Madrigal Pharmaceuticals Investor Presentation — May 2022

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NASDAQ: MDGL ©2022 Madrigal Pharmaceuticals. All rights reserved.Corporate Presentation

Resmetirom is an investigational therapy and has not been approved by the FDA (or any other regulatory authority).

Resmetirom is only available for use in a clinical trial setting (ClinicalTrials.gov NCT03900429, NCT04197479).May -22 Madrigal Pharmaceuticals 2Forward Looking Statements

This communication contains “forward -looking statements” made pursuant to the safe harbor provisions of the Private Securities L itigation Reform Act of 1995, that are based on our beliefs and

assumptions and on information currently available to us but are subject to factors beyond our control. Forward -looking stateme nts include but are not limited to statements or references

concerning: our clinical trials, including the anticipated timing of disclosure, presentations of data from, or outcomes from our trials; research and development activities; market size and patient

treatment estimates for NASH and NAFLD patients; the timing and results associated with the future development of our lead pr oduct candidate, MGL -3196 (resmetirom); our primary and

secondary study endpoints for resmetirom and the potential for achieving such endpoints and projections; plans, objectives an d timing for making a Subpart H (Accelerated Approval of New Drugs

for Serious or Life -Threatening Illnesses) submission to FDA; optimal dosing levels for resmetirom; projections regarding potent ial future NASH resolution, safety, fibrosis treatment, cardiovascular

effects, lipid treatment and/or biomarker effects with resmetirom; the potential efficacy and safety of resmetirom for non -cirrh otic NASH patients and cirrhotic NASH patients; ex -U.S.

launch/partnering plans; the predictive power of liver fat reduction, as measured by non -invasive tests, on NASH resolution wit h fibrosis reduction or improvement; the predictive power of liver fat,

liver volume changes or MAST scores for NASH and/or NAFLD patients; the effects of resmetirom’ s mechanism of action; the ach ievement of enrollment objectives concerning patient number,

safety database and/or timing for our studies; the predictive power of NASH resolution and/or liver fibrosis reduction or imp rovement with resmetirom using non -invasive tests, including the use of

ELF, FibroScan, MRE and/or MRI -PDFF; the ability to develop clinical evidence demonstrating the utility of non -invasive tools an d techniques to screen and diagnose NASH and/or NAFLD patients;

the predictive power of non -invasive tests generally, including for purposes of diagnosing NASH, monitoring patient response to resmetirom, or recruiting a NASH clinical trial; potential NASH or

NAFLD patient risk profile benefits with resmetirom; the potential for resmetirom to become the best -in-class and/or first -to-market treatment option for patients with NASH and liver fibrosis; and