Madrigal Pharmaceuticals Reports Third-Quarter 2024 Financial Results and Provides Corporate Updates

Madrigal Pharmaceuticals, Inc., a biopharmaceutical company specializing in innovative therapies for nonalcoholic steatohepatitis (NASH)/metabolic dysfunction-associated steatohepatitis (MASH), announced its financial results for the fiscal quarter ended September 30, 2024, in an 8-K filing. The company’s third-quarter net sales totaled $62.2 million.

Chief Executive Officer of Madrigal, Bill Sibold, highlighted the successful launch of Rezdiffra™ (resmetirom) in the U.S., emphasizing strong adoption by prescribers and increasing patient numbers on therapy. The company achieved coverage for over 80% of commercial lives in the U.S., surpassing its goal, with less than 5% of covered lives requiring biopsy for diagnosis.

Key milestones include the completion of enrollment in a clinical outcomes study of Rezdiffra for patients with compensated NASH/MASH cirrhosis. The study’s positive outcomes could lead to broader approval for Rezdiffra.

Other updates included the appointment of Dr. Michael Charlton as Senior Vice President of Clinical Development, the publication of quality of life data in the Journal of Hepatology, and plans for a robust presence at the upcoming American Association for the Study of Liver Diseases (AASLD) Liver Meeting.

Financially, Madrigal reported total revenues of $62.2 million for the third quarter of 2024, with operating expenses of $178.5 million. The company’s cash, cash equivalents, restricted cash, and marketable securities stood at $1.0 billion as of September 30, 2024, reflecting a substantial increase from the previous period.

A conference call was hosted on October 31, 2024, to discuss these financial and operational results. Madrigal Pharmaceuticals continues to focus on addressing the unmet medical needs in NASH/MASH treatment and aims to enhance patient outcomes with its pioneering therapies.

The company anticipates further growth through European expansion, pending approval by the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP). Madrigal remains committed to its goal of delivering effective treatments for NASH and related liver diseases.

Madrigal Pharmaceuticals encourages investors to refer to its most recent filings with the U.S. Securities and Exchange Commission for comprehensive information on financial performance, risk factors, and future prospects.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Madrigal Pharmaceuticals’s 8K filing here.

Madrigal Pharmaceuticals Company Profile

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.