MDGLMADRIGAL PHARMACEUTICALS, INC.

Pharmaceutical Preparations

Revenue: $958M; 432% YoY
Operating margin: -31.3%; 89% YoY
EBITDA: −$299M; 40% YoY
Market cap: $9.9B
Employees: 915; $1M revenue each
Net debt / EBITDA: —; $48M net debt
AI in 10-K: 3.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
10% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 75th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.4 per 10K words · 73rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$81M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$0	$0	$0	$180M	$958M	432%
Operating income	−$242M	−$294M	−$380M	−$498M	−$300M	40%
Net income	−$242M	−$295M	−$374M	−$466M	−$288M	38%
Operating cash flow	−$184M	−$225M	−$324M	−$456M	−$190M	58%
Capex	$209K	$217K	$1M	$1M	$467K	68%
Stock-based comp	$27M	$32M	$50M	$80M	$98M	23%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jun 8, 2016	DEFM14A	—	$5.57	100%
May 19, 2016	PREM14A	—	$5.57	150.83%

13D filers

Filed	Filer	Form	Stake	Intent
Dec 12, 2025	Taub Rebecca	SCHEDULE 13D/A	7.8%	Passive
Dec 12, 2025	FRIEDMAN PAUL A	SCHEDULE 13D/A	7.8%	Passive
Mar 25, 2024	BAKER BROS. ADVISORS LP	SC 13D/A	10.0%	Passive
Dec 13, 2023	BAY CITY CAPITAL LLC	SC 13D/A	2.9%	Passive
Nov 21, 2023	BAKER BROS. ADVISORS LP	SC 13D/A	10.0%	Passive
Oct 5, 2023	BAKER BROS. ADVISORS LP	SC 13D/A	10.0%	Passive
Aug 8, 2023	BAKER BROS. ADVISORS LP	SC 13D/A	8.4%	Passive
Jun 20, 2023	BAKER BROS. ADVISORS LP	SC 13D	8.4%	Passive
Dec 7, 2021	BAY CITY CAPITAL LLC	SC 13D/A	32.7%	Passive
Sep 8, 2020	BAY CITY CAPITAL LLC	SC 13D/A	18.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $81M · 202
Net: −$81M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	524	125
FY2024	—	—	278	93
FY2023	—	—	208	94
FY2022	—	—	261	90
FY2021	—	—	76	100