Liquidia - June 3, 2026, Conference Transcript
A fireside chat from Liquidia
Liquidia gave a fireside chat on June 3, 2026. Liquidia (LQDA) are continuing to steer the conversation beyond launch momentum to the next legs of growth in terms of: market expansion including consideration of adjacent and new markets; innovation over the medium term primarily via L606; and scaling up both salesforce and production. There are starting to spell out some of the incremental growth opportunities for the market, beyond simply taking share from Tyvaso for PAH and PH-ILD (LQDA current market share there is ~25%).
I have a long position in Liquidia. This is my opinion only, and not intended as investment advice. The transcript may contain errors and omissions. See full disclaimer here.
On sales momentum, there was a mild uptick as management moved away from prior “linear growth” messaging over recent months to observe, “a slight acceleration from February to April.” In terms of prescriptions written, so that’s perhaps incrementally positive for Q2.
On guidance, management continue to talk of a billion or more in sales in 2027, which looks increasingly conservative (Q1 ‘26 annualized sales are $528M). However, there was some discussion of operating margin at or above 50%, in the context of R&D costs, which also is not super aggressive, but is a new metric for management to discuss. It does offer some reassurance that R&D spend won’t get out of hand, which is perhaps becoming a risk as cash now exceeds $222M as of Q1 ‘26 and looks set to grow. There was also some discussion of business development discussions, but nothing concrete.
There was a fairly succinct rebuttal to UTHR’s fanfare around a potential soft mist inhaler: “So if you look at soft mist inhaler, you’re just giving a nebulized formulation, which is like Tyvaso, just with a different device, you’re going to get the same result. Like there’s nothing changed in the formulation that would drive a different result.”
Management are sounding more optimistic on legal outcomes, but noted there’s no change in underlying information (note this was prior to the June 4 Hikma decision coming the day after the conference). As such, this may be a more upbeat style of messaging, and there doesn’t appear to be any new information.
Full transcript follows, which is behind a paywall for paid subscribers. My goals for the remainder June, in terms of Liquidia specifically, are to write pieces sizing and assessing market expansion opportunities, perhaps also write separately on take-out scenarios for Liquidia, and then return to valuation in light of that and my recent deep dive of legal risks.
I also think there’s a high probability that we get a decision on the Liquidia vs. United Therapeutics case in the coming weeks now that the Hikma opinion is out there for Judge Andrews to react to. However, the timing there remains uncertain.
