Madrigal Pharmaceuticals, Inc. income statement

In fiscal 2025, Madrigal Pharmaceuticals, Inc. reported revenue of $958m, up 432.1% on the year before, operating income of −$300m (a -31.3% margin) and net income of −$288m, or −$10.15 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Madrigal Pharmaceuticals, Inc.: income statement, annual
Fiscal year	2012Dec 2012	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Revenue	0	0	0	0	0	0	0	0	180	958	1,428
Cost of revenue	—	—	—	—	—	—	0	0	6	—	—
Gross profit	—	—	—	—	—	—	0	0	174	—	—
Research and development	49	24	25	72	185	205	245	272	237	389	388
Selling, general and administrative	—	—	—	—	—	—	48	108	435	814	1,064
General and administrative	12	8	15	23	22	37	—	—	—	—	—
Operating income	−61	−32	−41	−95	−207	−242	−294	−380	−498	−300	−153
Interest expense	—	—	—	—	0	0	4	13	15	22	32
Income tax	—	—	0	0	0	0	0	0	0	0	—
Net income	−63	−31	−33	−84	−202	−242	−295	−374	−466	−288	−155
Diluted EPS	−$5.30	−$2.54	−$2.22	−$5.45	−$13.09	−$14.63	−$17.23	−$17.33	−$17.31	−$10.15	−$5.30
Diluted shares (average)	12m	12m	15m	15m	15m	17m	17m	22m	27m	28m	29m
EBITDA	−60	−32	−41	−95	−206	−242	−293	−380	−497	−299	−151

US$ millions unless shown otherwise. Fiscal quarters.

Madrigal Pharmaceuticals, Inc.: income statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Revenue	103	137	213	287	321	311	364	431
Cost of revenue	—	5	—	—	—	—	—	—
Gross profit	—	133	—	—	—	—	—	—
Research and development	26	44	54	174	116	109	91	72
Selling, general and administrative	141	168	197	209	240	269	289	266
Operating income	−67	−79	−47	−114	−60	−93	−56	56
Interest expense	3	3	3	7	8	8	8	8
Net income	−59	−73	−42	−114	−59	−94	−58	55
Diluted EPS	$2.00	−$2.61	−$1.50	−$4.01	−$2.03	−$3.25	−$1.99	$1.83
EBITDA	−67	−79	−47	−114	−59	−92	−56	56

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Madrigal Pharmaceuticals, Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Madrigal Pharmaceuticals, Inc.