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Friday 6 November 2026
Export MDGL’s income statement to Excel — free account
Madrigal Pharmaceuticals, Inc.
MDGL Healthcare Biotechnology
Madrigal Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $958.4 million, up 432.1% from fiscal 2024.
- Revenue
- +50.1%
- EPS
- +147.3%
- Free cash flow
- +53.5%
- Total debt
- +0.45%
Quarter to September 2026, against a year earlier
388.95
11.15
−2.79%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | — | 180 | 958 | 1,428 | +432.1% | 1,528 | 2,121 | 2,863 | +44.0% | |
| Gross margin, % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | 96.54 | 94.14 | 90.96 | +94.1 pt | ||||||
| EBT | (26) | (31) | (33) | (84) | (202) | (242) | (295) | (374) | (466) | (288) | (155) | +30.4% | ||||||
| EBT margin, % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (258.64) | (30.08) | (10.89) | (30.1) pt | ||||||
| Net income | (26) | (31) | (33) | (84) | (202) | (242) | (295) | (374) | (466) | (288) | (155) | +30.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8.47 | 42.72 | 48.82 | n/m | |||||
| Earnings | (5.07) | (2.54) | (2.22) | (5.45) | (13.09) | (14.63) | (17.23) | (19.99) | (21.90) | (12.85) | (5.91) | +10.9% | ||||||
| Cash flow | (3.38) | (1.82) | (1.72) | (2.70) | (10.20) | (11.12) | (13.12) | (17.35) | (21.42) | (8.45) | (5.37) | +10.7% | ||||||
| Capex | 0.13 | (0.01) | 0.00 | (0.01) | (0.02) | (0.01) | (0.01) | (0.08) | (0.30) | (0.15) | (0.40) | n/m | ||||||
| Free cash flow | (3.25) | (1.83) | (1.73) | (2.71) | (10.22) | (11.14) | (13.13) | (17.43) | (21.72) | (8.60) | (5.77) | +11.4% | ||||||
| Book value | 7.00 | 14.88 | 32.24 | 27.06 | 15.54 | 11.86 | 11.52 | 21.69 | 35.46 | 26.87 | 21.44 | +16.1% | ||||||
| Shares, m | 5 | 12 | 15 | 15 | 15 | 17 | 17 | 19 | 21 | 22 | 27 | +17.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | — | — | 0.00 | 13.63 | 8.19 | 6.8 | ||||||
| P/B | — | — | — | — | — | — | — | — | 8.70 | 21.68 | 18.66 | 15.2 | ||||||
| EV/Sales | — | — | — | — | — | — | — | — | 0.00 | 12.95 | 7.76 | 6.5 | ||||||
| EV/FCF | — | — | — | — | — | — | — | — | (12.45) | (64.00) | (64.54) | (38.2) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (18) | (22) | (26) | (42) | (158) | (184) | (225) | (324) | (456) | (190) | (157) | +30.2% | |||||
| Capex | 1 | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (6) | (3) | (12) | n/m | ||||||
| Free cash flow | (17) | (22) | (26) | (42) | (158) | (184) | (225) | (326) | (462) | (193) | (169) | +31.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 36 | 182 | 477 | 415 | 239 | 195 | 245 | 519 | 864 | 935 | 933 | +43.4% | |||||
| Net debt | (40) | (192) | (484) | (439) | (284) | (270) | (309) | (519) | (814) | (649) | (620) | +36.1% | ||||||
| Shareholders’ equity | 36 | 182 | 477 | 417 | 240 | 196 | 197 | 405 | 754 | 603 | 627 | +36.6% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (126.95) | (26.68) | (9.68) | (18.10) | (55.48) | (86.32) | (92.89) | (74.49) | (55.37) | (25.05) | (11.12) | +101.9 pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (1,480.32) | 0.0 pt | ||||||
| ROE | 422.09 | (28.49) | (9.95) | (18.79) | (61.61) | (110.92) | (150.12) | (123.98) | (80.35) | (42.49) | (24.82) | (464.6) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 8 | 8 | 17 | 29 | 42 | 71 | 92 | 376 | 528 | 915 | — | +69.3% | |||||
| Revenue/emp, $m | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.34 | 1.05 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Madrigal Pharmaceuticals, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MDGL Madrigal Pharmaceuticals, Inc. | $9.3B | — (loss-making) | — (loss-making) | +50.13% (above 0%: growing) | n/m | +53.47% (above 0%: growing) | 91.23% | 12.98% | |
| SYRE Spyre Therapeutics, Inc. | $9.2B | — (loss-making) | — (loss-making) | −100.00% (below 0%: shrinking) | n/m | −108.79% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| KRYS Krystal Biotech, Inc. | $8.9B | 39.2× | 45.7× | +30.21% (above 0%: growing) | −22.26% (below 0%: shrinking) | +137.79% (above 0%: growing) | 94.07% | 55.87% | Compare |
| TGTX TG Therapeutics, Inc. | $8.9B | 19.1× | 62.4× | +70.27% (above 0%: growing) | −73.68% (below 0%: shrinking) | +427.05% (above 0%: growing) | 82.86% | 9.02% | Compare |
| PTGX Protagonist Therapeutics, Inc. | $8.8B | 111× | 31.2× | +3,749.17% (above 0%: growing) | n/m | +839.65% (above 0%: growing) | 100.00% | 74.37% | Compare |
| IBRX ImmunityBio, Inc. | $8.5B | — (loss-making) | — (loss-making) | +93.91% (above 0%: growing) | n/m | +13.38% (above 0%: growing) | 99.42% | (120.41%) | Compare |
| TWST Twist Bioscience Corporation | $7.9B | — (loss-making) | — (loss-making) | +23.24% (above 0%: growing) | n/m | −7.23% (below 0%: shrinking) | 52.76% | (30.65%) | Compare |
| CYTK Cytokinetics, Incorporated | $7.7B | — (loss-making) | — (loss-making) | +2,356.46% (above 0%: growing) | n/m | −6.73% (below 0%: shrinking) | 0.00% | (351.34%) | Compare |
| CAI Caris Life Sciences,�Inc. | $7.4B | 77.7× | 254× | +26.99% (above 0%: growing) | −40.33% (below 0%: shrinking) | −140.21% (below 0%: shrinking) | 0.00% | 7.01% | Compare |
| Median of peers | $8.6B | 58.5× | 54.1× | +50.24% | −40.33% | +3.33% | 67.81% | 3.51% |
From the latest earnings call
- CEO Bill Sibold said Rezdiffra ended the quarter with more than 55,850 active patients and that rising awareness and diagnosis were expanding the U.S. MASH market.
- CFO Mardi Dier said Madrigal may move in and out of profitability in the near term as it invests in its business and pipeline.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
102.47%
Held by the ten largest
60.94%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BAKER BROS. ADVISORS LP | 2.14m | 9.28% | +1.43k |
| RTW INVESTMENTS, LP | 1.99m | 8.63% | 0.00 |
| Jupiter Topco | 1.94m | 8.38% | +1.94m |
| Avoro Capital Advisors LLC | 1.83m | 7.94% | +15.15k |
| Vanguard | 1.77m | 7.65% | −56.79k |
| PAULSON & CO. INC. | 1.34m | 5.80% | −52.17k |
| BlackRock | 1.20m | 5.20% | −359.19k |
| Wellington Management | 825.71k | 3.58% | +130.76k |
| State Street | 527.06k | 2.28% | −82.47k |
| Citadel Advisors | 507.23k | 2.20% | +53.39k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 28 April 2026
Ownership
Directors and executive officers, together
17.60%
Julian Baker
9.90%
Baker Bros. Advisors LP and affiliates
9.90%
Avoro Capital Advisors LLC
9.90%
RTW Investments, LP and affiliates
8.70%
Paul Friedman, M.D.
7.60%
Rebecca Taub, M.D.
7.60%
Paulson & Co. Inc. and affiliates
7.40%
Janus Henderson Group plc and affiliates
6.90%
The Vanguard Group and affiliates
6.80%
BlackRock, Inc.
5.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Madrigal Pharmaceuticals, Inc. (MDGL) Latest News
5 Nov
4 Nov
3 Nov
27 Oct
8 Oct
31 Jul
30 Jul
13 Jul
MDGL metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
Madrigal Pharmaceuticals is a biopharmaceutical company focused on metabolic dysfunction-associated steatohepatitis, or MASH. The disease involves fat buildup, inflammation and damage in the liver and can progress to cirrhosis, liver failure or liver cancer. Bill Sibold is its chief executive officer.
Madrigal’s first and only approved medicine is Rezdiffra, also called resmetirom. It is a once-daily oral treatment directed at the liver. In the United States, it is approved alongside diet and exercise for adults with noncirrhotic MASH and moderate to advanced liver scarring, known as F2 to F3 fibrosis. It also has conditional marketing authorization in Europe for that patient group.