Madrigal Pharmaceuticals, Inc. (MDGL) Income Statement
MDGL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMDGL revenue and net income
Where MDGL's revenue goes
2025Each bar shows an amount and its share of revenue. MDGL kept −30.1% of revenue as net income.
MDGL profit margins
MDGL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +432.1% | — | — | — |
| Gross profit | +418.8% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MDGL quarterly EPS vs estimates
Madrigal Pharmaceuticals beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 3, 2026 (estimate $1.00).
MDGL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $958.4M | $180.1M | $0 | $0 | $0 | $0 | $0 | $0 | $350,000 | $0 |
| Cost of revenue | $56.1M | $6.2M | $527,000 | $467,000 | $405,000 | $471,000 | $112,000 | $96,000 | $77,000 | $156 |
| Gross profit | $902.3M | $173.9M | $0 | $0 | $0 | −$471,000 | −$112,000 | −$96,000 | $350,000 | −$156 |
| Research & development | $388.5M | $236.7M | $272.4M | $245.4M | $205.2M | $184.8M | $72.3M | $25.4M | $24.4M | $15.9M |
| Sales, general & admin | $813.8M | $435.1M | $108.1M | $48.1M | $37.3M | $21.9M | $22.6M | $15.3M | $7.7M | $9.3M |
| Total operating expenses | $1.20B | $671.8M | $380.5M | $293.6M | $242.5M | $206.7M | $95.0M | $40.7M | $32.1M | $25.2M |
| Operating income | −$300.1M | −$497.9M | −$380.5M | −$293.6M | −$242.5M | −$206.7M | −$95.0M | −$40.7M | −$32.1M | −$25.2M |
| Interest income | $37.4M | $46.7M | $19.6M | $2.2M | $363,000 | $4.3M | $11.0M | $7.7M | $558,000 | $48,303 |
| Interest expense | $22.3M | $14.7M | $12.7M | $4.0M | $1.0M | $4.3M | $11.0M | $7.7M | $558,000 | $1.2M |
| Income before taxes | −$288.3M | −$465.9M | −$373.6M | −$295.4M | −$241.8M | −$202.2M | −$83.9M | −$32.8M | −$31.2M | −$26.4M |
| Income taxes | — | −$465.9M | — | $4.0M | −$768,000 | −$4.8M | −$11.1M | $7.9M | −$635,000 | −$373 |
| Net income | −$288.3M | −$465.9M | −$373.6M | −$295.4M | −$241.1M | −$197.4M | −$72.8M | −$32.8M | −$31.2M | −$26.4M |
| EBITDA | −$264.5M | −$450.1M | −$360.4M | −$290.9M | −$242.1M | −$206.2M | −$94.9M | −$40.6M | −$32.0M | −$25.2M |
| EPS (diluted) | −$12.75 | −$22.11 | −$19.94 | −$17.23 | −$14.61 | −$13.09 | −$5.45 | −$2.21 | −$2.54 | −$4.71 |
| Gross margin | 94.1% | 96.5% | — | — | — | — | — | — | 100.0% | — |
| Operating margin | −31.3% | −276.4% | — | — | — | — | — | — | −9,160.6% | — |
| Net margin | −30.1% | −258.6% | — | — | — | — | — | — | −8,901.1% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $364.3M | $311.3M | $321.1M | $287.3M | $212.8M | $137.2M | $103.3M | $62.2M | $14.6M | $0 | $0 | $0 |
| Cost of revenue | $40.0M | $26.8M | $24.4M | $18.1M | $9.1M | $4.5M | $3.4M | $2.2M | $636,000 | $168,000 | $142,000 | $135,000 |
| Gross profit | $324.2M | $284.5M | $296.6M | $269.1M | $203.7M | $132.7M | $99.9M | $60.0M | $14.0M | −$168,000 | −$142,000 | −$135,000 |
| Research & development | $91.2M | $108.7M | $116.3M | $174.0M | $54.1M | $44.2M | $25.6M | $68.7M | $71.1M | $71.2M | $70.6M | $71.0M |
| Sales, general & admin | $289.4M | $268.5M | $209.1M | $209.1M | $196.9M | $167.9M | $293.8M | $107.6M | $105.4M | $80.8M | $46.5M | $27.6M |
| Total operating expenses | $380.6M | $377.2M | $356.2M | $383.1M | $250.9M | $212.0M | $166.9M | $176.3M | $176.5M | $152.0M | $117.2M | $98.5M |
| Operating income | −$56.3M | −$92.7M | −$59.6M | −$114.0M | −$47.2M | −$79.3M | −$67.0M | −$116.3M | −$162.5M | −$152.0M | −$117.2M | −$98.5M |
| Interest income | $7.1M | $8.2M | $9.5M | $10.3M | $8.2M | $9.4M | $11.1M | $13.0M | $14.2M | $8.3M | $9.0M | $3.3M |
| Interest expense | $7.9M | $7.8M | $8.3M | $7.5M | $3.3M | $3.3M | $3.5M | $3.7M | $3.7M | $3.8M | $4.0M | $3.5M |
| Income before taxes | −$57.9M | −$94.4M | −$58.6M | −$114.2M | −$42.3M | −$73.2M | −$59.4M | −$107.0M | −$152.0M | −$147.5M | −$112.2M | −$98.7M |
| Income taxes | — | — | — | — | — | — | — | −$298,000 | — | $124,724 | $98,188 | −$135,000 |
| Net income | −$57.9M | −$94.4M | −$58.6M | −$114.2M | −$42.3M | −$73.2M | −$59.4M | −$107.0M | −$152.0M | −$147.5M | −$112.2M | −$98.7M |
| EBITDA | −$49.6M | −$86.2M | −$49.9M | −$106.4M | −$38.6M | −$69.6M | −$55.6M | −$103.0M | −$148.0M | −$143.5M | −$108.1M | −$95.1M |
| EPS (diluted) | −$1.99 | −$1.38 | −$2.57 | −$4.96 | −$1.90 | −$3.32 | −$2.71 | −$4.92 | −$7.10 | −$7.38 | −$5.68 | −$5.34 |
| Gross margin | 89.0% | 91.4% | 92.4% | 93.7% | 95.7% | 96.7% | 96.7% | 96.5% | 95.7% | — | — | — |
| Operating margin | −15.5% | −29.8% | −18.6% | −39.7% | −22.2% | −57.8% | −64.8% | −187.1% | −1,110.4% | — | — | — |
| Net margin | −15.9% | −30.3% | −18.2% | −39.8% | −19.9% | −53.4% | −57.5% | −172.0% | −1,038.2% | — | — | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MDGL's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MDGL financial results
In fiscal year 2025 (ended December 31, 2025), Madrigal Pharmaceuticals reported revenue of $958.4 million, up 432.1% from the year before. It had a net loss of $288.3 million, a net profit margin of −30.1%. Diluted earnings per share came to −$12.75.
See the MDGL stock overview for the latest quote and news, or the MDGL chart for price history and technical indicators.
MDGL income statement FAQ
What is Madrigal Pharmaceuticals's annual revenue?
Madrigal Pharmaceuticals reported total revenue of $958.4 million for fiscal year 2025, which ended on December 31, 2025. That was up 432.1% from $180.1 million the previous year.
Is Madrigal Pharmaceuticals profitable?
No. Madrigal Pharmaceuticals reported a net loss of $288.3 million in fiscal 2025, a net profit margin of −30.1%; its operating margin was −31.3%.
What is Madrigal Pharmaceuticals's gross margin?
Madrigal Pharmaceuticals's gross margin was 94.1% in fiscal 2025: for every $100 of revenue, Madrigal Pharmaceuticals kept $94 after the direct cost of its products and services.
How much does Madrigal Pharmaceuticals spend on research and development?
Madrigal Pharmaceuticals spent $388.5 million on research and development in fiscal 2025, 40.5% of revenue.
What are Madrigal Pharmaceuticals's earnings per share?
Madrigal Pharmaceuticals earned $-12.75 per diluted share in fiscal 2025, compared with $-22.11 a year earlier.
When will Madrigal Pharmaceuticals report its next earnings?
Madrigal Pharmaceuticals is expected to report results for the quarter ending September 30, 2026 on November 3, 2026.
When does Madrigal Pharmaceuticals's fiscal year end?
Madrigal Pharmaceuticals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.