Madrigal shares jump 10.17% premarket as company turns profitable in third quarter
Key Facts
Madrigal shares rose 10.17% in premarket trading on November 3, 2026, after the company reported quarterly revenue above analysts’ estimates and a return to profitability, according to Investing.com and the company’s statement. Net revenue in the third quarter was $431.3 million, compared with a consensus estimate of $405.27 million, according to Investing.com. The company also reported diluted earnings of $1.83 per share, versus expectations for a loss of $0.83 per share, the same source said. Net income was $55.4 million, following a net loss of $114.2 million in the third quarter of 2025. The share move cited in the report was for premarket trading after the results announcement, not for the full session.
Revenue rose 50% year over year from $287.3 million in the same period a year earlier, with Madrigal attributing the increase to growing demand for Rezdiffra in the United States during 2026. Chief Executive Bill Sibold said in the results statement that the company delivered “another strong quarter, driven by continued demand for Rezdiffra, deeper prescriber adoption, and accelerating market growth.” The company’s explanation places sales growth in the context of an expanding base of physicians prescribing the treatment, alongside continued demand. More than 55,850 patients were receiving Rezdiffra as of September 30, 2026, nearly double the number recorded in the third quarter of 2025. The company links the treatment’s expanding use to higher quarterly revenue, while identifying U.S. demand as the driver of sales growth.
The return to profitability was reflected in net income and earnings per share, with Madrigal reporting net income of $55.4 million in the third quarter of 2026. Basic earnings per share were $1.90 and diluted earnings per share were $1.83, according to the company’s statement. A year earlier, the company had reported a net loss of $114.2 million in the third quarter of 2025. Analyst expectations cited by Investing.com were for a loss of $0.83 per share, making the reported result a beat on earnings as well. Investing.com described the $1.83 figure as adjusted earnings per share, while Madrigal’s statement calls it diluted earnings per share; the statement also reports the basic figure separately.
Patient and market data provide context for the field in which the company is looking to expand treatment sales. Madrigal said the U.S. market of eligible patients with F2 and F3 fibrosis due to metabolic dysfunction-associated steatohepatitis exceeded 530,000 patients as of June 30, 2026. The company added that the market is expected to grow by more than 30% by the end of 2026. This follows the U.S. Food and Drug Administration’s approval of Rezdiffra on March 14, 2024, for adults with steatohepatitis and moderate to advanced fibrosis without cirrhosis, alongside diet and exercise. The approval was granted through the agency’s accelerated approval pathway. This context shows that expected market expansion and an increasing number of patients receiving the drug form part of the backdrop to the company’s growth, without changing the stated scope of the approval.
On its cash position, Madrigal reported that cash and cash equivalents, restricted cash and marketable securities totaled $961.8 million on September 30, 2026, compared with $988.6 million on December 31, 2025. The figures provide a snapshot of liquidity between the end of the prior year and the end of the third quarter, alongside the company’s net income for the period. On the same day it issued the results statement, the company scheduled a call to discuss the quarter for 8:00 a.m. Eastern Time on November 3, 2026. The premarket jump therefore came ahead of the scheduled call, with the company’s published revenue and earnings results already available to investors. Sales growth and the shift from a loss to a profit were the report’s main financial highlights for the period.
Clinical development plans include milestones later in 2027. Madrigal expects to begin the Phase 3 MAESTRO-CSPH trial in the first half of 2027, subject to regulatory discussions, enrolling more than 2,000 patients with compensated F4c cirrhosis. The company also aims to receive data from the MAESTRO-NASH OUTCOMES trial in late 2027. It said the study may allow the treatment to be evaluated in patients with compensated cirrhosis, a group not covered by the current indication cited by the FDA. These timelines set out upcoming stages in the company’s clinical program, while the third-quarter results reflect Rezdiffra’s current commercial and financial performance.