Madrigal Reports $431.3 Million Revenue and $55.4 Million Net Income

What happened

Madrigal reported third-quarter 2026 net revenues of $431.3 million, up 50% year over year, and net income of $55.4 million. Diluted earnings were $1.83 per share, compared with a loss of $4.01 per share a year earlier.

Confirmed

Global impact / market context

Madrigal swung from a large loss to a profit as Rezdiffra sales grew and more than 55,850 patients were on the drug, nearly double a year earlier. Higher sales spread fixed costs, turning growth into net income and giving the company room to fund a new Phase 3 trial.

Analyst inference

Investors will compare Madrigal's revenue growth and profit against other drugmakers launching new treatments. Cash and securities of $961.8 million, down slightly from $988.6 million at the end of 2025, show spending on operations and trials as the company expands Rezdiffra and plans late-stage cirrhosis testing.

Analyst inference

What to watch

1. Cost of sales rose to $37.8 million from $18.1 million a year earlier, so watch whether product costs keep rising faster than revenue as Rezdiffra use expands. Confirmed
2. Madrigal plans a new Phase 3 trial in compensated MASH cirrhosis, so watch trial costs and any timeline updates that would increase spending and reduce cash available. Proposed
3. Watch patient counts and year-to-date sales past the blockbuster threshold; slower adoption would pressure revenue growth and could turn the recent profit back toward losses. Analyst inference

Evidence

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