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

Madrigal Pharmaceuticals

07/05/2024 16:40

(Updates)
    ** Shares of Madrigal Pharmaceuticals  MDGL.O  down 6.2% at
$220.86 - set to snap a six-day winning streak if losses hold 
        ** 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, plans
to disclose patient numbers in Q2
    ** 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
    ** Piper Sandler analyst Yasmeen Rahimi, however, said that
even though quantitative details about the launch were scant -
the "qualitative comments were strong" 
    ** 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;))