Madrigal Pharmaceuticals, Inc. Common Stock Canaccord Genuity's 46th Annual Growth Conference

Yeah. Great. Thanks, Ed, and thanks for having us. We really appreciate being here. I'll take a stab at answering that question. At Madrigal, we've had excellent commercial growth since our launch in the first quarter of 2024, and we're focused very much on our two top priorities, which is building value for Rezdiffra, getting Rezdiffra to as many patients as we can, and building our pipeline so we can maintain our leadership position in MASH. If we talk about the quarter specifically, we announced on 2Q at the end of July, and we had excellent top-line growth. We announced $364 million in revenue, which was 71% increase year over year, looking at the same quarter a year ago. If you look at our trailing 12 months in revenue, we're on a run rate of approximately $1.3 billion. That's only after nine quarters of launch.

This is putting us on a trajectory of a mega blockbuster, which is exactly what we think Rezdiffra is. We do give KPIs every quarter, and we look at our patient adds and how many patients that we have on Rezdiffra. Nine quarters in, and we look at this as active patients at the end of each quarter. At the end of Q2 2026, we had over 49,000 patients on Rezdiffra. We're very excited about achieving a significant threshold. We crossed the 50,000 patient mark in the early July time point. At any launch, specialty or otherwise, that's a significant milestone. We really think that the growth of the company will continue, and we talked a little bit about what we expect for third and fourth quarter.

We acknowledge that we're comfortable with the consensus growth rate from second quarter to third quarter and then third quarter to fourth quarter 2026, and that will result in robust sales growth for 2026. We see that growth continuing. That's sort of the execution of Q2. A lot of the growth and the future growth is going to be driven by the market dynamics and then the growth of our pipeline. The market dynamics are just ripe for an exceptional launch and continued growth of Rezdiffra. This market is at its infancy. Basically, we are only 10% penetrated into a market that has 10% diagnosis rate. 10% of 10%, we are just 1% penetrated into what we think can be a significant market, and we're definitely in the leadership position and expect continued growth.

We really liken our growth prospects to some of the large therapeutic areas in categories such as rheumatoid arthritis or IBD, et cetera, where you see these categories at the $20 billion mark and growing multiple decades after the first product launch. We think there's significant growth opportunity for Rezdiffra, and we think the MASH market's going to continue to grow in the future, and we're just at the beginning of seeing where that growth is. With that, we want to continue to build on our leadership position within MASH, and build out our pipeline. We've talked about, and we have announced that we have IP protection of Rezdiffra to 2045. We're building for the long term. What can we do? We have a once-in-a-lifetime medicine with Rezdiffra. What can we do possibly in building out F2, F3, and F4c with Rezdiffra?

What we could do to transform the efficacy of Rezdiffra through combination therapies. With that, we've built out our pipeline of potential assets that we can combine with Rezdiffra and continue to grow the market. In the last year plus, we had a pipeline of one drug, Rezdiffra, in two indications, and now we have a pipeline of 10 assets. We're very capital efficient. We spent less than $300 million upfront to build out this pipeline. It's setting us up to really take advantage of our leadership position in MASH, the growing market, our excellent execution, so we're pretty excited about the long-term prospects for the drug and the company.