olivLaw · US equity research
Madrigal Pharmaceuticals, Inc. MDGL
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Madrigal Pharmaceuticals is a biopharmaceutical company focused on treating MASH, a serious liver disease, with its product Rezdiffra (resmetirom), the first therapy approved by the FDA for this indication. Net product sales reached 958.4 million USD in 2025, and the second quarter of 2026 brought 364.3 million USD, placing Rezdiffra at the center of market attention.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Madrigal Pharmaceuticals, Inc. (MDGL) stock was 400.43 USD (+1.04% on the day), with market capitalisation 9.3 bn USD, beta 0.69, 52-week range 396.32–602.83 USD. Latest reported quarter (Q3 2026): revenue of 431.3 m USD (+50.1% YoY), net income of 55.4 m USD, diluted EPS 1.83 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 24.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 402.84 – 486.83
- below the lower band · %B -0.03 · band width 18.9%
- SMA 50 / 200
- 492.40 / 498.57
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -22.68 / -19.86
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.9% | −2.0% | −16.9 pp | — |
| 3 months | −22.1% | −2.2% | −19.9 pp | — |
| 6 months | −25.8% | +4.3% | −30.1 pp | — |
| Year to date | −31.2% | +10.6% | −41.8 pp | — |
| 1 year | −9.9% | +10.5% | −20.4 pp | +16.6% |
| 3 years | +172.6% | +73.7% | +98.9 pp | +16.8% |
| 5 years | +330.4% | +61.7% | +268.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 103.3 m | 137.3 m | 212.8 m | 287.3 m | 321.1 m | 311.3 m | 364.3 m | 431.3 m |
| Cost of revenue | — | 4.5 m | — | — | — | — | — | — |
| SG&A | 141.2 m | 167.9 m | 196.9 m | 209.1 m | 240.0 m | 268.5 m | 289.4 m | 265.7 m |
| Operating income | -67.0 m | -79.3 m | -47.2 m | -114.0 m | -59.6 m | -92.7 m | -56.3 m | 56.0 m |
| Depreciation & amortisation | 363.0 k | 379.0 k | 377.0 k ≈ | 358.0 k ≈ | 392.0 k | 386.0 k | 381.0 k ≈ | 391.0 k ≈ |
| Interest expense | 3.5 m | 3.3 m | 3.3 m | 7.5 m | 8.3 m | 7.8 m | 7.9 m | 8.1 m |
| Net income | -59.4 m | -73.2 m | -42.3 m | -114.2 m | -58.6 m | -94.4 m | -57.9 m | 55.4 m |
| Diluted EPS | -2.71 ≈ | -2.61 | -1.50 | -4.01 | -11.49 ≈ | -3.25 | -1.99 | 1.83 |
| Operating cash flow | -104.5 m | -88.9 m | -47.1 m ≈ | 79.9 m ≈ | -133.5 m | -167.4 m | 23.3 m ≈ | 120.6 m ≈ |
| Capex | 195.0 k | 0 | 0 ≈ | 857.0 k ≈ | -390.0 k | 3.8 m | 4.3 m ≈ | 3.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 180.1 m | 958.4 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +432.1% |
| Net income | -32.8 m | -83.9 m | -202.2 m | -241.8 m | -295.4 m | -373.6 m | -465.9 m | -288.3 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -13.09 | -14.63 | -17.23 | -19.99 | -21.90 | -12.85 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | -258.6% | -30.1% |
| Free cash flow | -25.5 m | -41.8 m | -157.9 m | -184.1 m | -225.1 m | -325.7 m | -457.0 m | -190.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 198.7 m USD
- Financial debt
- 339.9 m USD
- Net debt
- 141.2 m USD
- Equity
- 602.7 m USD
- Total assets
- 1.3 bn USD
- Debt / equity
- 0.56x
- Current ratio
- 4.01x
- ROE
- -42.5%
- ROA
- -25.0%
- FCF margin
- -19.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 180.1 m | 958.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | — | — | 0 | 0 | 6.2 m | — | SEC (XBRL)· 26 Feb 2025verified |
| Gross profit | — | — | 0 ≈ | 0 ≈ | 173.9 m ≈ | — | SEC (XBRL)· 26 Feb 2025derived |
| SG&A | — | — | 48.1 m | 108.1 m | 435.1 m | 813.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | -206.7 m | -242.5 m | -293.6 m | -380.5 m | -497.9 m | -300.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 471.0 k | 405.0 k | 467.0 k | 527.0 k | 1.1 m | 1.5 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | -206.2 m ≈ | -242.1 m ≈ | -293.1 m ≈ | -380.0 m ≈ | -496.8 m ≈ | -298.6 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 0 | 0 | 4.0 m | 12.7 m | 14.7 m | 22.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 19 Feb 2026verified |
| Net income | -202.2 m | -241.8 m | -295.4 m | -373.6 m | -465.9 m | -288.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | -13.09 | -14.63 | -17.23 | -19.99 | -21.90 | -12.85 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 15.4 m | 16.5 m | 17.1 m | 18.7 m | 21.3 m | 22.4 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 54.0 m | 36.3 m | 331.5 m | 99.9 m | 100.0 m | 198.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | — | — | — | 0 | 53.8 m | 134.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | — | — | — | 0 | 34.1 m | 74.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 285.2 m | 271.7 m | 361.4 m | 637.3 m | 1.0 bn | 1.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 1.0 m | 851.0 k | 601.0 k | 1.6 m | 2.2 m | 1.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | — | 0 | 4.7 m | 7.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 287.0 m | 273.3 m | 362.6 m | 640.5 m | 1.0 bn | 1.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 1.0 m | 21.4 m | 23.8 m | 28.0 m | 43.6 m | 48.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | — | 0 | 49.3 m | 115.5 m | 117.6 m | 339.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 46.6 m | 76.8 m | 115.9 m | 118.5 m | 169.3 m | 310.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 47.0 m | 77.2 m | 165.2 m | 235.2 m | 287.9 m | 656.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 240.0 m † | 196.1 m † | 197.4 m † | 405.3 m † | 754.4 m † | 602.7 m † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -157.6 m | -183.9 m | -224.9 m | -324.2 m | -455.6 m | -189.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 334.0 k | 209.0 k | 217.0 k | 1.5 m | 1.5 m | 467.0 k | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | -157.9 m ≈ | -184.1 m ≈ | -225.1 m ≈ | -325.7 m ≈ | -457.0 m ≈ | -190.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | 159.8 m | -5.1 m | 206.7 m | -502.5 m | -274.4 m | 32.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 5.1 m | 171.2 m | 313.5 m | 595.1 m | 735.1 m | 256.0 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.3 bn USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -22.8% | 31 (vs peers) | 29% |
| Net margin · Quality | -10.9% | 44 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -4.8x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.8% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality36/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MADRIGAL PHARMACEUTICALS, INC. (MDGL). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 958.4 m USD in 2025; YoY growth 432.1%; net margin -10.9%; ROE -24.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.1x
What contradicts it
- Interest coverage: -4.8x
- FCF yield: -1.8%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,325.9 bn | 45.7 | 86.1% | 31.9% | +44.7% | +31% / +138% |
| JNJJohnson & Johnson | 640.8 bn | 40.4 | 20.0% | 16.2% | +6.0% | +29% / +72% |
| ONCBeone Medicines Ltd. | 524.7 bn | 817.5 | 14.7% | 10.7% | +40.2% | +4% / +90% |
| ABBVAbbVie Inc. | 505.5 bn | 49.2 | — | 15.7% | +8.6% | +26% / +101% |
| MRKMerck & Co., Inc. | 356.9 bn | 115.6 | 7.0% | 4.8% | +1.3% | +38% / +41% |
| ABTAbbott Laboratories | 190.6 bn | 30.6 | 12.4% | 13.9% | +5.7% | −15% / +5% |
| PFEPfizer Inc | 171.0 bn | 42.7 | 4.4% | 6.3% | −1.6% | +17% / −2% |
| VRTXVertex Pharmaceuticals Inc | 134.6 bn | 34.2 | 20.8% | 30.7% | +8.9% | +22% / +50% |
| BMYBristol-Myers Squibb Company | 126.1 bn | 13.7 | 44.1% | 18.5% | −0.2% | +25% / +25% |
| TEVATeva Pharmaceutical Industries Limited | 48.9 bn | 97.6 | 6.6% | 3.6% | +4.3% | +56% / +327% |
| ZTSZoetis Inc. | 34.3 bn | 13.7 | 64.4% | 27.5% | +2.3% | −35% / −53% |
| ROIVRoivant Sciences Ltd. | 26.0 bn | — | -6.2% | -3,535.0% | −71.6% | +73% / +277% |
| UTHRUnited Therapeutics Corporation | 25.8 bn | 21.5 | 19.3% | 41.6% | +10.6% | +24% / +151% |
| RPRXRoyalty Pharma plc | 25.8 bn | 37.6 | 8.5% | 32.1% | +5.1% | +66% / +145% |
| INSMInsmed Inc | 22.9 bn | — | -72.5% | -39.9% | +66.7% | −50% / +317% |
| VTRSViatris Inc. | 21.7 bn | — | -23.6% | -23.9% | −3.0% | +77% / +106% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.4 bn | 8.1 | 126.6% | 52.8% | +65.2% | −65% / −5% |
| TGTXTg Therapeutics, Inc. | 9.4 bn | 22.5 | 100.3% | 55.2% | +87.3% | +85% / +381% |
| MDGLMadrigal Pharmaceuticals, Inc. | 9.3 bn | — | -24.8% | -10.9% | +432.1% | −10% / +173% |
| BLRXBioLineRx Ltd | 4.9 bn | — | -12.8% | -171.7% | −95.9% | −46% / −97% |
| BHCBausch Health Companies Inc. | 3.1 bn | — | — | -7.6% | +6.7% | +31% / +17% |
| ANABAnaptysbio, Inc. | 1.4 bn | 11.5 | — | 82.4% | +157.0% | +71% / +404% |
| KURAKura Oncology, Inc. | 677.0 m | — | -167.7% | -384.3% | +25.2% | −37% / −21% |
| DMACDiaMedica Therapeutics Inc. | 580.8 m | — | -114.6% | — | unavailable | +25% / +341% |
| PHATPhathom Pharmaceuticals, Inc. | 461.7 m | — | — | -30.2% | +216.9% | −64% / −19% |
1- and 3-year price returns: for MDGL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Madrigal Pharmaceuticals is a biopharmaceutical company focused on treating MASH, a serious liver disease, with its product Rezdiffra (resmetirom), the first therapy approved by the FDA for this indication. Net product sales reached 958.4 million USD in 2025, and the second quarter of 2026 brought 364.3 million USD, placing Rezdiffra at the center of market attention 13.
SWOT
Strengths
- The company has an approved product, the first for MASH, with fast-growing sales and a patient base that has doubled in the past year 13. It also has an extensive patent position, with new patents granted in 2026 3.
- Rezdiffra has an oral, once-daily profile considered well tolerated, which supports physician adoption 1.
- The portfolio of external licenses, including for GLP-1 and siRNA molecules, offers long-term combination options 23.
Weaknesses
- The company depends almost entirely on a single product, which makes its performance vulnerable to any market or regulatory problem 1.
- Net losses remain significant, and commercial and research spending in some quarters has grown faster than revenues 13.
- The US accelerated approval and the EU conditional authorization depend on confirmatory studies, so reliance on those results is high 1.
Opportunities
- If the compensated cirrhosis studies are positive, eligibility for Rezdiffra could increase considerably 12.
- Expansion across European countries, as reimbursement procedures are completed, could add new sales volumes 12.
- Combinations with new molecules such as MGL-2086 could produce more effective therapies for patients 23.
Threats
- Payor pressure on prices and coverage, such as prior authorizations, could limit patient access 1.
- The emergence of new MASH therapies could reduce Rezdiffra's market share, especially if they offer a more convenient profile 1.
- A failure in confirmatory studies could lead to regulatory action, including withdrawal of the conditional approvals 1.
Risks
- Dependence on a single producthigh
Rezdiffra accounts for nearly all revenue, so any commercial, safety or regulatory problem could seriously affect the whole company 1.
- Conditional approvalshigh
The accelerated FDA approval and the EU conditional marketing authorization depend on confirming clinical benefit; a negative result could lead to restrictions or withdrawal 12.
- Reimbursement pressuremedium
Insurers and government programs could limit coverage or reduce prices, which would affect net revenues 1.
- Persistent operating lossesmedium
Operating expenses rose in the second quarter of 2026 and the net loss was significant, which could require additional funding if revenue growth falls short 3.
- Exposure to external licenseslow
Upfront and milestone payments to external partners can raise unexpected costs and influence quarterly results 13.
Investment thesis
What would need to be true (bull case)
- Rapid sales growth and a patient base that has doubled suggest physician adoption could continue if diagnosis in the market keeps expanding 3.
- If outcome studies are positive, Rezdiffra could gain approval for compensated cirrhosis, opening a large patient population 12.
- An extended patent portfolio running to 2045 and a combination pipeline offer a long protection period and growth options 13.
What would break the thesis
- Dependence on a single product makes the company's results highly sensitive to any market or regulatory problem 1.
- If price pressure or reimbursement restrictions increase, revenues could slow faster than expected 1.
- Net losses and high commercial spending could require additional funding if sales growth slows 3.
What to watch
- Results of the MAESTRO-NASH OUTCOMES trial in compensated cirrhosis2027
- Trend in patient numbers and quarterly Rezdiffra net salesQ3 2026
- Progress of the MGL-2086 Phase 1 trial and plans for combination studies2026
- Expansion of the Rezdiffra launch to other European countries and reimbursement status2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Madrigal is a biopharmaceutical company focused on novel therapies for metabolic dysfunction-associated steatohepatitis (MASH), a serious liver disease that can lead to cirrhosis, liver failure, liver cancer and liver transplantation 1. Its approved product, Rezdiffra, is a once-daily oral, liver-directed THR-β agonist designed to target key underlying causes of MASH 1. Rezdiffra received FDA approval in March 2024, and in August 2025 the European Commission granted a conditional marketing authorization 1.
Net sales of Rezdiffra were 958.4 million USD in 2025, and the company said quarterly sales were annualizing above one billion dollars at the end of 2025 1. As of June 30, 2026, more than 49,000 patients were on Rezdiffra, nearly double the level of the second quarter of 2025 3. The company is seeking to extend the label to compensated cirrhosis (F4c), with outcomes data from the MAESTRO-NASH OUTCOMES trial expected in 2027 12.
Beyond Rezdiffra, Madrigal is building a pipeline that includes MGL-2086, an oral GLP-1 agonist in Phase 1, ervogastat, an oral DGAT2 inhibitor, an siRNA asset for PNPLA3 licensed in May 2026, and six siRNA programs licensed from Ribocure 123. The company reported accumulated losses of 2090.5 million USD as of December 31, 2025, so funding remains an important topic 1.
Segments
Rezdiffra (MASH, US and Europe)
Rezdiffra is the company's only commercial product. Sales in 2025 were 958.4 million USD, and in the second quarter of 2026 they rose to 364.3 million USD 13. The German launch in September 2025 marked entry into the European market, with other countries to follow gradually 1.
Market context
The MASH market is large and under-treated, with about 315,000 patients with moderate to advanced fibrosis under specialist care in the US in 2023, a number that grew nearly 50% through 2025 to around 460,000 12. In Europe, about 370,000 patients with the same condition are diagnosed and under specialist care 12.
The company argues that low diagnosis and treatment rates leave room for significant growth, and that MASH is the fastest-growing indication for liver transplantation in Europe 13. Growth, however, depends on physician awareness of the disease and patient access through insurance 1.
Trends
- Rising number of diagnosed patientstailwind
The number of diagnosed patients under specialist care is growing as disease awareness improves, which could expand the market eligible for Rezdiffra 13.
- Extension to compensated cirrhosistailwind
If the MAESTRO-NASH OUTCOMES trial, expected in 2027, confirms benefit in F4c patients, eligibility could increase significantly, an opportunity the company views as potentially doubling its commercial scope 12.
- Pricing and reimbursement pressureheadwind
Third-party payors are trying to contain costs through prior authorizations, mandatory discounts and price negotiations, which could weigh on net revenues 1.
- Rising commercial and R&D spendingmixed
Selling, general and administrative and research expenses increased as the sales force expanded and a direct-to-consumer campaign ran, compressing the net result in the second quarter of 2026 3.
Competitive position
Rezdiffra was the first drug approved for MASH, giving it a pioneer position, but the company notes competition from existing off-label treatments and from therapies in development that could be approved in the future 1. Differentiation rests on its oral, once-daily profile and its generally good tolerability 1.
Over the longer term, competition could come from molecules such as GLP-1 agonists, which Madrigal is also developing through MGL-2086, suggesting the MASH market will likely become more contested 23. The company suggests future treatments will include combinations and personalized regimens 1.
- Existing off-label treatments
Drugs already on the market used outside their approved MASH indication, an indirect competitor to Rezdiffra 1.
- MASH therapies in development
Candidates in development that could receive approval represent future competition in the MASH segment 1.
- Oral GLP-1 agonists
This drug class is relevant both as a potential competitor and as a possible combination partner, as with MGL-2086 23.
- Arrowhead Pharmaceuticals
The company licensed an siRNA asset for PNPLA3 to Madrigal, so it is currently more a partner than a competitor 2.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- STAT+: Former Madrigal Pharmaceuticals executive alleges coverup of safety issues tied to its drugSTAT News · 04 Nov 2026 · EN
- Corul Madrigal pornește în turneul național de Crăciun: 10 spectacole în 8 orașe din România - Zile și NopțiSurge — Google News · 31 Oct 2026 · RO
- Întâlnire dedicată lecturii, artei și muzicii, fără telefoane mobile - sâmbătă, la Galeria MadrigalAgerpres · 31 Oct 2026 · RO
- Offline la Madrigal – trei ore fără telefoane, printre cărți, artă și muzică, la Galeria MadrigalSpotMedia.ro · 28 Oct 2026 · RO
- Turneul 'Madrigal de Crăciun' - zece spectacole în opt orașe din RomâniaAgerpres · 20 Oct 2026 · RO
- Corul Madrigal în turneul național de CrăciunSpotMedia.ro · 20 Oct 2026 · RO
- Corul Madrigal și actrița Rodica Mandache, în premieră la Ploiești cu spectacolul „Drumul Mătăsii” - Ziarul PrahovaSurge — Google News · 06 Oct 2026 · RO
- Corul Madrigal și actrița Rodica Mandache, în premieră la Ploiești cu spectacolul „Drumul Mătăsii” - Ziarul PrahovaSurge — Google News · 06 Oct 2026 · RO
- Premieră la Ploiești – Madrigal: Drumul Mătăsii, cu actrița Rodica Mandache Festivalul Internațional de Teatru Toma Caragiu - RFISurge — Google News · 06 Oct 2026 · RO
- Premieră la Ploiești – Madrigal: Drumul Mătăsii, cu actrița Rodica Mandache Festivalul Internațional de Teatru Toma CaragiuSpotMedia.ro · 05 Oct 2026 · RO
- Spectacolul 'Madrigal: Drumul Mătăsii', în premieră la București; actrița Rodica Mandache - invitat specialAgerpres · 03 Oct 2026 · RO
- De Ziua Muzicii, Madrigal lansează un nou websiteSpotMedia.ro · 01 Oct 2026 · RO
- Spectacolul 'Madrigal: Drumul Mătăsii', în premieră la București; actrița Rodica Mandache - invitat specialAgerpres · 28 Sept 2026 · RO
- Institutional Investors Are Loading Up on Madrigal Pharmaceuticals Stock. Should You?Yahoo Finance — News · 10 Sept 2026 · EN
- 6.000 de spectatori la „Madrigal la Răsărit”, de Ziua Marinei și Sfânta MariaSpotMedia.ro · 17 Aug 2026 · RO
- Mii de oameni s-au adunat sâmbătă, la malul mării, pentru un spectacol emoționat. Corul Madrigal a cântat la răsăritul SoareluiAntena 3 CNN · 15 Aug 2026 · RO
- LIVE PE ANTENA 3 CNN. Muzica întâlnește marea: concertul extraordinar „Madrigal la răsărit”Antena 3 CNN · 13 Aug 2026 · RO
- Corul Național de Cameră „Madrigal – Marin Constantin” și Muzeul Național Brukenthal lansează un parteneriat strategic care propune un nou model de colaborare între instituțiile publice de cultură din RomâniaSpotMedia.ro · 03 Aug 2026 · RO
- Turneu Madrigal și Cantus Mundi la ConstanțaSpotMedia.ro · 09 Jul 2026 · RO
- Madrigal Open House: 63 de ani pe scenele lumii, sărbătoriți în comunitate O nouă expoziție deschisă publicului la Galeria MadrigalSpotMedia.ro · 06 Jul 2026 · RO
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Current report12 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report17 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Current report28 Apr 2026Departure or appointment of officers
- Proxy statement28 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Madrigal Pharmaceuticals, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Madrigal Pharmaceuticals, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Madrigal Pharmaceuticals, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.