MADRIGAL PHARMACEUTICALS, INC. (MDGL) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	1.4B	958.4M	180.1M	—	—
Cost of Revenue	129.1M	56.1M	6.2M	—	—
Gross Profit	1.3B	902.3M	173.9M	—	—
Operating Expenses
R&D Expense	387.9M	388.5M	236.7M	272.4M	245.4M
SG&A Expense	1.1B	813.8M	435.1M	108.1M	48.1M
General & Admin Expense	555.1M	—	—	108.1M	48.1M
Selling & Marketing Expense	—	—	—	—	—
Other Expenses	—	—	—	—	—
Total Operating Expenses	1.5B	1.2B	671.8M	380.5M	293.6M
Cost and Expenses	1.6B	1.3B	678.0M	380.5M	293.6M
Operating Income (EBIT)	(152.7M)	(300.1M)	(497.9M)	(380.5M)	(293.6M)
Non-Operating
Interest Income	33.0M	37.4M	46.7M	19.6M	2.2M
Interest Expense	32.1M	22.3M	14.7M	12.7M	4.0M
Net Interest Income	920.0K	15.1M	32.0M	6.9M	(1.8M)
Other Non-Op Income/Expense	(2.8M)	11.8M	32.0M	6.9M	(1.8M)
Non-Operating Income (excl Interest)	(29.3M)	(34.1M)	(46.7M)	(19.6M)	(2.2M)
EBT (Pre-Tax Income)	(155.5M)	(288.3M)	(465.9M)	(373.6M)	(295.4M)
Income Tax Expense	—	—	—	—	—
Bottom Line
Net Income	(155.5M)	(288.3M)	(465.9M)	(373.6M)	(295.4M)
Earnings from Cont. Ops	(155.5M)	(288.3M)	(465.9M)	(373.6M)	(295.4M)
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	(155.5M)	(288.3M)	(465.9M)	(373.6M)	(295.4M)
Per Share
Basic EPS	($5.91)	($12.85)	($21.90)	($19.99)	($17.23)
Diluted EPS	($5.98)	($12.85)	($21.90)	($19.99)	($17.23)
Revenue Per Share	$48.82	$42.72	$8.47	$0.00	$0.00
Shares
Basic Shares Outstanding	29.2M	22.4M	21.3M	18.7M	17.1M
Diluted Shares Outstanding	30.3M	22.4M	21.3M	18.7M	17.1M
Profitability Metrics
EBITDA	(121.8M)	(264.5M)	(450.1M)	(360.4M)	(290.9M)
D&A	1.6M	1.5M	1.1M	527.0K	467.0K
EBIT	(123.3M)	(266.0M)	(451.2M)	(360.9M)	(291.4M)

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Sep 1, 2026