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Sep 30, 2024
Madrigal Q3 2024 Earnings Report
Madrigal reported strong Q3 2024 financial results driven by the successful U.S. launch of Rezdiffra and pipeline advancements.
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.