Madrigal's Q1 product revenue jumps 127%, net loss widens on higher costs

Madrigal Pharmaceuticals

06/05/2026 12:26

Overview

U.S. biopharma firm's Q1 product revenue rose 127% yr/yr on strong physician adoption of Rezdiffra

Company posted wider Q1 net loss due to higher operating expenses and pipeline expansion costs

Madrigal expanded pipeline with global licensing deal for siRNA asset targeting PNPLA3 gene

Outlook

Company expects favorable market dynamics and robust growth for Rezdiffra in 2026

Madrigal plans to initiate Phase 1 trial for MGL-2086 in 2Q26 and drug-drug interaction study in 4Q26

Company says strong cash position and IP protection support continued investment in MASH pipeline

Result Drivers

REZDIFFRA DEMAND - Strong physician adoption and high patient demand drove 127% yr/yr growth in Rezdiffra sales

MARKET EXPANSION - Company cited a rapidly growing MASH market, which expanded nearly 50% over two years, supporting sales growth

COMMERCIAL INVESTMENT - Increased SG&A expenses were primarily due to commercial activities for Rezdiffra, including field force expansion and direct-to-consumer marketing

Company press release: ID:nGNX6dCYCm

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Product Revenue
$311.34 mln
Q1 EPS
$3.25
Q1 Net Income
-$94.39 mln
Q1 Operating Expenses
$404.06 mln
Q1 Operating Income
-$92.72 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the biotechnology & medical research peer group is "buy"

Wall Street's median 12-month price target for Madrigal Pharmaceuticals Inc is $644.00, about 28.2% above its May 5 closing price of $502.47

The stock recently traded at 803 times the next 12-month earnings vs. a P/E of 991 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)