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

Core Viewpoint - Madrigal Pharmaceuticals has successfully launched Rezdiffra, the first FDA-approved treatment for metabolic dysfunction-associated steatohepatitis (MASH), achieving significant patient engagement and positive feedback from healthcare providers [2][4]. Financial Results - First-quarter 2025 net sales for Rezdiffra reached $137.3 million, with over 17,000 patients treated as of March 31, 2025 [4][21]. - Operating expenses for the first quarter of 2025 were $216.6 million, compared to $152.0 million in the same period last year [21]. - Research and development expenses decreased to $44.2 million from $71.2 million year-over-year, primarily due to changes in accounting for inventory costs and reduced clinical trial expenses [21]. - Selling, general and administrative expenses increased to $167.9 million from $80.8 million, driven by commercial launch activities for Rezdiffra [21]. - The company reported a net loss of $73.2 million for the first quarter of 2025, compared to a net loss of $147.5 million in the prior year [21]. Corporate Updates - Madrigal appointed David Soergel, M.D., as Chief Medical Officer and Rebecca Taub, M.D., as Senior Scientific and Medical Advisor [4][9]. - The company has a strong presence at the upcoming EASL Congress, with six abstracts accepted, including late-breaking data from the MAESTRO-NAFLD-1 trial [5][4]. - Madrigal's cash, cash equivalents, restricted cash, and marketable securities totaled $848.1 million as of March 31, 2025, down from $931.3 million at the end of 2024 [21][23]. Product and Market Insights - Rezdiffra is designed to treat adults with MASH with moderate to advanced liver scarring and is the first medication approved for this indication [12][17]. - The company aims to reach approximately 315,000 patients with moderate to advanced fibrosis under the care of liver specialists in the U.S. [11]. - The MAESTRO-NAFLD-1 trial data indicates a mean reduction of 6.7 kPa in liver stiffness, with 51% of patients achieving a ≥ 25% reduction, which is associated with reduced progression to end-stage liver disease [5][4].