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MDGL

Madrigal Pharmaceuticals, Inc.

MDGL

Madrigal Pharmaceuticals, Inc. • NASDAQ
$596.98 ▼ -0.67% (-4.05)
Market Cap $13.24 B
52w High $605.00
52w Low $265.00
Dividend Yield 0%
P/E -46.31
Volume 93.56K
Outstanding Shares 22.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $287.268M ▲ $383.121M ▲ $-114.19M ▼ -39.75% ▼ $-5.08 ▼ $-113.832M ▼
Q2-2025 $212.802M ▲ $250.562M ▲ $-42.281M ▲ -19.869% ▲ $-1.9 ▲ $-38.64M ▲
Q1-2025 $137.25M ▲ $212.048M ▲ $-73.238M ▼ -53.361% ▲ $-3.32 ▼ $-69.562M ▼
Q4-2024 $103.32M ▲ $166.871M ▼ $-59.416M ▲ -57.507% ▲ $-2.71 ▲ $-55.554M ▲
Q3-2024 $62.175M $176.327M $-106.964M -172.037% $-4.92 $-102.987M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.11B ▲ $1.362B ▲ $736.725M ▲ $625.732M ▼
Q2-2025 $797.024M ▼ $1.015B ▲ $319.403M ▲ $695.978M ▼
Q1-2025 $843.068M ▼ $996.629M ▼ $285.992M ▼ $710.637M ▼
Q4-2024 $926.251M ▼ $1.042B ▼ $287.864M ▼ $754.383M ▼
Q3-2024 $998.627M $1.073B $296.11M $777.155M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-114.19M ▼ $79.85M ▲ $-206.996M ▼ $236.647M ▲ $109.501M ▲ $78.993M ▲
Q2-2025 $-42.281M ▲ $-47.052M ▲ $47.858M ▼ $1.741M ▼ $2.547M ▼ $-47.052M ▲
Q1-2025 $-73.238M ▼ $-88.891M ▲ $163.878M ▲ $8.64M ▼ $83.627M ▲ $-88.891M ▲
Q4-2024 $-59.416M ▲ $-104.486M ▼ $-47.95M ▲ $19.771M ▲ $-132.665M ▲ $-104.681M ▼
Q3-2024 $-106.964M $-66.984M $-202.391M $7.462M $-261.913M $-67.763M

Five-Year Company Overview

Income Statement

Income Statement Madrigal is transitioning from a pure R&D story to an early commercial-stage company. For several years it effectively had no product revenue and lived entirely on research spending, which shows up as sizable operating losses and deep per‑share losses. Only very recently has revenue started to appear, linked to the launch of Rezdiffra. The expense base—mainly R&D and commercial build‑out—remains heavy compared with current sales. That means the company is still firmly loss‑making, and profitability depends on how quickly Rezdiffra sales can scale relative to ongoing R&D and marketing costs. The key trend to watch is whether revenue growth begins to outpace operating expenses over the next few years.

Balance Sheet

Balance Sheet The balance sheet reflects a biotech that has been funded primarily by issuing equity, with some debt added more recently. Total assets and shareholders’ equity have risen, suggesting successful capital raises ahead of and around the Rezdiffra launch. Cash has fluctuated but remains a critical constraint: it is meaningful, yet modest relative to the company’s history of cash burn. The introduction and growth of debt adds a layer of financial obligations that did not exist earlier in the decade, though the company still appears more equity‑ than debt‑financed. Overall, there is a financial cushion, but continued losses mean that balance sheet strength will need regular monitoring.

Cash Flow

Cash Flow Cash flow mirrors the income statement: Madrigal has consistently used cash rather than generated it. Operating cash outflows have been substantial and steady, reflecting clinical development costs, regulatory work, and now commercial launch spending. Capital expenditures are minimal, so this is a capital‑light model, but free cash flow is still solidly negative. In practical terms, the business remains dependent on external funding—either from capital markets, partnerships, or eventually much larger product revenue—until the Rezdiffra franchise (and any follow‑on products) can support operations on their own.

Competitive Edge

Competitive Edge Madrigal’s competitive position is unusually strong for a mid‑size biotech. It has the first and currently only approved therapy specifically for MASH, a disease with a large, previously untreated market. This first‑mover status gives the company a head start in shaping treatment guidelines, building physician relationships, and negotiating with payers. A long‑dated patent for Rezdiffra extends expected exclusivity well into the next decade, reinforcing its moat. The company also has deep, focused expertise in liver and metabolic disease and a strong dataset from its Phase 3 program, which are not easy for new entrants to replicate. However, the MASH space is strategically important to many large pharma companies, and competition—especially from combination regimens or obesity‑focused drugs—will likely intensify. Madrigal’s ability to maintain share, secure broad reimbursement, and demonstrate long‑term benefits and safety will be central to sustaining its edge.

Innovation and R&D

Innovation and R&D Innovation is Madrigal’s core strength. The company built its franchise around a clear scientific thesis: selectively targeting the thyroid hormone receptor‑beta in the liver to tackle fat accumulation, inflammation, and scarring that drive MASH. That focus yielded Rezdiffra, validated by a large, successful Phase 3 program. R&D is now pivoting from “prove it works” to “expand and enhance.” Key efforts include: - An outcomes trial in patients with more advanced liver disease, which could widen the eligible population if successful. - Work to broaden access and potentially extend the label geographically, including Europe. - Development of an oral GLP‑1 combination, which targets multiple metabolic pathways and could create a differentiated, once‑daily pill if clinical data are compelling. This strategy keeps Madrigal at the scientific forefront of MASH, but it also means ongoing high R&D spending and clinical risk, especially around outcomes and combination programs.

Summary

Madrigal has crossed a major milestone: it has moved from a development‑stage biotech to a commercial company with the first approved MASH therapy. Scientifically and strategically, it is well positioned, with a clear focus, a strong first‑mover advantage, and long patent protection around a high‑need disease. Financially, the story is earlier stage. Revenue is just beginning to appear, while losses and cash burn remain significant. The balance sheet shows that Madrigal has raised capital to support this transition, but the business is not yet self‑funding and remains sensitive to the pace of Rezdiffra uptake, reimbursement dynamics, and future financing conditions. Over the next several years, the main things to watch are: the growth trajectory of Rezdiffra sales, progress on label expansion and European launches, readouts from the outcomes trial, and the evolution of the GLP‑1 combination program. Together, these will determine whether Madrigal can turn its scientific lead in MASH into a durable, cash‑generating franchise while managing the ongoing risks typical of innovative biotech companies.

NEWS

November 20, 2025 · 4:05 PM UTC

Madrigal Pharmaceuticals Announces Grants of Inducement Awards under Nasdaq Listing Rule 5635(c)(4)

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November 17, 2025 · 8:00 AM UTC

Madrigal Pharmaceuticals Announces Participation at Three Upcoming Investor Conferences

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November 10, 2025 · 8:00 AM UTC

Madrigal Presents New Data Demonstrating Rezdiffra® (resmetirom) Significantly Improved Multiple Noninvasive Imaging Tests and Biomarkers in Patients with Compensated MASH Cirrhosis

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November 6, 2025 · 4:05 PM UTC

Madrigal Pharmaceuticals Announces Grants of Inducement Awards under Nasdaq Listing Rule 5635(c)(4)

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November 4, 2025 · 7:00 AM UTC

Madrigal Pharmaceuticals Reports Third-Quarter 2025 Financial Results and Provides Corporate Updates

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