Madrigal Pharmaceuticals, Inc. · NASDAQ:MDGL
Madrigal Pharmaceuticals — Q1 2026 Earnings Presentation
17 slides from Madrigal Pharmaceuticals's earnings presentation, May 6, 2026
Slide 1: 1Q26 Financial Results
1Q26 Financial Results May 6, 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, that are based on Madrigal’s beliefs and assumptions and on information currently available to it but are subject to
Slide 3: Advancement of 2026 Priorities
Advancement of 2026 Priorities Strengthen Madrigal’s Leadership in MASH, a Market with Exceptional Fundamentals Maximizing the Value of Rezdiffra Building Our Pipeline Delivering on Progressing toward Extending leadership best-in-industry F4c indication through industry- drug launch expansion leadin
Slide 4: 1Q26 Earnings Call Agenda
Option D 1Q26 Earnings Call Agenda Rezdiffra Launch MASH Pipeline Company Update Update Financials 4
Slide 5: Rezdiffra Net Sales: Continuing to Generate Strong Uptake
Rezdiffra Net Sales: Continuing to Generate Strong Uptake Net Sales: Continuing RezdiffratoNet Generate SalesStrong Uptake $311.3M $311.3M 1Q26 net sales $137.3M 127% YoY % growth 1Q25 1Q26 Generated >$1.1B in net sales in last twelve months 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 2.5x >42,250 >36,250 >29,500 >23,000 >17,000 Patient growth since 1Q25 >11,800 >6,800 >2,000 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 1. Specialty pharmacy and distributio
Slide 7: U.S. F2/F3 MASH Population has Increased
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 Growth Since Launch Increasing disease Nearly 50% Growth in the F2/F3 U.S. MASH awareness Target MASH Market Since YE 2
Slide 8: Madrigal is Delivering What the MASH Market Wants
Madrigal is Delivering What the MASH Market Wants: Rezdiffra is Foundational, Setting a High Bar Now and For the Future Liver-directed, oral, once daily; consistent efficacy across patient subtypes; well-tolerated; no black box; no titration; Best-in-class no weight gain After 2 Years profile Proof
Slide 9: Significant Rezdiffra Presence Across Multiple Medical Meetings
Significant Rezdiffra Prescence Across Multiple Endocrinology, Gastroenterology and Hepatology Medical Meetings >40 Rezdiffra abstracts across three medical meetings meetings Madrigal to present most MASH abstracts at EASL including: Secondary analysis showing Rezdiffra reduced Lp(a) and LDL-C in MA
Slide 10: New Opportunity in a New Indication with High Unmet Need
New Opportunity in a New Indication with High Unmet Need Significant Unmet Need in Compensated MASH Cirrhosis (F4c) Estimated addressable F4c outcomes trial U.S. patient population data expected in Rezdiffra tracking to ~245,000 be first to market 2027 Higher urgency to No treatments 2-year OLE data
Slide 11: Madrigal is Uniquely Positioned to Extend its Leadership in MASH
Madrigal is Uniquely Positioned to Extend its Leadership in MASH Our R&D strategy is to build the industry-leading MASH pipeline through targeted business development and internal innovation, leveraging Rezdiffra as the foundational therapy Deliver transformational Advance combination Invest in new
Slide 12: Rezdiffra 2-Year F4c OLE Data Support its Potential in F4c
Reducing CSPH Risk Lowers Liver Related Events; Rezdiffra 2-Year F4c OLE Data Support its Potential in F4c Clinical Significance of CSPH as an Indicator of Outcomes in F4c 65% CSPH 2-year OLE CSPH 41% 35% F4c data Probable CSPH CSPH Probable demonstrate 100% CSPH w 24% 23% of Rezdiffra patients with
Slide 13: Adding a New siRNA Program to Our Pipeline with ARO-PNPLA3
Adding a New siRNA Program to Our Pipeline with Clinical Stage Candidate, ARO-PNPLA3 Rationale Phase 1 Results Demonstrate up to 46% Reduction in MRI-PDFF1 Liver-directed: Change in Liver Fat Content among PNPLA3 I148M GalNac-conjugated siRNA that 40 Homozygous Participants has completed Phase 1 30
Slide 14: Advancing an Industry-Leading MASH Pipeline to Transform Patient Care
Advancing an Industry-Leading MASH Pipeline to Transform Patient Care MOA Indication Preclinical Phase 1 Phase 2 Phase 3 Launched THR-β agonist MASH F2/F3 THR-β agonist MASH F4c Oral DGAT-2 Ervogastat/resmetirom combo1 inhibitor MASH Oral GLP-1 MGL-2086/resmetirom combo2 receptor MASH agonist ARO-PN
Slide 15: Consolidated Statement of Operations: 1Q26
Consolidated Statement of Operations: 1Q26 Three Months Ended March 31 (in thousands)1 Rezdiffra 2026 2025 1Q26 net sales: $311.3M Revenues: Product revenue, net $311,337 $137,250 Operating expenses: Cost of sales $26,847 $4,513 Research and development $108,692 $44,172 Selling, general and administ
Slide 16: 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 >$1.1B 2.5x ~50% >10 Last twelve months Patient growth Since YE 2023 Pipeline programs of net sales since 1Q25 Leading the Fight Against MA
Slide 17: 1Q26 Financial Results
1Q26 Financial Results May 6, 2026 Aroosha, patient ambassador
Madrigal Pharmaceuticals — Q1 2026 Earnings Presentation on 6ix