MADRIGAL PHARMACEUTICALS Business Summary

Madrigal Pharmaceuticals is a commercial-stage biopharmaceutical company that generates revenue through the global sale of Rezdiffra (resmetirom), the first and only FDA-approved medication for noncirrhotic metabolic dysfunction-associated steatohepatitis (MASH) with moderate to advanced liver fibrosis. The company operates as a single business segment dedicated to the development of small-molecule drugs targeting the thyroid hormone receptor (THR)-β pathway. In 2025, its first full year of commercial operations, Madrigal achieved approximately $958 million in net sales, driven by a targeted specialty sales force and extensive first-line payer coverage in the United States. Its primary competitors include Novo Nordisk (Wegovy), Eli Lilly (tirzepatide), Akero Therapeutics (efruxifermin), and 89bio (pegozafermin). Madrigal currently holds the leading market share in the MASH sector, utilizing its first-mover status and an expanding pipeline of oral GLP-1 and siRNA assets to establish Rezdiffra as the foundational therapy in a rapidly growing multi-billion dollar market. The leadership team is headed by President and CEO Bill Sibold, a veteran executive who previously led Sanofi Genzyme’s specialty care unit and the global launch of the blockbuster drug Dupixent. Madrigal was founded by Dr. Rebecca Taub, a prominent endocrinologist and former executive at Roche and Bristol-Myers Squibb, who currently serves as Senior Scientific and Medical Advisor after previously holding the roles of CEO and Chief Medical Officer. The executive suite is further supported by CFO Mardi Dier, formerly of Ultragenyx, and Chief R&D Officer David Soergel. The company’s board is chaired by Julian Baker, co-founder of Baker Bros. Advisors, which remains a cornerstone institutional investor alongside BlackRock and Vanguard. Notable board members include Jacqualyn Fouse, the former CEO of Agios Pharmaceuticals, who joined in 2025 to provide strategic oversight as the company expands its commercial footprint and clinical pipeline through 2045.