Paulson & Co. (MDGL) discloses 7.5% Madrigal Pharmaceuticals ownership in 13G/A

Rhea-AI Filing Summary

Paulson & Co. Inc. filed an amended ownership report showing discretionary control over 1,707,522 shares of Madrigal Pharmaceuticals, Inc. common stock, representing 7.5% of the class. This percentage is based on 22,711,420 shares outstanding as of October 30, 2025.

The shares are owned by Paulson’s investment advisory clients, and Paulson disclaims beneficial ownership. Paulson reports sole voting and dispositive power over these shares and certifies the holdings are for investment purposes, not to change or influence control of Madrigal.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Madrigal Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

558868105

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 558868105

1

Names of Reporting Persons

PAULSON & CO. INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,707,522.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,707,522.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,707,522.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Items 5, 7 & 9 (See Note 1 to Item 4 below)

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Madrigal Pharmaceuticals, Inc.
(b)	Address of issuer's principal executive offices: Four Tower Bridge, 200 Barr Harbor Drive, Suite 200 West Conshohocken, PA 19428
Item 2.
(a)	Name of person filing: Paulson & Co. Inc. (the "Reporting Person")
(b)	Address or principal business office or, if none, residence: 15 Exchange Place, Jersey City, New Jersey 07302
(c)	Citizenship: Delaware corporation
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 558868105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,707,522
(b)	Percent of class: 7.5%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,707,522 (See Note 1)
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,707,522 (See Note 1)
	(iv) Shared power to dispose or to direct the disposition of: Shared power to dispose or to direct the disposition of is 0. The aggregate percentage of Common Stock reported owned by each person named herein is based upon 22,711,420 shares of Common Stock outstanding as of October 30, 2025, which is the total number of shares of Common Stock outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2025. Note 1: Paulson & Co. Inc. ("Paulson") and its affiliates furnish investment advice to and manage onshore and offshore investment funds and separate managed accounts (such investment funds and accounts, the "Funds"). In its role as investment advisor, or manager, Paulson possesses voting and-or investment power over the securities of the Issuer described in this schedule that are owned by the Funds. All securities reported in this schedule are owned by the Funds. Paulson disclaims beneficial ownership of such securities.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All securities reported in this schedule are owned by Paulson's advisory clients, none of which to Paulson's knowledge owns more than 5% of the class. Paulson itself disclaims beneficial ownership of all such securities.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PAULSON & CO. INC.

Signature:	PAULSON & CO. INC.
Name/Title:	Stuart L. Merzer, General Counsel & Chief Compliance Officer
Date:	02/17/2026

FAQ

What percentage of Madrigal Pharmaceuticals (MDGL) does Paulson & Co. report owning?

Paulson & Co. reports beneficially owning 1,707,522 Madrigal Pharmaceuticals shares, representing 7.5% of the common stock. This stake is calculated using 22,711,420 shares outstanding as of October 30, 2025, as disclosed in Madrigal’s most recent quarterly report.

How many Madrigal Pharmaceuticals (MDGL) shares are covered in Paulson & Co.’s Schedule 13G/A?

The filing reports 1,707,522 shares of Madrigal Pharmaceuticals common stock under Paulson & Co.’s discretionary control. Paulson has sole voting and dispositive power over these shares, while legal ownership resides with its onshore and offshore funds and separate managed accounts.

Does Paulson & Co. claim beneficial ownership of its Madrigal (MDGL) position?

Paulson & Co. disclaims beneficial ownership of all Madrigal shares reported. The securities are owned by its advisory clients, described as onshore and offshore funds and separate accounts, for which Paulson exercises voting and-or investment authority as investment adviser or manager.

Are any Paulson advisory clients over 5% owners of Madrigal Pharmaceuticals (MDGL)?

According to the filing, no individual advisory client of Paulson & Co. is known to own more than 5% of Madrigal’s common stock. The 7.5% stake reflects combined holdings across multiple funds and accounts managed on a discretionary basis by Paulson.

Is Paulson & Co.’s Madrigal (MDGL) stake intended to influence control of the company?

Paulson & Co. certifies the Madrigal position is not held to change or influence control of the issuer. The Schedule 13G/A states the securities were acquired and are held for investment purposes, not in connection with any control-related transaction.

What share count did Paulson & Co. use to calculate its 7.5% Madrigal (MDGL) ownership?

The 7.5% figure is based on 22,711,420 Madrigal common shares outstanding as of October 30, 2025. This outstanding share count comes from Madrigal Pharmaceuticals’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2025.