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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Madrigal Pharmaceuticals
Madrigal Pharmaceuticals (MDGL) investor relations material
Madrigal Pharmaceuticals Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 2026 revenue rose 50% YoY to $431.3M; nine-month revenue reached $1.107B, driven by Rezdiffra demand.
Q3 net income was $55.4M, the first profitable quarter; more than 55,850 patients were on Rezdiffra at quarter-end.
Financial highlights
Q3 revenue was $431.3M vs. $287.3M a year earlier; nine-month revenue was $1.107B vs. $637.3M.
Q3 operating income was $56.0M vs. an operating loss of $114.0M; net income was $55.4M vs. a $114.2M loss, with diluted EPS of $1.83 vs. a $4.01 loss.
Q3 operating expenses totaled $375.3M, down 6% YoY; R&D was $71.8M vs. $174.0M, including a prior-year $117.3M one-time business-development expense.
SG&A rose 27% to $265.7M from $209.1M, reflecting commercial investment; Q3 included $38.9M in non-cash stock-based compensation vs. $26.3M.
Cost of sales was $37.8M vs. $18.1M, primarily reflecting higher royalties payable to Roche as Rezdiffra sales grew.
Outlook and guidance
U.S. diagnosed F2-F3 patients under target specialists exceeded 530,000 by June 30, 2026, and are on track to grow more than 30% by year-end.
MAESTRO-NASH OUTCOMES data are expected in late 2027; MAESTRO-CSPH is expected to start in H1 2027, subject to regulatory discussions, and report results in the early 2030s.
An ervogastat/resmetirom Phase 2 combination trial is expected to start in 2027 following regulatory discussions.
Additional European Rezdiffra launches are planned country by country, subject to reimbursement procedures and regulatory approvals.
Available cash resources are expected to fund operations beyond one year from issuance; commercial, geographic-expansion and R&D spending are expected to increase.
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Latest events from Madrigal Pharmaceuticals
- Q2 sales hit $364M, with strong market growth, broad access, and a robust pipeline driving momentum.MDGL
12th Annual Cantor Fitzgerald Global Healthcare Conference - Rezdiffra’s blockbuster growth and robust pipeline position it for long-term market leadership.MDGLCanaccord Genuity's 46th Annual Growth Conference
- Q2 2026 net sales up 71% to $364.3M, with over 49,000 patients and robust pipeline progress.MDGLQ2 2026
- Strong U.S. growth, pipeline expansion, and key trial readouts expected by 2027.MDGLTD Cowen 46th Annual Health Care Conference
- Q1 net sales jumped 127% to $311M, with strong patient growth and expanding pipeline.MDGLQ1 2026
- Rezdiffra net sales neared $1B in 2025, fueling growth, pipeline expansion, and global rollout.MDGLQ4 2025
- Rapid sales growth, pipeline innovation, and combination strategies drive MASH market leadership.MDGL44th Annual J.P. Morgan Healthcare Conference
- Q2 launch drove $14.6M sales, >2,000 patients, >50% coverage, and EU expansion plans.MDGLQ2 2024
- $180.1M in 2024 sales, strong launch, and major guideline inclusion drive future growth.MDGLQ4 2024
Next Madrigal Pharmaceuticals earnings date
Q4 202616 Feb, 2027
Madrigal Pharmaceuticals
Next Madrigal Pharmaceuticals earnings date
Q4 202616 Feb, 2027
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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.