Madrigal Pharmaceuticals Reports $180.1M in Product Revenue and $465.9M Net Loss for Fiscal Year 2024

Madrigal Pharmaceuticals, Inc. reported significant financial developments in its 10-K filing for the fiscal year ending December 31, 2024, highlighting its first year of product revenue following the FDA's accelerated approval of its drug, Rezdiffra. The company generated $180.1 million in net product revenue, marking a substantial milestone as it transitioned from a clinical-stage to a commercial-stage biopharmaceutical company. However, Madrigal also reported a net loss of $465.9 million for the year, an increase of 25% compared to the previous year's loss of $373.6 million. This loss was primarily attributed to increased selling, general, and administrative expenses, which surged by 302% to $435.1 million, reflecting the costs associated with the commercial launch of Rezdiffra.

In comparison to the previous fiscal year, Madrigal's operating expenses rose significantly, totaling $678 million, up from $380.5 million in 2023. The increase was driven by heightened costs related to the commercialization of Rezdiffra and ongoing clinical trials. Research and development expenses decreased by 13% to $236.7 million, primarily due to reduced clinical trial costs following the drug's approval. The company also reported a notable increase in interest income, which rose to $46.7 million, largely due to higher principal balances and interest rates.

Strategically, Madrigal has made significant strides in expanding its operations. Following the FDA approval in March 2024, the company launched Rezdiffra in the U.S. in April 2024 and is preparing for a potential launch in Europe, with a marketing authorization application currently under evaluation by the European Medicines Agency. The company raised $659.9 million in net proceeds from a public offering in March 2024, which it plans to use for commercial activities related to Rezdiffra, research and development, and potential acquisitions.

Operationally, Madrigal reported a headcount of 528 employees as of December 31, 2024, with plans for further expansion to support its commercial activities. The company is focused on educating healthcare providers and patients about MASH and the benefits of Rezdiffra, which is the first FDA-approved treatment for this condition. The market opportunity for Rezdiffra is significant, with an estimated 1.5 million diagnosed patients in the U.S., of which approximately 525,000 have moderate to advanced fibrosis.

Looking ahead, Madrigal's outlook remains contingent on the successful commercialization of Rezdiffra and the outcomes of ongoing clinical trials, including the MAESTRO-NASH OUTCOMES trial, which could expand the drug's indications. The company acknowledges the challenges of maintaining regulatory compliance and navigating a competitive landscape, with over 150 drugs currently in development for MASH. As it continues to grow, Madrigal emphasizes the importance of attracting and retaining skilled personnel to support its strategic objectives.