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Sep 30, 2025
Madrigal Q3 2025 Earnings Report
Madrigal reported a net loss of $114.2 million in Q3 2025, driven by high R&D and SG&A expenses, despite strong Rezdiffra sales of $287.3 million.
Key Takeaways
Madrigal saw a strong revenue boost from Rezdiffra, but heavy investment in R&D and commercialization resulted in a net loss.
Rezdiffra net sales reached $287.3 million, a significant increase year-over-year.
Over 29,500 patients are now on Rezdiffra, with over 10,000 prescribers.
Cash and equivalents rose to $1.1 billion, supported by a $350 million credit facility.
Net loss widened due to increased R&D and SG&A linked to Rezdiffra commercialization and pipeline expansion.
Revenue by Segment
Forward Guidance
Madrigal expects continued Rezdiffra growth and is preparing for a pipeline expansion in 2026, with emphasis on combination therapies and ongoing Phase 3 trials.
Positive Outlook
- Rezdiffra sales are annualizing above $1 billion.
- More than 90% of target population for Rezdiffra remains untreated, indicating room for growth.
- Launched Rezdiffra in Germany post EU approval.
- Entered global licensing agreement for oral GLP-1 to complement Rezdiffra.
- New patent provides Rezdiffra exclusivity into 2045.
Challenges Ahead
- Significant increase in operating expenses impacting profitability.
- R&D costs surged due to pipeline investments.
- Interest income decreased year-over-year.
- Interest expense increased due to higher debt load.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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