Conshohocken’s Madrigal Pharmaceuticals, saw third-quarter sales soar for its NASH treatment, Rezdiffra, writes John George for the Philadelphia Business Journal.
With revenue reaching $62.2 million, sales are up 326% from the previous quarter’s $14.6 million. This surge lifted the company’s stock by nearly 16% to $250.06 on Thursday. CEO Bill Sibold expressed the importance of Rezdiffra. “This early success highlights the critical need for effective treatments for moderate-to-advanced NASH/MASH, which is expected to become the leading cause of liver transplants in the U.S,” said Sibold.
Rezdiffra is currently the only FDA-approved treatment for moderate-to-advanced nonalcoholic steatohepatitis (NASH), a liver condition known for causing inflammation and fibrosis.
The drug, launched in the U.S. earlier this year, now has over 6,800 patients, tripling from the end of the previous quarter. This is due to growing prescriber adoption and expanded payer coverage. Despite strong sales, Madrigal reported a $406.5 million net loss for the first nine months of 2024. The loss is largely due to increased marketing and administrative expenses supporting Rezdiffra’s rollout.
The company, however, remains financially robust with $1 billion in cash reserves, a notable asset in the biotech landscape. Madrigal is also advancing clinical trials for Rezdiffra to expand its indications. Trials include a study for patients with compensated NASH/MASH cirrhosis, potentially widening its therapeutic impact.
Read more about Madrigal Pharmaceuticals and Rezdiffra in the Philadelphia Business Journal.
