Madrigal Pharmaceuticals annual r&d spending
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2025
Madrigal Pharmaceuticals R&D Spending Growth & History (MDGL)
Madrigal Pharmaceuticals's r&d spending was $388.5M for fiscal 2025.
View full Madrigal Pharmaceuticals company overviewMadrigal Pharmaceuticals annual r&d spending history
| Fiscal year | Period ended | R&D spending | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | $388.5M | $151.8M | +64.13% |
| 2024 | 2024-12-31 | $236.7M | −$35.6M | −13.08% |
| 2023 | 2023-12-31 | $272.4M | $26.9M | +10.96% |
| 2022 | 2022-12-31 | $245.4M | $40.3M | +19.63% |
| 2021 | 2021-12-31 | $205.2M | $20.4M | +11.01% |
| 2020 | 2020-12-31 | $184.8M | $112.5M | +155.53% |
| 2019 | 2019-12-31 | $72.3M | $46.9M | +184.86% |
| 2018 | 2018-12-31 | $25.4M | $999,000 | +4.10% |
| 2017 | 2017-12-31 | $24.4M | $8.5M | +53.08% |
| 2016 | 2016-12-31 | $15.9M | $13.5M | +556.44% |
| 2015 | 2015-12-31 | $2.4M | −$65.8M | −96.44% |
| 2014 | 2014-12-31 | $68.2M | −$3.7M | −5.09% |
| 2013 | 2013-12-31 | $71.9M | $22.4M | +45.43% |
| 2012 | 2012-12-31 | $49.4M | $7.9M | +19.17% |
| 2011 | 2011-12-31 | $41.5M | $1.2M | +3.01% |
| 2010 | 2010-12-31 | $40.3M | −$10.8M | −21.16% |
| 2009 | 2009-12-31 | $51.1M | — | — |
Madrigal Pharmaceuticals quarterly r&d spending
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| Fiscal quarter | Period ended | R&D spending | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $91.2M | $37.1M | +68.60% |
| Q1 2026 | 2026-03-31 | $108.7M | $64.5M | +146.07% |
| Q4 2025 | 2025-12-31 | $116.3M | $90.6M | +353.32% |
| Q3 2025 | 2025-09-30 | $174.0M | $105.3M | +153.13% |
| Q2 2025 | 2025-06-30 | $54.1M | −$17.0M | −23.93% |
| Q1 2025 | 2025-03-31 | $44.2M | −$27.1M | −37.99% |
| Q4 2024 | 2024-12-31 | $25.6M | −$45.0M | −63.69% |
| Q3 2024 | 2024-09-30 | $68.7M | −$2.2M | −3.11% |
| Q2 2024 | 2024-06-30 | $71.1M | $2.5M | +3.62% |
| Q1 2024 | 2024-03-31 | $71.2M | $9.1M | +14.61% |
| Q4 2023 | 2023-12-31 | $70.6M | −$102,000 | −0.14% |
| Q3 2023 | 2023-09-30 | $71.0M | $2.7M | +3.93% |
| Q2 2023 | 2023-06-30 | $68.6M | $10.1M | +17.28% |
| Q1 2023 | 2023-03-31 | $62.2M | $14.2M | +29.68% |
| Q4 2022 | 2022-12-31 | $70.7M | $17.9M | +33.76% |
| Q3 2022 | 2022-09-30 | $68.3M | $13.4M | +24.42% |
| Q2 2022 | 2022-06-30 | $58.5M | $6.9M | +13.30% |
| Q1 2022 | 2022-03-31 | $47.9M | $2.2M | +4.72% |
| Q4 2021 | 2021-12-31 | $52.9M | −$540,000 | −1.01% |
| Q3 2021 | 2021-09-30 | $54.9M | $1.6M | +2.97% |
| Q2 2021 | 2021-06-30 | $51.6M | $6.9M | +15.54% |
| Q1 2021 | 2021-03-31 | $45.8M | $12.4M | +37.04% |
| Q4 2020 | 2020-12-31 | $53.4M | $28.5M | +114.49% |
| Q3 2020 | 2020-09-30 | $53.3M | $33.8M | +174.04% |
| Q2 2020 | 2020-06-30 | $44.7M | $29.1M | +186.57% |
| Q1 2020 | 2020-03-31 | $33.4M | $21.0M | +169.94% |
| Q4 2019 | 2019-12-31 | $24.9M | $16.0M | +180.80% |
| Q3 2019 | 2019-09-30 | $19.4M | $13.2M | +213.11% |
| Q2 2019 | 2019-06-30 | $15.6M | $10.5M | +205.23% |
| Q1 2019 | 2019-03-31 | $12.4M | $7.2M | +138.03% |
| Q4 2018 | 2018-12-31 | $8.9M | $2.4M | +36.23% |
| Q3 2018 | 2018-09-30 | $6.2M | −$471,000 | −7.05% |
| Q2 2018 | 2018-06-30 | $5.1M | −$1.7M | −25.04% |
| Q1 2018 | 2018-03-31 | $5.2M | $818,000 | +18.68% |
| Q4 2017 | 2017-12-31 | $6.5M | $989,000 | +17.91% |
| Q3 2017 | 2017-09-30 | $6.7M | −$1.1M | −14.40% |
| Q2 2017 | 2017-06-30 | $6.8M | $4.7M | +226.44% |
| Q1 2017 | 2017-03-31 | $4.4M | $3.9M | +748.84% |
| Q4 2016 | 2016-12-31 | $5.5M | −$1.7M | −23.78% |
| Q3 2016 | 2016-09-30 | $7.8M | $7.1M | +1043.59% |
| Q2 2016 | 2016-06-30 | $2.1M | −$14.3M | −87.25% |
| Q1 2016 | 2016-03-31 | $516,000 | −$15.7M | −96.81% |
| Q4 2015 | 2015-12-31 | $7.2M | −$8.4M | −53.71% |
| Q3 2015 | 2015-09-30 | $682,588 | −$15.5M | −95.79% |
| Q2 2015 | 2015-06-30 | $16.4M | −$2.4M | −12.71% |
| Q1 2015 | 2015-03-31 | $16.2M | −$1.4M | −7.97% |
| Q4 2014 | 2014-12-31 | $15.7M | −$4.3M | −21.66% |
| Q3 2014 | 2014-09-30 | $16.2M | −$1.4M | −8.03% |
| Q2 2014 | 2014-06-30 | $18.8M | $885,000 | +4.95% |
| Q1 2014 | 2014-03-31 | $17.6M | $1.2M | +7.34% |
| Q4 2013 | 2013-12-31 | $20.0M | $5.6M | +39.23% |
| Q3 2013 | 2013-09-30 | $17.6M | $5.9M | +50.07% |
| Q2 2013 | 2013-06-30 | $17.9M | $6.6M | +58.87% |
| Q1 2013 | 2013-03-31 | $16.4M | $4.3M | +35.75% |
| Q4 2012 | 2012-12-31 | $14.4M | $3.5M | +32.16% |
| Q3 2012 | 2012-09-30 | $11.7M | $992,000 | +9.23% |
| Q2 2012 | 2012-06-30 | $11.3M | $835,000 | +8.02% |
| Q1 2012 | 2012-03-31 | $12.1M | $2.6M | +27.87% |
| Q4 2011 | 2011-12-31 | $10.9M | — | — |
| Q3 2011 | 2011-09-30 | $10.8M | −$272,000 | −2.47% |
| Q2 2011 | 2011-06-30 | $10.4M | $729,000 | +7.52% |
| Q1 2011 | 2011-03-31 | $9.4M | — | — |
| Q3 2010 | 2010-09-30 | $11.0M | — | — |
| Q2 2010 | 2010-06-30 | $9.7M | — | — |
Madrigal Pharmaceuticals r&d spending trends
Over the last five fiscal years, Madrigal Pharmaceuticals's r&d spending increased from $184.8M to $388.5M, a change of $203.7M. The latest reported quarter, Q2 2026, shows $91.2M.
About the metric
What research and development spending means
Research and development (R&D) spending covers the costs of creating and improving products, services, software, technologies, and processes. Higher R&D spending may support future innovation, but the amount alone does not show whether those investments will generate returns.
Calculation and source
SEC-reported R&D expense
TickerStat standardizes research and development expense reported in company SEC filings, including the software-specific US-GAAP R&D concept when it is the filer’s primary R&D expense line. It is historical company-reported spending, not an estimate or forecast. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Madrigal Pharmaceuticals source filings ↗