Madrigal Pharmaceuticals
Commercializes Rezdiffra and develops combination therapies for MASH.
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Profile
Markets Rezdiffra, an oral liver-directed treatment for MASH with moderate to advanced fibrosis, in the United States and Germany. Revenue comes from this sole approved product, while MGL-2086, ervogastat, and siRNA programs extend the pipeline around additional and combination approaches to the same disease.
Commercializes Rezdiffra, a once-daily oral liver-directed THR-β agonist for adults with noncirrhotic metabolic dysfunction-associated steatohepatitis (MASH) and moderate to advanced liver fibrosis. The drug launched in the United States after accelerated FDA approval and in Germany after conditional European Commission authorization; U.S. distribution runs through specialty pharmacies.
Builds a MASH pipeline around Rezdiffra through the oral GLP-1 candidate MGL-2086, the DGAT-2 inhibitor ervogastat, and siRNA programs aimed at disease-driving genes. MGL-2086 entered initial clinical testing, while Rezdiffra is also being studied in compensated MASH cirrhosis.
Revenue depends on Rezdiffra, which remains the only approved product. Its U.S. accelerated approval and European conditional authorization depend on ongoing confirmatory clinical work.
Company facts
Key statistics
Year to date −10.1% · Average volume (30d) 334.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 4, 2026 | Wolfe Research | Upgrade | Peer Perform | Outperform | $579 | $605 |
| Jul 31, 2026 | Barclays | Target | $964 | $962 | ||
| Jul 29, 2026 | Canaccord Genuity | Reiterate | Buy | $578 | $587 | |
| Jul 27, 2026 | Wells Fargo | Initiate | Overweight | $130 | $685 | |
| Jun 11, 2026 | Morgan Stanley | Target | $542 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | −$2.68 | −$1.99 | +25.7% | $352.1M | $364.3M | +3.5% | −9.83% |
| May 6, 2026Q1 FY26 | −$3.61 | −$3.25 | +10.0% | $301.1M | $311.3M | +3.4% | −0.90% |
| Feb 19, 2026Q4 FY25 | $0.04 | −$2.57 | −6,525.0% | $312.5M | $321.1M | +2.8% | −0.43% |
| Nov 4, 2025Q3 FY25 | −$2.04 | −$5.08 | −149.4% | $245.0M | $287.3M | +17.3% | +7.02% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $137.3M | $212.8M | $287.3M | $321.1M | $311.3M | $364.3M | |
| Gross profit | $132.7M | $203.7M | $269.1M | $296.6M | $284.5M | $324.2M | |
| Operating income | −$79.3M | −$47.2M | −$114.0M | −$59.6M | −$92.7M | −$56.3M | |
| Net income | −$73.2M | −$42.3M | −$114.2M | −$58.6M | −$94.4M | −$57.9M | |
| Diluted EPS | −$3.32 | −$1.90 | −$5.08 | −$2.57 | −$3.25 | −$1.99 | |
| Gross margin | 96.7% | 95.7% | 93.7% | 92.4% | 91.4% | 89.0% | |
| Operating margin | -57.8% | -22.2% | -39.7% | -18.6% | -29.8% | -15.5% |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $0 · FY24 $180.1M · FY25 $958.4M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $838.8M · Total debt $347.8M · Total assets $1.24B · Shareholders' equity $523.7M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 23.10M · Float —
Float — provider float is below the insider stake.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Baker Bros. Advisors LP | 2.14M | 9.28% | 13F | Aug 14, 2026 |
| Janus Henderson Group PLC | 2.02M | 8.80% | 13G | May 15, 2026 |
| RTW Investments, LP | 1.99M | 8.63% | 13F | Aug 14, 2026 |
| Roderick Wong, M.D. | 1.99M | 9.20% | 13G | Nov 14, 2024 |
| Jupiter Topco LLC | 1.94M | 8.38% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Shannon T. Kelley | officer: General Counsel | −664 | $514.97 |
| Jul 20, 2026 | William John Sibold | director, officer: President and CEO | −2,500 | $547.30 |
| Jun 1, 2026 | David Soergel | officer: Chief Medical Officer | −1,042 | $495.74 |
| May 22, 2026 | Richard S. Levy | director | −5,682 | $515.44 |
| May 18, 2026 | David Soergel | officer: Chief Medical Officer | −844 | $515.90 |
Peers
- Novo Nordisk (ADR)
Wegovy (semaglutide) FDA-approved for MASH; FGF21 analog EFX acquired via Akero
- Eli Lilly
Tirzepatide in Phase 3 MASH trial; dominant GIP/GLP-1 metabolic franchise
- Viking Therapeutics
VK2809 oral THR-β agonist; same class as resmetirom; Phase 3 planned
- Inventiva (ADR)
Lanifibranor pan-PPAR agonist in Phase 3 NATiV3 MASH trial; pivotal data 2H 2026
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Madrigal Pharmaceuticals | $533.76 | −0.02% | $12.33B | — | — | 9.6 | +71.2% |
| Novo Nordisk (ADR) | $45.60 | +0.00% | $202.54B | 11.2 | 18.4 | 4.0 | +0.0% |
| Eli Lilly | $1,173.00 | −0.08% | $1.10T | 39.4 | 28.7 | 13.9 | +47.7% |
| Viking Therapeutics | $32.24 | +0.31% | $3.75B | — | — | — | — |
| Inventiva (ADR) | $4.71 | 0.00% | $244.6M | — | — | 210.8 | — |
| Median | 25.3 | 23.6 | 13.9 | +23.9% |