Madrigal Pharmaceuticals, Inc. · NASDAQ:MDGL
Madrigal Pharmaceuticals — Q3 2026 Earnings Presentation
22 slides from Madrigal Pharmaceuticals's earnings presentation, Nov 3, 2026
Slide 1: 3Q26 Financial Results
3Q26 Financial Results Nov. 3, 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, that are based on Madrigal’s beliefs and assumptions and on information currently available to it but ar
Slide 3: Madrigal: Well Positioned to Lead in MASH, a Highly Attractive Market Opportunity
Madrigal: Well Positioned to Lead in MASH, a Highly Attractive Market Opportunity BEST-IN-DISEASE EXCEPTIONAL MARKET LEADERSHIP: TODAY PROFILE DYNAMICS & IN THE FUTURE + = • 3Q net sales: $431M • U.S. F2-F3 market accelerating • Market leader in F2-F3 • YTD net sales: >$1B • Limited competition • St
Slide 4: Agenda
Option D 2Q26 3Q26 Earnings EarningsCall Agenda Rezdiffra Launch Company R&D Update Financials Update 4
Slide 5: 3Q26 Rezdiffra Net Sales Reflect Continued Strong Uptake
3Q26 Rezdiffra Net Sales Reflect Continued Strong Uptake Rezdiffra Net Sales $431.3M $431.3M 3Q26 net sales $287.3M 50% YoY growth 3Q25 3Q26 $1.1B in First Nine Months Solidifies Rezdiffra’s Blockbuster Status 5
Slide 6: 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 >55,850 >49,000 >42,250 >36,250 >29,500 >23,000 >17,000 >11,800 Patient growth vs. 3Q25 >6,800 >2,000 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 1. Specialty p
Slide 7: U.S. F2-F3 MASH Market Growth is Accelerating; Tracking for >30% Growth by YE26
U.S. F2-F3 MASH Market Growth is Accelerating; Tracking for >30% Growth by YE26 Key Drivers of MASH Market U.S. F2-F3 MASH Market1 Disease awareness Increased from ~460K to ~530K patients through 6.30.26 On Track for >30% Growth by YE26 Diagnosis rate (~10% today) >530K Urgency to treat ~460K New en
Slide 8: ~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 for market growth and Rezdiffra penetration Rezdiffra’s target market of F2-F3 patients diagnosed and seeing a treating specialist is rapidly growing ~10% of
Slide 9: Rezdiffra's YTD Net Sales Already >$1B in a Market That's Still in its Infancy
Rezdiffra’s YTD Net Sales Already >$1B in a Market That’s Still in its Infancy Treatment Diagnosis Future market opportunity is significant Screening Awareness ~$1.1B YTD net sales1 1. Rezdiffra net sales; YTD: Year to date. 9
Slide 10: Launch Success: What Matters is What's Below the Surface
Launch Success: What Matters is What’s Below the Surface Topline Results Infrastructure? FDA Label? • Field structure: sales, MSLs and support • Final efficacy claims • Marketing, analytics, medical, • Boxed warnings, contraindications pharmacovigilance and precautions • Data/AI • Monitoring require
Slide 11: Launch Success: What Matters is What's Below the Surface
Launch Success: What Matters is What’s Below the Surface Topline Results FDA Label Infrastructure Blockbuster Launch Success Dosing and Administration Market Access >55,850 Patients on Therapy Real World Patient Support Adherence Disease Leadership 11
Slide 12: Strengthening our F4c Leadership Position
Strengthening our F4c Leadership Position DYNAMIC, RAPIDLY GROWING Our objective: FIRST + BEST in F4c MARKET OPPORTUNITY ~360,000¹ FIRST-TO-MARKET ONGOING MAESTRO-NASH OUTCOMES U.S. addressable F4c patients Ongoing Phase 3 outcomes trial; expected regulatory path to an F4c indication >45% vs. prior
Slide 13: Advancing our F4c Clinical Development Program
Advancing our F4c Clinical Development Program URGENT UNMET NEED 65% of Rezdiffra patients with CSPH at baseline moved to a lower-risk category at two years; broad efficacy across key biomarkers1 Liver decompensation, liver cancer and premature death 122-patient open-label MAESTRO-NAFLD-1 F4c cohort
Slide 14: MAESTRO-CSPH Designed to be Practice Shaping
MAESTRO-CSPH Designed to be Practice Shaping MAESTRO-CSPH1 is designed to shape clinical practice and MAESTRO-NASH OUTCOMES extend Rezdiffra’s competitive advantage + MAESTRO-CSPH 1 2 3 4 CSPH-enriched Most Rezdiffra-specific Largest outcomes- patient population comprehensive biomarker evidence base
Slide 15: Data from Ph.3 MAESTRO-NASH Supports Rezdiffra's Broad and Consistent Efficacy Across Each Patient Subgroup
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) Rezdiffra 11.4 (2.1, 20.8) T2D (n=212) demonstrated 11.0 (4.8, 17.3) No T2D (n=109) 13.2 (3.0,
Slide 16: Recent Publication in Journal of Hepatology Supports that Rezdiffra Works Across Common Genetic Variants
Recent Publication in Journal of Hepatology Supports that Rezdiffra Works Across Common Genetic Variants Fibrosis Improvement1 40 % Responders 20 0 PNPLA3 HSD17B13 TM6SF2 MRI-PDFF % Change from Baseline1 0 % Hepatic Fat Reduction -20 -40 -60 PNPLA3 HSD17B13 TM6SF2 100 mg Rezdiffra Placebo 1. Chalasa
Slide 17: Strong Madrigal Presence at AASLD
Strong Madrigal Presence at AASLD 18 Total abstracts accepted 13 Real-world abstracts; largest spans nearly 12,000 patients Nov. 5 – 9, 2026 │ Denver, CO Resmetirom featured in more abstracts than any other MASH therapy AASLD: American association for the study of liver diseases 17
Slide 18: Multiple Initiatives Geared Toward Understanding More About MASH
Multiple Initiatives Geared Toward Understanding More About MASH Real World Evidence Special Populations Practice-Informing Studies Continued real-world data Understanding Rezdiffra’s role Evaluating the safety and efficacy generation demonstrating in vulnerable patient of combination treatment with
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 (MAESTRO-NASH) MASH F4c Resmetirom (MAESTRO-NASH OUTCOMES) Oral THR-β agonist MASH F4c (MAESTRO-CSPH)5 Ervogastat/resmetirom combo2 MASH Oral DGAT-2 inhibitor/o
Slide 20: Consolidated Statement of Operations: 3Q26
Consolidated Statement of Operations: 3Q26 Three Months Ended Sept. 30 (in thousands)1 Rezdiffra 2026 2025 3Q26 net sales: $431.3M Revenues: Product revenue, net $431,268 $287,268 Operating expenses: Cost of sales $37,815 $18,122 Research and development $71,755 $174,004 Selling, general and adminis
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 F2-F3 MASH Strengthening Building Our F2-F3 Launch Market Growth Leadership Pipeline Accelerating >$1B >30% F4c >10 YTD sales Growth anticipated Largest and most Pipeline programs by YE26 comprehensive program Lead
Slide 22: 3Q26 Financial Results
3Q26 Financial Results Nov. 3, 2026 Aroosha, patient ambassador
Madrigal Pharmaceuticals — Q3 2026 Earnings Presentation on 6ix