In This Article:
-
Net Sales: $137.3 million in Q1 2025, up 33% from Q4 2024.
-
Patient Growth: Over 17,000 patients on Rezdiffra by end of Q1 2025, up from 11,800 in Q4 2024.
-
Prescriber Penetration: 70% of 6,000 top target prescribers have prescribed Rezdiffra.
-
R&D Expenses: $44.2 million in Q1 2025, down from $71.2 million in Q1 2024.
-
SG&A Expenses: $167.9 million in Q1 2025, up from $80.8 million in Q1 2024.
-
Cash Position: $848.1 million in cash, cash equivalents, restricted cash, and marketable securities at the end of Q1 2025.
Release Date: May 01, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) reported strong first quarter 2025 net sales of $137 million, up 33% quarter over quarter.
-
Rezdiffra, the first FDA-approved treatment for MASH, achieved over 80% commercial payer coverage and treated more than 17,000 patients in its first year.
-
The company has successfully built a strong base of prescribers, with 70% of their top 6,000 targets having prescribed Rezdiffra.
-
Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) is expanding its leadership in MASH with compelling two-year F4c data and ongoing pivotal outcomes trials.
-
The company is well-positioned financially, ending the first quarter with $848.1 million in cash and marketable securities, supporting ongoing and future launches.
Negative Points
-
SG&A expenses increased significantly to $167.9 million in Q1 2025, up from $80.8 million in Q1 2024, primarily due to commercial launch activities.
-
The company anticipates gross-to-net discounts to increase throughout 2025 as they begin contracting with payers.
-
There is uncertainty regarding the impact of potential competition from semaglutide (SEMA) once it gains label expansion for NASH.
-
The European launch of Rezdiffra faces challenges, including responding to regulatory questions and potential differences in non-invasive testing acceptance compared to the FDA.
-
Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) is actively seeking business development opportunities, which may impact cash flow and require careful financial management.
Q & A Highlights
Q: Can you elaborate on your expectations for Rezdiffra's growth trajectory, especially with the potential label expansion of SEMA to include NASH? A: We are very excited about our growth momentum and expect it to continue. Our focus has been on the 315,000 diagnosed F2/F3 MASH patients, with only 5% currently treated with Rezdiffra. We anticipate years of growth ahead, and SEMA's approval could further expand the market. We believe our product profile will allow us to grow through any potential market changes.