Madrigal Pharma | 8-K: FY2025 Q3 Revenue Beats Estimate at USD 287.3 M

LB filings
2025.11.04 12:07
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Revenue: As of FY2025 Q3, the actual value is USD 287.3 M, beating the estimate of USD 247.7 M.

EBIT: As of FY2025 Q3, the actual value is USD -116.7 M.

Segment Revenue

  • Third-quarter 2025 net revenues were $287.3 million, compared to $62.2 million in the comparable prior year period. The increase is due to increased demand for Rezdiffra.

Operational Metrics

  • Operating expenses for the third quarter of 2025 were $401.2 million, compared to $178.5 million in the prior year period.
    • Cost of Sales: $18.1 million, compared to $2.2 million in the prior year period.
    • R&D Expense: $174.0 million, compared to $68.7 million in the prior year period, primarily due to the upfront expense for CSPC.
    • SG&A Expense: $209.1 million, compared to $107.6 million in the prior year period, mainly due to increased commercial activities for Rezdiffra.
  • Interest Income: $10.3 million, compared to $13.0 million in the prior year period, due to lower interest rates.
  • Interest Expense: $7.5 million, compared to $3.7 million in the prior year period, due to a higher average outstanding principal balance.

Cash Flow

  • As of September 30, 2025, Madrigal had cash, cash equivalents, restricted cash, and marketable securities of $1.1 billion, compared to $931.3 million as of December 31, 2024. The increase was primarily due to entering into a senior secured credit facility managed by Blue Owl Capital.

Unique Metrics

  • More than 29,500 patients are on Rezdiffra, with over 10,000 healthcare providers prescribing it.

Outlook / Guidance

  • Rezdiffra is expected to continue its growth trajectory, with sales annualizing above $1 billion and greater than 90 percent of the target population yet to be treated. Madrigal is advancing a strategy to extend its leadership by building a pipeline of complementary therapies, including the development of an oral GLP-1 in combination with Rezdiffra. The company holds U.S. patent protection for Rezdiffra into 2045, allowing for continued investment and innovation in the MASH treatment space.
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