Liquidia's YUTREPIA Surges with $148M in Sales, Disrupting Pulmonary Hypertension Market

MORRISVILLE, NC – January 09, 2026 – Liquidia Corporation (NASDAQ: LQDA) has announced a stunningly successful commercial launch for its new pulmonary hypertension drug, YUTREPIA, posting preliminary full-year 2025 net sales of approximately $148.3 million just months after its market debut. The figures, released ahead of the company's presentation at the 44th Annual J.P. Morgan Healthcare Conference, paint a picture of rapid market penetration and position Liquidia as a formidable new force in the treatment of serious respiratory diseases.

The biopharmaceutical company reported that fourth-quarter sales for YUTREPIA reached approximately $90.1 million, a staggering 74% increase over the previous quarter. This explosive growth has not only validated the company's commercial strategy but has also driven significant financial momentum, generating over $30 million in positive cash flow in the final quarter of 2025. Liquidia ended the year with a robust cash position of approximately $190.7 million.

“2025 marked a transformational year for Liquidia, with the successful commercial launch of YUTREPIA across both pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) patient populations,” said Dr. Roger Jeffs, Liquidia’s Chief Executive Officer, in a statement. “We are encouraged by the continued momentum in adoption, which reflects strong execution by our team and growing physician confidence in YUTREPIA as a differentiated and increasingly preferred inhaled prostacyclin option.”

A Challenger's Ascent in a Competitive Arena

The impressive sales figures signal a significant disruption in the inhaled prostacyclin market, a space long dominated by United Therapeutics and its products, Tyvaso and Tyvaso DPI. YUTREPIA, an inhaled dry-powder formulation of treprostinil, was approved by regulators on May 23, 2025, and its rapid uptake suggests it is successfully carving out a substantial market share.

The key to this success appears to lie in the drug's delivery system. YUTREPIA utilizes Liquidia’s proprietary PRINT® Technology, which engineers uniform drug particles for enhanced deposition in the lungs via a convenient, palm-sized dry-powder inhaler. This low-effort device stands in contrast to the more cumbersome nebulized alternatives, a factor that is proving critical for both patient preference and physician adoption.

The numbers bear this out. Since its launch in June 2025, YUTREPIA has seen more than 2,800 unique patient prescriptions, with over 2,200 of those patients having already started treatment. The company reported a robust 85% conversion rate from prescription to treatment initiation, a metric that underscores the product's appeal and accessibility. The prescriber base has also swelled to approximately 750 physicians, a testament to growing clinical confidence. In response to this demand, Liquidia plans to expand its field sales team in 2026 to deepen its reach in key territories.

Financial analysts have taken note of the strong performance. Following the announcement, some investment banks reiterated their positive outlook, with Raymond James raising its price target on Liquidia stock from $41.00 to $47.00 and maintaining a “Strong Buy” rating, citing the company's powerful market entry and solid financial health.

Navigating the Legal Gauntlet

Despite the celebratory financial news, Liquidia's path is not without obstacles. The company remains embroiled in long-standing and complex patent litigation with its chief competitor, United Therapeutics. In its announcement, Liquidia acknowledged that this ongoing legal battle represents a significant risk, noting that United Therapeutics is seeking injunctive relief that could potentially block its ability to continue selling YUTREPIA.

This legal overhang is a critical factor for investors and the market to consider. While YUTREPIA is currently approved and commercialized for both PAH and PH-ILD, the ultimate outcomes of court proceedings in multiple U.S. districts could have material consequences. The situation highlights the high-stakes nature of pharmaceutical innovation, where market success is often fought not only in the clinic and the marketplace but also in the courtroom.

The Next Frontier: An Ambitious Pipeline for Future Growth

Liquidia is not resting on its laurels. The company outlined an ambitious clinical development plan for 2026, signaling a clear strategy to build on YUTREPIA’s success and secure its long-term growth. The plan focuses on expanding the evidence for YUTREPIA and advancing L606, an investigational extended-release formulation of treprostinil.

Dr. Jeffs stated, “Looking ahead to 2026, we are excited to build on this foundation by advancing clinical programs to further differentiate YUTREPIA and L606... across current and potential future indications, like IPF, PPF, and PH-COPD, where there remains a significant unmet need.”

This pipeline expansion targets several severe lung diseases with few effective treatments:

• Idiopathic Pulmonary Fibrosis (IPF) and Progressive Pulmonary Fibrosis (PPF): These devastating diseases involve progressive scarring of the lungs. Liquidia plans to initiate an open-label study investigating YUTREPIA in patients with IPF and PPF who are new to inhaled treprostinil treatments.

• Inadequate Response Patients: Two new studies will investigate YUTREPIA's tolerability and efficacy in PAH patients who have had an inadequate response to other prostacyclin analogs, as well as in PH-ILD patients who have not responded sufficiently to Tyvaso or Tyvaso DPI.

• New Indications: The company is also supporting an investigator-initiated trial evaluating YUTREPIA in combination with Merck’s Winrevair®, and it will initiate its own study of YUTREPIA in patients with systemic sclerosis-associated Raynaud’s phenomenon.

Furthermore, Liquidia is actively enrolling PH-ILD patients into Re-Spire, a global pivotal Phase III study for L606. This next-generation therapy, a liposomal suspension delivered via a nebulizer, is designed for twice-daily dosing and aims to provide more consistent drug exposure over a 24-hour period. Successful development of L606 could further solidify Liquidia's leadership in inhaled therapies for serious respiratory conditions.