Lipocine Inc. (LPCN) Revenue History
Annual and quarterly revenue from 2011 to present
LPCN Revenue Over Time (2011–2025)
LPCN Revenue Growth History
1 of 7 years with positive growth- FY2011 revenue growth
- N/A
- FY2012 revenue growth
- N/A
- FY2013 revenue growth
- -100.0%
- FY2014 revenue growth
- N/A
- FY2015 revenue growth
- N/A
- FY2016 revenue growth
- N/A
- FY2017 revenue growth
- N/A
- FY2018 revenue growth
- N/A
- FY2019 revenue growth
- -61.5%
- FY2020 revenue growth
- -100.0%
- FY2021 revenue growth
- N/A
- FY2022 revenue growth
- -96.9%
- FY2023 revenue growth
- -670.2%
- FY2024 revenue growth
- +492.8%
- FY2025 revenue growth
- -82.3%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $119K | +27.2% |
| Q4 2025 | $1.1M | -67.2% |
| Q3 2025 | $115K | — |
| Q2 2025 | $623K | +595.4% |
| Q1 2025 | $94K | -98.8% |
| Q4 2024 | $3.5M | +1515.0% |
| Q3 2024 | $0 | +100.0% |
| Q2 2024 | $90K | — |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2024)
LPCN's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
LPCN Revenue Analysis (2011–2025)
Current Revenue & Growth
As of June 23, 2026, Lipocine Inc. (LPCN) generated trailing twelve-month (TTM) revenue of $2.0 million, reflecting exceptional growth of +27.2% year-over-year. The most recent quarter (Q1 2026) recorded $119,397 in revenue, down 89.6% sequentially.
Historical Growth Trajectory
LPCN's historical revenue data shows a 3-year CAGR of +58.1%. Lipocine Inc.'s highest annual revenue of $16.1 million was recorded in 2021.
Revenue by Segment
LPCN's revenue is primarily driven by Royalty (100%). With over half of revenue concentrated in Royalty, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Healthcare sector peers — including ANIP (+37.0% YoY), NUVB (+1205.5% YoY), and CLDX (-89.2% YoY) — LPCN has underperformed the peer group in revenue growth. Compare LPCN vs ANIP →
LPCN Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| LPCNCurrent | $2M | +27.2% | - | -524.7% | |
 ANIP | $883M | +37.0% | +33.5% | 9.2% | |
 NUVB | $63M | +1205.5% | - | -338.7% | |
 CLDX | $2M | -89.2% | -27.4% | -19160.0% | |
 ABBV | $61.2B | +8.6% | +6.0% | 32.8% |
LPCN Historical Revenue Data (2011–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $2.0M | -82.3% | $-6,607,242 | -334.3% | $-10,371,379 | -524.7% |
| 2024 | $11.2M | +492.8% | $11.2M | 100.0% | $-1,155,035 | -10.3% |
| 2023 | $-2,850,818 | -670.2% | $-13,026,069 | 456.9% | $-17,930,957 | 629.0% |
| 2022 | $500K | -96.9% | $-8,056,888 | -1611.4% | $-12,119,375 | -2423.9% |
| 2021 | $16.1M | - | $8.5M | 52.5% | $3.1M | 19.5% |
| 2020 | $0 | -100.0% | $0 | - | $-17,996,264 | - |
| 2019 | $165K | -61.5% | $-7,303,220 | -4426.5% | $-12,900,290 | -7818.8% |
| 2018 | $428K | - | $428K | 100.0% | $-11,325,819 | -2646.0% |
| 2017 | $0 | - | $0 | - | $-21,217,976 | - |
| 2016 | $0 | - | $0 | - | $-18,458,199 | - |
| 2015 | $0 | - | $0 | - | $-18,382,068 | - |
| 2014 | $0 | - | $0 | - | $-20,480,814 | - |
| 2013 | $0 | -100.0% | $0 | - | $-8,758,554 | - |
| 2012 | $7.7M | - | $5.4M | 70.4% | $3.9M | 50.3% |
| 2011 | $0 | - | $0 | - | $-5,162 | - |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
15+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
LPCN — Frequently Asked Questions
Quick answers to the most common questions about buying LPCN stock.
Is LPCN's revenue growth accelerating or slowing?
LPCN revenue growth is accelerating. TTM revenue reached $2M, up +27.2% year-over-year — ahead of the 5-year CAGR of N/A. This indicates the business is expanding faster than its historical baseline.
What is LPCN's revenue history from 2011 to 2026?
Lipocine Inc. (LPCN) revenue history spans 2011 to 2026. TTM revenue as of 2026 is $2M, growing at +27.2% YoY. The 5-year CAGR is N/A. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is LPCN's long-term revenue growth rate (CAGR)?
Lipocine Inc.'s 5-year revenue CAGR of N/A reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +27.2% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for LPCN.
Why does LPCN's quarterly revenue fluctuate?
LPCN quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Lipocine Inc.'s revenue data from 2011 to 2026 shows full historical quarterly detail on this page.
How is LPCN's revenue distributed by segment?
LPCN reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does LPCN's revenue compare to industry peers?
Lipocine Inc. (LPCN) with TTM revenue of $2M and +27.2% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.