Madrigal sets November 3 for results after quarterly sales rise 71%
Key Facts
Madrigal Pharmaceuticals said in an October 20 announcement that it had scheduled the release of its third-quarter results, following second-quarter sales growth alongside continued losses and operating cash use. The company announced on July 30 that net sales for the second quarter of 2026 reached $364.3 million, up 71% year on year. Net sales in the corresponding period of 2025 were about $212.8 million, according to the company's earnings release. Madrigal posted a second-quarter net loss of $57.9 million, with basic and diluted loss per share of $1.99. Those quarterly results coincided with expanding use of its treatment Rezdiffra, which the company said during July had surpassed 50,000 active patients.
In its second-quarter earnings presentation, Madrigal estimated Rezdiffra's penetration of its target market at about 10%, reflecting the company's estimate of the treatment's uptake within that market. The drug received U.S. Food and Drug Administration approval on March 14, 2024, according to the U.S. regulator's authorization announcement. The approval covers treatment of adults with noncirrhotic steatohepatitis who have moderate to advanced fibrosis. The treatment is used alongside diet and exercise, under the conditions set out by the FDA when it announced the approval. The agency granted accelerated approval, requiring the company to conduct a post-approval study to verify and describe the drug's clinical benefit.
On spending, total second-quarter operating expenses were 420,560 thousand dollars, according to Madrigal's quarterly financial filing. Selling, general and administrative expenses accounted for 289,375 thousand dollars of the company's spending during the same period, according to the published financial statements. Quarterly research and development expenses totaled 91,178 thousand dollars, as the company continued developing its treatments and clinical trial programs. Madrigal attributed the increase in cost of sales to higher royalties payable to Roche, as well as write-offs of some inventory that was in production. In explaining operating cash use, the filing also cited "nonrecurring upfront payments related to business development transactions" among the reasons for cash consumption during the first half.
Cash, cash equivalents, restricted cash and marketable securities totaled $838.9 million at the end of June 2026, according to the company's statement. That compares with a balance of $988.6 million at the end of December 2025, the close of the year preceding the period covered by the results. During the first half of 2026, net cash used in operating activities totaled 144,106 thousand dollars, according to the cash flow statement in the quarterly filing. Investing activities, meanwhile, provided net cash of 226,386 thousand dollars during the same first half, according to the same financial statement. Cash, cash equivalents and restricted cash, a narrower measure than total liquidity including marketable securities, recorded a net increase of 89,098 thousand dollars during that period.
In research related to Rezdiffra, Madrigal announced the publication of a secondary analysis examining the treatment's effect across common genetic variants associated with the disease, as part of its announced research activities. The company said the prespecified analysis showed consistent treatment effects across those genetic variants, according to its statement on the publication of the findings. Madrigal qualified the finding with a limitation on the analysis's power, saying it "was not prospectively powered to detect small genotype-by-treatment interactions." In other drug development, the company said in its July earnings presentation that the Phase 1 trial of its drug MGL-2086 began during June 2026. That comes alongside the clinical outcomes trial program in patients with compensated cirrhosis, which Madrigal also included among its research updates in the earnings presentation.
The next financial reporting date will be November 3, 2026, when Madrigal plans to release its third-quarter results, according to its official announcement of the disclosure schedule. The company will publish the results before U.S. financial markets open, reporting on the period following the quarter covered by the figures announced in July. After the results announcement, Madrigal's management will host a live webcast at 8 a.m. Eastern Time, according to the statement setting out the announcement arrangements. The schedule combines the release of financial results and a management appearance on the same day, as part of the company's announced program for reporting third-quarter performance. Further ahead, Madrigal said in its July presentation that it expected data from the compensated cirrhosis clinical outcomes trial during 2027.