Short answer
MADRIGAL PHARMACEUTICALS, INC. (MDGL) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $958M (+432.1% year over year) and net income of −$288M.
- Top risk flagged: Regulatory risk: accelerated approval of Rezdiffra under FDA Subpart H pathway contingent on completing MAESTRO-NASH trials for full approval
FY2025 key financial metrics · XBRL
- Revenue
- $958M
- +432.1% YoY
- Net income
- −$288M
- +38.1% YoY
- Operating margin
- -31.3%
- +245.1 pp YoY
- EPS (diluted)
- −$12.85
- +41.3% YoY
- ROE
- -47.8%
- +13.9 pp YoY
- Operating cash flow
- −$190M
- +58.4% YoY
Source: XBRL data from the MADRIGAL PHARMACEUTICALS, INC. (MDGL) FY2025 10-K on SEC EDGAR. USD.
MADRIGAL PHARMACEUTICALS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: development and commercialization of pharmaceutical therapies for liver diseases, primarily noncirrhotic MASH
- New product: Launch and full-year commercialization of Rezdiffra in U.S. (approved Mar 2024) and market entry in Germany (Sep 2025)
- Strategic shift: Expansion of commercial infrastructure and geographic presence in Europe with emphasis on Rezdiffra sales growth
- Quantitative highlight: Product revenue surged to $958.4M in 2025 from $180.1M in 2024, with SG&A expenses increasing 87% to $813.8M reflecting expanded commercial activities
- Noteworthy fact: Entered $500M senior secured credit facility in July 2025, repaid and terminated prior $250M Hercules Loan Facility, signaling strengthened financial positioning
Management Discussion & Analysis
- No profitability or margin percentages disclosed
- Forward-looking focus on expanding Rezdiffra use via MAESTRO-NASH OUTCOMES trial and pipeline development of MGL-2086, ervogastat, siRNA programs
Risk Factors
- Regulatory risk: accelerated approval of Rezdiffra under FDA Subpart H pathway contingent on completing MAESTRO-NASH trials for full approval
- Geopolitical/macro risk: U.S. Medicare drug price negotiation program starting 2026 may cap prices and impose rebates on high-spend drugs like Rezdiffra
- Operational risk: dependence on third-party manufacturers to meet cGMP standards and commercial supply demands for Rezdiffra
- Competitive risk: potential competition from off-label use of marketed products and future MASH therapies impacting Rezdiffra market share
- Financial risk: reliance on successful third-party payor coverage and reimbursement, including Medicare, Medicaid, and PBMs, to support Rezdiffra sales
Generated from the filing text; verify against the original. How to read a 10-K
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