Madrigal Pharmaceuticals is a biopharmaceutical company that develops and commercializes novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH), a serious progressive liver disease. Its lead product, Rezdiffra, is an oral thyroid hormone receptor beta agonist approved for treating adults with noncirrhotic MASH and moderate to advanced liver fibrosis; the company also has obtained regulatory approval in Europe and is evaluating the drug in cirrhotic patients. The company generates revenue by selling Rezdiffra through specialty pharmacies and distributors, recognizing revenue upon delivery, while supporting commercialization and geographic expansion through a network of specialty pharmacy customers. Beyond its approved therapy, Madrigal has built a pipeline through exclusive licensing agreements with partners including Roche, CSPC, Pfizer, and Ribocure, aiming to develop multiple treatments for MASH and related metabolic diseases, though the company currently operates at a loss as it scales commercial operations and invests in clinical development.