Madrigal Pharmaceuticals (MDGL) Research & Development (2010 - 2026)
Madrigal Pharmaceuticals (MDGL) recorded Research & Development of $91.18 million in Q2 2026, up 68.6% from $54.08 million a year earlier but down 16.1% from the prior quarter.
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Analysis
Madrigal Pharmaceuticals (MDGL) Research & Development (2010 - 2026) Analysis & Trends
On a TTM basis, Madrigal Pharmaceuticals' Research & Development came in at $490.14 million as of Jun 30, 2026, up 154.4% year-over-year; for FY2025, it came in at $388.53 million, up 64.1% from FY2024.
- Annual Research & Development has a five-year compound annual growth rate of 16.0% (FY2020 to FY2025).
- Across earlier years, Research & Development came in at $236.72 million in FY2024 (-13.1%), $272.35 million in FY2023 (+11.0%), $245.44 million in FY2022 (+19.6%) and $205.16 million in FY2021 (+11.0%).
- Quarterly Research & Development has ranged from $25.65 million in Q4 2024 to $174 million in Q3 2025 over the past five years.
- On a year-over-year basis, Research & Development has increased for four consecutive quarters, with growth averaging 74.0% over the last eight quarters.
- Peak year-over-year performance for Research & Development in the last five years was growth of 353.3% in Q4 2025, against a decline of 63.7% in Q4 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at $108.69 million (Q1 2026), $116.27 million (Q4 2025) and $174 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Johnson & Johnson | 655.56 Bn | 574.09 Bn | 17.26 Bn | 3.65 Bn |
| 2 | AbbVie | 470.94 Bn | 444.10 Bn | 12.70 Bn | 2.34 Bn |
| 3 | Merck | 367.14 Bn | 321.57 Bn | 12.21 Bn | 9.74 Bn |
| 4 | Novartis Ag | 280.33 Bn | 236.20 Bn | 11.24 Bn | -2.85 Bn |
| 5 | Astrazeneca | 257.78 Bn | 231.34 Bn | 12.86 Bn | -4.05 Bn |
| 6 | Amgen | 226.04 Bn | 181.44 Bn | 7.24 Bn | 1.87 Bn |
| 7 | Gilead Sciences | 188.89 Bn | 163.01 Bn | 6.22 Bn | 1.76 Bn |
| 8 | Pfizer | 163.75 Bn | 110.70 Bn | 10.94 Bn | 2.81 Bn |
| 9 | Vertex Pharmaceuticals | 133.68 Bn | 105.69 Bn | 2.84 Bn | 993.80 Mn |
| 10 | Madrigal Pharmaceuticals | 15.07 Bn | 11.32 Bn | - | 91.18 Mn |
Historic Data
Download Data
Historic 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 | 25.65 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 |
API Access
Madrigal Pharmaceuticals Research & Development API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=research-and-development&ticker=MDGL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "ticker": "MDGL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=research-and-development&ticker=MDGL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();