Madrigal Pharmaceuticals(US:MDGL)2025-08-05 12:00Rezdiffra Launch and Market Penetration - Rezdiffra achieved net sales of $212.8 million in 2Q25, annualizing at over $800 million[12, 14] - Quarter-over-quarter growth from 1Q25 to 2Q25 was 55%[13] - Over 23,000 patients are on Rezdiffra as of 2Q25, representing approximately 7% of the current Rezdiffra F2/F3 target market of 315,000 patients[17] - Approximately 80% of the top target prescribers (~6,000) have prescribed Rezdiffra as of 2Q25[19] Strategic Developments - A new U S Rezdiffra patent extends strategic runway and adds significant additional revenue to 2045[10] - Madrigal entered into a global license agreement for an oral GLP-1 (SYH2086), with an upfront payment of $120 million and up to $2 billion in milestones and royalties[27, 28] Financial Position - Madrigal has $802 million in cash, cash equivalents, restricted cash, and marketable securities as of June 30, 2025[44] - The company secured up to $500 million in non-dilutive senior secured credit to advance the MASH pipeline as of July 17, 2025[7, 44] European Expansion - A positive CHMP opinion was received in June 2025, supporting European approval, with a German launch expected in 2H25[29, 30] - There are approximately 370,000 F2/F3 MASH patients diagnosed and under the care of liver specialists across Europe[31] Potential in F4c Cirrhosis - There is a significant unmet need in F4c cirrhosis, with approximately 245,000 diagnosed F4c patients under the care of liver specialists in the U S[33, 35] - Data supports the potential benefit of Rezdiffra in F4c for liver stiffness reduction, with a mean change from baseline of -6.7 kPa at Year 2[36]