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Mar 31, 2024
Madrigal Q1 2024 Earnings Report
Madrigal reported first-quarter 2024 financial results and provided corporate updates.
Key Takeaways
Madrigal Pharmaceuticals reported no revenue for Q1 2024 as Rezdiffra shipments began in April. The company's cash, cash equivalents, and marketable securities totaled $1.1 billion as of March 31, 2024, bolstered by a recent public offering. Madrigal received FDA approval for Rezdiffra and is focused on its commercial launch.
Received U.S. FDA approval of Rezdiffra for treating noncirrhotic NASH with moderate to advanced liver fibrosis.
Product shipped and first patients received Rezdiffra in April 2024.
Raised $690 million in gross proceeds from an upsized public offering.
Reported cash, cash equivalents, and marketable securities of $1.1 billion at March 31, 2024.
Madrigal
Madrigal
Forward Guidance
Madrigal is focused on executing the first launch of Rezdiffra, partnering with the NASH community to establish treatment pathways and laying the groundwork for long-term leadership.
Positive Outlook
- Rezdiffra is the first and only FDA-approved therapy for NASH.
- Rezdiffra has demonstrated unprecedented efficacy in a pivotal Phase 3 trial.
- Madrigal estimates 1.5 million patients have been diagnosed with NASH in the U.S.
- Strong label positions Rezdiffra as a foundational therapy for NASH.
- Experienced team executing on U.S. specialty launch.
Challenges Ahead
- No revenue was booked in the first quarter.
- First-quarter operating expenses were $152.0 million, compared to $78.3 million in the comparable prior year period.
- First-quarter R&D expense was $71.2 million, compared to $62.2 million in the comparable prior year period.
- First-quarter SG&A expense was $80.8 million, compared to $16.2 million in the comparable prior year period.
- The company faces challenges with the commercial launch of a new product, particularly without prior commercial experience.