Madrigal Pharmaceuticals (MDGL) Operating Expenses (2010 - 2026)
Madrigal Pharmaceuticals (MDGL) posted quarterly Operating Expenses of $420.6 million for Q2 2026, up 61.75% year-over-year from $260.0 million in Q2 2025, and up 4.08% quarter-over-quarter from $404.1 million in Q1 2026.
Madrigal Pharmaceuticals (MDGL) Operating Expenses (2010 - 2026) Analysis & Trends
Madrigal Pharmaceuticals (MDGL) has reported Operating Expenses for 17 consecutive years, with $420.6 million the latest figure, recorded in Q2 2026.
- In Q2 2026, Operating Expenses rose 61.75% year-over-year to $420.6 million; the TTM figure through Jun 2026 stood at $1.6 billion (up 94.65% YoY), while the FY2025 annual figure was $1.3 billion, up 85.62% from the prior year.
- Operating Expenses advanced to $420.6 million in Q2 2026 per MDGL's latest filing, from $404.1 million in the prior quarter.
- Across five years, Operating Expenses topped out at $420.6 million in Q2 2026 and bottomed at $57.6 million in Q1 2022.
- Historically, Operating Expenses has averaged $190.8 million across 5 years, with a median of $161.2 million in 2024.
- Annual changes were most pronounced in 2022 — Operating Expenses increased 8.7% — and 2025, when it surged 124.81%.
- Madrigal Pharmaceuticals' Operating Expenses stood at $85.3 million in 2022, then surged by 37.37% to $117.2 million in 2023, then soared by 45.35% to $170.3 million in 2024, then surged by 123.52% to $380.7 million in 2025, then climbed by 10.47% to $420.6 million in 2026.
- Business Quant data shows MDGL's Operating Expenses at $420.6 million in Q2 2026, $404.1 million in Q1 2026, and $380.7 million in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 128.13 Bn | 120.28 Bn | 2.84 Bn | 2.09 Bn |
| 2 | Regeneron Pharmaceuticals | 112.33 Bn | 104.33 Bn | 3.93 Bn | 3.00 Bn |
| 3 | Argenx Se | 53.24 Bn | 48.05 Bn | 1.41 Bn | 2.89 Bn |
| 4 | Revolution Medicines | 43.64 Bn | 43.64 Bn | - | 505.13 Mn |
| 5 | BeOne Medicines | 39.27 Bn | 34.17 Bn | 1.53 Bn | 1.21 Bn |
| 6 | MindWalk Holdings | 35.32 Bn | 35.31 Bn | 1.82 Bn | 4,978.15 |
| 7 | Royalty Pharma | 33.72 Bn | 35.84 Bn | - | 541.02 Mn |
| 8 | Alnylam Pharmaceuticals | 30.58 Bn | 27.27 Bn | 992.69 Mn | 1.06 Bn |
| 9 | Insmed | 27.01 Bn | 25.85 Bn | 358.27 Mn | 427.03 Mn |
| 10 | Madrigal Pharmaceuticals | 14.79 Bn | 13.95 Bn | - | 420.56 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 420.56 Mn |
| Mar 31, 2026 | 404.06 Mn |
| Dec 31, 2025 | 1.23 Bn |
| Sep 30, 2025 | 401.24 Mn |
| Jun 30, 2025 | 9.07 Mn |
| Mar 31, 2025 | 216.56 Mn |
| Dec 31, 2024 | -501.46 Mn |
| Sep 30, 2024 | 2.15 Mn |
| Jun 30, 2024 | 636,000.00 |
| Dec 31, 2023 | 117.18 Mn |
| Sep 30, 2023 | 98.53 Mn |
| Jun 30, 2023 | 86.45 Mn |
| Mar 31, 2023 | 78.34 Mn |
| Dec 31, 2022 | 85.30 Mn |
| Sep 30, 2022 | 80.41 Mn |
| Jun 30, 2022 | 70.27 Mn |
| Mar 31, 2022 | 57.59 Mn |
| Dec 31, 2021 | 64.60 Mn |
| Sep 30, 2021 | 63.16 Mn |
| Jun 30, 2021 | 61.74 Mn |