MDGL
Madrigal Pharmaceuticals, Inc.554.57
-5.98-1.07%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reaffirms growth despite GLP-1s.
Q&A largely reaffirmed prepared remarks on Rezdiffra's momentum, with management stressing steady patient adds to over 36,000 despite Wegovy's launch—their best NBRx week ever. Gross-to-net hits high-30s% across 2026 quarters, yet robust sales growth matches consensus even with Q1's double headwind of reverifications and contracting. Pipeline combos prioritize NITs over biopsies in Phase II; F4c outcomes track for 2027. Persistence holds 60-70%, but they'll chase higher post-AASLD. Demand shrugs off GLP-1s. Watch quarterly adds and combo data for thesis durability.
Key Stats
Market Cap
12.60BP/E (TTM)
-Basic EPS (TTM)
-12.92Dividend Yield
0%Recent Filings
8-K
Rezdiffra sales near $1B
Madrigal Pharmaceuticals reported Q4 and full-year 2025 Rezdiffra net sales of $321.1 million and $958.4 million, up sharply from $103.3 million and $180.1 million in 2024. Cash reserves hit $988.6 million after securing a $500 million credit facility. Pipeline exploded to over 10 MASH programs. Sales growth accelerates.
10-K
FY2025 results
Madrigal Pharmaceuticals rocketed to $958.4 million in product revenue for FY2025 ended December 31, 2025, all from Rezdiffra sales following U.S. launch in April 2024 and Germany rollout in September 2025—yet no quarterly breakdowns disclosed in the 10-K. Rezdiffra snagged FDA accelerated approval as first MASH therapy and EU conditional nod, with positive two-year data from MAESTRO-NAFLD-1's F4c arm showing liver stiffness and fat reductions. Debt facility amended December 30, 2025 signals scaling; exec severance deals hint M&A prep. Cash position supports commercialization push. Rezdiffra remains subject to post-marketing outcomes trials for full approval.
8-K
Madrigal grabs Rezdiffra patent control
Madrigal Pharmaceuticals amended its 2008 agreement with Roche on January 29, 2026, gaining full control over patent term extensions for Rezdiffra, including Roche and joint patents. Royalties on net sales stay unreduced until certain extensions expire, like [***] in the US and [***] in Europe. Madrigal now steers IP strategy. No royalty cuts until patents lapse.
8-K
Thakkar named Chief Accounting Officer
Madrigal Pharmaceuticals appointed Rita Thakkar as SVP and Chief Accounting Officer, effective January 12, 2026, following board action on December 5, 2025. The ex-BMS audit leader gets $450,000 base, 40% target bonus, and $1.932M initial equity. New hire bolsters accounting expertise. CFO Mardi Dier stays on as principal financial officer.
10-Q
Q3 FY2025 results
Madrigal's Q3 revenue rocketed to $287.3M from $62.2M y/y (362% derived), driven by Rezdiffra demand after EC approval and Germany launch in September 2025, while YTD hit $637.3M (730% y/y derived). Losses narrowed to $114.2M from $107.0M y/y, with operating loss steady at ~$114M q/q despite R&D spiking $105M y/y on $117M CSPC upfront for GLP-1 agonist MGL-2086 (closed Sep 2025, $120M paid Oct). Cash swelled to $1.1B including $350M Blue Owl term loan (9.1% rate, due 2030, $100M min cash covenant), after repaying $122M Hercules debt. EPS -$5.08 (22.5M shares) aligns with diluted shares. Closed CSPC deal for $120M upfront, up to $2B milestones. Competition from emerging MASH therapies looms.
IPO
Employees
Sector
Industry
ALT
Altimmune, Inc.
5.03-0.25
GLMD
Galmed Pharmaceuticals Ltd.
0.98+0.01
GUTS
Fractyl Health, Inc.
2.16-0.08
IVA
Inventiva S.A. - American Depos
4.66+0.18
LGND
Ligand Pharmaceuticals Incorpor
192.63-0.25
MDWD
MediWound Ltd.
18.77-0.28
MNMD
Mind Medicine (MindMed) Inc.
12.26+0.18
MNOV
MediciNova, Inc.
1.48-0.04
MTSR
Metsera, Inc.
70.50-0.25
VRDN
Viridian Therapeutics, Inc.
32.85-0.18