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Mar 31
Madrigal Q1 2025 Earnings Report
Madrigal Pharmaceuticals reported first-quarter 2025 financial results with Rezdiffra net sales of $137.3 million.
Key Takeaways
Madrigal Pharmaceuticals reported a net loss of $73.2 million for the first quarter of 2025, driven by increased operating expenses related to the commercial launch of Rezdiffra. Revenue from Rezdiffra net sales was $137.3 million in its first quarter of commercialization. The company ended the quarter with $848.1 million in cash, cash equivalents, restricted cash and marketable securities.
First-quarter 2025 Rezdiffra net sales were $137.3 million.
More than 17,000 patients were on Rezdiffra as of March 31, 2025.
The company had $848.1 million in cash, cash equivalents, restricted cash and marketable securities as of March 31, 2025.
Operating expenses increased significantly year-over-year primarily due to commercial launch activities for Rezdiffra.
Madrigal
Madrigal
Forward Guidance
Madrigal expects continued strong uptake of Rezdiffra and anticipates sharing further data from clinical trials, including late-breaking F4c data at EASL, and is awaiting a regulatory decision in Europe.
Positive Outlook
- Rezdiffra is positioned to become a foundational therapy for MASH.
- Anticipating positive data from MAESTRO-NAFLD-1 trial F4c arm at EASL Congress.
- Potential for European regulatory approval and launch mid-year.
- Strong patient adoption with over 17,000 patients on Rezdiffra.
- Positive feedback received from healthcare providers regarding Rezdiffra's impact on key MASH measures.
Challenges Ahead
- MAESTRO-NASH OUTCOMES trial data for F4c patients is not anticipated until 2027.
- Continued operating losses are expected due to commercial launch activities.
- Regulatory approval in Europe is not guaranteed.
- Requires sufficient capital to fund ongoing operations.
- Subject to risks and uncertainties inherent in clinical testing and market acceptance.