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Madrigal Pharmaceuticals (MDGL) Q3 Earnings call transcript Oct 31, 2024

AInvestFriday, Nov 1, 2024 10:17 am ET
1min read

Madrigal Pharmaceuticals held a promising third quarter 2024 earnings call, marking another quarter of exceptional performance. The call, led by Chief Investor Relations Officer Tina Ventura, provided a comprehensive update on the company's Rezdiffra launch and its outlook for the future.

Rezdiffra's Exceptional Performance and Strong Market Acceptance

Madrigal's Rezdiffra has had an impressive debut in the market. With net sales of $62 million in the third quarter, the company has seen strong demand and positive feedback from healthcare providers. The positive patient experiences and improved accessibility to the drug have positioned Rezdiffra as a foundational therapy for NASH. This successful launch is a testament to Madrigal's efforts to drive changes in clinical practice and build an efficient system for patient and prescription flow.

Market Expansion and Prescriber Engagement

Madrigal is expanding its reach by targeting the top prescribers for NASH treatment, with a focus on hepatologists and gastroenterologists. In the third quarter, around 40% of these top targets prescribed Rezdiffra, doubling the penetration rate from the previous quarter. This growth demonstrates the drug's value proposition and healthcare providers' recognition of its importance in addressing NASH.

Strategic Expansion and Long-Term Growth

Madrigal's success in the NASH treatment landscape is a promising sign for the company's future. With a focus on the 315,000 patients diagnosed with NASH with moderate to advanced fibrosis, the company is steadily expanding its patient base. The completion of the cirrhosis OUTCOMES trial further strengthens Madrigal's position as a leader in NASH treatment.

Accessibility and Coverage

Madrigal's efforts to secure coverage for Rezdiffra have been successful. With more than 80% of commercial lives covered, the company has achieved its ambitious pre-launch objective ahead of schedule. This coverage, along with favorable access to Medicare and Medicaid, positions Madrigal for continued success in the market.

Conclusion

Madrigal Pharmaceuticals' third quarter earnings call provided a clear picture of the company's successful Rezdiffra launch and its potential for long-term growth. The positive market response, strategic expansion, and strong partnerships with healthcare providers bode well for Madrigal's future in the NASH treatment landscape. As the company continues to build on its momentum, investors and stakeholders can look forward to a promising future.

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