Madrigal Pharmaceuticals (MDGL) investor relations material

Key business developments

• Achieved a strong quarter with $213 million in revenue and exceeded launch expectations for Rezdiffra.

• Secured intellectual property protection for Rezdiffra through 2045, providing a long-term foundation.

• Received European Commission approval and prepared for a launch in Germany, aiming for positive contribution in 2-3 years.

• Entered a new licensing agreement for an oral GLP-1 asset and secured $500 million in financing to support growth.

• Initiated commercial contracting with payers in Q2, with growth-to-net management evolving as planned.

Product performance and market insights

• Rezdiffra launch metrics are among the best specialty launches in the last decade, with strong breadth of prescribing and over 23,000 patients on drug.

• Real-world data shows Rezdiffra is well-tolerated and exceeds efficacy expectations, with notable improvements in liver stiffness and fibrosis reversal.

• Patient adherence is high, with reauthorization at 12 months not posing issues; patients are motivated to stay on therapy.

• Market penetration is at 7% of a 315,000-patient population, with significant growth potential as diagnosis and awareness increase.

• About 50% of Rezdiffra patients have previously used GLP-1s, and 25% are on combination therapy.

Clinical and competitive landscape

• Open-label data from the Maestro NAFLD study showed significant improvements in liver stiffness and biomarkers, supporting confidence in the ongoing Maestro Outcomes trial.

• In the F4 cirrhosis population, 2/3 of high-risk patients improved their status after two years of therapy.

• Rezdiffra is positioned as a first-mover in MASH, with competitors expected to drive further market expansion and awareness.

• Payer discussions are ongoing, with step edits and pricing dynamics under evaluation as new competitors enter the market.