Madrigal Pharmaceuticals, Inc.

madrigalpharma.com

What Do They Do?

Sells Rezdiffra, an oral medicine for people with noncirrhotic MASH with moderate to advanced liver fibrosis, and develops additional MASH drug candidates.

How Do They Make Money?

Sells Rezdiffra to specialty pharmacies and specialty distributors; they typically receive the product when it is delivered. Revenue is recorded at that point, after discounts, rebates and other deductions.

FY2025 revenue

Who Are Their Customers?

In the United States, specialty pharmacies and specialty distributors buy Rezdiffra directly from Madrigal, then specialty pharmacies deliver it to patients.

Customers above 10% of revenue, FY2025

of revenue from four customers (34%, 22%, 15%, 12%)

FY2024: 86% from four customers

Do Revenues Turn Into Profits?

No. It lost $288.3M in FY2025.

Operating income, FY2025

−31% of revenue

▼ −40% (Loss) vs FY2024 (−$497.9M, −276%)

Net income, FY2025

−30% of revenue

▼ −38% (Loss) vs FY2024 (−$465.9M, −259%)

Free cash flow, FY2025

−20% of revenue

▼ −58% (Loss) vs FY2024 (−$457M, −254%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +71%; vs $212.8M in Q2 FY2025
Net income: ▲ +37% (Loss); vs −$42.3M in Q2 FY2025

Jul 30, 2026 MGL-2086 entered a Phase 1 trial The company began dosing healthy volunteers in a trial of the oral GLP-1 candidate as part of a combination program with Rezdiffra.

From clinical-stage to commercial The older report described Madrigal as a clinical-stage company developing resmetirom for NASH. The latest report describes Rezdiffra as an approved and commercially available treatment for MASH, alongside a pipeline of other candidates.

Who Do They Compete With?

Competes with Novo Nordisk, Inventiva, Roche, Eli Lilly, and Boehringer Ingelheim

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