Shares of Madrigal Pharmaceuticals (MDGL) tumbled 6.14% in pre-market trading on Thursday, as the company's second-quarter 2026 financial results showed a widening net loss and escalating operating expenses, overshadowing strong sales growth for its liver disease drug Rezdiffra.

Madrigal reported net product revenue of $364.3 million for the quarter, a 71% jump from the same period last year. However, the net loss expanded to $57.9 million, or $1.99 per share, compared to a loss of $42.3 million, or $1.50 per share, a year earlier. While the loss per share was narrower than the FactSet consensus estimate of a $2.68 loss, total operating expenses climbed to $420.6 million from $260.0 million in the prior-year quarter. The increase was attributed to a $25 million one-time business development charge, higher R&D spending, and increased investment in commercial activities for Rezdiffra. Additionally, the company's cash, cash equivalents, and marketable securities fell to $838.9 million as of June 30, from $988.6 million at the end of 2025.

On the positive side, the company highlighted that more than 49,000 patients were on Rezdiffra as of the quarter's end, and it initiated a Phase 1 trial for its oral GLP-1 candidate MGL-2086. New patents were also issued to strengthen its intellectual property portfolio. Nevertheless, the sharp rise in costs and the deteriorating bottom line appeared to drive the pre-market sell-off.