Madrigal Pharmaceuticals
Madrigal Pharmaceuticals is a biopharmaceutical company developing and commercializing resmetirom (Rezdiffra), the first FDA- and EU-approved oral THR-β agonist for adults with MASH with moderate to advanced liver fibrosis. It sells via a specialty sales force in the U.S. and select EU markets while building a combination MASH pipeline.
- Company typePublic
- Founded2008
- HeadquartersConshohocken, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Madrigal Pharmaceuticals does
Madrigal Pharmaceuticals, Inc. is a publicly traded biopharmaceutical company (NASDAQ: MDGL) headquartered in Conshohocken, Pennsylvania, that develops and commercializes therapeutics for metabolic dysfunction-associated steatohepatitis (MASH) and related cardiovascular-metabolic diseases. Founded in 2008 by Rebecca Taub, M.D. and IPO'd on NASDAQ in 2016, the company spent the bulk of its pre-commercial history advancing a single liver-directed, oral, once-daily, beta-selective thyroid hormone receptor (THR-β) agonist — resmetirom — through Phase 1 (2011), Phase 2 (2016–2018), and the pivotal Phase 3 MAESTRO-NASH trial (initiated 2019, topline 2022). Resmetirom was approved by the FDA in March 2024 under accelerated approval and commercialized in the U.S. as Rezdiffra starting April 2024, followed by European Commission conditional marketing authorization in August 2025 and launch in Germany in September 2025. Rezdiffra remains the first and only approved therapy for MASH with moderate to advanced liver fibrosis (F2-F3) in both the U.S. and EU, with intellectual property protection extending to 2045.
Madrigal's commercial offering is anchored on Rezdiffra and supported by an integrated patient and physician services stack: the Madrigal Patient Support® program (copay assistance, affordability, education), Madrigal Medical/Madrigal Medical Affairs (HCP education at madrigalmedical.com, Defuse MASH and Melody platforms), the Taking on Fatty Liver & MASH patient-education site, and the Be Your Liver's #1 Fan awareness campaign. Distribution is handled through a specialty pharmaceutical sales force targeting hepatologists and liver specialists, with country-specific operations in Germany, Italy, Spain, the U.K., and a Swiss international headquarters. The company is actively building a combination MASH pipeline, having in-licensed an oral GLP-1 (CSPC, July 2025), a DGAT-2 inhibitor plus two MASH assets (Pfizer's ervogastat, January 2026), six preclinical siRNA programs (Ribo/Ribocure, February 2026), and the ARO-PNPLA3 siRNA asset (Arrowhead, May 2026), bringing the pipeline to more than 10 programs designed to be combined with or extend Rezdiffra.
Madrigal generates revenue almost entirely from Rezdiffra net product sales (FY2025: $958.4M, +432% YoY) at a 93% gross profit margin, with quarterly cadence demonstrating continued growth (Q4 2025: $321.1M, +211% YoY; Q1 2026: $311.3M, +127% YoY). The company has funded operations through a combination of post-IPO equity raises ($159M in 2022, $500M in 2023, $690M in 2024) and a $500M senior secured credit facility from Blue Owl Capital in July 2025. Pricing is not publicly disclosed but is supported by a copay-assistance and patient-access infrastructure. Leadership is led by CEO Bill Sibold (joined September 2023, ex-Sanofi EVP Specialty Care), CMO David Soergel (ex-Novartis cardiovascular/metabolism development head), CFO Mardi Dier, and a Baker Bros.-anchored board with Chairman Julian C. Baker.
Madrigal Pharmaceuticals firmographics
Firmographics- Name
- Madrigal Pharmaceuticals
- Legal name
- Madrigal Pharmaceuticals, Inc.
- Website
- https://madrigalpharma.com
- Company type
- Public
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Madrigal Pharmaceuticals is a biopharmaceutical company developing and commercializing resmetirom (Rezdiffra), the first FDA- and EU-approved oral THR-β agonist for adults with MASH with moderate to advanced liver fibrosis. It sells via a specialty sales force in the U.S. and select EU markets while building a combination MASH pipeline.
- Ownership category
- akta.pro rank
Madrigal Pharmaceuticals industry classification
Industry- Product category
- Specialty Biopharmaceuticals / Metabolic Liver Disease Therapeutics
- NAICS
- Pharmaceutical and Medicine Manufacturing (3254)
- SIC
- Pharmaceutical Preparations (2834)
- akta.pro primary industry
- Rare Gastroenterology & Hepatology Disorder Therapies (HLAIAIAL)
- akta.pro secondary industries
- Theranostic Radiopharmaceutical Platforms (Paired Dx/Tx) (HLAIAGAC), Drug Discovery (Target ID/Validation & Hit Discovery) (HLAIALAA)
Keywords
Where Madrigal Pharmaceuticals is headquartered
LocationHeadquarters
- HQ city
- Conshohocken
- HQ country
- United States
- HQ region
- North America
Markets served
Madrigal Pharmaceuticals business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Marketing or Sales, Personnel, Operations, Supply Chain
Revenue model
- Rezdiffra (resmetirom) net product sales: Primary revenue stream from commercial sales of Rezdiffra, the first FDA- and European Commission-approved treatment for MASH with moderate to advanced fibrosis. Full-year 2025 net sales reached $958.4 million, with Q4 2025 net sales of $321.1 million (up 211% YoY) and Q1 2026 net sales of $311.3 million (up 127% YoY). Generated at 93% gross profit margin. Rezdiffra launched in Germany in September 2025 following EU conditional marketing authorization.
- MASH pipeline licensing/milestone economics: Future revenue potential from in-licensed pipeline assets including milestone payments and royalties tied to development progress of siRNA programs (Ribo), ARO-PNPLA3 (Arrowhead), ervogastat (Pfizer), and MGL-2086 (CSPC); however, these are primarily expense/investment items rather than near-term revenue.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | — | Statutory price transparency disclosures published for Colorado, Connecticut, and Vermont prescribers. |
Go-to-market motion4 records
Madrigal Pharmaceuticals product offering
Product offeringCore offering
Madrigal Pharmaceuticals develops and commercializes Rezdiffra (resmetirom), an oral, once-daily, liver-directed small-molecule selective thyroid hormone receptor-beta (THR-β) agonist that is the first U.S. FDA- and European Commission-approved treatment for adults with MASH (formerly NASH) with moderate to advanced liver fibrosis (F2-F3). The company is building a MASH combination-therapy pipeline that layers THR-β agonism with in-licensed mechanisms including siRNA gene-silencing (Arrowhead, Ribo), DGAT-2 inhibition (Pfizer's ervogastat), and oral GLP-1 receptor agonism (CSPC's MGL-2086).
Product overview
Madrigal Pharmaceuticals is a biopharmaceutical company whose commercial offering centers on a single integrated product portfolio anchored by Rezdiffra (resmetirom), the first U.S. FDA- and European Commission-approved oral THR-β agonist treatment for adults with MASH (formerly NASH) with moderate to advanced liver fibrosis. Rezdiffra is the only approved therapy in this indication in both the U.S. and EU and is supported by a layered commercial architecture comprising the Madrigal Patient Support® program (affordability, copay assistance, and education for patients), the Madrigal Medical / Madrigal Medical Affairs platform for healthcare professionals (madrigalmedical.com and the Defuse MASH and Melody education sites), the Taking on Fatty Liver & MASH patient-education site, and the Be Your Liver's #1 Fan awareness campaign. The product is currently positioned as a single approved product plus pipeline, but the company has executed multiple in-licensing deals (ervogastat from Pfizer, ARO-PNPLA3 from Arrowhead, MGL-2086 from CSPC, and six siRNA programs from Ribo/Ribocure) and is actively building a combination-therapy pipeline — including ervogastat/resmetirom, ARO-PNPLA3/resmetirom, MGL-2086/resmetirom, and siRNA/resmetirom combination candidates — designed to be paired with Rezdiffra to address the full spectrum of MASH patient needs.
Differentiator
Problem solved
Functional benefit
Brands
- Rezdiffra: FDA- and European Commission-approved oral THR-β agonist (resmetirom) for the treatment of MASH with moderate to advanced liver fibrosis; the company's first and only approved product.
- Madrigal Patient Support
- Madrigal Corporate Giving
Products and services
- Rezdiffra (resmetirom) Oral, once-daily, liver-directed, small-molecule selective thyroid hormone receptor-beta (THR-β) agonist. The first U.S. FDA- and European Commission-approved treatment for adults with MASH (formerly NASH) with moderate to advanced liver fibrosis (F2-F3). Approved under accelerated approval based on improvement of MASH and fibrosis. Full-year 2025 net sales reached $958.4 million, generated at 93% gross profit margin.
- Madrigal Patient Support® Registered-trademark patient support program offering copay assistance, affordability programs for uninsured/underinsured patients, and patient education to support patients on Rezdiffra throughout their treatment journey.
Companies that use Madrigal Pharmaceuticals
Customer profileSegments1 record
Ideal customer profiles2 records
Madrigal Pharmaceuticals technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Madrigal Pharmaceuticals partnerships and signals
Strategic signalRecent moves7 records
Expansion highlights6 records
Madrigal Pharmaceuticals competitors and assessment
Company assessmentBroad incumbents
- Eli Lilly: Pharma incumbent with tirzepatide (Mounjaro/Zepbound) and retatrutide in MASH development; large market cap and commercial scale pose a major competitive threat to Madrigal's specialty positioning.
- Novo Nordisk: Global diabetes/obesity leader with semaglutide (Wegovy/Ozempic) advancing in MASH Phase 3 (ESSENCE); could reshape standard of care and pressure Rezdiffra positioning with massive commercial reach.
- Bristol-Myers Squibb: Large-cap pharma with historic hepatology franchise (via Celgene) and ongoing cardiometabolic R&D; comparable specialty-care commercial organization and an experienced international footprint that overlaps Madrigal's launch geographies.
Direct peers
- 89bio: MASH-focused biopharma developing pegozafermin (FGF21 analog) with Phase 3 ENLIGHTEN program; competes head-to-head with Rezdiffra in moderate-to-advanced MASH fibrosis.
- Viking Therapeutics: Clinical-stage biopharma developing VK2809, an oral THR-β agonist for MASH in the same mechanism class as resmetirom, plus an oral GLP-1/GIP dual agonist. The closest mechanistic competitor to Madrigal's core asset and pipeline.
- Akero Therapeutics: Late-stage MASH-focused biopharma developing efruxifermin (FGF21 analog) with Phase 3 HARMONY data; directly competing for share of the F2/F3 MASH market that Rezdiffra currently leads.
Emerging players
- Inventiva: Late-stage MASH-focused biopharma developing lanifibranor (pan-PPAR agonist); competes in the same F2/F3 MASH regulatory pathway as Rezdiffra.
- Terns Pharmaceuticals: Developing TERN-501, an oral THR-β agonist for MASH, plus TERN-601 oral GLP-1 — a direct mechanism overlap with both Madrigal's resmetirom and its CSPC-licensed GLP-1 program.
Others
- Arrowhead Pharmaceuticals: siRNA platform company that licensed ARO-PNPLA3 to Madrigal for combination development; a platform/licensing partner and emerging liver-targeted RNAi competitor.
- Pfizer: Global pharma that licensed ervogastat (DGAT-2 inhibitor) to Madrigal in January 2026; remains a strategic licensor rather than direct MASH competitor following its exit from primary MASH development.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Madrigal Pharmaceuticals social profiles
Digital presenceMadrigal Pharmaceuticals compliance and trust
Trust signalCompliance3 records
Madrigal Pharmaceuticals financial estimates
Financial estimateRevenue estimate
Valuation estimate
Madrigal Pharmaceuticals leadership team
Management profileNumber of profiles
Profiles19 records
Madrigal Pharmaceuticals subsidiaries and ownership
Company hierarchySubsidiaries1 record
Madrigal Pharmaceuticals funding detail
Funding detailFunding overview
Funding rounds9 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Madrigal Pharmaceuticals M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Madrigal Pharmaceuticals
What does Madrigal Pharmaceuticals do?
Madrigal Pharmaceuticals develops and commercializes Rezdiffra (resmetirom), an oral, once-daily, liver-directed small-molecule selective thyroid hormone receptor-beta (THR-β) agonist that is the first U.S. FDA- and European Commission-approved treatment for adults with MASH (formerly NASH) with moderate to advanced liver fibrosis (F2-F3). The company is building a MASH combination-therapy pipeline that layers THR-β agonism with in-licensed mechanisms including siRNA gene-silencing (Arrowhead, Ribo), DGAT-2 inhibition (Pfizer's ervogastat), and oral GLP-1 receptor agonism (CSPC's MGL-2086).
Is Madrigal Pharmaceuticals a public or private company?
Madrigal Pharmaceuticals is a public company. It is classified as public and is currently operating.
When was Madrigal Pharmaceuticals founded?
Madrigal Pharmaceuticals was founded in 2008. It employs 501 to 1,000 people.
Where is Madrigal Pharmaceuticals based?
Madrigal Pharmaceuticals is headquartered in Conshohocken, United States, in the North America region.
How does Madrigal Pharmaceuticals make money?
Two revenue lines are on record. Rezdiffra (resmetirom) net product sales are the primary driver. The others are MASH pipeline licensing/milestone economics.
Who are Madrigal Pharmaceuticals's main competitors?
Broad incumbents on record are Eli Lilly, Novo Nordisk and Bristol-Myers Squibb. Direct peers are 89bio, Viking Therapeutics and Akero Therapeutics. Emerging players are Inventiva and Terns Pharmaceuticals. Others are Arrowhead Pharmaceuticals and Pfizer.
Does Madrigal Pharmaceuticals have an API?
No public API is recorded for Madrigal Pharmaceuticals.
What industry is Madrigal Pharmaceuticals in?
Madrigal Pharmaceuticals's product category is Specialty Biopharmaceuticals / Metabolic Liver Disease Therapeutics. Its primary akta.pro industry code is HLAIAIAL, Rare Gastroenterology & Hepatology Disorder Therapies, with a secondary code of HLAIAGAC, Theranostic Radiopharmaceutical Platforms (Paired Dx/Tx). Its NAICS code is 3254 and its SIC code is 2834.