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Jun 30
Madrigal Q2 2025 Earnings Report
Madrigal reported significant revenue growth in Q2 2025 driven by strong demand for Rezdiffra, despite operating at a net loss.
Key Takeaways
Madrigal's Q2 2025 performance was marked by surging Rezdiffra sales, growing to $212.8 million in net revenue, while operating expenses increased due to commercialization and pipeline development. The company ended the quarter with over $800 million in liquidity.
Rezdiffra generated $212.8 million in net revenue for Q2 2025, up from $14.6 million a year ago.
Net loss for the quarter was $42.3 million, or $1.90 per share.
R&D expenses declined year-over-year to $54.1 million due to reduced clinical trial costs.
Cash, equivalents, and marketable securities totaled $802 million as of June 30, 2025.
Madrigal
Madrigal
Forward Guidance
Madrigal is focused on scaling Rezdiffra across fibrosis stages and geographies while advancing its pipeline and maintaining a strong balance sheet.
Positive Outlook
- Strong Rezdiffra demand with $212.8M in Q2 revenue
- Issued new U.S. patent extending Rezdiffra protection to 2045
- Announced global rights to oral GLP-1 candidate for combination therapy
- Secured up to $500M in non-dilutive financing
- Received positive CHMP opinion for Rezdiffra in Europe
Challenges Ahead
- Net loss of $42.3M for the quarter despite strong product revenue
- SG&A expenses surged due to commercial expansion
- Decline in interest income due to lower cash balances
- Ongoing investment requirements for Rezdiffra launch and pipeline
- Loss from operations of $47.2M reflecting scaling costs