# Madrigal Pharmaceuticals, Inc.: overview

MDGL · Nasdaq · CIK 1157601 · [Healthcare](/sectors/healthcare.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/mdgl.md) · [Financials](/companies/mdgl/financials.md) · [Filings](/companies/mdgl/filings.md) · [Insiders](/companies/mdgl/insiders.md)

Latest reported revenue: [$364.3m](/filings/0001628280-26-050845.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Jul 30, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-050845).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [62.2](/filings/0001628280-25-048559.md) | [103 d](/filings/0001628280-26-009514.md) | [137](/filings/0001628280-26-030947.md) | [213](/filings/0001628280-26-050845.md) | [287](/filings/0001628280-25-048559.md) | [321 d](/filings/0001628280-26-009514.md) | [311](/filings/0001628280-26-030947.md) | [364](/filings/0001628280-26-050845.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [(187.1%)](/filings/0001628280-25-048559.md) | [(64.8%) d](/filings/0001628280-26-009514.md) | [(57.8%)](/filings/0001628280-26-030947.md) | [(22.2%)](/filings/0001628280-26-050845.md) | [(39.7%)](/filings/0001628280-25-048559.md) | [(18.6%) d](/filings/0001628280-26-009514.md) | [(29.8%)](/filings/0001628280-26-030947.md) | [(15.5%)](/filings/0001628280-26-050845.md) |
| Net margin | % | [(172.0%)](/filings/0001628280-25-048559.md) | [(57.5%) d](/filings/0001628280-26-009514.md) | [(53.4%)](/filings/0001628280-26-050845.md) | [(19.9%)](/filings/0001628280-26-050845.md) | [(39.8%)](/filings/0001628280-25-048559.md) | [(18.2%) d](/filings/0001628280-26-009514.md) | [(30.3%)](/filings/0001628280-26-050845.md) | [(15.9%)](/filings/0001628280-26-050845.md) |
| Diluted EPS | $ per share | [(4.92)](/filings/0001628280-25-048559.md) | not reported | [(2.61)](/filings/0001628280-26-030947.md) | [(1.50)](/filings/0001628280-26-050845.md) | [(4.01)](/filings/0001628280-26-050845.md) | not reported | [(3.25)](/filings/0001628280-26-030947.md) | [(1.99)](/filings/0001628280-26-050845.md) |
| Free cash flow | $m | [(67.8) d](/filings/0001628280-25-048559.md) | [(105) d](/filings/0001628280-26-009514.md) | [(88.9)](/filings/0001628280-26-030947.md) | [(47.1) d](/filings/0001628280-26-050845.md) | [79.0 d](/filings/0001628280-25-048559.md) | [(134) d](/filings/0001628280-26-009514.md) | [(171)](/filings/0001628280-26-030947.md) | [19.1 d](/filings/0001628280-26-050845.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [0.0](/filings/0001628280-24-007376.md) | [0.0](/filings/0001628280-25-007980.md) | [0.0](/filings/0001628280-26-009514.md) | [180](/filings/0001628280-26-009514.md) | [958](/filings/0001628280-26-009514.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | [(276.4%)](/filings/0001628280-26-009514.md) | [(31.3%)](/filings/0001628280-26-009514.md) |
| Net margin | % | not reported | not reported | not reported | [(258.6%)](/filings/0001628280-26-009514.md) | [(30.1%)](/filings/0001628280-26-009514.md) |
| Diluted EPS | $ per share | [(14.63)](/filings/0001628280-24-007376.md) | [(17.23)](/filings/0001628280-25-007980.md) | [(17.33)](/filings/0001628280-26-050845.md) | [(17.31)](/filings/0001628280-26-050845.md) | [(10.15)](/filings/0001628280-26-050845.md) |
| Free cash flow | $m | [(184)](/filings/0001628280-24-007376.md) | [(225)](/filings/0001628280-25-007980.md) | [(326)](/filings/0001628280-26-009514.md) | [(457)](/filings/0001628280-26-009514.md) | [(190)](/filings/0001628280-26-009514.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/mdgl/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BAKER BROS. ADVISORS LP](/funds/1263508.md) | 2026-06-30 | $1.15bn | 2,143,131 |  | Added +1,430 |
| [RTW INVESTMENTS, LP](/funds/1493215.md) | 2026-06-30 | $1.07bn | 1,993,687 |  | Unchanged |
| [JANUS HENDERSON GROUP PLC](/funds/1274173.md) | 2026-03-31 | $1.05bn | 2,018,647 |  | Not compared |
| [Jupiter Topco LLC](/funds/2146052.md) | 2026-06-30 | $1.04bn | 1,936,099 |  | Not compared |
| [Avoro Capital Advisors LLC](/funds/1633313.md) | 2026-06-30 | $984.4m | 1,833,333 |  | Added +15,152 |
| [PAULSON & CO. INC.](/funds/1035674.md) | 2026-06-30 | $719.5m | 1,340,020 |  | Reduced −52,168 |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $644.8m | 1,200,770 |  | Reduced −359,195 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $448.7m | 835,668 |  | Added +8,524 |
| [WELLINGTON MANAGEMENT GROUP LLP](/funds/902219.md) | 2026-06-30 | $443.4m | 825,714 |  | Added +130,756 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $419.8m | 781,731 |  | Reduced −59,414 |

## Recent filings

[All 1,090 filings](/companies/mdgl/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-12 | 08:18 ET | [8-K](/filings/0001628280-26-055962.md) | 5.02 Departure or appointment of officers or directors; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001628280-26-055962 |
| 2026-07-30 | 09:06 ET | [10-Q](/filings/0001628280-26-050845.md) | Quarterly report, period 2026-06-30 | 0001628280-26-050845 |
| 2026-07-30 | 07:03 ET | [8-K](/filings/0001628280-26-050775.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-050775 |
| 2026-06-17 | 16:06 ET | [8-K](/filings/0001104659-26-075130.md) | 5.02 Departure or appointment of officers or directors; 5.07 Shareholder vote results; 9.01 Financial statements and exhibits | 0001104659-26-075130 |
| 2026-05-06 | 09:04 ET | [10-Q](/filings/0001628280-26-030947.md) | Quarterly report, period 2026-03-31 | 0001628280-26-030947 |
| 2026-05-06 | 07:06 ET | [8-K](/filings/0001628280-26-030896.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-030896 |
| 2026-04-28 | 16:22 ET | [8-K](/filings/0001628280-26-027956.md) | 5.02 Departure or appointment of officers or directors | 0001628280-26-027956 |
| 2026-04-28 | 16:05 ET | [DEF 14A](/filings/0001308179-26-000352.md) | Proxy statement, period 2026-06-17 | 0001308179-26-000352 |
| 2026-02-19 | 09:09 ET | [10-K](/filings/0001628280-26-009514.md) | Annual report, period 2025-12-31 | 0001628280-26-009514 |
| 2026-02-19 | 07:05 ET | [8-K](/filings/0001628280-26-009476.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-009476 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001628280-26-009514.md), filed Feb 19, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/2c4a2c79-ead5-4c98-b031-cec8a765550c)

## About the filer

- CIK: 1157601
- Tickers: MDGL
- Exchange: Nasdaq
- SIC code: 2834 Pharmaceutical Preparations
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:34 ET. No prices; not investment advice.