Madrigal jumps after Q3 sales for fatty liver drug beats estimates

Madrigal Pharmaceuticals

31/10/2024 16:18

** Shares of Madrigal Pharmaceuticals  MDGL.O  rise as much
as 17.4% to a two-month high of $253.55
    ** Stock set for its best day since Dec 2022, if gains hold
    ** Drugmaker's Q3 rev from its sole product, fatty liver
drug Rezdiffra, is $62.2 mln, beating Wall Street estimates of
$34.2 mln - LSEG
    ** Fatty liver disease, known as metabolic
dysfunction-associated steatohepatitis (MASH), affects around 5%
of the U.S. population. The condition was earlier called
non-alcoholic steatohepatitis (NASH) 
    ** "This represents a second consecutive quarter of strong
launch execution that increases our conviction in the underlying
patient/prescriber demand" - Brokerage Leerink Partners
    ** MDGL has been able to successfully leverage its
first-mover advantage and commercial experience to build the
NASH market opportunity - Leerink
    ** In March, Rezdiffra became the first drug for the
condition to be approved by the U.S. FDA
    ** YTD, stock up 8.1%

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))