Liquidia reported a sharp jump in second-quarter 2026 revenue and a swing to profitability as Yutrepia sales accelerated.
Product sales, net, rose to $170.4 million in the quarter ended June 30, 2026, up from $6.5 million a year earlier. The company said Yutrepia sales were up 31% from the first quarter of 2026, and that the increase in product sales was $163.9 million year over year.
The company posted net income of $74.7 million, compared with a net loss of $41.6 million in the second quarter of 2025. On a per-share basis, Liquidia reported $0.84 in basic earnings and $0.74 diluted, versus a $0.49 loss per share in the prior-year quarter.
Adjusted EBITDA reached $96.3 million in the quarter, marking the company’s fourth consecutive quarter of increasing profitability.
Cash and cash equivalents climbed to $284.2 million at June 30, 2026, from $190.7 million at December 31, 2025, an increase of $93.5 million.
Operating costs moved higher alongside the sales surge. Cost of product sales rose to $10.8 million from $0.2 million a year earlier. Research and development expenses increased to $17.2 million from $6.0 million, up $11.2 million or 185%. Selling, general and administrative expenses climbed to $57.4 million from $38.8 million, up $18.6 million or 48%.
Service revenue, net, declined to $1.3 million from $2.3 million.
Liquidia also said Yutrepia’s commercial rollout continued to expand: it had received about 5,900 unique patient prescriptions and started treatment in more than 5,000 patients since launch in June 2025. The company said prescriber count rose to more than 1,100, with more than 30% of prescribers having written Yutrepia for at least five patients. Today the company's shares have moved -4.71% to a price of $83.905. If you want to know more, read the company's complete 8-K report here.
