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LQDA · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Liquidia Corporation Common Stock (LQDA) stock moving?
Liquidia reported Q3 2026 results on Nov 10. YUTREPIA net product sales were $222.7M, up 31% from Q2, and total sales of $225.3M beat the $214.2M estimate. Adjusted EPS of $1.71 beat the $0.96 estimate, while the GAAP loss of $236.3M (EPS $(2.64)) reflects a $389.7M litigation settlement charge. Adjusted EBITDA rose to $140.5M, the fifth straight quarterly increase, and October patient shipments reached their highest monthly level since launch. The Oct 13 global settlement with United Therapeutics resolves all six lawsuits and secures continued PAH access to YUTREPIA, easing the injunction risk raised by the Sept 30 Delaware ruling. However, net settlement payments of $380.7M over 2026-2027 will absorb most of the $396.1M cash balance, which is a key constraint. BTIG reiterated Buy and raised its target to $87. The stock rose from $39.69 on Oct 22 to $51.40 on Nov 10, about 29%. On Nov 10 it traded between $46.21 and $51.69 and closed near the session high, up 7.4% from $47.87 on 2.85M shares. Nearby lows were around $41.5 (Nov 2-3). The Nov 4 spike to $51.11 on 4.8M shares is not explained by the news provided. The Jefferies fireside chat on Nov 17 is the next scheduled event.
News behind the analysis
- UPDATE: Liquidia Q3 Adj. EPS $1.71 Beats $0.96 Estimate, Sales $225.000M Beat $214.182M Estimate (Adj EPS Excludes Litigation Settlement)Liquidia's Q3 2026 adjusted EPS of $1.71 beat the $0.96 estimate, and sales of $225.0M beat the $214.2M estimate. The adjusted figure excludes the litigation settlement charge.
- Liquidia Q3 EPS $(2.64) Misses $0.94 Estimate, Sales $225.300M Beat $214.182M EstimateOn a GAAP basis, Q3 EPS was $(2.64), missing the $0.94 estimate, while sales of $225.3M beat the $214.2M estimate. The gap reflects the $389.7M litigation settlement charge.
- Liquidia Corporation Reports Third Quarter 2026 Financial ResultsLiquidia reported Q3 2026 results for the quarter ended September 30, 2026, and scheduled a conference call and webcast. The release covers YUTREPIA net product sales of $222.7M, up 31% from Q2.
- Liquidia Q3 2026 Earnings Call TranscriptBenzinga published the transcript of Liquidia's third-quarter 2026 earnings call, held the same day as the results release.
- BTIG Maintains Buy on Liquidia, Raises Price Target to $87BTIG kept its Buy rating on Liquidia and raised its price target to $87 after the third-quarter results.
- Liquidia Corporation to Present at 2026 Jefferies Global Healthcare ConferenceLiquidia's CEO and CFO/COO will take part in a fireside chat at the 2026 Jefferies Global Healthcare Conference on November 17, 2026.
- Liquidia Corporation to Report Third Quarter 2026 Financial Results on November 10, 2026Liquidia announced the date of its Q3 2026 results release and webcast, set for November 10, 2026.
About Liquidia Corporation Common Stock
Liquidia is a North Carolina biopharmaceutical company that sells YUTREPIA, an inhaled dry-powder form of treprostinil. Doctors use it to treat pulmonary arterial hypertension (PAH) and pulmonary hypertension linked to interstitial lung disease (PH-ILD). The FDA fully approved YUTREPIA in May 2025, and within about a year Liquidia went from losing money to making a profit. Management says it is approaching about 30% of the inhaled prostacyclin market by net revenue.
How it makes money
Almost all of Liquidia's revenue comes from US sales of YUTREPIA. Net product sales were about $170 million in Q2 2026, up from about $130 million in Q1 2026. The company used to earn a small amount from promoting a generic treprostinil injection. It ended that agreement in October 2026 as part of a global settlement with United Therapeutics, which resolved all their pending lawsuits and required Liquidia to make a net payment of about $175 million. Liquidia is also developing L606, a longer-acting inhaled treprostinil that is entering late-stage trials, and is testing YUTREPIA for other conditions.
What usually moves LQDA
- YUTREPIA prescription growth and market share
- Competition in inhaled treprostinil, especially from United Therapeutics' Tyvaso
- Patent litigation and settlement outcomes
- L606 and new-indication clinical trial results
- Insurer coverage and pricing for PAH drugs