# Madrigal Pharmaceuticals, Inc. (MDGL)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $10.65B  
**Price:** $474.59 (+0.69%)

> Madrigal Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapeutics for metabolic dysfunction-associated steatohepatitis (MASH), also known as non-alcoholic steatohepatitis (NASH), and related liver conditions. Its lead product, Rezdiffra (resmetirom), is a liver-directed thyroid hormone receptor beta agonist approved for treating adults with MASH and moderate to advanced liver fibrosis, marking it as the first FDA-approved therapy in this category. The company has also expanded its pipeline through a global licensing agreement for ervogastat, an oral DGAT-2 inhibitor in Phase 2 development, to complement its MASH treatment offerings. Madrigal Pharmaceuticals, Inc. targets the growing demand in the metabolic liver disease market, where it plays a pioneering role with rapid commercialization efforts, including approvals in the United States and Europe. Headquartered in West Conshohocken, Pennsylvania, and founded in 2000, the company concentrates on addressing unmet needs in cardiovascular, metabolic, and liver diseases through targeted oral therapies.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $958M | — | -$300M | -$288M | $-12.85 |
| 2024 | $180M | $174M | -$498M | -$466M | $-21.90 |
| 2023 | — | — | -$380M | -$374M | $-19.99 |
| 2022 | — | — | -$294M | -$295M | $-17.23 |
| 2021 | — | — | -$242M | -$242M | $-14.63 |
| 2020 | — | — | -$207M | -$202M | $-13.09 |
| 2019 | — | — | -$95M | -$84M | — |
| 2018 | — | — | -$41M | -$33M | — |
| 2017 | — | — | -$32M | -$31M | — |
| 2012 | $147,000 | — | -$61M | — | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $1.26B | $657M | $603M | $199M | $340M |
| 2024 | $1.04B | $288M | $754M | $100M | $118M |
| 2023 | $641M | $235M | $405M | $100M | $115M |
| 2022 | $363M | $165M | $197M | $332M | $70M |
| 2021 | $273M | $77M | $196M | $36M | — |
| 2020 | $287M | $47M | $240M | $54M | — |
| 2019 | $442M | $25M | $417M | $47M | — |
| 2018 | $485M | $8M | $477M | $57M | — |
| 2017 | $192M | $10M | $182M | $149M | — |
| 2012 | $103M | $28M | $75M | $82M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$190M | $467,000 | -$190M |
| 2024 | -$456M | $1M | -$457M |
| 2023 | -$324M | $1M | -$326M |
| 2022 | -$225M | $217,000 | -$225M |
| 2021 | -$184M | $209,000 | -$184M |
| 2020 | -$158M | $334,000 | -$158M |
| 2019 | -$42M | $172,000 | -$42M |
| 2018 | -$26M | $22,000 | -$26M |
| 2017 | -$22M | $125,000 | -$22M |
| 2016 | -$18M | $3,000 | -$18M |

Source: [CompaniesByCap](https://companiesbycap.com/company/MDGL)