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Manoj Garg

Research Analyst at Jefferies

Manoj Garg's questions to MADRIGAL PHARMACEUTICALS (MDGL) leadership

Question · Q4 2025

Manoj Garg asked about the importance of achieving a 90% adherence rate for Rezdiffra to sustain patient adds and revenue growth, and whether an acceleration in patient additions is expected now that contracts are in place, or if the current rate of 6,000-7,000 net patient adds per quarter is sustainable.

Answer

CEO Bill Sibold reiterated expectations for steadily adding patients, emphasizing that new contracts primarily solidify access rather than accelerating patient adds, as access was already strong. He noted that while persistence is currently in the 60%-70% range, efforts are underway to improve it, highlighting that discontinuation leads to disease recurrence.

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Question · Q4 2025

Manoj Garg asked about the importance of achieving higher adherence rates (e.g., 90%) for Rezdiffra to sustain patient adds and revenue growth, given reported real-world data. He also questioned whether an acceleration in patient adds is expected with new contracts, or if the current rate of 6,000-7,000 net patient adds per quarter should be maintained.

Answer

Bill Sibold, Chief Executive Officer, reiterated expectations for steadily adding patients, emphasizing that new contracts primarily ensure continued access rather than accelerating starts. He highlighted the importance of persistence for chronic therapy, noting that discontinuation leads to rapid disease return, and that Madrigal is actively working to improve persistence beyond the current 60%-70% range.

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