The transition to profitability and accelerating Rezdiffra sales validate the commercial trajectory. Watch for MAESTRO-NASH OUTCOMES data expected late 2027 and MAESTRO-CSPH trial initiation in H1 2027, which could expand the addressable market to F4c cirrhosis.
Price Chart
Executive Summary
Madrigal Pharmaceuticals reported Q3 2026 revenue of $431.3M (50% YoY growth) and achieved its first quarter of profitability with net income of $55.4M ($1.83 diluted EPS), compared to a net loss of $114.2M in Q3 2025. Rezdiffra net sales reached $431.3M, and year-to-date sales surpassed $1.1B, achieving blockbuster status. The company also announced a new Phase 3 outcomes trial (MAESTRO-CSPH) for F4c MASH cirrhosis.
Key Financial Metrics
Key Facts
- Q3 2026 Rezdiffra net sales of $431.3M, up 50% YoY from $287.3M
- First quarter of profitability: net income of $55.4M vs net loss of $114.2M in Q3 2025
- Diluted EPS of $1.83 vs consensus estimate of $-1.09 (a beat of 267.9%)
- Year-to-date Rezdiffra net sales surpassed $1.1B, achieving blockbuster status
- More than 55,850 patients on Rezdiffra as of Sept 30, 2026, nearly doubling from Q3 2025
- Cash and marketable securities of $961.8M as of Sept 30, 2026
- Announced new Phase 3 MAESTRO-CSPH outcomes trial for F4c MASH cirrhosis, expected to initiate in H1 2027
- Appointed John C. Reed, M.D., Ph.D., to Board of Directors
Financial Impact
Revenue of $431.3M, net income of $55.4M, EPS of $1.83 vs consensus $-1.09
Risk Factors
- Competition from other MASH therapies in development
- Dependence on Rezdiffra as sole revenue driver
- Clinical trial risks for MAESTRO-NASH OUTCOMES and MAESTRO-CSPH trials
- Potential pricing or reimbursement pressure
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-069093 |
| Document: mdgl-20261103.htm | 0001628280-26-069093 |
| Document: 0001628280-26-069093-index-headers.html | 0001628280-26-069093 |
| Document: 0001628280-26-069093-index.html | 0001628280-26-069093 |
| Document: 0001628280-26-069093.txt | 0001628280-26-069093 |
| 8-K Data (Synthetic) | 0001628280-26-069093 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 5, 2026 today | Press Release | $398.18 | awaiting T+1 | awaiting T+1 | $399.90 (+0.43%) |
Nov 3, 2026 2d ago | 8-K | No price | awaiting T+1 | awaiting T+1 | No price |
Nov 3, 2026 2d ago | Press Release | $396.32 $400.43 | ▲ +1.04% | ▼ −0.61% | $399.90 (+0.90%) |
Aug 12, 2026 12w ago | 8-K | $536.20 $507.37 | ▼ −5.38% | ▼ −6.07% | $399.90 (−25.42%) |
Jul 30, 2026 14w ago | 8-K | $493.11 $467.32 | ▼ −5.23% | ▼ −5.94% | $399.90 (−18.90%) |
May 22, 2026 23w ago | Insider Cluster | $524.28 $527.67 | ▲ +0.65% | ▲ +0.63% | $399.90 (−23.72%) |
May 6, 2026 26w ago | 8-K | $539.73 $534.86 | ▼ −0.90% | ▼ −0.57% | $399.90 (−25.91%) |
Apr 28, 2026 27w ago | 8-K | $518.58 $517.39 | ▼ −0.23% | ▼ −1.25% | $399.90 (−22.89%) |
Apr 22, 2026 28w ago | Press Release | $529.14 $518.74 | ▼ −1.97% | ▼ −1.57% | $399.90 (−24.42%) |
Mar 19, 2026 32w ago | Press Release | $441.16 $447.72 | ▲ +1.49% | ▲ +0.38% | $399.90 (−9.35%) |
US Market Status
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