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Side-by-side financial comparison of EXELIXIS, INC. (EXEL) and MADRIGAL PHARMACEUTICALS, INC. (MDGL), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
EXELIXIS, INC. is the larger business by last-quarter revenue ($598.7M vs $321.1M, roughly 1.9× MADRIGAL PHARMACEUTICALS, INC.). EXELIXIS, INC. runs the higher net margin — 40.8% vs -18.2%, a 59.1% gap on every dollar of revenue. On growth, MADRIGAL PHARMACEUTICALS, INC. posted the faster year-over-year revenue change (210.8% vs 5.6%). EXELIXIS, INC. produced more free cash flow last quarter ($332.4M vs $-133.8M).
Exelixis, Inc. is a genomics-based drug discovery company located in Alameda, California, and the producer of Cometriq, a treatment approved by the U.S. Food and Drug Administration (FDA) for medullary thyroid cancer with clinical activity in several other types of metastatic cancer.
Intercept Pharmaceuticals, Inc. is an American biopharmaceutical company incorporated in 2002, focusing on the development of novel synthetic bile acid analogs to treat chronic liver diseases, such as primary biliary cirrhosis (PBC) now called primary biliary cholangitis, non-alcoholic fatty liver disease, cirrhosis, portal hypertension, primary sclerosing cholangitis and also the intestinal disorder, bile acid diarrhea.
EXEL vs MDGL — Head-to-Head
Income Statement — Q4 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $598.7M | $321.1M |
| Net Profit | $244.5M | $-58.6M |
| Gross Margin | 95.6% | — |
| Operating Margin | 39.3% | -18.6% |
| Net Margin | 40.8% | -18.2% |
| Revenue YoY | 5.6% | 210.8% |
| Net Profit YoY | 74.8% | 1.4% |
| EPS (diluted) | $0.89 | $-2.55 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q1 26 | $598.7M | — | ||
| Q4 25 | $597.8M | $321.1M | ||
| Q3 25 | $568.3M | $287.3M | ||
| Q2 25 | $555.4M | $212.8M | ||
| Q1 25 | $566.8M | $137.3M | ||
| Q4 24 | — | $103.3M | ||
| Q3 24 | $539.5M | $62.2M | ||
| Q2 24 | $637.2M | $14.6M |
| Q1 26 | $244.5M | — | ||
| Q4 25 | $193.6M | $-58.6M | ||
| Q3 25 | $184.8M | $-114.2M | ||
| Q2 25 | $159.6M | $-42.3M | ||
| Q1 25 | $139.9M | $-73.2M | ||
| Q4 24 | — | $-59.4M | ||
| Q3 24 | $118.0M | $-107.0M | ||
| Q2 24 | $226.1M | $-152.0M |
| Q1 26 | 95.6% | — | ||
| Q4 25 | 96.9% | — | ||
| Q3 25 | 96.6% | — | ||
| Q2 25 | 96.5% | — | ||
| Q1 25 | 96.5% | 96.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | 96.8% | — | ||
| Q2 24 | 97.2% | — |
| Q1 26 | 39.3% | — | ||
| Q4 25 | 39.6% | -18.6% | ||
| Q3 25 | 37.6% | -39.7% | ||
| Q2 25 | 33.6% | -22.2% | ||
| Q1 25 | 28.8% | -57.8% | ||
| Q4 24 | — | -64.8% | ||
| Q3 24 | 25.2% | -187.1% | ||
| Q2 24 | 43.3% | -1110.4% |
| Q1 26 | 40.8% | — | ||
| Q4 25 | 32.4% | -18.2% | ||
| Q3 25 | 32.5% | -39.8% | ||
| Q2 25 | 28.7% | -19.9% | ||
| Q1 25 | 24.7% | -53.4% | ||
| Q4 24 | — | -57.5% | ||
| Q3 24 | 21.9% | -172.0% | ||
| Q2 24 | 35.5% | -1038.2% |
| Q1 26 | $0.89 | — | ||
| Q4 25 | $0.69 | $-2.55 | ||
| Q3 25 | $0.65 | $-5.08 | ||
| Q2 25 | $0.55 | $-1.90 | ||
| Q1 25 | $0.47 | $-3.32 | ||
| Q4 24 | — | $-2.50 | ||
| Q3 24 | $0.40 | $-4.92 | ||
| Q2 24 | $0.77 | $-7.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $198.7M |
| Total DebtLower is stronger | — | $339.9M |
| Stockholders' EquityBook value | $2.2B | $602.7M |
| Total Assets | $2.8B | $1.3B |
| Debt / EquityLower = less leverage | — | 0.56× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | $1.1B | — | ||
| Q4 25 | $988.5M | $198.7M | ||
| Q3 25 | $791.1M | $295.7M | ||
| Q2 25 | $1.0B | $186.2M | ||
| Q1 25 | $1.1B | $183.6M | ||
| Q4 24 | — | $100.0M | ||
| Q3 24 | $1.2B | $232.7M | ||
| Q2 24 | $1.0B | $494.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $339.9M | ||
| Q3 25 | — | $339.8M | ||
| Q2 25 | — | $118.4M | ||
| Q1 25 | — | $118.0M | ||
| Q4 24 | — | $117.6M | ||
| Q3 24 | — | $117.1M | ||
| Q2 24 | — | $116.6M |
| Q1 26 | $2.2B | — | ||
| Q4 25 | $2.2B | $602.7M | ||
| Q3 25 | $2.0B | $625.7M | ||
| Q2 25 | $2.1B | $696.0M | ||
| Q1 25 | $2.2B | $710.6M | ||
| Q4 24 | — | $754.4M | ||
| Q3 24 | $2.3B | $777.2M | ||
| Q2 24 | $2.1B | $857.1M |
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.8B | $1.3B | ||
| Q3 25 | $2.7B | $1.4B | ||
| Q2 25 | $2.8B | $1.0B | ||
| Q1 25 | $2.9B | $996.6M | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $3.0B | $1.1B | ||
| Q2 24 | $2.8B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.56× | ||
| Q3 25 | — | 0.54× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.17× | ||
| Q4 24 | — | 0.16× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.14× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $333.5M | $-133.5M |
| Free Cash FlowOCF − Capex | $332.4M | $-133.8M |
| FCF MarginFCF / Revenue | 55.5% | -41.7% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.2% | 0.1% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.36× | — |
| TTM Free Cash FlowTrailing 4 quarters | $875.8M | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | $333.5M | — | ||
| Q4 25 | $290.3M | $-133.5M | ||
| Q3 25 | $49.0M | $79.8M | ||
| Q2 25 | $211.4M | $-47.1M | ||
| Q1 25 | $240.3M | $-88.9M | ||
| Q4 24 | — | $-104.5M | ||
| Q3 24 | $271.3M | $-67.0M | ||
| Q2 24 | $119.5M | $-134.9M |
| Q1 26 | $332.4M | — | ||
| Q4 25 | $288.8M | $-133.8M | ||
| Q3 25 | $46.2M | $79.0M | ||
| Q2 25 | $208.5M | — | ||
| Q1 25 | $236.3M | — | ||
| Q4 24 | — | $-104.7M | ||
| Q3 24 | $263.1M | $-67.8M | ||
| Q2 24 | $113.0M | $-135.1M |
| Q1 26 | 55.5% | — | ||
| Q4 25 | 48.3% | -41.7% | ||
| Q3 25 | 8.1% | 27.5% | ||
| Q2 25 | 37.5% | — | ||
| Q1 25 | 41.7% | — | ||
| Q4 24 | — | -101.3% | ||
| Q3 24 | 48.8% | -109.0% | ||
| Q2 24 | 17.7% | -922.8% |
| Q1 26 | 0.2% | — | ||
| Q4 25 | 0.2% | 0.1% | ||
| Q3 25 | 0.5% | 0.3% | ||
| Q2 25 | 0.5% | 0.0% | ||
| Q1 25 | 0.7% | 0.0% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | 1.5% | 1.3% | ||
| Q2 24 | 1.0% | 0.9% |
| Q1 26 | 1.36× | — | ||
| Q4 25 | 1.50× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 1.32× | — | ||
| Q1 25 | 1.72× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.30× | — | ||
| Q2 24 | 0.53× | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
EXEL
Segment breakdown not available.
MDGL
| Rebates Customer Fees Credits Co Pay Assistance And Other | $208.5M | 65% |
| Other | $76.0M | 24% |
| Chargebacks Discounts For Prompt Pay And Other Allowances | $36.6M | 11% |
