CONSHOHOCKEN, PA — Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL) has reported its financial and operational achievements for the third quarter of 2024, highlighting robust net sales and strategic progress with its lead product, Rezdiffra™ (resmetirom).
The company achieved net sales of $62.2 million for the third quarter, driven by the successful U.S. launch of Rezdiffra, which has quickly gained traction in the market. The coverage goal for Rezdiffra was met ahead of schedule, with over 80% of commercial lives now covered and less than 5% requiring a biopsy for diagnosis.
CEO Bill Sibold expressed optimism about the product’s trajectory, stating, “Our U.S. launch of Rezdiffra is progressing exceptionally well, driven by the outstanding execution of our team. Growing adoption by prescribers, broader payer coverage, and an increasing number of patients on therapy each contributed to the strong performance. This early success highlights the critical need for effective treatments for moderate to advanced NASH/MASH, which is expected to become the leading cause of liver transplants in the U.S.”
In addition to market success, Madrigal has completed enrollment in its MAESTRO-NASH OUTCOMES trial for patients with compensated NASH cirrhosis. The results of this study could potentially expand Rezdiffra’s approval and patient reach.
The company also announced the appointment of Dr. Michael Charlton as Senior Vice President of Clinical Development. Dr. Charlton brings over 30 years of experience in hepatology and liver transplantation, further strengthening Madrigal’s leadership team.
Looking ahead, Madrigal is set to have a strong presence at the upcoming AASLD Liver Meeting in San Diego, with more than ten abstracts accepted for presentation, including new analyses from the MAESTRO-NASH study.
On the financial front, Madrigal reported cash and cash equivalents totaling $1.0 billion as of September 30, 2024, up from $634.1 million at the end of 2023. This financial strength supports the company’s growth initiatives, including expansion into European markets, with Rezdiffra under evaluation by the European Medicines Agency.
Madrigal remains focused on advancing its pipeline and strategic priorities, aiming to drive further growth and shareholder value in the coming years.
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