Madrigal Pharmaceuticals, Inc. · NASDAQ:MDGL

Madrigal Pharmaceuticals — Q3 2025 Earnings Presentation

19 slides from Madrigal Pharmaceuticals's earnings presentation, Nov 4, 2025

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, that are based on Madrigal’s beliefs and assumptions and on information currently available to it but are subject to
Slide 3: Continuing to Deliver on Our Strategic Priorities
Continuing to Deliver on Our Strategic Priorities 1 Maximizing Rezdiffra’s Value 2 Building Our Pipeline Rezdiffra sales annualizing >$1B Advancing Rezdiffra in compensated MASH cirrhosis (F4c) trial with goal to >29,500 patients on Rezdiffra; be first to market >10,000 prescribers Presenting additi
Slide 4: Rezdiffra Launch: Another Strong Quarter; Continued Momentum
Rezdiffra Launch: Another Strong Quarter; Continued Momentum NetSales: Net Sales:Continuing Continuingto toGenerate GenerateStrong StrongUptake Uptake Annualizing at >$1B based on 3Q25 net sales $287.3M 35% QoQ growth from 2Q25 to 3Q25 $212.8M $137.3M $287.3M $103.3M $62.2M $14.6M 3Q25 net sales 2Q2
Slide 5: Steadily Adding Patients in a Market Positioned for Significant Expansion
Steadily Adding Patients in a Market Positioned for Significant Expansion Patients on Rezdiffra: Significant Opportunity in 315,000 Target Market1 Steadily Adding New Patients Diagnosed 1,500,000 MASH population >29,500 >23,000 Diagnosed >17,000 525,000 MASH with F2/F3 >11,800 >6,800 315,000 Current
Slide 6: Rapidly Built a Strong Prescriber Base, a Key Indicator of Long-term Success
Rapidly Built a Strong Prescriber Base, a Key Indicator of Long-term Success Total Rezdiffra Prescribers Depth: High End of Top-Tier Launches Across the hepatology community, we have seen a steady and meaningful increase in prescribing Rezdiffra >10,000Total number of healthcare since launch. Physic
Slide 7: MASH is Similar to Other Large Therapeutic Categories Where Additional Therapies Will Grow the Market
MASH is Similar to Other Large Therapeutic Categories Where Additional Therapies Will Grow the Market Over Time Total Global ~$26B ~$28B ~$23B Sales by Therapeutic Category in 2024 ~$0.2B Therapeutic Category MASH IBD1 RA2 Psoriasis # of approved therapies in 2025 2 19 13 14 Year first therapy was a
Slide 8: Competitive Entrants Focused on Market Expansion
Competitive Entrants Focused on Market Expansion Competitive entrant target market Awareness Screening Diagnosis Treatment The commercial potential we ~70% expect is around 22 million people of patients on from F2 to F4… semaglutide So, when we are thinking about how discontinue treatment we commerc
Slide 9: Rezdiffra is the Foundational Therapy in MASH Driven by its Compelling Profile
Rezdiffra is the Foundational Therapy in MASH Driven by its Compelling Profile Rezdiffra Mechanism of Action Liver-directed Consistent across patient subtypes MASH Efficacy (e.g., T2D)1 Tolerability Well-tolerated1 Adherence High1 Route of Administration Once-daily pill; no titration 1. Harrison SA,
Slide 10: Making Substantial Progress Toward Our Rezdiffra Access Objectives in 2026
Making Substantial Progress Toward Our Rezdiffra Access Objectives in 2026 Broad first-line access to Rezdiffra National Payer Contracts No step edit requirements Recognize Rezdiffra’s Value Improvements in utilization management criteria 10
Slide 11: Launched in Germany Following EC Approval
Launched in Germany Following EC Approval August September Now 2025 2025 European Commission Launched in Expert team in place approval Germany wiring the system 11
Slide 12: Advancing a Focused Pipeline to Transform MASH Care
Advancing a Focused Pipeline to Transform MASH Care Indication Preclinical Phase 1 Phase 2 Phase 3 Launched MASH F2/F3 Resmetirom MASH F4c MGL-2086/ resmetirom MASH combo MGL-2086/resmetirom combo Upcoming MAESTRO-NASH OUTCOMES MAESTRO-NASH (F2/F3) expected to enter clinic in Milestones (F4c) data e
Slide 13: Resmetirom and MGL-2086 Work in Complementary Ways to Reduce Fat Build-Up in the Liver
Resmetirom (THR-β Agonist) and MGL-2086 (Oral GLP-1) Work in Complementary Ways to Reduce Fat Build-Up in the Liver Reduces STEATOSIS 1 in two distinct but 2 Reduces INFLAMMATION 3 Reduces FIBROSIS by complementary ways: by reducing liver fat indirectly blocking • Resmetirom increases fat processing
Slide 14: Data Supporting Potential Benefit of Rezdiffra in F4c for Liver Stiffness and CSPH at 2 Years
Data Supporting Potential Benefit of Rezdiffra in F4c for Liver Stiffness and Clinically Significant Portal Hypertension (CSPH) at 2 Years1 Mean change in liver stiffness of 6.7 kPa, a statistically significant reduction from baseline >50% of patients achieved ≥25% reduction in liver stiffness, a le
Slide 15: Strong Madrigal Presence at AASLD
Strong Madrigal Presence at AASLD Abstracts Oral Presentation: Two-Year Time Course of Biomarker and Imaging Responses in Well-Compensated MASH Cirrhosis Patients Treated with Resmetirom Oral Presentation: Improvement in Health-Related Quality of Life in Non-Cirrhotic and Cirrhotic Patients with Met
Slide 16: Consolidated Statement of Operations: 3Q25
Consolidated Statement of Operations: 3Q25 Three Months Ended Sept. 30 (in thousands)1 2025 2024 Revenues: Product revenue, net $287,268 $62,175 Operating expenses2: Cost of sales $18,122 $2,152 Research and development $174,004 $68,742 Selling, general and administrative $209,117 $107,585 Total ope
Slide 17: Rezdiffra Positioned for Continued Growth
Rezdiffra Positioned for Continued Growth Performance Since Launch Net Sales Active Patients on Therapy Total Rezdiffra Prescribers $287.3 >29,500 >10,000 M >23,000 $212.8M >17,000 $137.3M >11,800 $103.3M Total number of healthcare $62.2M >6,800 providers that have >2,000 prescribed Rezdiffra to dat
Slide 18: About Rezdiffra
About Rezdiffra What is Rezdiffra? Rezdiffra is a prescribed medicine used along with diet and exercise to treat adults with nonalcoholic steatohepatitis (NASH) with moderate to advanced liver scarring (fibrosis), but not with cirrhosis of the liver. It is not known if Rezdiffra is safe and effectiv

Madrigal Pharmaceuticals — Q3 2025 Earnings Presentation on 6ix

Madrigal Pharmaceuticals — Q3 2025 Earnings Presentation

Slide 1: 3Q25 Financial Results

Slide 2: Forward-looking Statements

Slide 3: Continuing to Deliver on Our Strategic Priorities

Slide 4: Rezdiffra Launch: Another Strong Quarter; Continued Momentum

Slide 5: Steadily Adding Patients in a Market Positioned for Significant Expansion

Slide 6: Rapidly Built a Strong Prescriber Base, a Key Indicator of Long-term Success

Slide 7: MASH is Similar to Other Large Therapeutic Categories Where Additional Therapies Will Grow the Market

Slide 8: Competitive Entrants Focused on Market Expansion

Slide 9: Rezdiffra is the Foundational Therapy in MASH Driven by its Compelling Profile

Slide 10: Making Substantial Progress Toward Our Rezdiffra Access Objectives in 2026

Slide 11: Launched in Germany Following EC Approval

Slide 12: Advancing a Focused Pipeline to Transform MASH Care

Slide 13: Resmetirom and MGL-2086 Work in Complementary Ways to Reduce Fat Build-Up in the Liver

Slide 14: Data Supporting Potential Benefit of Rezdiffra in F4c for Liver Stiffness and CSPH at 2 Years

Slide 15: Strong Madrigal Presence at AASLD

Slide 16: Consolidated Statement of Operations: 3Q25

Slide 17: Rezdiffra Positioned for Continued Growth

Slide 18: About Rezdiffra

Slide 19: 3Q25 Financial Results