CONSHOHOCKEN, PA — Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL) reported strong third-quarter 2025 results, fueled by accelerating sales of its liver disease drug Rezdiffra™ (resmetirom) and a major expansion of its metabolic pipeline through a new GLP-1 licensing deal.
Net sales of Rezdiffra reached $287.3 million for the quarter, up sharply from $62.2 million a year earlier. As of September 30, more than 29,500 patients were receiving the therapy, and over 10,000 healthcare providers had prescribed it. The company said sales are now annualizing above $1 billion, cementing Rezdiffra’s position as one of the most successful specialty drug launches in recent years.
“Six quarters into Rezdiffra’s launch, we continue to execute on all fronts,” said Bill Sibold, Chief Executive Officer of Madrigal. “Most gratifying is the impact we’re having, with more than 29,500 patients on therapy and more than 10,000 healthcare providers prescribing Rezdiffra. With quarterly sales now annualizing above $1 billion, Rezdiffra is quickly becoming one of the most successful specialty launches in the industry.”
The company also announced a new global licensing agreement with CSPC Pharma for an oral GLP-1 receptor agonist, MGL-2086, which it plans to develop in combination with Rezdiffra. The move extends Madrigal’s reach into the rapidly growing field of metabolic therapeutics. The compound, an orforglipron derivative, is expected to enter clinical trials in the first half of 2026.
“We’re advancing a focused strategy to extend our leadership by building a pipeline of complementary therapies,” Sibold said. “We believe MASH will require multiple mechanisms and tailored treatment regimens—and we’re well-positioned to lead that evolution.”
Madrigal also secured a new Orange Book-listed U.S. patent providing Rezdiffra market protection into 2045, covering its FDA-approved dosing regimen for metabolic dysfunction-associated steatohepatitis (MASH).
Following the European Commission’s conditional approval in August, the company launched Rezdiffra in Germany in September—making it the first and only approved MASH therapy in the European Union. The approval was based on pivotal Phase 3 MAESTRO-NASH data showing significant reductions in liver fibrosis and inflammation.
Financially, Madrigal reported total operating expenses of $401.2 million, up from $178.5 million in the prior-year period, reflecting higher commercial activity and R&D spending. R&D costs rose to $174 million, driven by the upfront licensing expense for the CSPC partnership. The company closed the quarter with $1.1 billion in cash, cash equivalents, and marketable securities, bolstered by a $350 million term loan facility managed by Blue Owl Capital.
Looking ahead, Madrigal expects continued commercial growth as it expands Rezdiffra’s global footprint and advances its next-generation combination therapies aimed at reshaping the treatment landscape for MASH and related metabolic diseases.
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