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

Core Insights - Madrigal Pharmaceuticals reports strong growth in third-quarter 2025, with net revenues of $287.3 million, a significant increase from $62.2 million in the same period last year, driven by the demand for Rezdiffra [4][5] - The company has over 29,500 patients currently on Rezdiffra therapy, with more than 10,000 healthcare providers prescribing it, indicating a successful launch and market penetration [2][5] - Madrigal is advancing its strategy to build a pipeline of complementary therapies, including a newly licensed oral GLP-1 therapy, to enhance treatment efficacy for metabolic dysfunction-associated steatohepatitis (MASH) [2][6] Financial Performance - Total revenues for Q3 2025 reached $287.3 million, compared to $62.2 million in Q3 2024, reflecting a substantial increase due to heightened demand for Rezdiffra [4][16] - Operating expenses for Q3 2025 were $401.2 million, up from $178.5 million in the prior year, primarily due to increased commercial activities and R&D expenses [12][16] - The net loss for Q3 2025 was $114.2 million, compared to a net loss of $107.0 million in Q3 2024, with a basic and diluted net loss per share of $5.08 [12][17] Corporate Developments - Madrigal launched Rezdiffra in Germany following European Commission approval, marking it as the first and only approved therapy for MASH in the EU [6][11] - The company has secured a new patent for Rezdiffra, providing protection until 2045, which supports its long-term strategy in the MASH market [6][12] - Madrigal is preparing for a significant presence at the upcoming AASLD Liver Meeting, with 15 abstracts accepted, showcasing its commitment to advancing research in liver diseases [6][11] Market Context - MASH is a serious liver disease that can lead to severe complications, including cirrhosis and liver failure, with a growing patient population in need of effective treatments [8][10] - The company aims to reach approximately 315,000 patients with moderate to advanced fibrosis in the U.S., highlighting the substantial market opportunity for Rezdiffra [9][10]