CONSHOHOCKEN, PA — Madrigal Pharmaceuticals, Inc. (Nasdaq: MDGL) reported fourth-quarter and full-year 2025 financial results, citing nearly $1 billion in annual net sales for its drug Rezdiffra and outlining pipeline and financing updates.
The company reported fourth-quarter net revenues of $321.1 million and full-year net revenues of $958.4 million, compared with $103.3 million and $180.1 million, respectively, in the prior-year periods.
Madrigal said more than 36,250 patients were on Rezdiffra as of year-end 2025.
Operating expenses totaled $380.7 million in the fourth quarter and $1.26 billion for the full year, compared with $170.3 million and $678.0 million in the comparable 2024 periods.
Research and development expenses rose to $116.3 million in the fourth quarter and $388.5 million for the full year, up from $25.6 million and $236.7 million a year earlier. The company attributed the full-year increase primarily to upfront payments for business development transactions.
Selling, general and administrative expenses increased to $240.0 million in the fourth quarter and $813.8 million for the full year, compared with $141.2 million and $435.1 million in 2024, driven largely by expanded commercial activities for Rezdiffra.
Cost of sales totaled $24.4 million in the fourth quarter and $56.1 million for the full year, compared with $3.4 million and $6.2 million, respectively, in the prior year.
Interest income was $9.5 million in the fourth quarter and $37.4 million for the year, while interest expense was $8.3 million and $22.3 million, respectively.
As of December 31, 2025, Madrigal reported $988.6 million in cash, cash equivalents, restricted cash and marketable securities, compared with $931.3 million at year-end 2024. The increase reflected proceeds from a senior secured credit facility entered into in July 2025, partially offset by operating expenses.
Bill Sibold, chief executive officer, said 2025 was “a defining year” for the company, highlighting “nearly $1 billion in Rezdiffra sales in its first full year of launch.”
Sibold said the company expects continued growth in 2026 and plans to advance combination treatment strategies anchored by Rezdiffra.
Madrigal also reported expanding its pipeline to more than 10 programs, including licensing global rights to six pre-clinical small interfering RNA programs and entering into an exclusive global license agreement for ervogastat, a Phase 2 oral DGAT-2 inhibitor. The company said it plans to begin IND-enabling activities for initial siRNA candidates in 2026 and conduct a drug-to-drug interaction study evaluating ervogastat with Rezdiffra.
In July 2025, Madrigal entered into a senior secured credit facility providing up to $500 million to support pipeline development.
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