Why is Madrigal Pharmaceuticals stock surging today?

Madrigal Pharmaceuticals stock surged 14.1% in pre-open trading to reach $491.90 after the company released its third-quarter 2026 financial results before the market opened, posting adjusted earnings of $1.83 per share against analyst expectations of a loss of $0.83 per share — a beat of $2.66 — while also delivering revenue of $431.3 million, well above the consensus estimate of approximately $405.3 million and representing 50% growth compared to the same period a year ago.

The standout driver behind the results was Rezdiffra (resmetirom), the company’s flagship MASH therapy, whose net sales accounted for the entirety of quarterly revenue and pushed year-to-date sales to $1.1 billion, achieving blockbuster drug status in under three years since launch. As of September 30, more than 55,850 patients were on Rezdiffra — nearly double the figure from Q3 2025 — reflecting deepening prescriber adoption. CEO Bill Sibold stated that "Madrigal delivered another strong quarter, driven by continued Rezdiffra demand, deepening prescriber adoption and accelerating market growth." The company also announced a new MAESTRO-CSPH outcomes clinical trial targeting well-compensated MASH cirrhosis, reinforcing its pipeline ambitions.

The broader market provided a neutral backdrop, with the NASDAQ edging up 0.3% while the S&P 500 and Dow Jones were slightly negative, making clear that today’s move is entirely company-specific. Heading into the report, analyst sentiment was already highly constructive, with 18 of 19 analysts carrying a Buy rating and a consensus price target implying substantial upside from prior levels.

The combination of a historic profitability milestone, a blockbuster revenue threshold for Rezdiffra, and a patient adoption trajectory that is nearly doubling year-over-year gave investors a compelling reason to re-rate the stock sharply higher, pushing MDGL well above its recent trading range and back toward the upper half of its 52-week band between $405 and $615.