Madrigal Pharmaceuticals reported a net loss of $114.2 million for the third quarter of 2025, driven by increased operating expenses as the company expands its commercial launch and pipeline development.
Net sales for the quarter were $287.3 million, up from $62.2 million in Q3 2024, and annualized above $1 billion based on the current quarterly performance.
The company’s flagship product, Rezdiffra, was prescribed by more than 10,000 physicians and was used by over 29,500 patients, reflecting growing prescriber penetration and patient adoption.
Operating expenses rose to $401.2 million in Q3 2025 from $178.5 million in Q3 2024, with research and development costs increasing to $174.0 million from $68.7 million and selling, general and administrative expenses climbing to $209.1 million from $107.6 million.
Madrigal’s cash position stood at $1.1 billion as of September 30 2025, and the company secured a senior secured credit facility of up to $500 million to support its pipeline, including the development of an oral GLP‑1 candidate, MGL‑2086, in combination with Rezdiffra.
The company also announced that it has secured a new Orange Book patent for Rezdiffra, extending U.S. exclusivity to 2045, and that it has launched the drug in Germany following European Commission approval, marking a significant step in its international expansion.
Management emphasized that the current loss reflects a strategic investment in commercial infrastructure and pipeline development, and that the company remains focused on capturing a significant share of the U.S. MASH market, which is estimated to include 315,000 patients with moderate to advanced fibrosis under the care of liver specialists.
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