Filing Flows › Madrigal Pharmaceuticals (MDGL) › Q3 2025
Madrigal Pharmaceuticals (MDGL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Madrigal Pharmaceuticals (MDGL) reported revenue of $287M for the third quarter 2025 (Q3 2025), +362% from a year earlier and +35% from the quarter before. Operating margin was -39.7%, net loss $114M (39.8% of revenue).
Madrigal Pharmaceuticals, Q3 2025: revenue $287M (+362% year over year), operating margin -39.7%, net loss $114M, operating cash flow $79.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $287M | +35% | +362% |
| Operating profit | −$114M | — | — |
| Net earnings | −$114M | — | — |
| Operating cash flow | $79.8M | — | — |
| Free cash flow | $79.0M | — | — |
What changed
Revenue was $287.3M in Q3 2025, up 362% year over year and up 35% from the previous quarter.
Operating costs exceeded revenue by $114.0M, an operating margin of -39.7%. Total costs grew 125% against revenue growth of 362%. The fastest-growing cost line was Other operating costs (+742%). The quarter ended with a net loss of $114.2M, wider than the previous quarter's $42.3M loss.
Operating cash flow was $79.8M. Non-cash charges added back $358K of depreciation and amortization and $26.3M of share-based compensation. Working capital and other items added $167.4M. Capital expenditures of $857K left free cash flow of $79.0M.
Questions
What was Madrigal Pharmaceuticals' revenue in the third quarter 2025?
Madrigal Pharmaceuticals (MDGL) reported revenue of $287M for the third quarter 2025 (Q3 2025), +362% from a year earlier and +35% from the quarter before.
Was Madrigal Pharmaceuticals profitable in the third quarter 2025?
Operating loss was $114M (-39.7% of revenue) and net loss $114M.