Madrigal Pharmaceuticals (MDGL) investor relations material

Commercial performance and market outlook

• Achieved $364 million in Q2 revenue, a 71% year-over-year increase, with a $1.3 billion trailing 12-month run rate.

• Surpassed 50,000 active patients on Rezdiffra by early July 2026, marking a significant milestone.

• Market penetration remains low at 1%, indicating substantial growth potential in a large, underdiagnosed market.

• Confident in consensus growth rates for Q3 and Q4 2026, projecting robust sales growth.

• IP protection for Rezdiffra extends to 2045, supporting long-term leadership and growth.

Physician sentiment and competitive landscape

• Built a broad base of over 10,000 prescribers, now focusing on increasing prescribing depth.

• Rezdiffra consistently exceeds clinical expectations, with strong efficacy across all patient subtypes.

• Physician sentiment remains highly positive, with growing excitement about Rezdiffra’s broad efficacy.

• Competition, including Wegovy, has not negatively impacted Rezdiffra; competition is seen as market-expanding.

Pipeline expansion and R&D strategy

• Expanded from one to ten pipeline assets in the past year, investing less than $300 million upfront.

• Pipeline includes GLP-1 agonist MGL-2086, DGAT-2 inhibitor ervogastat, and siRNAs targeting PNPLA3 and six undisclosed targets.

• Combination therapies are central, aiming to enhance resmetirom’s efficacy and address diverse patient needs.

• Three phase II combination studies are planned for next year, with prioritization based on clinical data.

• R&D approach is cost-effective, creating optionality and sector leadership.