Overview

• U.S. biopharma firm's Q1 product revenue rose 127% yr/yr on strong physician adoption of Rezdiffra

• Company posted wider Q1 net loss due to higher operating expenses and pipeline expansion costs

• Madrigal expanded pipeline with global licensing deal for siRNA asset targeting PNPLA3 gene

Outlook

• Company expects favorable market dynamics and robust growth for Rezdiffra in 2026

• Madrigal plans to initiate Phase 1 trial for MGL-2086 in 2Q26 and drug-drug interaction study in 4Q26

• Company says strong cash position and IP protection support continued investment in MASH pipeline

Result Drivers

• REZDIFFRA DEMAND - Strong physician adoption and high patient demand drove 127% yr/yr growth in Rezdiffra sales

• MARKET EXPANSION - Company cited a rapidly growing MASH market, which expanded nearly 50% over two years, supporting sales growth

• COMMERCIAL INVESTMENT - Increased SG&A expenses were primarily due to commercial activities for Rezdiffra, including field force expansion and direct-to-consumer marketing

Company press release: ID:nGNX6dCYCm

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Product Revenue		$311.34 mln
Q1 EPS		$3.25
Q1 Net Income		-$94.39 mln
Q1 Operating Expenses		$404.06 mln
Q1 Operating Income		-$92.72 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Madrigal Pharmaceuticals Inc is $644.00, about 28.2% above its May 5 closing price of $502.47

• The stock recently traded at 803 times the next 12-month earnings vs. a P/E of 991 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.