Madrigal Pharmaceuticals (MDGL) UBS Global Healthcare Conference 2024 summary

Launch performance and commercial progress

• Achieved $62 million in Q3 revenue, with over 6,800 patients on therapy by quarter-end, up from 2,000 in Q2.

• Penetrated 40% of the 6,000 target prescribers, doubling from 20% in the previous quarter.

• Secured 80% commercial payer coverage a quarter ahead of plan, with less than 5% of patients requiring biopsy.

• Anticipates 50% quarter-over-quarter growth moving into Q4.

• Gross-to-net is expected to be choppy in the first year, with increased copay assistance utilization in Q4 and a shift toward specialty product norms next year.

Prescriber and patient dynamics

• Majority of prescribers are gastroenterologists, with hepatologists showing faster initial uptake.

• Practices are investing in staff training and equipment, such as FibroScan, to support NASH patient management.

• Prescriber base is steadily expanding, with both breadth and depth increasing weekly.

• Most practices have access to non-invasive tests, and payer requirements allow flexibility in diagnostic methods.

Market evolution and competitive landscape

• Combination use with GLP-1s is common; about 25% of patients on therapy are also on a GLP-1, rising to 50% when including prior use.

• Entry of competitors like Novo is expected to expand the diagnosed patient pool and overall market awareness.

• The company is well-prepared for increased demand and can adjust commercial resources as needed.

• Diagnosis rates are currently 10-15%, with long-term market growth dependent on increased diagnosis and treatment rates.