Sep. 12 at 10:32 AM
Canaccord Genuity⬆️the PT on
$MDGL to
$526 from
$428, reiterated, at a Buy rating and said, while the #MASH drug development competitive landscape remains crowded, we believe Madrigal's strong efficacy and safety profile, coupled with being an oral drug, allows for it to remain competitive for the foreseeable future.
We currently model peak revenue for Rezdiffra in 2032 with US revenue of
$5.1B and EU revenue of
$678M.
To be conservative, we assume Rezdiffra pricing to drop in 2033 by 25% as part of IRA negotiations.
We remain bullish on shares of
$MDGL and would be strong buyers going into the EU launch and continued U.S. growth.
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