Madrigal Pharmaceuticals Past Earnings Performance
Past criteria checks 0/6
Madrigal Pharmaceuticals's earnings have been declining at an average annual rate of -9.5%, while the Biotechs industry saw earnings growing at 33.8% annually. Revenues have been growing at an average rate of 90.4% per year.
Key information
-9.48%
Earnings growth rate
-2.24%
EPS growth rate
| Biotechs Industry Growth | 17.04% |
| Revenue growth rate | 90.45% |
| Return on equity | -56.94% |
| Net Margin | -27.32% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 18
MDGL: MASH Pool Assumptions Versus Gross To Net Execution Will Shape Outlook
The analyst price target for Madrigal Pharmaceuticals has risen from $529 to $550. Analysts point to survey work that highlights a large MASH treatment pool and higher projected Rezdiffra use, along with updated assumptions for patient mix, revenue growth, margins, and P/E multiples.Seeking Alpha • Apr 28
Madrigal Pharmaceuticals: Boom Or Bust In MASH? Regretfully, I'm Bearish
Summary Madrigal Pharmaceuticals, Inc. receives a Sell rating, citing high valuation and intensifying MASH competition despite Rezdiffra's initial commercial success. Rezdiffra achieved $958.4m in 2025 sales with ~36,250 patients, but MDGL profitability remains elusive as operating expenses outpace revenue growth. SG&A and R&D costs are expected to rise in 2026, while no specific guidance has been provided, and consensus sees potential Q1 revenue softness. Pipeline bets and M&A speculation offer upside, but market congestion and uncertain long-term leadership prompt caution for MDGL stock after a 280% five-year gain. Read the full article on Seeking AlphaNarrative Update • Apr 27
MDGL: Gross To Net Execution And Margin Pressure Will Shape Balanced Outlook
Analysts have reset Madrigal Pharmaceuticals' price target to $529 from $570, reflecting updated forecasts that factor in recent commentary on gross to net adjustments, as well as revised assumptions for growth, profitability, and forward P/E. Analyst Commentary Bearish analysts have trimmed expectations for Madrigal Pharmaceuticals, pointing to updated assumptions around gross to net adjustments, as well as revisions to growth, profitability, and P/E assumptions.Narrative Update • Apr 13
MDGL: Gross To Net Execution And Cirrhosis Expansion Will Shape Balanced Outlook
Analyst price targets on Madrigal Pharmaceuticals have been reset to $529, with the change largely tied to updated forecasts that factor in comments on gross to net adjustments. Other recent research has introduced new bullish coverage and higher targets from different firms.Narrative Update • Mar 30
MDGL: MASH Combinations And Cirrhosis Expansion Will Shape Balanced Future Outlook
Analysts now set a consolidated price target for Madrigal Pharmaceuticals at $529, down from previous levels such as $570, reflecting updated forecasts around gross-to-net adjustments, even as model assumptions for revenue growth, profit margins, and future P/E remain broadly consistent. Analyst Commentary Recent research updates on Madrigal Pharmaceuticals show a mix of support and caution, with several bearish analysts rethinking how much upside is left after the stock's strong prior move and the latest company updates.Narrative Update • Mar 16
MDGL: Cirrhosis Expansion And MASH Combinations Will Drive Future Repricing
Analysts now set the fair value estimate for Madrigal Pharmaceuticals at $529, up $27 from $502. This reflects updated models that factor in gross to net adjustments, recent licensing activity, and mixed revisions to Street price targets across firms.
Narrative Update • Mar 02
MDGL: MASH Franchise And DGAT2 Combo Plans Will Drive Future Upside
Madrigal Pharmaceuticals' updated analyst price target reflects a modest adjustment, with fair value edging from about $900.66 to $904.36 as analysts factor in recent target cuts around $529 to $570, alongside fresh bullish initiation and higher targets above $600 tied to updated product and combination-therapy assumptions. Analyst Commentary Recent Street research on Madrigal Pharmaceuticals shows a mix of caution and optimism, with valuation debate sitting alongside higher fair value estimates tied to execution on its MASH franchise and new pipeline additions.
Narrative Update • Feb 16
MDGL: Future Leadership Will Rely On MASH Cirrhosis Uptake Versus GLP 1 Pressure
The analyst price target for Madrigal Pharmaceuticals has been revised higher to $671.07, up from $603.47. Analysts now factor in updated assumptions for fair value, discount rate, revenue growth, profit margins, and future P/E, following recent research that highlights both enthusiasm for Rezdiffra's commercial potential and some valuation concerns.Narrative Update • Feb 02
MDGL: MASH Franchise Expansion And New DGAT2 Combo Study Will Drive Upside
The updated analyst price target for Madrigal Pharmaceuticals moves from about $567 to roughly $901 per share, with analysts pointing to stronger modeled profitability, a higher assumed future P/E multiple, and continued enthusiasm for Rezdiffra across multiple research updates. Analyst Commentary Recent research coverage on Madrigal Pharmaceuticals has leaned positive overall, with a series of price target increases and a few ratings changes that highlight how divided views are at current levels.Narrative Update • Jan 19
MDGL: Cirrhosis Expansion And Combination Plans Will Test High Expectations
Analysts have modestly adjusted their price targets for Madrigal Pharmaceuticals, with a slight upward shift reflected in updated models that factor in Rezdiffra uptake, expanded MASH opportunities including potential combinations with ervogastat, and a range of views on valuation and longer term penetration assumptions. Analyst Commentary Recent research on Madrigal Pharmaceuticals shows a mix of optimism around Rezdiffra and its potential role in MASH, paired with increasingly careful debate around valuation, competitive pressures, and execution risks.Narrative Update • Jan 04
MDGL: Elevated Expectations For Cirrhosis Opportunity Will Face Heightened Competitive Pressures
Madrigal Pharmaceuticals' analyst price target has risen sharply from approximately $312 to $502 per share, as analysts factor in stronger long term profitability and higher penetration assumptions for Rezdiffra across F2-F3 and F4c MASH populations, despite moderating top line growth expectations and a modestly higher discount rate. Analyst Commentary Recent Street research reflects a broadly constructive outlook on Madrigal Pharmaceuticals, with multiple firms lifting price targets in response to stronger than expected Rezdiffra uptake and expanding commercial visibility in both F2 F3 and compensated F4c MASH populations.Narrative Update • Dec 20
MDGL: Future Leadership Will Depend On Cirrhosis Uptake Amid GLP 1 Competition
The analyst price target for Madrigal Pharmaceuticals has been raised by approximately $40 per share, as analysts cite stronger-than-expected real-world uptake of Rezdiffra, expanded penetration assumptions across F2, F3, and emerging F4c populations, and increased confidence in the drug's long-term commercial trajectory despite GLP-1 competition. Analyst Commentary Recent Street research reflects a strongly constructive tone on Madrigal Pharmaceuticals, with multiple firms lifting price targets into the mid to high $500s and $600s range, underpinned by faster than expected Rezdiffra adoption and expanding addressable populations across F2, F3, and emerging F4c disease.Narrative Update • Dec 06
MDGL: Future Leadership Will Depend On Expanding MASH Cirrhosis And Fibrosis Therapy Adoption
Madrigal Pharmaceuticals' analyst price target has been raised into the low to mid $600s per share from the high $500s, as analysts factor in stronger long term profitability expectations and sustained Rezdiffra uptake across F2-F3 and emerging F4c populations. Analyst Commentary Bullish analysts are increasingly constructive on Madrigal's outlook as they update models to reflect stronger real world Rezdiffra uptake, expanded addressable populations and emerging combination therapy optionality.Narrative Update • Nov 21
MDGL: Future Leadership Will Depend On Expanding Liver Fibrosis Therapy Penetration Amid Competition
Madrigal Pharmaceuticals’ analyst price target has been raised from approximately $536 to $564 per share. This reflects increased confidence among analysts in Rezdiffra’s market penetration and longer-term growth prospects, despite evolving competitive dynamics.Analysis Article • Nov 12
Madrigal Pharmaceuticals, Inc.'s (NASDAQ:MDGL) 26% Price Boost Is Out Of Tune With Revenues
Madrigal Pharmaceuticals, Inc. ( NASDAQ:MDGL ) shares have continued their recent momentum with a 26% gain in the last...Narrative Update • Nov 07
MDGL: Future Revenue Leadership Will Depend On Therapy Adoption Amid Rising Competition
The analyst consensus price target for Madrigal Pharmaceuticals has increased by approximately $23 to $536, as analysts cite continued strength from Rezdiffra as well as improved long-term profitability expectations. Analyst Commentary Bullish Takeaways Bullish analysts have increased price targets for Madrigal Pharmaceuticals, emphasizing Rezdiffra’s ongoing outperformance and supportive market dynamics, even as new competitors enter the F2-F3 MASH segment.Narrative Update • Oct 24
EU Expansion and Combination Therapies Will Drive Future Opportunity
Analysts have increased their price target for Madrigal Pharmaceuticals by approximately $100. They now expect shares to reach around $550, citing Rezdiffra's robust launch progress, new approvals, and potential from combination therapy strategies.Narrative Update • Oct 10
US Patent And EU Expansion Will Secure Future Potential
The analyst price target for Madrigal Pharmaceuticals has increased by approximately $8 to $489.54. Analysts cite stronger-than-expected revenue growth, improved profit margins, and favorable momentum following recent approvals and positive market dynamics.Narrative Update • Sep 26
US Patent And EU Expansion Will Secure Future Potential
Analysts raised Madrigal Pharmaceuticals’ price target to $481.85, citing strong EU approval momentum, first-mover advantage for Rezdiffra in MASH, guideline inclusion, and extended patent protection driving long-term value. Analyst Commentary Bullish analysts cite Madrigal’s strong positioning to dominate the metabolic dysfunction-associated steatohepatitis (MASH) treatment landscape through its proprietary thyroid hormone receptor-beta platform.Narrative Update • Sep 11
US Patent And EU Expansion Will Secure Future Potential
Madrigal Pharmaceuticals’ consensus price target has been raised to $466.38 as analysts cite EU conditional approval, first-line therapy status, improved sales visibility, and extended patent protection for Rezdiffra as key drivers strengthening blockbuster potential and reducing risk. Analyst Commentary Bullish analysts believe Madrigal is uniquely positioned to dominate the metabolic dysfunction-associated steatohepatitis (MASH) market, leveraging its thyroid hormone receptor-beta platform.Narrative Update • Aug 27
US Patent And EU Expansion Will Secure Future Potential
The consensus analyst price target for Madrigal Pharmaceuticals was raised from $449.57 to $461.43, primarily driven by the EU approval and expanded patent protection for Rezdiffra, which de-risks future cash flows and supports robust sales expectations in a large addressable market. Analyst Commentary Bullish analysts updated their models to reflect the recent EU approval of Rezdiffra, reducing risk and subsequently lowering the discount rate applied to future cash flows.Analysis Article • Aug 22
Madrigal Pharmaceuticals, Inc.'s (NASDAQ:MDGL) 30% Price Boost Is Out Of Tune With Revenues
Despite an already strong run, Madrigal Pharmaceuticals, Inc. ( NASDAQ:MDGL ) shares have been powering on, with a gain...Analysis Article • Aug 13
Forecast: Analysts Think Madrigal Pharmaceuticals, Inc.'s (NASDAQ:MDGL) Business Prospects Have Improved Drastically
NasdaqGS:MDGL 1 Year Share Price vs Fair Value Explore Madrigal Pharmaceuticals's Fair Values from the Community and...Analysis Article • Aug 08
Earnings Beat: Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Just Beat Analyst Forecasts, And Analysts Have Been Lifting Their Forecasts
NasdaqGS:MDGL 1 Year Share Price vs Fair Value Explore Madrigal Pharmaceuticals's Fair Values from the Community and...
New Narrative • May 03
FDA Approval Will Expand MASH Treatment Market Reach
First FDA-approved MASH treatment and strong U.S. market launch position Madrigal Pharmaceuticals for significant revenue growth.Seeking Alpha • Feb 26
Madrigal Pharmaceuticals Q4 Earnings Review: Strong Quarter, Even Stronger Outlook
Summary Madrigal Pharmaceuticals, Inc.'s Rezdiffra, the first approved drug for MASH, showed strong sales growth, with Q4 net sales up 66% to $103.3m. Despite a net loss of $466m in 2024, Madrigal's cash position improved to $931m, and Rezdiffra's market potential remains significant with no current competitors. Positive study data and upcoming European approval could further boost Rezdiffra's market presence, making Madrigal a prime M&A target. While GLP-1 agonists pose a potential threat, Rezdiffra's oral availability and strong initial market penetration suggest long-term growth and a solid buy opportunity for MDGL stock. Read the full article on Seeking AlphaSeeking Alpha • Jan 19
Madrigal Pharmaceuticals Rezdiffra Vies For Blockbuster Status In MASH
Summary Madrigal Pharma's REZDIFFRA achieved $100-$103M in Q4 sales, marking 61% growth, with market penetration of only 4% relative to TAM, indicating blockbuster potential. Potential competition from GLP-1 drugs and other MASH therapies exists, but REZDIFFRA's combination use and first-mover advantage mitigate these risks. Analysts project $515M in 2025 sales, driven by Medicare coverage, low market penetration, and European launch, making MDGL stock a STRONG BUY. Despite volatility and buyout speculation, Madrigal's commanding position in MASH supports a 12-month price target of $455/share. Read the full article on Seeking AlphaSeeking Alpha • Jan 09
Fast Drug Launch For Madrigal Pharmaceuticals Brings Buyout Discussion
Summary Rezdiffra's strong launch has been confirmed by robust sales in the first two quarters, even though it may have only been used in 2% of its current target patient population. Competitors with MASH therapies like NVO, SGMT, ALT and Boehringer Ingelheim are making progress, although the possibility of combinations could limit any downside for MDGL. There is ongoing discussion about a potential buyout, adding another layer of interest for investors, and a potential EU launch in H2'25. Read the full article on Seeking AlphaSeeking Alpha • Nov 03
Rezdiffra Gains Traction In NASH As Madrigal Pharmaceuticals Targets European Expansion
Summary Madrigal Pharmaceuticals' Rezdiffra has favorable initial market adoption and FDA approval, positioning it as a foundational therapy for NASH with advanced fibrosis. Broad insurance coverage and allowance for non-invasive testing [NIT] enhance patient accessibility and Rezdiffra’s adoption rate. Competition from Novo Nordisk's Semaglutide poses a market risk, but Rezdiffra’s liver-specific mechanism offers a targeted advantage. MDGL's strategic geographic expansion, particularly EMA approval in Europe, could significantly increase Rezdiffra’s TAM. Despite its cash burn, MDGL's growth and cash reserves provide enough runway. Thus, I maintain my "Buy" rating for MDGL stock. Read the full article on Seeking AlphaSeeking Alpha • Oct 24
Madrigal: Why I'm Having Doubts On The Bull Case Ahead Of Q3 Earnings
Summary Madrigal's Rezdiffra, the first FDA-approved drug for MASH, shows promise but faces competition from GLP-1 drugs and financial challenges in launching in Europe. Despite meeting Phase 3 endpoints and early sales success, Madrigal's Q3 earnings will be crucial in determining Rezdiffra's commercial viability and stock performance. The potential for Rezdiffra to achieve blockbuster status is tempered by its high cost and the emerging threat of GLP-1 agonists in the MASH market. Given the uncertainties and competitive landscape, I am downgrading Madrigal from a "Buy" to a "Hold" ahead of Q3 earnings. Read the full article on Seeking AlphaSeeking Alpha • Aug 08
While Madrigal's Rezdiffra Impresses, Great Uncertainties Loom In MASH Market
Summary Madrigal Pharmaceuticals' Q2 2024 revenue from Rezdiffra exceeded expectations at $14.6 million. The company's SG&A expenses surged to $105.4 million, reflecting launch activities. Over 2,000 patients are currently on Rezdiffra, with broad insurance coverage. I recommend selling Madrigal Pharmaceuticals due to significant uncertainties and competitive pressures. Read the full article on Seeking AlphaSeeking Alpha • Jun 09
Madrigal May Not Be Able To Shrug GLP-1 Drugs For Long
Summary Eli Lilly's tirzepatide shows potential in resolving metabolic dysfunction-associated steatohepatitis without worsening fibrosis. GLP-1 drugs pose a serious threat to Madrigal's Rezdiffra, potentially dominating the MASH market. Madrigal's financial health is stable with sufficient funding for the launch of Rezdiffra, but profitability and market prospects remain uncertain. Despite its market position, Madrigal faces substantial risks, leading to a sell recommendation. Read the full article on Seeking AlphaRevenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Madrigal Pharmaceuticals makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 1,132 | -309 | 914 | 453 |
| 31 Dec 25 | 958 | -288 | 814 | 389 |
| 30 Sep 25 | 741 | -289 | 715 | 298 |
| 30 Jun 25 | 516 | -282 | 614 | 193 |
| 31 Mar 25 | 317 | -392 | 522 | 210 |
| 31 Dec 24 | 180 | -466 | 435 | 237 |
| 30 Sep 24 | 77 | -519 | 340 | 282 |
| 30 Jun 24 | 15 | -510 | 260 | 284 |
| 31 Mar 24 | 0 | -444 | 173 | 281 |
| 31 Dec 23 | 0 | -374 | 108 | 272 |
| 30 Sep 23 | 0 | -347 | 76 | 272 |
| 30 Jun 23 | 0 | -330 | 61 | 270 |
| 31 Mar 23 | 0 | -315 | 55 | 260 |
| 31 Dec 22 | 0 | -295 | 48 | 245 |
| 30 Sep 22 | 0 | -274 | 45 | 228 |
| 30 Jun 22 | 0 | -256 | 41 | 214 |
| 31 Mar 22 | 0 | -247 | 40 | 207 |
| 31 Dec 21 | 0 | -242 | 37 | 205 |
| 30 Sep 21 | 0 | -236 | 32 | 206 |
| 30 Jun 21 | 0 | -231 | 29 | 204 |
| 31 Mar 21 | 0 | -219 | 24 | 197 |
| 31 Dec 20 | 0 | -202 | 22 | 185 |
| 30 Sep 20 | 0 | -171 | 21 | 156 |
| 30 Jun 20 | 0 | -134 | 20 | 122 |
| 31 Mar 20 | 0 | -105 | 22 | 93 |
| 31 Dec 19 | 0 | -84 | 23 | 72 |
| 30 Sep 19 | 0 | -68 | 23 | 56 |
| 30 Jun 19 | 0 | -55 | 24 | 43 |
| 31 Mar 19 | 0 | -42 | 19 | 33 |
| 31 Dec 18 | 0 | -33 | 15 | 25 |
| 30 Sep 18 | 0 | -30 | 12 | 23 |
| 30 Jun 18 | 0 | -30 | 9 | 24 |
| 31 Mar 18 | 0 | -32 | 8 | 25 |
| 31 Dec 17 | 0 | -31 | 8 | 24 |
| 30 Sep 17 | 0 | -30 | 7 | 23 |
| 30 Jun 17 | 0 | -36 | 9 | 25 |
| 31 Mar 17 | 0 | -31 | 8 | 20 |
| 31 Dec 16 | 0 | -26 | 7 | 16 |
| 30 Sep 16 | 0 | -21 | 5 | 11 |
| 30 Jun 16 | 0 | -8 | 1 | 4 |
| 31 Mar 16 | 0 | -7 | 1 | 3 |
Quality Earnings: MDGL is currently unprofitable.
Growing Profit Margin: MDGL is currently unprofitable.
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: MDGL is unprofitable, and losses have increased over the past 5 years at a rate of 9.5% per year.
Accelerating Growth: Unable to compare MDGL's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: MDGL is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (43%).
Return on Equity
High ROE: MDGL has a negative Return on Equity (-56.94%), as it is currently unprofitable.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/22 04:24 |
| End of Day Share Price | 2026/05/22 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Madrigal Pharmaceuticals, Inc. is covered by 28 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Eliana Merle | Barclays |
| Matthew Luchini | BMO Capital Markets Equity Research |
| Jason Zemansky | BofA Global Research |