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Madrigal Pharmaceuticals
Madrigal Pharmaceuticals (MDGL) investor relations material
Madrigal Pharmaceuticals 44th Annual J.P. Morgan Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.44th Annual J.P. Morgan Healthcare Conference summary12 Jan, 2026
Strategic vision and market leadership
Rezdiffra became the first approved MASH product, achieving over $1 billion in annualized sales within six quarters of launch and by 3Q25, with over 29,500 active patients and 10,000 prescribers by Q3.
Focused on maximizing Rezdiffra's value and expanding its indication to F4c, potentially doubling the opportunity, with pivotal outcomes data expected in 2027.
Secured strong first-line market access for 2026 through national payer contracts, with no step-edit requirements and improved payer criteria.
Less than 10% market penetration in a diagnosed population of 315,000 F2/F3 patients, indicating significant room for growth.
Landmark FDA approval in March 2024 established Rezdiffra as the first MASH medicine, with global expansion starting in Germany and a new U.S. patent extending value to 2045.
Pipeline development and innovation
Building a leading MASH pipeline through targeted business development and internal innovation, focusing on transformational outcomes and combination therapies.
Advancing combination therapy strategies with new mechanisms, including DGAT2 inhibitor (ervogastat) and oral GLP-1 (MGL-2086), to enhance efficacy and address subpopulations.
Phase I study for oral GLP-1 to begin in Q2, with further combination development planned for 2027.
Pipeline includes one new phase II, two ongoing phase III trials, and three clinical-stage assets.
Committed to disciplined, capital-efficient clinical development to accelerate go/no-go decisions and secure full approval from F2 to F4c.
Financial outlook and profitability
Near-term focus remains on top-line growth and pipeline investment, with profitability expected as revenue growth outpaces spend.
Gross-to-net for commercial payers will rise to the high 30% range in 2026 due to new contracting, but robust net revenue growth is still anticipated.
SG&A and R&D spend will ramp gradually, with no significant short-term increase in R&D.
Ex-US contribution, starting with Germany, will be limited in 2026 but expected to scale over time.
U.S. market remains the primary focus, with pragmatic international expansion aligned to MFN pricing principles.
What is Rezdiffra's strategy for deeper prescriber use?
How do DGAT-2 and Rezdiffra combine for efficacy?
What drives F4c rapid commercial uptake?
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Next Madrigal Pharmaceuticals earnings date
Q4 202525 Feb, 2026
Madrigal Pharmaceuticals
Next Madrigal Pharmaceuticals earnings date
Q4 202525 Feb, 2026
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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.
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