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With its Q1 2024 results on Tuesday, Madrigal Pharmaceuticals (NASDAQ:MDGL) issued encouraging remarks on the initial uptake for its newly approved liver disease drug Rezdiffra, noting a “tremendous interest” in the first-of-its-kind therapy.
In March, the FDA approved resmetirom, Madrigal’s (MDGL) lead asset, as the first U.S.-approved therapy for a liver condition called nonalcoholic steatohepatitis (NASH), paving the way for its market rollout as Rezdiffra across a specialty pharmacy network.
“From a clinical perspective, there is tremendous interest in Rezdiffra in NASH. People are aware of the unmet need. They’re very aware the payers are on the cost that NASH patients have to bound,” CEO Bill Sibold remarked during MDGL’s earnings call.
The company’s aim is to target about 14K specialists who treat an estimated 315K NASH patients eligible for Rezdiffra. “The metrics so far are very encouraging, especially since we’re less than a month out from when the product was shipped,” Sibold added.
According to Sibold, Madrigal’s (MDGL) sales division has reached more than 80% of the company’s top position targets, and the top targets have accounted for 75% of Rezdiffra prescriptions to date.
Despite positive remarks, the company fell short of Street forecasts in Q1 2024, a quarter it didn’t include Rezdiffra sales, but its SG&A expenses witnessed a near fivefold rise to $80.8M.
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