Madrigal upgraded at Cantor on Rezdiffra launch

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Shares of Madrigal Pharmaceuticals (MDGL [https://seekingalpha.com/symbol/MDGL]) traded sharply higher for the second straight session on Wednesday after Cantor Fitzgerald upgraded the company, arguing that the commercial rollout of its liver drug Rezdiffra remains one of the best among SMID-cap biotechs.

The upgrade came after Madrigal (MDGL [https://seekingalpha.com/symbol/MDGL]) reported better-than-expected revenue with its Q3 2025 results on Tuesday, as Rezdiffra, approved by the FDA in March 2024 for a liver disease called MASH, netted $287.3M in sales, implying ~35% QoQ growth. [https://seekingalpha.com/news/4514095-madrigal-pharmaceuticals-inc-gaap-eps-of-5_08-misses-by-2_59-revenue-of-287_3m-beats-by-39_6m]

“Rezdiffra remains one of the best SMID-cap biotech drug launches, with the drug already annualizing at >$1.2B exiting just the second year of launch,” Cantor analyst Prakhar Agrawal wrote.

“We think this launch deserves a premium valuation,” Agrawal added, upgrading the Pennsylvania-based biotech to Overweight from Neutral and assuming Rezdiffra to generate about $7B in peak sales.

Amid a rapidly expanding MASH addressable market, the analyst projected that strong volume growth for Rezdiffra could more than offset some net pricing decline expected for the product next year.

MORE ON MADRIGAL PHARMACEUTICALS, INC.

* Madrigal Pharmaceuticals, Inc. (MDGL) Q3 2025 Earnings Call Transcript [https://seekingalpha.com/article/4837731-madrigal-pharmaceuticals-inc-mdgl-q3-2025-earnings-call-transcript]
* Madrigal Pharmaceuticals: Rezdiffra Commercialization Bodes Well For Continued Growth [https://seekingalpha.com/article/4833463-madrigal-pharmaceuticals-rezdiffra-commercialization-bodes-well-for-continued-growth]
* Madrigal Pharmaceuticals: Rezdiffra's US And EU Rollout Remains Promising [https://seekingalpha.com/article/4826830-madrigal-pharmaceuticals-rezdiffra-us-eu-rollout-remains-promising]
* Madrigal projects Rezdiffra annualized sales over $1B while expanding payer access and pipeline in 2026 [https://seekingalpha.com/news/4514884-madrigal-projects-rezdiffra-annualized-sales-over-1b-while-expanding-payer-access-and]
* Madrigal Pharmaceuticals Q3 2025 Earnings Preview [https://seekingalpha.com/news/4513217-madrigal-pharmaceuticals-q3-2025-earnings-preview]