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Madrigal Pharmaceuticals
(MDGL ↗)
madrigalpharma.com ↗
Madrigal makes Rezdiffra — the first and only drug approved for MASH, a serious fatty-liver disease that affects millions of people and had no approved treatment until 2024. Revenue is exploding. It's still losing money, but the loss is shrinking fast. The whole story is a race: scale the first-mover before bigger rivals arrive.
Updated · Q1 2026 · March 2026
6
Chapters
~13
Min read
$1.1B / yr revenue · public since 2016
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Spice: Ghost (5/5)
More filled = spicier (more aggressive), not "better." Tap a row to see what it means.
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0 of 6
1
Growth
~3 min
First Drug, Wide-Open Market
For a disease affecting millions, there was no approved treatment — until Madrigal's. Now its revenue is more than doubling each year.
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2
Financial Health
~2 min
Almost Out of the Red
Madrigal still loses money — but unlike most of the spicy names, it's within sight of profit. The revenue is outrunning the spending.
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3
Moat
~2 min
First, and For Now Alone
Madrigal's moat is the strongest kind a biotech can have: the only approved drug for a disease everyone else is still trying to treat.
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4
Management
~2 min
They Cracked What Others Couldn't
Drug after drug failed in MASH for years. Madrigal's team got one approved. That's the management signal that matters.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
The income statement says *what* happened. The company's own write-up says *why*.
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6
Risk
~2 min
One Drug, and the Giants Are Coming
Madrigal got there first. But a market this big draws the biggest players in pharma — and Madrigal has only one drug to defend.
↻ Next update · Aug 5
est. Aug 5, 2026 · Q2 2026 · Madrigal Investor Relations ↗
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You're reading the 6 opening chapters. After that, every time Madrigal files a new report, the chapters get updated here.