Oppenheimer downgrades Liquidia, expects YUTREPIA launch to underperform

As previously reported, Oppenheimer downgraded Liquidia (LQDA) to Underperform from Perform with a $13 price target With no anticipated legal/regulatory barriers blocking YUTREPIA, the firm sees a clear path to approval in pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease on the May 24, 2025 PDUFA. That said, Oppenheimer thinks the launch is going to underperform. Specifically, the firm’s expert checks continue to point to YUTREPIA’s lack of meaningful differentiation to Tyvaso DPI, with prescribers uninspired to switch patients but considering it for about 10% who don’t tolerate Tyvaso DPI. Additionally, a series of notable commercial/competitive headwinds keep Oppenheimer conservative forecasting YUTREPIA sales of $153M/PAH and $256M/PH-ILD in 2030.