Madrigal’s MASH Drug Shows Improvements In Liver Health Across 4 Studies, Days After Company Disclosed $1.1B Rezdiffra Sales

Across four studies, 37% to 55% of patients experienced at least a 25% improvement in liver stiffness after about one year of treatment

• In the Truveta study, 55% of patients experienced at least a 25% reduction in liver stiffness after one year, while 93% saw their condition improve or remain stable.
• On Wednesday, Madrigal disclosed that a former executive filed a whistleblower complaint, alleging retaliation after raising concerns about certain data and reporting practices.
• Earlier this week, Madrigal reported its first profitable quarter.

Madrigal Pharmaceuticals (MDGL) was on investors’ radar on Thursday, after the company reported encouraging real-world data for Rezdiffra, its lead drug for metabolic dysfunction-associated steatohepatitis (MASH), a serious liver disease that can lead to scarring, liver failure, and cancer.

Across four studies, 37% to 55% of patients experienced at least a 25% improvement in liver stiffness after about one year of treatment.

At the time of writing, MDGL shares traded marginally lower while the State Street SPDR S&P Biotech ETF (XBI) was down 5%.

SPDR S&P 500 ETF (SPY), which tracks the S&P 500, slumped 3.5%; the SPDR Dow Jones Industrial Average ETF Trust (DIA) was down 2.5%; and the tech-heavy Invesco QQQ Trust (QQQ) crashed 5.5%.

What Did The Real World Studies Show?

The findings across four separate studies showed consistent improvements in liver health among patients receiving the drug. In the Truveta study, 55% of patients experienced at least a 25% reduction in liver stiffness after one year, while 93% saw their condition improve or remain stable.

Similar results were observed in the Trio Health and Gastro Health studies, where 45% and 47% of patients, respectively, achieved at least a 25% reduction in liver stiffness. Meanwhile, a smaller study conducted at Methodist Dallas Medical Center found that 37% of patients experienced at least a 25% improvement in liver stiffness, while 83% showed improvement or remained stable.

“The findings also provide encouraging evidence that most patients are staying on therapy over time,” said chief medical officer David Soergel.

Whistleblower Complaint Over Data And Reporting Practices

The positive data followed Madrigal’s disclosure on Wednesday that former executive Michael Charlton filed a whistleblower complaint in October, alleging retaliation after raising concerns about certain data and reporting practices. Madrigal said it disputes the allegations and plans to vigorously defend itself.

However, H.C. Wainwright said available clinical evidence does not substantiate the allegations, according to The Fly.

Rezdriffa Sales Cross $1B  

Earlier this week, Madrigal reported its first profitable quarter, with third-quarter (Q3) revenue jumping 50% to $431.3 million, driven by growing Rezdiffra demand. Earnings came in at $1.83 per diluted share, compared to consensus estimates of a $ 0.87-per-share loss. Rezdiffra’s year-to-date sales surpassed $1.1 billion.

Following the earnings report, Truist raised MDGL’s price target to $743, representing an 82% upside from current levels. Canaccord also raised its price target for the stock, adding that Q3 Rezdiffra sales beat its forecast.

Retail Remains ‘Extremely Bullish’ On MDGL

Retail sentiment surrounding MDGL on Stocktwits remained ‘extremely bullish’ over the past 24 hours, amid ‘extremely high’ message volumes.

The stock has shed around 32% so far in 2026.

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