Madrigal Pharmaceuticals, Inc. · NASDAQ:MDGL
Madrigal Pharmaceuticals — Q2 2026 Earnings Presentation
22 slides from Madrigal Pharmaceuticals's earnings presentation, Jul 30, 2026
Slide 1: 2Q26 Financial Results
2Q26 Financial Results July 30, 2026 Aroosha, patient ambassador
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation includes “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended, including statements related to the expected growth of Rezdiffra, expected growth of the MASH market, ex
Slide 3: Madrigal: Exceptionally Well Positioned to Lead in MASH, a Highly Attractive Market Opportunity
Madrigal: Exceptionally Well Positioned to Lead in MASH, a Highly Attractive Market Opportunity FIRST TO MARKET WITH HIGHLY ATTRACTIVE LEADERSHIP: TODAY BEST-IN-DISEASE MARKET DYNAMICS & IN THE FUTURE PROFILE 3
Slide 4: Advancing Our 2026 Strategic Growth Priorities
Advancing Our 2026 Strategic Growth Priorities Maximizing the Value of Rezdiffra Advancing Our Pipeline Delivering on Progressing toward Extending leadership best-in-industry F4c indication through industry- drug launch expansion leading pipeline • Net patients: >49K 2Q26 • Potential to double • >10
Slide 5: 2Q26 Earnings Call Agenda
Option D 2Q26 2Q26 Earnings EarningsCall Agenda Rezdiffra Launch Company Update R&D Update Financials 5
Slide 6: Rezdiffra Net Sales: Continuing to Generate Strong Uptake
Rezdiffra Net Sales: Continuing to Generate Strong Uptake Rezdiffra Net Sales $364.3M $364.3M 2Q26 net sales $212.8M 71% YoY growth 2Q25 2Q26 6
Slide 7: Steadily Adding Patients in a Large and Growing Market
Steadily Adding Patients in a Large and Growing Market Patients on Rezdiffra: Strong Patient Growth YoY Steadily Adding Patients1 >2x >50K milestone achieved earlier >49,000 in July >42,250 >36,250 >29,500 >23,000 >17,000 Patient growth vs. 2Q25 >11,800 >6,800 >2,000 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q
Slide 8: U.S. F2-F3 MASH Population Has Increased Nearly 50 Percent Since YE 2023
U.S. F2-F3 MASH Population has Increased Nearly 50 Percent Since YE 2023; Double-Digit Growth Anticipated Going Forward Key Drivers of MASH Market MASH Market Growth Since YE 20231 Disease awareness Nearly 50% Growth in the F2-F3 U.S. MASH Target MASH Market Since YE 2023 market expected Diagnosis r
Slide 9: MASH is Similar to Other Large Therapeutic Categories
MASH is Similar to Other Large Therapeutic Categories Where Additional Therapies Grow the Market Over Time Total Global Sales by Therapeutic Category in 2025 ~$32B ~$25B ~$23B ~$1B1 Therapeutic Category MASH RA IBD Psoriasis # of approved therapies in 2025 2 13 20 15 Year first therapy was approved
Slide 10: ~10% Penetrated in a Market with ~10% Diagnosis Rate
~10% Penetrated in a Market with ~10% Diagnosis Rate; Addressable Patient Population Poised for Significant Expansion Significant opportunity Rezdiffra target market: F2-F3 patients diagnosed and for market growth and seeing a treating specialist1 Rezdiffra penetration ~10% of MASH 460,000 Patients
Slide 11: Rezdiffra is Already Tracking at Blockbuster Run Rate in a Market Still in its Infancy
Rezdiffra is Already Tracking at Blockbuster Run Rate in a Market That is Still in its Infancy Treatment Diagnosis Future market opportunity is significant Screening Awareness 460,000 ~$1.3B LTM net sales1 1. Rezdiffra net sales; LTM: Last twelve months. 11
Slide 12: Expansion into F4c has the Potential to Double the Opportunity for Rezdiffra
Expansion into F4c has the Potential to Double the Opportunity for Rezdiffra Significant Unmet Need in Well-Compensated MASH Cirrhosis (F4c) Estimated addressable Rezdiffra tracking to F4c outcomes trial U.S. patient population1 be first to market3 data expected in ~245,000 2027 No treatments Higher
Slide 13: Madrigal is Shaping the Future of MASH
Madrigal is Shaping the Future of MASH MASH is a complex, heterogeneous disease with a broad spectrum of comorbidities. We believe its future will include multiple therapies, combinations and personalized regimens. MASH Treatment Today MASH Treatment in the Future • Treatment available in F2-F3 • Tr
Slide 14: Data from Ph.3 MAESTRO-NASH Supports Rezdiffra's Broad and Consistent Efficacy
Data from Ph.3 MAESTRO-NASH Supports Rezdiffra’s Broad and Consistent Efficacy Across Each Patient Subgroup Key Patient Subgroup Fibrosis Reduction1 (Resmetirom 100mg) F3 (n=207) 11.3 (4.4, 18.3) F2 (n=99) 11.4 (2.1, 20.8) Rezdiffra T2D (n=212) 11.0 (4.8, 17.3) demonstrated No T2D (n=109) 13.2 (3.0,
Slide 15: ANTICIPATE-NASH Score of CSPH Supports Resmetirom's Potential in F4c
ANTICIPATE-NASH Score of CSPH Supports Resmetirom’s Potential in F4c Distribution of ANTICIPATE-NASH CSPH Proportion of patients risk categories at baseline, Year 1, Year 2 100% classified as higher risk 20.7% 8.6% 11.9% for CSPH decreased from 75% 80% 25% 13.9% 22.4% 60% 28.7% 26.7% at baseline to
Slide 16: Secondary Analysis of MAESTRO-NASH Trials Supports Rezdiffra's Potential to Lower Cardiovascular Risk
Secondary Analysis of MAESTRO-NASH Trials Supports Rezdiffra’s Potential to Lower Cardiovascular Risk Rezdiffra’s Impact on Lipids Significant reduction of multiple LDL-C Apo-B TG Lp(a) 0 atherogenic lipids and lipoproteins Percentage change from -5 associated with baseline at Week 24 -10 -15 -14.2
Slide 17: Rezdiffra's Real World Data Supports its Benefit on Liver Health
Rezdiffra’s Real World Data Supports its Benefit on Liver Health Reduction in VCTE LSM Real-World Prescriber Experience (mean follow-up period ~9 months) My patients on Rezdiffra are doing even better than I anticipated they would; my real-world experience with the therapy has surpassed my expectati
Slide 18: Multiple Initiatives Geared Toward Understanding More About MASH
Multiple Initiatives Geared Toward Understanding More About MASH Real World Evidence Special Populations Continued real world data generation Understanding Rezdiffra’s role in demonstrating Rezdiffra’s efficacy in vulnerable patient populations everyday clinical practice Examples: Post-transplant MA
Slide 19: Advancing the Industry-Leading MASH Pipeline to Transform Patient Care
Advancing the Industry-Leading MASH Pipeline to Transform Patient Care Population Preclinical Phase 1 Phase 2 Phase 3 Approved 1 MASH F2-F3 Resmetirom Oral THR-β agonist MASH F4c Ervogastat/resmetirom combo2 MASH Oral DGAT-2 inhibitor/oral THR-β agonist MGL-2086/resmetirom combo3 Phase 1 MASH Oral G
Slide 20: Consolidated Statement of Operations: 2Q26
Consolidated Statement of Operations: 2Q26 Three Months Ended June 30 (in thousands)1 Rezdiffra 2026 2025 2Q26 net sales: $364.3M Revenues: Product revenue, net $364,252 $212,802 Operating expenses: Cost of sales $40,007 $9,065 Research and development Selling, general and administrative $91,178 $28
Slide 21: Madrigal is Well-Positioned for Continued Value Creation in 2026 and Beyond
Madrigal is Well-Positioned for Continued Value Creation in 2026 and Beyond Rezdiffra Patient F2-F3 MASH Building Our F2-F3 Launch Growth Market Growth Pipeline ~$1.3B >2x ~50% >10 LTM net sales Patient growth Since YE 2023 Pipeline programs vs. 2Q25 Leading the Fight Against MASH 21
Slide 22: 2Q26 Financial Results
2Q26 Financial Results July 30, 2026 Aroosha, patient ambassador
Madrigal Pharmaceuticals — Q2 2026 Earnings Presentation on 6ix