Madrigal Pharmaceuticals (MDGL) Q3 2026 earnings summary

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.