)
Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Madrigal Pharmaceuticals
Madrigal Pharmaceuticals (MDGL) investor relations material
Madrigal Pharmaceuticals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved $958.4M in net sales for Rezdiffra in FY25, with $321.1M in Q4 and over 36,250 patients treated by year-end, establishing it as the foundational MASH therapy and driving rapid market expansion.
Achieved landmark FDA approval for Rezdiffra in March 2024 and launched in Germany after EC approval, making it the first and only approved MASH therapy in the US and EU.
Expanded pipeline to over 10 programs, including oral GLP-1, DGAT-2 inhibitor, and siRNA assets, with IND-enabling and clinical studies planned for 2026-2027.
Extended Rezdiffra's patent exclusivity to 2045 and secured Orange Book-listed protection.
Positioned for long-term leadership in a specialty market expected to exceed $20B annually, with significant growth potential as F2/F3 MASH penetration remains below 12%.
Financial highlights
Q4 2025 net sales reached $321.1M, up from $103.3M in Q4 2024; full-year 2025 net sales totaled $958.4M, up from $180.1M in 2024.
Operating expenses for Q4 and full-year 2025 were $380.7M and $1,258.5M, with R&D at $388.5M and SG&A at $813.8M, both increasing to support launch and pipeline expansion.
Net loss for Q4 was $58.6M and for the year $288.3M, with basic and diluted net loss per share for 2025 at $12.85.
Ended Q4 2025 with $988.6M in cash, cash equivalents, restricted cash, and marketable securities.
Gross to net impact averaged at the low end of the 20%-30% range for 2025; expected to rise to the high 30% range in 2026 due to new payer contracts.
Outlook and guidance
Robust net sales growth expected in 2026, driven by broader first-line access, increased disease awareness, and positive real-world experience, despite higher gross to net and typical Q1 insurance dynamics.
Ex-US contribution, including Germany, expected to remain negligible in 2026; US remains the core business.
R&D expenses projected to remain flat in 2026; SG&A to increase as launch and pipeline investments continue.
Indication expansion into F4c (compensated MASH cirrhosis) could double the addressable market, with outcomes data anticipated in 2027.
Plans to initiate IND-enabling activities for siRNA candidates and begin clinical trials for oral GLP-1 (MGL-2086) in 2026.
How will new pipeline assets combine with Rezdiffra?
What is the significance of F4c OLE data for MAESTRO?
What drives Rezdiffra's expected robust 2026 sales growth?
Drivers of F2/F3 target population growth?
Go/no-go criteria for combo pipeline assets?
How to improve Rezdiffra persistence rates?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Madrigal Pharmaceuticals earnings date
Q1 202630 Apr, 2026
Madrigal Pharmaceuticals
Next Madrigal Pharmaceuticals earnings date
Q1 202630 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Madrigal Pharmaceuticals Inc. is a biopharmaceutical company focused on the development of therapies for cardiovascular and metabolic diseases. The company specializes in treatments targeting nonalcoholic steatohepatitis (NASH) and other liver-related conditions. Madrigal Pharmaceuticals leverages its expertise in lipid metabolism and endocrinology to advance its pipeline of investigational therapies. The company conducts clinical research to develop novel compounds aimed at addressing unmet medical needs in liver disease and metabolic disorders. Madrigal Pharmaceuticals Inc. is headquartered in West Conshohocken, Pennsylvania, and its shares are listed on the NASDAQ.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage