GlobalData analysts have assessed the actions Madrigal Pharmaceuticals is taking to drive growth of its metabolic dysfunction-associated steatohepatitis (MASH) drug Rezdiffra, highlighting upcoming industry events as opportunities to boost awareness and adoption.
Pennsylvania-based Madrigal shared the first sales figures for Rezdiffra last week. The biotech reported sales of $14.6 million. While the figure comfortably beat expectations, Madrigal shares fell as ISI Evercore analysts predicted there will be “some bumpiness for 2024.” After seeing the results, GlobalData analysts outlined some of the ways the biotech will try to solidify its position in the nascent market.
The analysts zeroed in on the biotech’s efforts to court gastroenterologists. Hepatologists were faster to adopt the drug than their counterparts focused on the digestive system, leading the analysts to identify events such as the American College of Gastroenterology’s (AGC's) annual meeting as potential catalysts.
“Madrigal is actively working to boost awareness and adoption through industry events like Digestive Disease Week and is expected to have a strong presence at ACG 2024 from 25-30 October in Philadelphia,” the analysts said.
Madrigal CEO William Sibold provided an update on efforts to connect with physicians on the company’s earnings call. Around 20% of the 6,000 top hepatologists and gastroenterologists Madrigal is targeting prescribed the drug in the second quarter, and Sibold said the team is building strong relationships with physicians.
Efforts to connect with physicians are advancing in parallel to Madrigal’s patient-focused activities. The biotech is already educating patients, Sibold said, and is preparing to start a direct-to-consumer push.
“Our efforts through more of a direct reach out DTC perspective, et cetera, those are just about to get started,” Sibold said. “And I think that it is really important. It's really important when you have a disease that is not well understood, a disease that is not well recognized by many, but a disease that has very serious consequences.”