Madrigal Pharmaceuticals: Additional IP support, but commercial durability remains in focus

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Madrigal Pharmaceuticals: Additional IP support, but commercial durability remains in focus

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Madrigal Pharmaceuticals

Additional IP support, but commercial

durability remains in focus

Reiterate Rating: NEUTRAL | PO: 542.00 USD | Price: 536.70 USD

New patents add to portfolio, but debate has shifted 13 July 2026

This morning, Madrigal announced the issuance of three new resmetirom patents—two Equity

covering dosing and concomitant use in F2/F3 MASH and one covering use in F4c—all

Jason Zemansky

strengthening the patent estate following last year’s extension of protection through Research Analyst

2045 (see our takes on the patent extension). In our view, the updates are incrementally BofAS jason.zemansky@bofa.com

positive, creating additional barriers for potential generic entrants notwithstanding

Jacqueline Plesset

admitted questions around strength. That said, after last year’s extension, we’d argue IP Research Analyst

has largely receded as a concern, with focus instead shifting to Rezdiffra’s ability to limit BofASjacqueline.plesset@bofa.com

price/ share erosion as MASH competition intensifies. Accordingly, while a nominal win,

today’s announcement does little to address the current debate—consistent with the

market’s modestly positive reaction (MDGL -1% vs NBI -2%). Maintain Neutral, $542 PO.

Stock Data

Competitive pressures remain the key focus Price 536.70 USD

Looking ahead, we suspect the greater risks to Rezdiffra stem from increasing Price Objective 542.00 USD

competition. GLP-1s are expected to gain broader formulary access near-term (see our Date Established 11-Jun-2026

payer survey results and KOL takes) while remaining popular (see our MASH survey), Investment Opinion C-2-9