Madrigal Pharmaceuticals (MDGL) financial statements
Madrigal Pharmaceuticals reported revenue of $958M in fiscal 2025, up 432.1% a year over 1 years.
Net income was -$288M.
Free cash flow was -$190M.
The diluted share count rose 446% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Madrigal Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $180M | $958M |
| Cost of revenue | — | — | — | — | — | — | $0 | $0 | $6M | — |
| Gross profit | — | — | — | — | — | — | $0 | $0 | $174M | — |
| Research and development | $16M | $24M | $25M | $72M | $185M | $205M | $245M | $272M | $237M | $389M |
| Selling, general and admin | $9M | $8M | $15M | $23M | $22M | $37M | $48M | $108M | $435M | $814M |
| Operating income | -$25M | -$32M | -$41M | -$95M | -$207M | -$242M | -$294M | -$380M | -$498M | -$300M |
| Interest expense | $1M | — | — | — | $0 | $0 | $4M | $13M | $15M | $22M |
| Pre-tax income | — | — | — | — | — | — | — | -$374M | -$466M | -$158M |
| Income tax | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$26M | -$31M | -$33M | -$84M | -$202M | -$242M | -$295M | -$374M | -$466M | -$288M |
| EPS (diluted) | -$5.07 | -$2.54 | -$2.22 | -$5.45 | -$13.09 | -$14.63 | -$17.23 | -$17.33 | -$17.31 | -$10.15 |
| Diluted shares | 5M | 12M | 15M | 15M | 15M | 17M | 17M | 22M | 27M | 28M |
| Gross margin | — | — | — | — | — | — | — | — | 96.5% | — |
| Operating margin | — | — | — | — | — | — | — | — | -276.4% | -31.3% |
| Net margin | — | — | — | — | — | — | — | — | -258.6% | -30.1% |
Balance sheet
Fiscal years, from Madrigal Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $40M | $192M | $484M | $439M | $284M | $270M | $359M | $634M | $931M | $984M |
| Receivables | — | — | — | — | — | — | — | $0 | $54M | $134M |
| Inventory | — | — | — | — | — | — | — | $0 | $34M | $75M |
| Total current assets | $41M | $192M | $485M | $440M | $285M | $272M | $361M | $637M | $1.0B | $1.2B |
| Property, plant and equipment | $3,000 | $301,000 | $227,000 | $1M | $1M | $851,000 | $601,000 | $2M | $2M | $1M |
| Total assets | $41M | $192M | $485M | $442M | $287M | $273M | $363M | $641M | $1.0B | $1.3B |
| Total current liabilities | $5M | $10M | $8M | $25M | $47M | $77M | $116M | $119M | $169M | $310M |
| Long-term debt | — | — | — | — | — | $0 | $49M | $115M | $118M | $340M |
| Total liabilities | $5M | $10M | $8M | $25M | $47M | $77M | $165M | $235M | $288M | $657M |
| Shareholders' equity | $36M | $182M | $477M | $417M | $240M | $196M | $197M | $405M | $754M | $603M |
| Net debt | -$19M | -$149M | -$57M | -$47M | -$54M | -$36M | -$282M | $16M | $18M | $141M |
Cash flow
Fiscal years, from Madrigal Pharmaceuticals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18M | -$22M | -$26M | -$42M | -$158M | -$184M | -$225M | -$324M | -$456M | -$190M |
| Capital spending | $3,000 | $125,000 | $22,000 | $172,000 | $334,000 | $209,000 | $217,000 | $1M | $1M | $467,000 |
| Free cash flow | -$18M | -$22M | -$26M | -$42M | -$158M | -$184M | -$225M | -$326M | -$457M | -$190M |
| Stock-based compensation | $8M | $3M | $13M | $23M | $21M | $27M | $32M | $50M | $80M | $98M |
| Free cash flow margin | — | — | — | — | — | — | — | — | -253.7% | -19.8% |
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Open MDGL in InvestinglyQuestions
What was Madrigal Pharmaceuticals's revenue in 2025?
$958M in fiscal 2025, from its 10-K filing.
How much free cash flow does Madrigal Pharmaceuticals generate?
-$190M in fiscal 2025 (operating cash flow minus capital spending).
From Madrigal Pharmaceuticals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.