Filing Flows › Madrigal Pharmaceuticals (MDGL) › Q1 2026
Madrigal Pharmaceuticals (MDGL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Madrigal Pharmaceuticals (MDGL) reported revenue of $311M for the first quarter 2026 (Q1 2026), +127% from a year earlier and -3% from the quarter before. Operating margin was -29.8%, net loss $94.4M (30.3% of revenue).
Madrigal Pharmaceuticals, Q1 2026: revenue $311M (+127% year over year), operating margin -29.8%, net loss $94.4M, operating cash flow −$167M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $311M | -3% | +127% |
| Operating profit | −$92.7M | — | — |
| Net earnings | −$94.4M | — | — |
| Operating cash flow | −$167M | — | — |
What changed
Revenue was $311.3M in Q1 2026, up 127% year over year and down 3% from the previous quarter.
Operating costs exceeded revenue by $92.7M, an operating margin of -29.8%. Total costs grew 87% against revenue growth of 127%. The fastest-growing cost line was Research & development (+146%). The quarter ended with a net loss of $94.4M, wider than the previous quarter's $58.6M loss.
Operating cash flow was −$167.4M. Non-cash charges added back $386K of depreciation and amortization and $34.0M of share-based compensation. Working capital and other items used $107.4M. Capital expenditures of $3.8M exceeded it, leaving free cash flow of −$171.3M.
Questions
What was Madrigal Pharmaceuticals' revenue in the first quarter 2026?
Madrigal Pharmaceuticals (MDGL) reported revenue of $311M for the first quarter 2026 (Q1 2026), +127% from a year earlier and -3% from the quarter before.
Was Madrigal Pharmaceuticals profitable in the first quarter 2026?
Operating loss was $92.7M (-29.8% of revenue) and net loss $94.4M.