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Biotech selling an inhaled treprostinil therapy (Yutrepia) for pulmonary hypertension, competing with United Therapeutics.
Biotech selling an inhaled treprostinil therapy (Yutrepia) for pulmonary hypertension, competing with United Therapeutics.
Yutrepia reached the market in 2025 after FDA approval, so the company is moving from development to selling its own drug. Sales run through specialty pharmacies, which supply patients with this class of drug. United Therapeutics, which sells rival treprostinil products, has contested its patents.
Moat: narrow (IP / patents, process know-how). Proprietary dry-powder particle-engineering technology differentiates its inhaled treprostinil from liquid rivals.
Headquarters: Morrisville, North Carolina, United States · Founded: 2004 · Employees: 216
Size Liquidia (LQDA) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $3.97B, the 1349th largest of 3,117 United States companies the cockpit tracks. Shares closed at $44.40 on 6 Nov 2026.
Performance Over six months the shares gained 5.0%, against +3.8% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 2,233.7% over the last twelve months (peer median +5.4%); the operating margin is 37.4% (peer median 15.7%).
Valuation It trades at 32.9× forward earnings against a peer median of 19.6× (3rd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +192%, so the hurdle is -192 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 135.1 points above its cost of capital (6.8% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $451M | $158M | $14.0M | $17.5M | $15.9M |
| Revenue growth | — | +1,031% | -20% | +10% | — |
| Gross profit | $416M | $144M | $6.82M | $13.4M | $11.3M |
| EBITDA | $170M | -$49.8M | -$119M | -$71.2M | -$34.8M |
| Net income | $139M | -$68.9M | -$128M | -$78.5M | -$41.0M |
| Free cash flow | $151M | -$40.0M | -$98.4M | -$42.9M | -$29.2M |
| Capital expenditure | $17.0M | $4.34M | $4.95M | $1.29M | $592,000 |
| Total debt | $183M | $198M | $120M | $3.50M | $24.5M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Liquidia LQDA | $3.97B | +5% | +2,234% | 37% | 32.9× | 0.7% |
| United Therapeutics UTHR | $24.1B | -1% | +2% | 44% | 22.0× | -0.4% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
| Insmed INSM | $25.1B | -16% | +240% | -42% | n/a | n/a |
| Gossamer Bio GOSS | n/a | -63% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LQDA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +58.5% | +5.8% | highest of 21 |
| 6-month return | +5.0% | +3.8% | 9th highest of 21 |
| Distance from 52-week high | -52.6% | -22.0% | lowest of 21 |
| Revenue growth (TTM) | +2,233.7% | +5.4% | highest of 20 |
| Operating margin | 37.4% | 15.7% | highest of 18 |
| Forward P/E | 32.9× | 19.6× | 3rd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 0.7% | 5.0% | 7th least demanding of 16 |
| Growth delivered (Del g) | +192.5% | +6.2% | highest of 16 |
| Hurdle (Req g minus delivered) | -191.8 pp | -3.5 pp | least demanding of 16 |
| ROIC minus cost of capital | +135.1 pp | +7.6 pp | highest of 18 |
| EV / EBITDA | 22.7× | 13.0× | 4th most expensive of 10 |
| Net debt / EBITDA | -0.6× | -0.3× | 4th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Liquidia LQDA | United States | $3.97B | +5% | +2,234% | 37% | 32.9× | 0.7% | +192.5% |
| Siegfried SFZN.SW | Switzerland | $3.98B | -10% | +4% | 16% | 17.8× | n/a | n/a |
| Yuhan 000100.KS | South Korea | $4.05B | -12% | +5% | 5% | 38.6× | 20.2% | +6.2% |
| HUBEI JUMPCAN PHARMACEUTICAL 600566.SS | China | $4.05B | +6% | -4% | 32% | 14.9× | -11.5% | +0.3% |
| Shanghai Junshi Biosciences 688180.SS | China | $4.06B | -24% | +29% | -15% | n/a | n/a | n/a |
| Laboratorios Farmaceuticos Rovi ROVI.MC | Spain | $3.89B | +15% | +3% | 20% | 22.3× | 1.5% | +12.1% |
| Zhejiang Huahai Pharmaceutical 600521.SS | China | $3.86B | +8% | +10% | 12% | 22.1× | 7.3% | +5.9% |
| Santen Pharmaceutical 4536.T | Japan | $3.86B | +17% | -1% | 16% | 15.6× | -5.2% | +3.2% |
| Tianjin Pharmaceutical Da Ren Tang 600329.SS | China | $4.11B | +4% | -13% | 20% | 31.4× | 17.8% | -5.8% |
| Xenon Pharmaceuticals XENE | United States | $3.79B | +4% | -100% | n/a | n/a | n/a | n/a |
| China Resources Pharmaceutical 3320.HK | Hong Kong | $3.74B | -11% | +8% | 4% | 6.0× | -5.3% | +7.8% |
| Apeloa Pharmaceutical 000739.SZ | China | $3.73B | +18% | -16% | 10% | 25.1× | 6.3% | +4.5% |
| Livzon Pharmaceutical 000513.SZ | China | $3.71B | -4% | -14% | 19% | 16.9× | -9.8% | +2.7% |
| Amylyx Pharmaceuticals AMLX | United States | $3.70B | +97% | +100% | n/a | n/a | n/a | n/a |
| ACADIA Pharmaceuticals ACAD | United States | $3.66B | -5% | +12% | 8% | 21.5× | 16.7% | +19.4% |
| Organon & OGN | United States | $3.64B | +4% | -3% | 20% | 4.0× | -4.5% | -1.0% |
| Simcere Pharmaceutical 2096.HK | Hong Kong | $3.63B | -7% | +27% | 18% | 14.3× | -2.8% | +10.6% |
| HanmiPharm 128940.KS | South Korea | $4.36B | +2% | +14% | 16% | 16.8× | 5.0% | +7.5% |
| Ajanta Pharma AJANTPHARM.NS | India | $4.37B | +7% | +25% | 25% | 32.2× | 23.8% | +13.8% |
| Suzhou Zelgen Biopharmaceuticals 688266.SS | China | $3.60B | -13% | +136% | 29% | 43.4× | 20.5% | +98.4% |
| Definium Therapeutics DFTX | United States | $4.47B | +51% | n/a | n/a | n/a | n/a | n/a |