non-GAAP adjusted EBITDA and $33 million of positive cash flow. The company reported EPS of $0.15, significantly ahead of consensus estimates.
2. YUTREPIA Launch and Market Traction
Since its June 2025 debut, YUTREPIA reached profitability within 120 days, garnered over 3,600 unique patient referrals and supplied therapy to more than 2,900 patients. Revenue share climbed from 10% in Q3 to 17% in Q4, underscoring rapid adoption despite ongoing competition in the inhaled treprostinil market.
3. Cash Position and Analyst Outlook
Liquidia closed the year with $190.7 million in cash and cash equivalents and full-year product sales of $148.3 million, providing ample runway for pipeline expansion. Raymond James reiterated a Strong Buy rating with a $47 price target, citing robust financial metrics and continued momentum into 2026.