Earnings review- Madrigal pharma (MDGL) Q2 2026
Muffett Investments
Earnings Watch · Stock Analysis Division
Earnings Review
30 July 2026
◆ Healthcare · Biotechnology
Madrigal Pharmaceuticals, Inc.
Report Period
Q2 FY2026
Reported: 2026-07-30
Headline
Strong Beat
→ Net Sales $364.3M (+71% YoY)
Key Metrics at a Glance
Net Product Revenue
$364.3M
+71.0% YoY (vs $352.5M est)
Diluted EPS
-$1.99
vs -$2.50 Consensus Est
Active Patients
>50,000
Milestone Passed July '26
TTM Net Sales
~$1.30B
Trailing 12 Months Rezdiffra
Cash Position
$838.9M
Cash & Marketable Securities
Financial Metrics — Detailed Breakdown
| Metric | Q2 FY2026 | Q2 FY2025 | YoY Change | Consensus Est. | vs. Estimate |
|---|---|---|---|---|---|
| Net Product Revenue (Rezdiffra) | $364.3M | $212.8M | +71.2% | $352.5M | BEAT |
| Diluted EPS | -$1.99 | -$3.45 | +42.3% | -$2.50 | BEAT |
| Net Loss | -$57.9M | -$98.2M | +41.0% | -$72.0M | BEAT |
| Active Patients on Rezdiffra | >50,000 | ~22,000 | +127% | ~47,000 | BEAT |
| Trailing 12-Month Net Sales | ~$1,300M | — | N/A | — | BEAT |
⚠ Management Highlights & Pipeline Expansion
-
Rezdiffra Commercial Launch Exceeds 50,000 Patients Active patients on Rezdiffra (resmetirom) crossed 50,000 in July 2026, establishing a ~$1.3B trailing 12-month net sales run-rate in non-alcoholic steatohepatitis (MASH) with liver fibrosis.
-
Oral GLP-1 Combination Pipeline Initiated Madrigal initiated Phase 1 clinical trials for MGL-2086, a novel oral GLP-1 candidate designed for combination therapy with Rezdiffra, expanding its cardiometabolic franchise.
📈 Stock Performance Context
Ticker
MDGL
NASDAQ Listed
Sector
Biotechnology
MASH Monopoly Leader
Q2 EPS Beat
+$0.51
-$1.99 vs -$2.50 est
Q2 Revenue Beat
+$11.8M
$364.3M vs $352.5M est
Madrigal remains the sole commercial market pioneer in MASH liver fibrosis therapy, with rapid patient adoption driving near-term profitability.
Our Verdict
Strong Beat
Madrigal Pharmaceuticals delivered a strong Q2 FY2026 commercial report, generating $364.3M in net product revenue (+71.2% YoY) and narrowing its net loss to -$1.99 EPS, topping consensus projections on both top and bottom lines. Commercial adoption of Rezdiffra crossed 50,000 active patients in July 2026, driving a trailing 12-month net sales run-rate of ~$1.3B. Combined with an initiation of Phase 1 trials for an oral GLP-1 candidate (MGL-2086) for combination therapy, Madrigal is fortifying its first-mover monopoly in metabolic dysfunction-associated steatohepatitis (MASH).
- Net Product Revenue of $364.3M beat consensus estimates ($352.5M) with +71.2% YoY growth.
- Diluted EPS of -$1.99 beat expectations by $0.51 per share as net loss narrowed to $57.9M.
- Active patient adoption passed the 50,000 milestone with ~$1.3B trailing 12-month net sales.
- Solid balance sheet ($838.9M cash) fully funds commercial expansion and oral GLP-1 combination trials.
