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Ultragenyx Pharmaceutical vs Liquidia: RARE and LQDA compared
Ultragenyx Pharmaceutical is the larger company: $173M of revenue in its latest quarter (Q3 2026) against $172M for Liquidia (Q2 2026). Liquidia is growing faster (19× against +8% a year earlier). Liquidia is more profitable, with an operating margin of 49.8% against -63.6%.
Where the money goes: RARE and LQDA
Ultragenyx Pharmaceutical (RARE) · Q3 2026
Ultragenyx Pharmaceutical, Q3 2026: revenue $173M (+8% year over year), operating margin -63.6%, net loss $118M, operating cash flow −$43.0M. The chart follows the revenue to costs, profit and cash.
Liquidia (LQDA) · Q2 2026
Liquidia, Q2 2026: revenue $172M (19× year over year), operating margin 49.8%, net earnings $74.7M, operating cash flow $80.2M. The chart follows the revenue to costs, profit and cash.
| Ultragenyx Pharmaceutical (RARE) | Liquidia (LQDA) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $173M | $172M |
| Revenue growth, Y/Y | +8% | 19× |
| Operating margin | -63.6% | 49.8% |
| Net earnings | −$118M | $74.7M |
| Net margin | -68.2% | 43.5% |
| Operating cash flow | −$43.0M | $80.2M |
| Free cash flow | — | $69.0M |
| Market value | $1.6B | — |
| Analysts’ mean target | $25.40 | — |
Where the revenue comes from
Ultragenyx Pharmaceutical
- Product: $105M (61%)
- Royalty: $68.0M (39%)
Liquidia
- Product sales, net: $170M (99%)
- Service revenue, net: $1.3M (1%)
Questions
Which is bigger, Ultragenyx Pharmaceutical or Liquidia?
Ultragenyx Pharmaceutical is the larger company: $173M of revenue in its latest quarter (Q3 2026) against $172M for Liquidia (Q2 2026).
Is Ultragenyx Pharmaceutical or Liquidia growing faster?
Liquidia is growing faster (19× against +8% a year earlier).
Which is more profitable, Ultragenyx Pharmaceutical or Liquidia?
Liquidia is more profitable, with an operating margin of 49.8% against -63.6%.
More: Ultragenyx Pharmaceutical earnings · how Ultragenyx Pharmaceutical makes money · Liquidia earnings · how Liquidia makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Aug 12, 2026). Fiscal quarters can end on different dates. Not investment advice.