Madrigal rises after swinging to Q3 profit
MDGL•Madrigal Pharmaceuticals reported third-quarter net income of $55.4 million, compared with a year-earlier net loss of $114.2 million. Revenue rose 50% to $431.3 million, driven by demand for Rezdiffra, which surpassed $1 billion in year-to-date sales.
1. Profit and sales growth
Madrigal Pharmaceuticals reported net income of $55.4 million for the third quarter, versus a net loss of $114.2 million a year earlier. Revenue increased 50% to $431.3 million from $287.3 million, driven by increased demand for its fatty liver disease drug Rezdiffra.
2. Rezdiffra milestones
The company said Rezdiffra surpassed $1 billion in year-to-date net sales, achieving blockbuster status less than three years after launch. As of September 30, more than 55,850 patients were taking the drug, nearly double the number in the prior-year quarter.
