Madrigal Posts $55.4 Million Quarterly Profit As Rezdiffra Sales Climb 50% To $431.3 Million
The MASH drugmaker says it reached its first profitable quarter, with Rezdiffra year-to-date sales of $1.1 billion.
Madrigal Pharmaceuticals, which develops treatments for the serious liver disease MASH, reported net income of $55.4 million for the third quarter, against a net loss of $114.2 million a year earlier. Sales of its drug Rezdiffra rose 50% to $431.3 million, and the company said it achieved its first quarter of profitability.
Profit on a 50% sales jump
Net income worked out to $1.83 per diluted share, versus a loss of $4.01 per share in the prior-year quarter. Rezdiffra net sales compare with $287.3 million a year earlier, which the company attributed to higher U.S. demand.
For the first nine months, Rezdiffra net sales reached $1.1 billion, a level the company called blockbuster status. CEO Bill Sibold said the drug got there "less than three years after launch."
More than 55,850 patients were taking Rezdiffra as of Sept. 30, nearly double the number a year earlier. Cash, cash equivalents, restricted cash and marketable securities stood at $961.8 million, down from $988.6 million at Dec. 31, 2025.
Costs: a one-time charge drops out
Operating expenses fell to $375.3 million from $401.2 million. The prior-year quarter included a one-time, upfront business development expense of $117.3 million, which pulled research and development spending down to $71.8 million from $174.0 million.
Selling, general and administrative costs rose to $265.7 million from $209.1 million, which the company tied to a field-force expansion in endocrinology that began in the fourth quarter of 2025 and to marketing, including a direct-to-consumer campaign. Cost of sales rose to $37.8 million from $18.1 million, mainly on higher royalties owed to Roche.
A bigger market and a cirrhosis trial
Madrigal, which has sold Rezdiffra in the U.S. since April 2024, said the pool of addressable U.S. patients with moderate to advanced fibrosis (F2-F3) grew to more than 530,000 through June 30, 2026. It says the pool is on track for growth of more than 30% by the end of 2026.
The company plans a second late-stage cirrhosis trial, MAESTRO-CSPH, expected to enroll more than 2,000 patients, with a start expected in the first half of 2027, subject to regulatory discussions. Data from its ongoing MAESTRO-NASH OUTCOMES trial are expected in late 2027.
Madrigal has 18 abstracts accepted at the AASLD Liver Meeting in Denver, Nov. 5-9, 13 of them based on real-world evidence. It also appointed John C. Reed, a Johnson & Johnson research executive, to its board in August.
The next test comes at the Denver liver meeting, where Madrigal will present its 18 abstracts from Nov. 5 to Nov. 9.
Sources
- 8-K Filing — MADRIGAL PHARMACEUTICALS, INC. (MDGL) — SEC EDGAR
- Exhibit exhibit991-93026earningspr.htm — MADRIGAL PHARMACEUTICALS, INC. 8-K exhibit — SEC EDGAR
- Madrigal Pharmaceuticals Reports Third-Quarter 2026 — globenewswire.com
