Madrigal Q3 2024 Earnings Report
Key Takeaways
Madrigal Pharmaceuticals reported third-quarter 2024 net sales of $62.2 million, driven by the U.S. launch of Rezdiffra. The company achieved its Rezdiffra coverage goal early, with over 80% of commercial lives covered. Madrigal also completed enrollment in its clinical outcomes study of Rezdiffra in patients with compensated NASH/MASH cirrhosis and reported cash, cash equivalents, restricted cash, and marketable securities of $1.0 billion as of September 30, 2024.
Third-quarter net sales reached $62.2 million due to Rezdiffra launch.
Achieved over 80% coverage of commercial lives for Rezdiffra, surpassing the initial goal.
Completed enrollment in the clinical outcomes study for Rezdiffra in compensated NASH/MASH cirrhosis patients.
Cash, cash equivalents, restricted cash, and marketable securities totaled $1.0 billion as of September 30, 2024.
Madrigal
Madrigal
Forward Guidance
Madrigal Pharmaceuticals is focused on continuing the U.S. launch of Rezdiffra, expanding into Europe, and advancing its pipeline.
Positive Outlook
- Potential for Rezdiffra to become the first therapy approved for patients with NASH/MASH liver fibrosis in Europe.
- Plans to directly commercialize resmetirom in Europe, pending EMA approval.
- Strong presence expected at upcoming AASLD Liver Meeting.
- Positive health-related quality of life data from the Phase 3 MAESTRO-NASH trial of Rezdiffra.
- Completed enrollment in MAESTRO-NASH OUTCOMES trial.
Challenges Ahead
- Risks associated with obtaining and maintaining regulatory approvals.
- Challenges with the commercial launch of a new product.
- Potential inability to raise sufficient capital to fund ongoing operations.
- Uncertainties inherent in clinical testing.
- Changes in laws and regulations applicable to the business.