Liquidia Corporation
liquidia.comWhat Do They Do?
Sells inhaled treprostinil for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease, markets generic injectable treprostinil for pulmonary arterial hypertension, and develops other respiratory and vascular treatments.
10-K for FY2025, filed Mar 5, 2026We currently generate revenue through the sale of YUTREPIA (treprostinil) inhalation powder (“YUTREPIA”) and pursuant to a promotion…View ↗
YUTREPIA is an inhaled dry powder formulation of treprostinil designed with our proprietary PRINT technology, a particle engineering…View ↗
Treprostinil Injection is a fully-substitutable generic treprostinil for parenteral administration in the United States. We have the…View ↗
We also conduct research, development and manufacturing of novel products by applying our subject matter expertise in respiratory and…View ↗
How Do They Make Money?
Specialty pharmacies and a specialty distributor buy YUTREPIA, and Liquidia is paid when it delivers the medicine. Under its agreement with Sandoz, Liquidia also receives 50% of the profit from U.S. sales of generic injectable treprostinil.
10-K for FY2025, filed Mar 5, 2026In the second quarter of 2025, YUTREPIA became available to patients with a prescription in the U.S. and we commenced commercial sales to…View ↗
We have determined that the delivery of YUTREPIA to our customers constitutes a single performance obligation. There are no other promises…View ↗
We primarily generate service revenue pursuant to the Promotion Agreement, under which we receive a 50% share in the profit derived from…View ↗
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10-K for FY2025, filed Mar 5, 2026
FY2025 revenue by product or service ↗
$158.3M
-
10-K for FY2025, filed Mar 5, 2026
$158.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product sales, net
Sold outright
10-K for FY2025, filed Mar 5, 2026 |
94% |
Product sales, net, FY2025
$148.3M Sources
|
Sold outright |
|
Service revenue, net
|
6.3% |
Service revenue, net, FY2025
$10M Sources
|
Who Are Their Customers?
Liquidia sells YUTREPIA to specialty pharmacies and a specialty distributor, which then sell it to patients, clinics, hospitals and federal healthcare programs. It works with Sandoz to promote generic injectable treprostinil.
10-K for FY2025, filed Mar 5, 2026
Do Revenues Turn Into Profits?
No. It lost $68.9M in FY2025.
10-K for FY2025, filed Mar 5, 2026
−$51.4MView ↗
10-K for FY2025, filed Mar 5, 2026
−$68.9MView ↗
10-K for FY2025, filed Mar 5, 2026
−$40MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 12, 2026
$74.7MView ↗
- ▲ Now profitable
- vs −$41.6M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 12, 2026
Open tableView ↗
Growing. Revenue grew 12.3x in 4 years, from $12.9M in FY2021 to $158.3M in FY2025, about 87% a year.
From candidate to marketed medicine
The earlier report described YUTREPIA as a tentatively approved candidate for PAH; the latest describes it as a product sold for PAH and PH-ILD.
10-K for FY2022, filed Mar 20, 2023 10-K for FY2025, filed Mar 5, 2026Our lead product candidate is YUTREPIA for the treatment of PAH. YUTREPIA is an inhaled dry powder formulation of treprostinil designed…View ↗
YUTREPIA is an inhaled dry powder formulation of treprostinil designed with our proprietary PRINT technology, a particle engineering…View ↗
An additional revenue source
The earlier report described profit-sharing revenue from promoting generic injectable treprostinil; the latest also describes sales of YUTREPIA as a revenue source.
10-K for FY2022, filed Mar 20, 2023 10-K for FY2025, filed Mar 5, 2026We currently generate revenue pursuant to a Promotion Agreement between Liquidia PAH and Sandoz Inc. (“Sandoz”) sharing profit derived from…View ↗
We currently generate revenue through the sale of YUTREPIA (treprostinil) inhalation powder (“YUTREPIA”) and pursuant to a promotion…View ↗
Who Do They Compete With?
Competes with Johnson & Johnson, Gilead Sciences, Bayer Schering Pharma, Merck &, United Therapeutics, Watson Pharmaceuticals, MannKind, Actelion, Janssen Pharmaceuticals, Teva, Par Pharmaceutical, Dr. Reddy’s, Alembic, Corsair Pharma, and Insmed
10-K for FY2025, filed Mar 5, 2026Our products and development programs directed toward the treatment of PAH compete with several approved classes of drugs in clinically…View ↗
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