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Other financials

Income statement

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Revenue$364.3M+71.2%
Gross profit$43.5M
Operating income-$56.3M-19.3%
Net income-$57.9M-37.0%
EPS (diluted)-$1.99-4.7%

Balance sheet

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Cash & equivalents$292.9M+53.2%
Total debt$377.9M+179%
Total equity$523.7M-24.7%
Total assets$1.2B+22.6%

Cash flow

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Operating cash flow-$167.4M-88.4%
CapEx$4.3M
Free cash flow-$171.3M-92.7%

Valuation

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Market cap$11.88B+57.6%
Enterprise value$11.96B+59.9%
P/S9.3×-5.4×

Profitability

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Gross margin96.5%
Operating margin-25.1%-9.2pp
Net margin-25.3%-8.8pp
FCF margin-59.8%-29.6pp

Returns & leverage

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Return on equity-53.3%+47.0pp
Debt / equity0.7×+0.5×
Current ratio3.2×-1.9×

Where this comes from

Reported directly by Madrigal Pharmaceuticals, Inc. in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost.

The source filing: Madrigal Pharmaceuticals, Inc.’s 10-Q, filed July 30, 2026.

Filed
Jul 30, 2026, 9:06 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-050845
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Product revenue, net$364,252$212,802$675,589$350,052
Operating expenses:
Cost of sales40,0079,06566,85413,578
Research and development91,17854,081199,87098,253
Selling, general and administrative289,375196,858557,896364,734
Total operating expenses420,560260,004824,620476,565
Loss from operations(56,308)(47,202)(149,031)(126,513)
Interest income7,1048,22715,34717,597

Item 1. Financial Statements (Unaudited):

FAQ

What is Madrigal Pharmaceuticals, Inc.'s R&D?
Madrigal Pharmaceuticals, Inc. (MDGL) reported R&D of $91.18M in Q2 2026.
How has Madrigal Pharmaceuticals, Inc.'s R&D changed year-over-year?
Madrigal Pharmaceuticals, Inc.'s R&D increased by 68.6% year-over-year, from $54.08M to $91.18M.
What is the long-term trend for Madrigal Pharmaceuticals, Inc.'s R&D?
Over 4 years (2021 to 2025), Madrigal Pharmaceuticals, Inc.'s R&D has grown at a 17.3% compound annual growth rate (CAGR), from $205.16M to $388.53M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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