Liquidia - May 13 2026: Conference Transcript
Additional color on Liquidia from their CFO/COO
Transcript from Liquidia’s (disclosure: long) conference discussion, coming a few days after their Q1 results. The transcript is partially behind a paywall, but my summary and opening statement is freely available.
Liquidia refused to be drawn on raising the $1B 2027 sales target. However, they did provide a little more color on scaling up the salesforce and production capacity, differentiation and the potential market growth in the medium. Also some good insights on United Therapeutics R&D, which was somewhat dismissive. I detect a slight pivot from executing on sales growth in a linear way, to educating the market on their ability to substantially expand the market over time. No insight given on legal issues.
Not intended as investment advice, author’s opinion only, transcript will contain errors/omissions. See full disclaimer here.
Jason Gerber: My name is Jason Gerber. I cover pharma and biotech at the event. Pleased to be introducing Liquidia. Joining us is Mike Kaseta, CFO and COO, and Jason Adair, Chief Business Officer. Gentlemen, thanks for joining us. Liquidia has had one of the more interesting commercial launches in biopharma since, I believe, June of last year. And so we’ll talk about that, your drug, Yutrepia, for pulmonary arterial hypertension (PAH) and PH-ILD. We’ll talk a little bit about the pipeline as well. So maybe we’ll just start off and talk a little bit about Yutrepia now, with three full quarters under your belt. Where are you at, what’s exceeding expectations, and can you talk a little bit about the opportunity on the come?
Liquidia: Yeah, thanks, Jason. Thanks for having us and hosting us here today. Liquidia is a great place to be right now. As you said, we launched our product back in June of 2025, and we really just knocked the launch out of the park. In Q1, we recorded $130 million of revenue, and execution is not just on the commercial front; it’s the discipline that we show financially. We recorded $70 million of adjusted EBITDA, and we’ve added $30 million of cash to our balance sheet in the quarter. So we are really executing on everything that we set out at the launch. We couldn’t be happier with the launch. As Roger, our CEO, has talked about, our goal is to be the prostacyclin of first choice, and I think we’re well on our way there. If you just look at our market share from a revenue point of view, in our first quarter of launch, we had about a 10% market share. Second quarter, we went up to about 16%. And in this most recent first quarter of 2026, we’re at over 23% market share. So we are growing quickly. We’re excited for where we’re going and really excited for 2026 and beyond. One of the things that we talked about is we believe we’re going to be a $1 billion product in 2027, and we’re on that trajectory to get there.
Jason Gerber: Great. So you launched Yutrepia into these two indications as a 505(b)(2) reference brand, the reference brand being United Therapeutics’ Tyvaso. Can you talk a little bit about the attributes of Yutrepia that are resonating most with healthcare providers, and what’s driving this strong adoption dynamic?
Liquidia: Yeah, I think what we’ve always thought and hypothesized prior to launch is that we have a superior product profile, and what we’re seeing in the field is exactly that playing out. What we like to do is talk about the “three Ds”. The first “D” is being able to achieve deep lung deposition. For those who don’t know, we have a proprietary formulation technology called PRINT. It allows us to manufacture particles of uniform size and shape. That size was specifically designed to bypass the back of the throat and the upper airways and achieve deep lung deposition. By also having these mono-dispersed particles, we’re able to use an easy-to-use, low-resistance device that’s been used for years all over the world; it is low resistance and easier to inhale, especially for patients who have lung dysfunction. And the last piece of this that is all tied together allows us to get to higher doses. So we’re able to dose Yutrepia at two to three times what the normal dose of Tyvaso is. One thing that is non-controversial is that more prostacyclin is always better. Our ability to titrate to those higher doses is really what’s resonating with doctors and patients, and ultimately has contributed greatly to our early successes of the launch.
