Earnings Releases·Nov 3, 2026, 8:08 AM ET

Madrigal Pharmaceuticals — Third Quarter 2026 Earnings Summary

Net revenues reached $431.3 million in Q3 2026, a 50% year-over-year increase driven by $431.3 million in Rezdiffra sales, resulting in a net income turnaround to $55.4 million from a $114.2 million loss in the prior year period.
Operating expenses decreased to $375.3 million from $401.2 million in Q3 2025, primarily due to a $117.3 million one-time business development expense in the prior year, while R&D spending fell to $71.8 million from $174.0 million.
The company maintains a strong cash position of $961.8 million as of September 30, 2026, with Rezdiffra sales exceeding $1 billion year-to-date and the patient base nearly doubling to over 55,850.
Future outlook includes expected late 2027 data from the MAESTRO-NASH OUTCOMES trial and a planned first-half 2027 initiation of the MAESTRO-CSPH Phase 3 trial to target F4c patients, aiming to validate noninvasive biomarkers.
Strategic updates include the appointment of John C. Reed to the Board of Directors and continued commercial expansion via endocrinology field force growth and direct-to-consumer marketing, which contributed to a $56.6 million increase in SG&A expenses.