Madrigal Pharmaceuticals, Inc. (MDGL) Financial Statements
Madrigal Pharmaceuticals financial statements at a glance
Madrigal Pharmaceuticals reported revenue of $958.40 million for fiscal year 2025 (ended December 31, 2025), up 432.1% from fiscal year 2024. Net income was -$288.28 million, a net margin of 30.1% loss, and diluted earnings per share were -$12.85.
At the end of fiscal year 2025 it had total assets of $1.26 billion, total liabilities of $656.90 million and shareholders' equity of $602.69 million, with cash and short-term investments of $983.56 million and total debt of $347.63 million.
Its operations brought in -$189.55 million of cash; capital spending was $3.47 million, leaving free cash flow of -$193.02 million.
The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.
Figures from company filings, in USD; latest fiscal year ended December 31, 2025.
Madrigal Pharmaceuticals, Inc.
Income Statement
Annual • USD
Madrigal Pharmaceuticals key figures by fiscal year
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $958.4M | $180.1M | $0 | $0 | $0 |
| Gross profit | $902.3M | $173.9M | $0 | $0 | – |
| Operating income | -$300.1M | -$497.9M | -$380.5M | -$293.6M | -$242.5M |
| Net income | -$288.3M | -$465.9M | -$373.6M | -$295.4M | -$241.9M |
| Diluted EPS | -$12.85 | -$21.90 | -$19.99 | -$17.23 | -$14.63 |
| Total assets | $1.3B | $1.0B | $640.6M | $362.6M | $273.3M |
| Total liabilities | $656.9M | $287.9M | $235.2M | $165.2M | $77.2M |
| Shareholders' equity | $602.7M | $754.4M | $405.3M | $197.4M | $196.1M |
| Cash and short-term investments | $983.6M | $926.3M | $634.1M | $358.8M | $270.4M |
| Total debt | $347.6M | $119.6M | $117.2M | $49.9M | $0 |
| Operating cash flow | -$189.6M | -$455.6M | -$324.2M | -$224.9M | -$183.9M |
| Capital spending | $3.5M | $6.5M | $1.5M | $0 | $0 |
| Free cash flow | -$193.0M | -$462.0M | -$325.7M | -$225.1M | -$184.1M |
In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.
Questions and answers
What was Madrigal Pharmaceuticals's revenue in fiscal year 2025?
$958.40 million, up 432.1% from $180.13 million in fiscal year 2024.
How much profit does Madrigal Pharmaceuticals make?
Madrigal Pharmaceuticals reported net income of -$288.28 million for fiscal year 2025 (30.1% of revenue); operating income was -$300.10 million.
How much cash and debt does Madrigal Pharmaceuticals have?
At the end of fiscal year 2025: cash and short-term investments of $983.56 million and total debt of $347.63 million.
What is Madrigal Pharmaceuticals's free cash flow?
-$193.02 million in fiscal year 2025 (operating cash flow of -$189.55 million minus capital spending of $3.47 million).
