Madrigal Pharmaceuticals (MDGL) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Leadership and vision

• Positioned as a global leader in NASH/MASH, addressing a major unmet need with a first-in-class therapy.

• Emphasizes a long-term vision, aiming for sustained leadership and market share over years.

• CEO highlights the company's role in setting new standards and building from scratch in a previously untapped market.

• Focused on disciplined execution and realistic, optimistic goal-setting.

• Plans to expand leadership through pipeline development and outcome studies.

Product launch and market creation

• Rezdiffra, a once-daily oral therapy, launched after March approval, with a strong product profile.

• Over 2,000 patients on therapy and $14.6 million in Q2 sales, with steady growth expected.

• Specialty market focus: 315,000 addressable patients in 14,000-physician universe, targeting 6,000 key prescribers.

• Launch strategy includes educating physicians, supporting office staff, and engaging payers and patients.

• Systematic approach to market creation, with a 12-month process to wire the system for access and adoption.

Commercial metrics and performance

• Achieved >50% commercial payer coverage, targeting 80% by year-end; Medicaid coverage in all 50 states.

• 20% penetration of target prescribers, with both hepatologists and gastroenterologists engaged.

• Time from prescription to therapy reduced to 30 days, reflecting operational efficiency.

• Inventory levels in Q2 driven primarily by demand, with minimal inventory build.

• Less than 5% of payers require a biopsy, supporting broad access.