Madrigal Pharmaceuticals (MDGL) Research & Development (2010 - 2026)
Madrigal Pharmaceuticals (MDGL) posted quarterly Research & Development of $91.2 million for Q2 2026, up 68.6% year-over-year from $54.1 million in Q2 2025, and down 16.11% quarter-over-quarter from $108.7 million in Q1 2026.
Madrigal Pharmaceuticals (MDGL) Research & Development (2010 - 2026) Analysis & Trends
Madrigal Pharmaceuticals (MDGL) has reported Research & Development for 17 consecutive years, with $91.2 million the latest figure, recorded in Q2 2026.
- In Q2 2026, Research & Development rose 68.6% year-over-year to $91.2 million; the TTM figure through Jun 2026 stood at $490.1 million (up 140.39% YoY), while the FY2025 annual figure was $388.5 million, up 64.13% from the prior year.
- Research & Development eased to $91.2 million in Q2 2026 per MDGL's latest filing, from $108.7 million in the prior quarter.
- Across five years, Research & Development topped out at $174.0 million in Q3 2025 and bottomed at $36.9 million in Q4 2024.
- Historically, Research & Development has averaged $75.2 million across 5 years, with a median of $69.7 million in 2023.
- Annual changes were most pronounced in 2024 — Research & Development plunged 47.76% — and 2025, when it jumped 215.09%.
- Madrigal Pharmaceuticals' Research & Development stood at $70.7 million in 2022, then declined by 0.14% to $70.6 million in 2023, then slumped by 47.76% to $36.9 million in 2024, then surged by 215.09% to $116.3 million in 2025, then dropped by 21.58% to $91.2 million in 2026.
- Business Quant data shows MDGL's Research & Development at $91.2 million in Q2 2026, $108.7 million in Q1 2026, and $116.3 million in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 128.13 Bn | 120.28 Bn | 2.84 Bn | 993.80 Mn |
| 2 | Regeneron Pharmaceuticals | 112.33 Bn | 104.33 Bn | 3.93 Bn | 1.63 Bn |
| 3 | Argenx Se | 53.24 Bn | 48.05 Bn | 1.41 Bn | 1.37 Bn |
| 4 | Revolution Medicines | 43.64 Bn | 43.64 Bn | - | 394.92 Mn |
| 5 | BeOne Medicines | 39.27 Bn | 34.17 Bn | 1.53 Bn | 612.28 Mn |
| 6 | MindWalk Holdings | 35.32 Bn | 35.31 Bn | 1.82 Bn | 1,146.05 |
| 7 | Royalty Pharma | 33.72 Bn | 35.84 Bn | - | 97.90 Mn |
| 8 | Alnylam Pharmaceuticals | 30.58 Bn | 27.27 Bn | 992.69 Mn | 413.13 Mn |
| 9 | Insmed | 27.01 Bn | 25.85 Bn | 358.27 Mn | 210.03 Mn |
| 10 | Madrigal Pharmaceuticals | 14.79 Bn | 13.95 Bn | - | 91.18 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 91.18 Mn |
| Mar 31, 2026 | 108.69 Mn |
| Dec 31, 2025 | 116.27 Mn |
| Sep 30, 2025 | 174.00 Mn |
| Jun 30, 2025 | 54.08 Mn |
| Mar 31, 2025 | 44.17 Mn |
| Dec 31, 2024 | 36.90 Mn |
| Sep 30, 2024 | 68.74 Mn |
| Jun 30, 2024 | 71.09 Mn |
| Mar 31, 2024 | 71.24 Mn |
| Dec 31, 2023 | 70.64 Mn |
| Sep 30, 2023 | 70.95 Mn |
| Jun 30, 2023 | 68.61 Mn |
| Mar 31, 2023 | 62.15 Mn |
| Dec 31, 2022 | 70.74 Mn |
| Sep 30, 2022 | 68.27 Mn |
| Jun 30, 2022 | 58.50 Mn |
| Mar 31, 2022 | 47.93 Mn |
| Dec 31, 2021 | 52.89 Mn |
| Sep 30, 2021 | 54.87 Mn |