Liquidia (LQDA) investor relations material

Strategic highlights and growth outlook

• Achieved 25% market share and over $500M revenue run rate for YUTREPIA, targeting $1B+ annualized revenue by 2027.

• Expanding sales force from 48 to 64 reps to increase reach, focusing on PH-ILD community education and deeper market penetration.

• Investing in multiple phase IV studies for YUTREPIA, including transitions from other therapies and synergy studies with WINREVAIR.

• Initiated phase III registrational study for L606, aiming for broader indications such as IPF, PPF, PH-COPD, and Raynaud's.

• Projecting expansion of total addressable market from $7–8B to $12–13B with new indications.

Clinical development and pipeline

• L606 phase III study has begun enrolling, with strong focus on quality and rigorous patient selection.

• Planning phase III studies for IPF, PPF, PH-COPD, and phase II for Raynaud's, leveraging mechanistic validation and global KOL engagement.

• Expecting L606 readout around 2029, with a four-year timeline from enrollment to approval.

• YUTREPIA's clinical profile drives adoption due to superior tolerability and dosing flexibility.

• Additional studies, including ASCENT data, support ongoing launch momentum and market penetration.

Commercial execution and financial discipline

• Over 4,500 prescriptions written by April, with a 25% increase in high-prescribing physicians since February.

• Targeting expansion from 6,500 to 8,000 doctors, focusing on untapped PH-ILD community segments.

• Confident in reaching $1B revenue by 2027 with potential to achieve or exceed 50% operating margin.

• Achieved early profitability, enabling independent funding of pipeline without reliance on capital markets.

• Ongoing investment in manufacturing capacity, including a new facility in North Carolina.