Madrigal Pharmaceuticals appoints new board member

CONSHOHOCKEN, Pa. - Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), a biotech company with a market capitalization of $7.27 billion and strong financial health indicators according to InvestingPro data, has announced the upcoming retirement of Fred Craves, Ph.D., from its Board of Directors and the appointment of Jacqualyn Fouse, Ph.D., as his successor. Craves will step down in July 2025 after a long tenure with the company. Fouse, an experienced biotech executive with over 30 years in the healthcare industry, is expected to bring valuable expertise to Madrigal’s board.

Julian Baker, Chairman of the Board, expressed his gratitude to Craves for his significant contributions to Madrigal’s success and welcomed Fouse’s addition to the team. Bill Sibold, CEO of Madrigal, echoed Baker’s sentiments and noted Fouse’s role in guiding the company’s future growth.

Fouse’s prior roles include CEO of Agios Pharmaceuticals and executive leadership positions at Celgene Corporation. She has also served as CFO at Bunge Limited and Alcon Laboratories, among other senior leadership roles in international companies. Her academic credentials include a Ph.D. in finance from the University of Texas at Arlington and additional degrees in environmental management and wildlife forensics.

Madrigal Pharmaceuticals specializes in treatments for metabolic dysfunction-associated steatohepatitis (MASH), a liver disease with a high unmet medical need. The company’s medication, Rezdiffra (resmetirom), is the first FDA-approved treatment for MASH with moderate to advanced fibrosis and is currently being evaluated in a Phase 3 trial for compensated MASH cirrhosis. The company maintains a strong financial position with a current ratio of 6.1 and more cash than debt on its balance sheet, according to InvestingPro analysis.

Dr. Fouse expressed excitement about joining Madrigal’s Board and contributing to the company’s efforts in MASH treatment, highlighting the early success of Rezdiffra.

This transition in Madrigal’s leadership comes at a time when the company is looking to expand its clinical program and geographic reach. The information for this article is based on a press release statement from Madrigal Pharmaceuticals, Inc.

In other recent news, Madrigal Pharmaceuticals reported its fourth-quarter and full-year 2024 revenues, reaching $103 million and $180 million, respectively, which were at the upper end of their preannounced range. Citi analyst David Lebowitz raised the price target for Madrigal to $469, citing strong sales performance of Rezdiffra, which exceeded market expectations for the third consecutive quarter. UBS maintained its Buy rating with a target of $441, expressing confidence in Madrigal’s long-term potential, while JMP Securities also raised its target to $443 based on promising trial data. H.C. Wainwright adjusted Madrigal’s price target to $405, maintaining a positive outlook on the company’s growth prospects. TD Cowen reiterated a Buy rating with a $390 target, highlighting significant findings from a two-year study showing a reduction in liver stiffness in patients treated with Rezdiffra. Madrigal’s ongoing Phase 3 MAESTRO-NASH Outcomes trial is expected to yield results in 2027, which could further influence the company’s valuation. Additionally, Madrigal is anticipating a regulatory decision from the European Medicines Agency by mid-2025, with plans for a product launch in Germany later that year. These recent developments underscore Madrigal’s progress in addressing unmet medical needs in liver disease treatment.

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