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MADRIGAL PHARMACEUTICALS, INC.（MDGL）与Ultragenyx Pharmaceutical Inc.（RARE）财务数据对比。点击上方公司名可切换其他公司
MADRIGAL PHARMACEUTICALS, INC.的季度营收约是Ultragenyx Pharmaceutical Inc.的1.5倍（$321.1M vs $207.3M），MADRIGAL PHARMACEUTICALS, INC.净利率更高（-18.2% vs -62.0%，领先43.8%），MADRIGAL PHARMACEUTICALS, INC.同比增速更快（210.8% vs 25.9%），Ultragenyx Pharmaceutical Inc.自由现金流更多（$-100.8M vs $-133.8M）
本公司是一家美国生物制药企业，成立于2002年，专注于研发新型合成胆汁酸类似物，可用于治疗原发性胆汁性胆管炎、非酒精性脂肪肝、肝硬化等慢性肝病，以及胆汁酸性腹泻等肠道疾病。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
MDGL vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $321.1M | $207.3M |
| 净利润 | $-58.6M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | -18.6% | -54.7% |
| 净利率 | -18.2% | -62.0% |
| 营收同比 | 210.8% | 25.9% |
| 净利润同比 | 1.4% | 3.5% |
| 每股收益（稀释后） | $-2.55 | $-1.28 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
| Q4 25 | $321.1M | $207.3M | ||
| Q3 25 | $287.3M | $159.9M | ||
| Q2 25 | $212.8M | $166.5M | ||
| Q1 25 | $137.3M | $139.3M | ||
| Q4 24 | $103.3M | $164.6M | ||
| Q3 24 | $62.2M | $139.5M | ||
| Q2 24 | — | $147.0M | ||
| Q1 24 | $0 | $108.8M |
| Q4 25 | $-58.6M | $-128.6M | ||
| Q3 25 | $-114.2M | $-180.4M | ||
| Q2 25 | $-42.3M | $-115.0M | ||
| Q1 25 | $-73.2M | $-151.1M | ||
| Q4 24 | $-59.4M | $-133.2M | ||
| Q3 24 | $-107.0M | $-133.5M | ||
| Q2 24 | — | $-131.6M | ||
| Q1 24 | $-147.5M | $-170.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 96.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -18.6% | -54.7% | ||
| Q3 25 | -39.7% | -106.9% | ||
| Q2 25 | -22.2% | -64.8% | ||
| Q1 25 | -57.8% | -102.6% | ||
| Q4 24 | -64.8% | -74.3% | ||
| Q3 24 | -187.1% | -94.6% | ||
| Q2 24 | — | -79.1% | ||
| Q1 24 | — | -151.9% |
| Q4 25 | -18.2% | -62.0% | ||
| Q3 25 | -39.8% | -112.8% | ||
| Q2 25 | -19.9% | -69.0% | ||
| Q1 25 | -53.4% | -108.5% | ||
| Q4 24 | -57.5% | -80.9% | ||
| Q3 24 | -172.0% | -95.7% | ||
| Q2 24 | — | -89.5% | ||
| Q1 24 | — | -156.8% |
| Q4 25 | $-2.55 | $-1.28 | ||
| Q3 25 | $-5.08 | $-1.81 | ||
| Q2 25 | $-1.90 | $-1.17 | ||
| Q1 25 | $-3.32 | $-1.57 | ||
| Q4 24 | $-2.50 | $-1.34 | ||
| Q3 24 | $-4.92 | $-1.40 | ||
| Q2 24 | — | $-1.52 | ||
| Q1 24 | $-7.38 | $-2.03 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $198.7M | $421.0M |
| 总债务越低越好 | $339.9M | — |
| 股东权益账面价值 | $602.7M | $-80.0M |
| 总资产 | $1.3B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.56× | — |
8季度趋势，按日历期对齐
| Q4 25 | $198.7M | $421.0M | ||
| Q3 25 | $295.7M | $202.5M | ||
| Q2 25 | $186.2M | $176.3M | ||
| Q1 25 | $183.6M | $127.1M | ||
| Q4 24 | $100.0M | $174.0M | ||
| Q3 24 | $232.7M | $150.6M | ||
| Q2 24 | — | $480.7M | ||
| Q1 24 | $622.5M | $112.3M |
| 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 | — | — | ||
| Q1 24 | $116.1M | — |
| Q4 25 | $602.7M | $-80.0M | ||
| Q3 25 | $625.7M | $9.2M | ||
| Q2 25 | $696.0M | $151.3M | ||
| Q1 25 | $710.6M | $144.2M | ||
| Q4 24 | $754.4M | $255.0M | ||
| Q3 24 | $777.2M | $346.8M | ||
| Q2 24 | — | $432.4M | ||
| Q1 24 | $850.8M | $140.3M |
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $996.6M | $1.3B | ||
| Q4 24 | $1.0B | $1.5B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | $1.1B | $1.3B |
| 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 | — | — | ||
| Q1 24 | 0.14× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-133.5M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-133.8M | $-100.8M |
| 自由现金流率自由现金流/营收 | -41.7% | -48.6% |
| 资本支出强度资本支出/营收 | 0.1% | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-133.5M | $-99.8M | ||
| Q3 25 | $79.8M | $-91.4M | ||
| Q2 25 | $-47.1M | $-108.3M | ||
| Q1 25 | $-88.9M | $-166.5M | ||
| Q4 24 | $-104.5M | $-79.3M | ||
| Q3 24 | $-67.0M | $-67.0M | ||
| Q2 24 | — | $-77.0M | ||
| Q1 24 | $-149.2M | $-190.7M |
| Q4 25 | $-133.8M | $-100.8M | ||
| Q3 25 | $79.0M | $-92.7M | ||
| Q2 25 | — | $-110.7M | ||
| Q1 25 | — | $-167.8M | ||
| Q4 24 | $-104.7M | $-79.5M | ||
| Q3 24 | $-67.8M | $-68.6M | ||
| Q2 24 | — | $-79.0M | ||
| Q1 24 | $-149.5M | $-193.9M |
| Q4 25 | -41.7% | -48.6% | ||
| Q3 25 | 27.5% | -58.0% | ||
| Q2 25 | — | -66.5% | ||
| Q1 25 | — | -120.5% | ||
| Q4 24 | -101.3% | -48.3% | ||
| Q3 24 | -109.0% | -49.2% | ||
| Q2 24 | — | -53.7% | ||
| Q1 24 | — | -178.2% |
| Q4 25 | 0.1% | 0.5% | ||
| Q3 25 | 0.3% | 0.8% | ||
| Q2 25 | 0.0% | 1.5% | ||
| Q1 25 | 0.0% | 1.0% | ||
| Q4 24 | 0.2% | 0.1% | ||
| Q3 24 | 1.3% | 1.2% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 3.0% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
