Why Madrigal Pharmaceuticals Stock Is Sinking Today
Shares of Madrigal Pharmaceuticals (NASDAQ: MDGL) were sinking 13.3% lower as of 11:11 a.m. ET on Monday. The sell-off came after the drugmaker announced its preliminary fourth-quarter and full-year 2024 results.
Madrigal reported preliminary Q4 net sales for its metabolic steatohepatitis (MASH) drug Rezdiffra of between $100 million and $103 million. The company announced preliminary full-year 2024 net sales of the drug of between $177 million and $180 million. Madrigal also stated that it should end 2024 with cash, cash equivalents, restricted cash, and marketable securities of around $931 million.
On the surface, Madrigal's preliminary numbers looked pretty good. The average estimates among analysts surveyed by LSEG was for Q4 revenue of nearly $91.8 million and full-year revenue of around $168.3 million. Madrigal easily beat both estimates.
Source Fool.com
