Q2 2024 Madrigal Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Madrigal Pharmaceuticals Inc (MDGL) reported $14.6 million in net sales for the second quarter, indicating a strong launch for Rezdiffra.
- More than 2,000 patients are currently on Rezdiffra, showing significant uptake.
- Over 50% of commercial lives now have coverage for Rezdiffra, with 95% of these not requiring biopsies.
- Medicaid coverage for Rezdiffra is in place across all 50 states, and Medicare coverage is expected to begin on January 1, 2025.
- Madrigal Pharmaceuticals Inc (MDGL) plans to launch Rezdiffra in Europe following an expected EMA decision next year, expanding their market reach.
- The company is still in the early stages of the Rezdiffra launch, with a lot of work remaining to fully wire the system.
- SG&A expenses increased significantly to $105.4 million in Q2 2024 from $17.8 million in Q2 2023, reflecting the scale-up of commercial operations.
- R&D expenses also rose to $71.1 million in Q2 2024 from $68.6 million in Q2 2023, indicating high ongoing costs.
- There are still some commercial plans requiring biopsies for Rezdiffra coverage, which could limit patient access.
- The gross-to-net ratio is expected to be choppy quarter to quarter, particularly early in the launch, which could affect financial predictability.
Good day, and thank you for standing by. Welcome to the Madrigal Pharmaceuticals second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, today's conference call is being recorded. I would now like to introduce Ms. Tina Ventura, Chief Investor Relations Officer. Please go ahead.
Thank you, [Malala]. Good morning, everyone, and thank you for joining us to discuss Madrigal second quarter 2024 earnings. We issued a press release this morning and have a slide deck that accompanies this webcast, which will post on the Investor Relations section of our website right after the call. On the call with me today, is Bill Sibold, Chief Executive Officer; and Mardi Dier, Chief Financial Officer, they'll provide prepared remarks, and then we'll take your questions.
Our goal is to keep today's call to about 45 minutes. Please note on slide 2, we will be making certain forward-looking statements today, and we refer you to our SEC filings for a discussion of risks
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