Madrigal Pharmaceuticals Reports $212.8M Revenue in Q2 2025, Net Loss Improves

Madrigal Pharmaceuticals, Inc. reported significant financial results for the second quarter of 2025, driven primarily by the commercial launch of its FDA-approved product, Rezdiffra. The company generated $212.8 million in product revenue for the three months ended June 30, 2025, a substantial increase from $14.6 million in the same period last year. For the first half of 2025, total product revenue reached $350.1 million, compared to just $14.6 million in the first half of 2024. This growth reflects the strong market demand for Rezdiffra, which targets metabolic dysfunction-associated steatohepatitis (MASH).

Despite the revenue surge, Madrigal reported a net loss of $42.3 million for the second quarter, a notable improvement from a loss of $152.0 million in the prior year. For the first half of 2025, the net loss was $115.5 million, down from $299.5 million in the same period of 2024. The company’s operating expenses increased to $260.0 million in the second quarter, up from $177.2 million a year earlier, primarily due to heightened selling, general, and administrative expenses associated with the commercialization of Rezdiffra.

Madrigal has also made strategic moves to bolster its operations. In July 2025, the company entered into a $500 million senior secured credit facility, which includes an initial term loan of $350 million. This financing is expected to support ongoing commercialization efforts and future product development. Additionally, Madrigal announced an exclusive global license agreement with CSPC Pharmaceutical Group for SYH2086, a preclinical GLP-1 receptor agonist, which could further diversify its product pipeline.

Operationally, Madrigal has seen an increase in its workforce to support the launch of Rezdiffra, which is now available in the U.S. and expected to launch in Europe pending regulatory approval. The company is targeting approximately 14,000 specialist prescribers in the U.S. and anticipates that the number of identified MASH patients eligible for treatment will grow as awareness increases. As of June 30, 2025, Madrigal had cash, cash equivalents, and marketable securities totaling $802.0 million, down from $931.3 million at the end of 2024, reflecting the funding of operations.

Looking ahead, Madrigal remains focused on expanding the market for Rezdiffra and advancing its clinical trials, including the MAESTRO MASH OUTCOMES trial, which could broaden the product's indication. The company expects to continue incurring losses until it can generate sufficient revenue from Rezdiffra and any future approved products. Management believes that its current cash resources will be adequate to fund operations for at least the next year, but acknowledges the need for additional capital to support long-term growth and development initiatives.