Madrigal Pharmaceuticals: Paulson & Co. Inc. amended a Schedule 13G to report beneficial ownership of 1,392,188 shares of Common Stock, representing 6.1% of the class. The filing cites 22,939,969 shares outstanding as of February 12, 2026. Paulson states the shares are owned by its advisory Funds and disclaims beneficial ownership while asserting voting and dispositive power over those Fund holdings.
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Insights
Paulson reports a 6.1% stake via advisory funds.
Paulson & Co. reports 1,392,188 shares, or 6.1%, of Madrigal Common Stock with sole voting and dispositive power claimed in the form. The filing ties the outstanding base to February 12, 2026.
Because Paulson states the securities are owned by advisory clients and disclaims beneficial ownership, the economic interest is held by multiple Funds; cash‑flow treatment and specific Fund names are not provided in the excerpt.
Disclosure follows Schedule 13G/A norms for passive investment reporting.
The amendment (No. 4) lists voting/dispositive power numbers and includes a Note clarifying advisory role and disclaimer of beneficial ownership. The filing references the issuer's Form 10‑K for the outstanding share count.
Material change drivers (e.g., increase/decrease in position or Fund identities) are not detailed in the excerpt; subsequent amendments would show activity if applicable.
Key Figures
Reported shares owned:1,392,188 sharesPercent of class:6.1%Shares outstanding (as of):22,939,969 shares+1 more
4 metrics
Reported shares owned1,392,188 sharesAmount beneficially owned reported in Schedule 13G/A
Percent of class6.1%Percent of Common Stock based on outstanding shares
Shares outstanding (as of)22,939,969 sharesOutstanding Common Stock as of <date>February 12, 2026</date>
Filing date / signature05/15/2026Date signature by Paulson's General Counsel & CCO on amendment
Key Terms
Schedule 13G/A, beneficial ownership, sole dispositive power, disclaims beneficial ownership
4 terms
Schedule 13G/Aregulatory
"Amendment No. 4 ) Madrigal Pharmaceuticals, Inc. Common Stock"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
beneficial ownershipfinancial
"Amount beneficially owned: 1,392,188 (b) Percent of class: 6.1%"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
sole dispositive powerregulatory
"Sole power to dispose or to direct the disposition of: 1,392,188 (See Note 1)"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
disclaims beneficial ownershiplegal
"Paulson disclaims beneficial ownership of such securities."
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Paulson reports owning 1,392,188 shares, equal to 6.1% of the class. The filing bases the percentage on 22,939,969 shares outstanding as of February 12, 2026, and states the shares are held by Paulson's advisory Funds.
Who legally owns the Madrigal shares reported by Paulson & Co.?
The shares are owned by Paulson's advisory Funds. Paulson states it furnishes investment advice and manages the Funds, asserts voting and dispositive power over those securities, and disclaims beneficial ownership in this Schedule 13G/A.
Does Paulson claim voting or dispositive power over the reported shares?
Yes—Paulson reports sole voting and sole dispositive power for 1,392,188 shares. The filing includes a Note explaining those powers arise from Paulson's advisory/manager role over the Funds that hold the shares.
What outstanding share count is used to compute the 6.1% figure for MDGL?
The percentage is computed using 22,939,969 shares outstanding as of February 12, 2026. That outstanding count is cited from Madrigal's Annual Report on Form 10‑K referenced in the Schedule 13G/A.
Does the filing name the specific Funds holding the shares?
No—the amendment states the securities are owned by Paulson's advisory clients without naming Funds. The filing notes that, to Paulson's knowledge, none of those advisory clients owns more than 5% of the class.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Madrigal Pharmaceuticals, Inc.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
558868105
(CUSIP Number)
03/31/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
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
1,392,188.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,392,188.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,392,188.00
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)
6.1 %
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:
1,392,188
(b)
Percent of class:
6.1%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
1,392,188 (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:
1,392,188 (See Note 1)
(iv) Shared power to dispose or to direct the disposition of:
Shared power to dispose or to direct the disposition of: 0
The aggregate percentage of Common Stock reported owned by each person named herein is based upon 22,939,969 shares of Common Stock outstanding as of February 12, 2026, which is the total number of shares of Common Stock outstanding as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 19, 2026.
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
