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Side-by-side financial comparison of MADRIGAL PHARMACEUTICALS, INC. (MDGL) and UNITED THERAPEUTICS Corp (UTHR), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
UNITED THERAPEUTICS Corp is the larger business by last-quarter revenue ($790.2M vs $321.1M, roughly 2.5× MADRIGAL PHARMACEUTICALS, INC.). UNITED THERAPEUTICS Corp runs the higher net margin — -18.2% vs 46.1%, a 64.3% gap on every dollar of revenue. On growth, MADRIGAL PHARMACEUTICALS, INC. posted the faster year-over-year revenue change (210.8% vs 7.4%). UNITED THERAPEUTICS Corp produced more free cash flow last quarter ($173.3M vs $-133.8M).
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.
United Therapeutics Corporation is an American biotechnology company that develops pharmaceuticals and technologies related to organ transplantation, including xenotransplantation. Many of the company's products are focused towards lung disease and organ manufacturing. United Therapeutics is co-headquartered in Silver Spring, Maryland and Research Triangle Park, North Carolina, with additional facilities in Magog and Bromont, Quebec; Melbourne and Jacksonville, Florida; Blacksburg, Virginia; ...
MDGL vs UTHR — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $321.1M | $790.2M |
| Net Profit | $-58.6M | $364.3M |
| Gross Margin | — | 86.9% |
| Operating Margin | -18.6% | 45.1% |
| Net Margin | -18.2% | 46.1% |
| Revenue YoY | 210.8% | 7.4% |
| Net Profit YoY | 1.4% | 20.9% |
| EPS (diluted) | $-2.55 | $7.66 |
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.
| Q4 25 | $321.1M | $790.2M | ||
| Q3 25 | $287.3M | $799.5M | ||
| Q2 25 | $212.8M | $798.6M | ||
| Q1 25 | $137.3M | $794.4M | ||
| Q4 24 | $103.3M | $735.9M | ||
| Q3 24 | $62.2M | $748.9M | ||
| Q2 24 | $14.6M | $714.9M | ||
| Q1 24 | $0 | $677.7M |
| Q4 25 | $-58.6M | $364.3M | ||
| Q3 25 | $-114.2M | $338.7M | ||
| Q2 25 | $-42.3M | $309.5M | ||
| Q1 25 | $-73.2M | $322.2M | ||
| Q4 24 | $-59.4M | $301.3M | ||
| Q3 24 | $-107.0M | $309.1M | ||
| Q2 24 | $-152.0M | $278.1M | ||
| Q1 24 | $-147.5M | $306.6M |
| Q4 25 | — | 86.9% | ||
| Q3 25 | — | 87.4% | ||
| Q2 25 | — | 89.0% | ||
| Q1 25 | 96.7% | 88.4% | ||
| Q4 24 | — | 89.7% | ||
| Q3 24 | — | 88.9% | ||
| Q2 24 | — | 89.1% | ||
| Q1 24 | — | 89.2% |
| Q4 25 | -18.6% | 45.1% | ||
| Q3 25 | -39.7% | 48.6% | ||
| Q2 25 | -22.2% | 45.6% | ||
| Q1 25 | -57.8% | 48.2% | ||
| Q4 24 | -64.8% | 48.6% | ||
| Q3 24 | -187.1% | 45.8% | ||
| Q2 24 | -1110.4% | 44.7% | ||
| Q1 24 | — | 52.6% |
| Q4 25 | -18.2% | 46.1% | ||
| Q3 25 | -39.8% | 42.4% | ||
| Q2 25 | -19.9% | 38.8% | ||
| Q1 25 | -53.4% | 40.6% | ||
| Q4 24 | -57.5% | 40.9% | ||
| Q3 24 | -172.0% | 41.3% | ||
| Q2 24 | -1038.2% | 38.9% | ||
| Q1 24 | — | 45.2% |
| Q4 25 | $-2.55 | $7.66 | ||
| Q3 25 | $-5.08 | $7.16 | ||
| Q2 25 | $-1.90 | $6.41 | ||
| Q1 25 | $-3.32 | $6.63 | ||
| Q4 24 | $-2.50 | $6.23 | ||
| Q3 24 | $-4.92 | $6.39 | ||
| Q2 24 | $-7.10 | $5.85 | ||
| Q1 24 | $-7.38 | $6.17 |
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 | $198.7M | $2.9B |
| Total DebtLower is stronger | $339.9M | — |
| Stockholders' EquityBook value | $602.7M | $7.1B |
| Total Assets | $1.3B | $7.9B |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $198.7M | $2.9B | ||
| Q3 25 | $295.7M | $2.8B | ||
| Q2 25 | $186.2M | $3.0B | ||
| Q1 25 | $183.6M | $3.3B | ||
| Q4 24 | $100.0M | $3.3B | ||
| Q3 24 | $232.7M | $3.3B | ||
| Q2 24 | $494.6M | $3.0B | ||
| Q1 24 | $622.5M | $2.7B |
| 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 24 | $116.1M | — |
| Q4 25 | $602.7M | $7.1B | ||
| Q3 25 | $625.7M | $6.6B | ||
| Q2 25 | $696.0M | $7.2B | ||
| Q1 25 | $710.6M | $6.8B | ||
| Q4 24 | $754.4M | $6.4B | ||
| Q3 24 | $777.2M | $6.1B | ||
| Q2 24 | $857.1M | $5.7B | ||
| Q1 24 | $850.8M | $5.3B |
| Q4 25 | $1.3B | $7.9B | ||
| Q3 25 | $1.4B | $7.4B | ||
| Q2 25 | $1.0B | $7.9B | ||
| Q1 25 | $996.6M | $7.7B | ||
| Q4 24 | $1.0B | $7.4B | ||
| Q3 24 | $1.1B | $7.1B | ||
| Q2 24 | $1.1B | $6.7B | ||
| Q1 24 | $1.1B | $6.5B |
| 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× | — | ||
| Q1 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 | $-133.5M | $346.2M |
| Free Cash FlowOCF − Capex | $-133.8M | $173.3M |
| FCF MarginFCF / Revenue | -41.7% | 21.9% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.1% | 21.9% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 0.95× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.0B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $-133.5M | $346.2M | ||
| Q3 25 | $79.8M | $562.1M | ||
| Q2 25 | $-47.1M | $191.7M | ||
| Q1 25 | $-88.9M | $461.2M | ||
| Q4 24 | $-104.5M | $341.2M | ||
| Q3 24 | $-67.0M | $377.2M | ||
| Q2 24 | $-134.9M | $232.2M | ||
| Q1 24 | $-149.2M | $376.5M |
| Q4 25 | $-133.8M | $173.3M | ||
| Q3 25 | $79.0M | $351.6M | ||
| Q2 25 | — | $129.5M | ||
| Q1 25 | — | $386.3M | ||
| Q4 24 | $-104.7M | $254.5M | ||
| Q3 24 | $-67.8M | $300.7M | ||
| Q2 24 | $-135.1M | $187.1M | ||
| Q1 24 | $-149.5M | $338.3M |
| Q4 25 | -41.7% | 21.9% | ||
| Q3 25 | 27.5% | 44.0% | ||
| Q2 25 | — | 16.2% | ||
| Q1 25 | — | 48.6% | ||
| Q4 24 | -101.3% | 34.6% | ||
| Q3 24 | -109.0% | 40.2% | ||
| Q2 24 | -922.8% | 26.2% | ||
| Q1 24 | — | 49.9% |
| Q4 25 | 0.1% | 21.9% | ||
| Q3 25 | 0.3% | 26.3% | ||
| Q2 25 | 0.0% | 7.8% | ||
| Q1 25 | 0.0% | 9.4% | ||
| Q4 24 | 0.2% | 11.8% | ||
| Q3 24 | 1.3% | 10.2% | ||
| Q2 24 | 0.9% | 6.3% | ||
| Q1 24 | — | 5.6% |
| Q4 25 | — | 0.95× | ||
| Q3 25 | — | 1.66× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | 1.23× |
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
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
