A high-performance liquid chromatography (HPLC) method was developed that can separate and quantify dipalmitoylphosphatidylcholine and its degradation product, palmitic acid from various phospholipids contained in a porcine lung surfactant used in the treatment of respiratory distress syndrome, which was recently approved for use by the FDA. The method used a C8 reversed-phase HPLC column with a (50:45:10) acetonitrile/methanol/acetic acid mobile phase, and refractive index detection. The active component of the lung surfactant, dipalmitoylphosphatidylcholine (DPPC) and palmitic acid (PA), could be quantified following a liquid-liquid extraction procedure along with an internal standard, dimyristoylphosphatidylcholine (DMPC). The assay was validated for linearity, accuracy, precision, reproducibility and ruggedness. Column stability was measured by performing the assay over time and monitoring the system suitability parameters. The extraction procedure has a 90% recovery and the assay is linear over a range of 5 microg/ml to 300 microg/ml. The assay is used to release commercial product and monitor stability of existing lots of material.