Madrigal Pharmaceuticals, Inc. · NASDAQ:MDGL

Madrigal Pharmaceuticals — Q2 2025 Earnings Presentation

21 slides from Madrigal Pharmaceuticals's earnings presentation, Aug 5, 2025

  1. Slide 1: 2Q25 Financial Results

    2Q25 Financial Results Aug. 5, 2025 NASDAQ: MDGL © 2025 Madrigal Pharmaceuticals, Inc. All rights reserved.

  2. 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

  3. Slide 3: Significant Progress Toward Long-term Value and Global Leadership in MASH

    We’ve Made Significant Progress Toward Building Long-term Value and Global Leadership in MASH Last Quarter Today 1 Adding new oral GLP-1 to Maximize the value combine w/ Rezdiffra of Rezdiffra Rezdiffra in F4c could double opportunity 2 Rezdiffra global expansion starting with Germany New U.S. Rezdi

  4. Slide 4: 2Q25 Earnings Call Agenda

    4 Or Pr Ne al og w Ex GL re U. Re pa P-1 ss S. zd ns Lic in Re iff io en F4 zd ra n se c iff U. to Ag In ra S. Eu ree di IP La ro me ca to un pe nt tio 20 ch n 45 Earnings Call Agenda 2Q25

  5. Slide 5: New U.S. Rezdiffra Patent Extends Strategic Runway and Adds Significant Additional Revenue to 2045

    New U.S. Rezdiffra Patent Extends Strategic Runway and Adds Significant Additional Revenue to 2045 New Rezdiffra Patent: Methods for Treating a Fatty Liver Disease (U.S. 12,377,104) Weight-threshold dosing regimen Cumulative Value1 1 patent with protection to Feb. 4, 2045 Clear and compelling findin

  6. Slide 6: Rezdiffra Launch: Impressive Quarter; Continued Strong Momentum

    Rezdiffra Launch: Impressive Quarter; Continued Strong Momentum NetSales: Net Sales:Continuing Continuingto toGenerate GenerateStrong StrongUptake Uptake Annualizing at $800M+ based on 2Q25 net sales $212.8M 55% QoQ growth from 1Q25 to 2Q25 $137.3M $103.3M $14.6M $62.2M $212.8M 2Q25 net sales 2Q24 3

  7. Slide 7: 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 Market 1 Steadily Adding New Patients >23,000 1,500,000 Diagnosed MASH population >17,000 >11,800 525,000 Diagnosed MASH with F2/F3 >6,800 315,000 Current >2,000

  8. Slide 8: 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 Breadth: Penetration of Top Targets (%) Breadth: Penetration of Total Targets (%) Prescriber Experience Top targets ~6,000 Total targets ~14,000 My patients on Rezdiffra are doing even better than I anticipated they would;

  9. 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 MASH Efficacy subtypes (e.g., T2D)1 Tolerability Well-tolerated1 Adherence High1 Route of Administration Once-daily pill; no titration 1. Harrison SA,

  10. Slide 10: Rezdiffra’s Real-world Profile Is a Competitive Advantage

    Rezdiffra’s Real-world Profile Is a Competitive Advantage Injectable GLP-1 Rezdiffra (semaglutide) Mechanism of Action Liver-directed Consistent across patient MASH Efficacy subtypes (e.g., T2D) TBD Tolerability Well-tolerated Adherence High1,2 Route of Administration Once-daily pill; no titration W

  11. Slide 11: Competitive Entrants Focused on Market Expansion

    Competitive Entrants Focused on Market Expansion “ The commercial potential we expect is around 22 million Awareness Screening Diagnosis Treatment people from F2 to F4… So, when we are ~70% Competitive entrant target market thinking about how we commercially prepare of patients on for this market, i

  12. Slide 12: Global License Agreement for an Oral GLP-1: Advancing Pipeline and Extending Leadership Position

    Global License Agreement for an Oral GLP-1: Advancing Pipeline and Extending Leadership Position Expands our With the right To develop a best-in- pipeline asset disease oral combo Expands Madrigal’s pipeline in SYH2086 is an orforglipron Uniquely positioned to an attractive market derivative combine

  13. Slide 13: Positive CHMP Opinion Supports European Approval and Country-by-Country Launch Approach

    Positive CHMP Opinion Supports European Approval and Country-by-Country Launch Approach Positive CHMP opinion received in June 2025 based on robust data from pivotal Phase 3 MAESTRO-NASH trial European Commission decision expected in August; expect German launch in 2H25 Leveraging our U.S. blueprint

  14. Slide 14: Rezdiffra Has Strong Potential in F4c

    Rezdiffra Has Strong Potential in F4c Open-label Data and Real-world Use; Unmet Need in F4c Liver-directed MoA Outcomes Trial First-mover Advantage • No FDA-approved • Rezdiffra directly • Promising 2-year • Attractive profile treatments targets the liver to OLE data in F4c1 reduce fibrosis via • Si

  15. Slide 15: F4c U.S. Opportunity: ~245K Diagnosed F4c Patients Under the Care of Liver Specialists

    F4c U.S. Opportunity: ~245K Diagnosed F4c Patients Under the Care of Liver Specialists U.S. MASH Waterfall in F4c1 Diagnosed MASH population 1,500,000 Diagnosed MASH with compensated cirrhosis (F4c) 345,000 Diagnosed MASH with compensated cirrhosis (F4c) 245,000 and seen by ~14K target specialists 1

  16. Slide 16: Data Supporting Potential Benefit of Rezdiffra in F4c for Liver Stiffness as Measured by VCTE

    Data Supporting Potential Benefit of Rezdiffra in F4c for Liver Stiffness as Measured by VCTE >50% of Patients Achieved Mean Change from 35% of Patients Met Criteria ≥25% Reduction in Liver Baseline of 6.7 kPa for Regression from F4 to F31 Stiffness Year -6.4 1 kPa Year -6.7 2 kPa 35% Worsen 11% Wor

  17. Slide 17: Data Supporting Potential Benefit of Rezdiffra in F4c for a Reduction in CSPH Risk

    Data Supporting Potential Benefit of Rezdiffra in F4c for a Reduction in Clinically Significant Portal Hypertension (CSPH) Risk CSPH is Responsible for the Most Severe and Fatal 65% of Patients with CSPH at Baseline Moved Complications of Cirrhosis1 into Lower Risk Categories at Year 2 Cirrhotic liv

  18. Slide 18: Consolidated Statement of Operations: 2Q25 and Balance Sheet

    Consolidated Statement of Operations: 2Q25 Three Months Ended June 30 Strong Balance Sheet (in thousands) 2025 2024 Revenues: Product revenue, net 212,802 14,638 $802M in cash, cash equivalents, Operating expenses1: restricted cash and Cost of sales 9,065 636 marketable securities as Research and de

  19. Slide 19: Strong 1H25; Rezdiffra Positioned for Continued Growth

    Strong 1H25; Rezdiffra Positioned for Continued Growth Performance Since Launch 2025 and Beyond Penetration of Total Net Sales Active Patients on Therapy Prescribers U.S. Patent Protection to 2045 >23,000 Expanding to EU1 $212.8M ~60% >17,000 ~50% Expanding into F4c1 $137.3M >17,000 ~40% $103.3M >17

  20. Slide 20: 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

  21. Slide 21: 2Q25 Financial Results

    2Q25 Financial Results Aug. 5, 2025 NASDAQ: MDGL © 2025 Madrigal Pharmaceuticals, Inc. All rights reserved.

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