Madrigal Posts First Profitable Quarter on Rezdiffra
Madrigal Pharmaceuticals reported third-quarter 2026 net sales of $431.3 million and appointed John C. Reed, M.D., Ph.D., to its board.
Updated on Nov. 3, 2026 in Healthcare
Madrigal Pharmaceuticals reported third-quarter 2026 net sales of $431.3 million for Rezdiffra, up 50% year over year, and achieved its first quarter of profitability. The company also appointed John C. Reed, M.D., Ph.D., to its Board of Directors.
Why it matters
Rezdiffra's growth shows increasing demand for an approved oral treatment for MASH, a liver disease affecting a large U.S. patient population. The results mark a financial turning point for the company as it expands its clinical development program.
Third-quarter net income was $55.4 million, or $1.83 per diluted share, on operating expenses of $375.3 million. Rezdiffra year-to-date net sales reached $1.1 billion, and cash and marketable securities totaled $961.8 million as of September 30, 2026.
The players
Madrigal Pharmaceuticals
A Conshohocken, Pennsylvania-based biopharmaceutical company focused on liver disease therapies, including Rezdiffra for MASH.
John C. Reed, M.D., Ph.D.
A physician-scientist newly appointed to Madrigal's Board of Directors.
The details
Rezdiffra is a once-daily, oral, liver-directed THR-β agonist, and revenue growth was driven by increased U.S. demand during 2026. Madrigal also launched the MAESTRO-CSPH Phase 3 outcomes trial in patients with MASH cirrhosis (F4c).
Timeline
June 30, 2026: U.S. F2-F3 MASH addressable market reached 530,000 patients.
September 30, 2026: Quarter ended with 55,850 patients on Rezdiffra and $961.8 million in cash and securities.
November 3, 2026: Third-quarter results were released and an investor conference call was held.
First half of 2027: MAESTRO-CSPH trial is expected to begin.
Late 2027: MAESTRO-NASH OUTCOMES data is expected.
Market Landscape
Rezdiffra's sales trajectory follows the commercial ramp that began after its 2024 U.S. approval for noncirrhotic MASH with liver fibrosis. Growth in the addressable market, now above 530,000 U.S. patients, is expected to exceed 30% by year-end 2026.
Patients with noncirrhotic MASH now have access to a once-daily oral treatment as its use grows across the U.S. Those with cirrhosis (F4c) may gain a new option if the ongoing MAESTRO-CSPH trial shows benefit.
The takeaway
Rezdiffra's rising sales and the expanding U.S. MASH market point to growing clinical and commercial demand for liver disease treatments. Patients and clinicians should watch for outcomes data from the ongoing trials.
What happens next
Madrigal expects MAESTRO-CSPH to begin in the first half of 2027 and MAESTRO-NASH OUTCOMES data in late 2027.
Further reading
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