David Soergel
MADRIGAL PHARMACEUTICALSAbout David Soergel
David Soergel, M.D., is Executive Vice President and Chief Medical Officer (CMO) of Madrigal Pharmaceuticals (MDGL), appointed in April 2025 (age 57). He previously served as EVP and Global Head of Cardiovascular, Renal and Metabolism Development at Novartis (2017–2025), where he oversaw 10 late-stage programs in 2024, led evidence-generation that expanded Entresto’s indications, advanced novel medicines to approval (Leqvio, Fabhalta, Vanrafia), and led development diligence on the Medicines Company and Chinook acquisitions; prior roles include CMO/SVP Clinical Development at Trevena and early-stage translational roles at GSK. He trained in pediatrics and pediatric cardiology at Johns Hopkins and CHOP, holds a B.A. from Johns Hopkins and an M.D. from Cornell University Medical College . Company performance context around his appointment: MDGL generated $180.1M net revenue in 2024 from Rezdiffra’s U.S. launch and had >17,000 patients on therapy by Mar 31, 2025; Q1’25 net sales were $137.3M .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Novartis | EVP & Global Head, Cardiovascular, Renal and Metabolism Development | Aug 2017–Apr 2025 | Oversaw 10 late-stage programs (2024); expanded Entresto evidence; advanced Leqvio, Fabhalta, Vanrafia to approval; led development diligence for Medicines Co. and Chinook deals |
| Trevena | SVP Clinical Development; Chief Medical Officer | Mar 2015–Aug 2017 | Led development of novel pain and other therapeutics |
| GlaxoSmithKline | Early-stage clinical development and translational medicine | Not disclosed | Early-stage translational/clinical development responsibilities |
External Roles
| Organization | Role | Years |
|---|---|---|
| Not disclosed in company filings | — | — |
No external board or committee roles for Dr. Soergel were disclosed in MDGL filings reviewed .
Fixed Compensation
| Element | Details | Source |
|---|---|---|
| Base salary | Not disclosed for Dr. Soergel as of the 2025 proxy and Q2’25 filings | — |
| Benchmark (former CMO) | Dr. Rebecca Taub (then CMO/President R&D) 2024 base salary: $600,000 | |
| Cash benefits (company program) | NEO base salaries reviewed annually; competitive benchmarking via Compensia |
Performance Compensation
| Component | Metric/Design | Weighting/Scale | 2024 Company Outcome (context for current execs) | Vesting/Notes |
|---|---|---|---|---|
| Annual cash incentive | Corporate scorecard: FDA approval, study enrollment, launch, market access, sales, medical affairs, financing, pipeline, IP | Weights per metric (e.g., FDA 25.33%, Sales 10.33%, etc.) | Total payout factor 142% of target based on overachievement (e.g., approval ahead of target; $180.1M 2024 net revenue) | Paid after year-end assessment; targets set with threshold/target/max (56.25%–180%) |
| Long-term incentives | Mix of PSUs (relative TSR vs Nasdaq Biotech Index), stock options, RSUs | Equal thirds of total annual LTI | Program in place for executives; 2024 introduced PSUs for all execs; CEO also has separate 2023 PSU grant with stock-price hurdles | RSUs: 25% annually over 4 years; options priced at grant-date close; PSUs earned on 3-year relative TSR (company disclosed relative TSR construct) ; 2024 PSU scale previously described: ≤50th percentile < target; 90th percentile = 2x target (linear between) |
Detailed 2024 corporate scorecard (context for current exec incentives):
| Metric | Weight (%) | Achievement contribution | Notes |
|---|---|---|---|
| FDA Approval | 25.33 | 37.5 | Approval Mar 14, 2024; favorable label |
| Study Enrollment | 12.33 | 18.0 | Exceeded MAESTRO-NASH OUTCOMES enrollment (845 pts by Oct 2024) |
| Rezdiffra launch | 20.33 | 43.4 | $180.1M 2024 net revenue |
| Market Access | 5.33 | 7.5 | >80% commercial lives covered by Sep 30, 2024 |
| Sales | 10.33 | 10.5 | Exceeded internal targets |
| Medical Affairs | 5.33 | 7.5 | Significant awareness |
| Financing | 5.33 | 7.5 | $690M gross proceeds in upsized financing |
| Pipeline Expansion | 10.33 | 2.6 | Evaluation/due diligence |
| Intellectual Property | 5.33 | 7.5 | Prosecuted patents |
| Total Payout | 100 | 142.0 | Company-wide bonus factor |
Equity Ownership & Alignment
| Item | Detail | Implication |
|---|---|---|
| Beneficial ownership (Soergel) | Not listed among executive/director beneficial owners as of Apr 1, 2025; shares outstanding 22,187,716 | No disclosed holdings as of record date; subsequent grants/holdings (if any) not yet reported in reviewed filings |
| Hedging/Pledging policy | Officers, directors, employees, contractors prohibited from pledging company stock or holding on margin; hedging (forwards, swaps, collars, exchange funds, etc.) prohibited | Reduces misalignment and leverage/forced-sale risk |
| Clawbacks | Dodd-Frank clawback (restatement-based) adopted Nov 2023; supplemental misconduct clawback (Apr 2024) allows recovery for knowing/intentional/reckless serious misconduct | Strong recourse on incentive comp |
| Say-on-Pay support | 95% approval in 2024 | Shareholder support of pay design |
Employment Terms
| Term | Status/Detail |
|---|---|
| Appointment | Appointed CMO in April 2025 |
| Offer letter/comp terms | Not filed in reviewed 8-Ks/Proxy; compensation specifics for Dr. Soergel not disclosed |
| Executive agreements (company practice) | Company states it has severance and change-in-control agreements with executives (NEOs) and adopted standard clawbacks; terms for Dr. Soergel not disclosed in reviewed documents |
| Reference structure (example) | Dr. Taub’s 2025 transition agreement (8-K): upon qualifying separation, 12 months base salary continuation, target bonus continuation, full equity acceleration, 12 months health benefits; if within 1 year of change of control, same benefits paid in lump sum (double-trigger) |
Performance & Track Record
- Role fit: Deep cardio-metabolic late-stage development and outcomes experience at Novartis (Entresto expansion; approvals for Leqvio, Fabhalta, Vanrafia; diligence for Medicines Co. and Chinook) aligns with MDGL’s priorities to secure full approval, expand to compensated cirrhosis (F4c), and pursue combinations (e.g., oral GLP-1) .
- Company momentum at/after appointment: 2024 net revenue $180.1M; >17,000 patients by 3/31/25; Q1’25 net sales $137.3M; advancing outcomes program (F4c) and EU expansion (positive CHMP opinion in June 2025) .
Compensation Structure Analysis (alignment/risks)
- Strong pay-for-performance orientation: 2024 scorecard-heavy annual cash plan and equal-mix LTI with relative TSR PSUs; company-level 142% payout evidences leverage to milestone delivery (approval, launch); this design is likely to govern Soergel’s future variable pay .
- Vesting and selling pressure: Time-based RSUs vest 25% annually over four years; options priced at grant-date close; PSUs on 3-year relative TSR. These features distribute realizable value over time and link performance equity to shareholder returns, mitigating near-term selling pressure from immediate vesting .
- Governance safeguards: No hedging/pledging; dual clawbacks; no tax gross-ups in severance agreements; high say-on-pay support—collectively reduce misalignment and reputational risk .
Investment Implications
- Execution leverage: Soergel’s late-stage and outcomes-trial pedigree is directly tied to MDGL’s core value drivers (confirmatory outcomes for full approval; F4c expansion; EU rollout; potential combo development), supporting probability of technical/regulatory success .
- Alignment signals: Future CMO compensation will likely be predominantly at-risk with TSR-linked PSUs and multi-year vesting, consistent with MDGL’s 2024 program, aligning him with shareholder outcomes and lowering immediate sale overhang risk; prohibitions on hedging/pledging further align interests .
- Retention risk: While Soergel’s specific grants aren’t disclosed yet, MDGL’s pattern of sizeable multi-year equity and standard double-trigger CoC terms indicates reasonable retention scaffolding; absence of disclosed holdings as of Apr 1, 2025 suggests limited current personal stake visibility pending Form 4s/next proxy .
- Key watch items: Look for Soergel’s offer letter and initial equity grant details (strike, size, PSU targets), any insider Form 4 filings, 2025/2026 bonus metrics evolution (commercial vs outcomes weighting), and progress markers on outcomes trials and EU/combination programs .
Sources: MDGL 2025 DEF 14A (executive officers, compensation design, hedging/pledging, clawbacks, ownership), April 17, 2025 8-K (CMO transition terms), May 1, 2025 press release (Q1’25 results), June 20, 2025 press release (CHMP). Citations: .