Madrigal falls on 'light' details on recently approved NASH drug launch

Madrigal Pharmaceuticals

07/05/2024 15:17

** Shares of Madrigal Pharmaceuticals  MDGL.O  down 7% at
$219 in early trading 
        ** MDGL says shipped its recently approved drug
Rezdiffra  in April, no revenue was booked in Q1 for the
treatment      
    ** In March, MDGL's oral drug became the first approved
treatment for a fatty liver disease known as non-alcoholic
steatohepatitis (NASH)   
    ** Co says first patients received Rezdiffra in April, does
not disclose number of patients
    ** B.Riley Securities analyst Mayank Mamtani said color from
the company about Rezdiffra's launch "was pretty light"
    ** While there were no revenue expectations for Q1 for
Rezdiffra, investors were looking for "some more color about how
the launch is going in terms of specifically patient numbers or
new script volume," said Mamtani
    ** Co's operating expenses nearly double to $152.04 mln for
Q1, due to timing of manufacturing and launch-related costs
related to Rezdiffra 
    ** As of last close, MDGL up ~2% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))