Madrigal Pharmaceuticals Stock: A Deep Dive Into Analyst Perspectives (5 Ratings)
Five analysts have recently provided ratings for Madrigal Pharmaceuticals (NASDAQ: MDGL), with a mix of bullish and somewhat bullish sentiments. The average 12-month price target is $761.60, an increase of 38.66% from the previous average. The company's financial performance shows strong revenue growth of 362.03% but highlights challenges in market capitalization, return on equity, and debt management compared to industry averages.
Madrigal Q4 Earnings Miss, MASH Drug Sales Drive Top Line, Stock Down
Madrigal Pharmaceuticals reported a Q4 2025 loss of $2.57 per share, missing the Zacks Consensus Estimate, primarily due to a significant rise in operating expenses. Despite the earnings miss, the company generated $321.1 million in revenues, beating estimates, driven entirely by sales of its MASH drug Rezdiffra. Madrigal shares fell by 11.1% on the news, reflecting investor disappointment despite strong Rezdiffra sales and ongoing clinical development.
Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Q4 2025 Earnings Call Transcript
Madrigal Pharmaceuticals reported Q4 2025 net sales of $321.1 million, bringing their first full year net sales for Rezdiffra to $958.4 million. The company emphasized Rezdiffra's strong performance as a foundational therapy for MASH, significant market growth, and an expanded pipeline including oral GLP-1, DGAT-2 inhibitor, and siRNA programs. Madrigal is actively pursuing combination therapies and an F4c trial for Rezdiffra to extend its leadership in the MASH market.
Madrigal Eyes MASH Future As Rezdiffra Nears Blockbuster Revenue
Madrigal Pharmaceuticals is strategically focusing on the long-term MASH market as its drug Rezdiffra approaches blockbuster revenue status. The company aims to capitalize on the growing demand for treatments in the metabolic dysfunction-associated steatohepatitis (MASH) therapeutic area. This move positions Madrigal to become a significant player in the MASH landscape as Rezdiffra gains market traction.
Earnings call transcript: Madrigal Pharmaceuticals Q4 2025 misses EPS, stock dips
Madrigal Pharmaceuticals reported a significant EPS miss for Q4 2025, posting -$2.57 against a forecast of -$0.60, causing its stock to drop 5.89% in pre-market trading. Despite the EPS miss, revenue exceeded expectations at $321.1 million. The company emphasizes the strong performance of its flagship product, Rezdiffra, and its strategy to build a robust pipeline with combination therapies for MASH, expecting continued robust growth in 2026 despite increased gross-to-net discounts.
MADRIGAL PHARMACEUTICALS, INC. SEC 10-K Report
Madrigal Pharmaceuticals, Inc. has released its annual Form 10-K report, detailing financial performance, business operations, and strategic initiatives for 2025. Key highlights include $958.4 million in product revenue from Rezdiffra and its launch in Germany, alongside an improved operating loss. The company faces challenges such as dependence on Rezdiffra's success, market risks from potential generic competition, and profitability hurdles due to high commercialization costs and regulatory compliance.
Madrigal down on wider-than-expected Q4 loss (MDGL:NASDAQ)
Madrigal Pharmaceuticals (MDGL) experienced a ~8% decline in premarket trading after reporting a wider-than-expected Q4 2025 loss. The biotech company, known for its liver disease therapy Rezdiffra, reported a mixed financial performance for the quarter, despite generating $321.1M in revenue.
Madrigal: Q4 Earnings Snapshot
Madrigal Pharmaceuticals Inc. reported a Q4 loss of $58.6 million, or $2.57 per share, falling short of analyst expectations. However, the company's revenue of $321.1 million for the quarter exceeded Street forecasts. For the full year, Madrigal posted a loss of $288.3 million on revenues of $958.4 million.
MADRIGAL PHARMACEUTICALS ($MDGL) Releases Q4 2025 Earnings
Madrigal Pharmaceuticals ($MDGL) announced its Q4 2025 earnings, reporting -$2.57 per share, missing estimates, but revenue of $321.08 million, which beat expectations. Insider trading analysis reveals 139 sales and no purchases in the last six months, while hedge fund activity shows mixed sentiment with major additions and removals of shares. Wall Street analysts maintain a largely positive outlook, with nine buy ratings and a median price target of $640.0.
Madrigal Pharmaceuticals Reports Fourth-Quarter and Full-Year 2025 Financial Results
Madrigal Pharmaceuticals reported strong financial results for Q4 and full-year 2025, with Rezdiffra sales reaching nearly $1 billion in its first full year. The company also announced significant advancements in its MASH pipeline, including licensing new siRNA programs and an oral DGAT-2 inhibitor, aiming to solidify its leadership in MASH treatment. Madrigal ended 2025 with $988.6 million in cash and cash equivalents, reflecting strategic investments and operational growth.
Madrigal Pharmaceuticals Q4 revenue rises sharply on Rezdiffra sales
Madrigal Pharmaceuticals reported a sharp increase in its Q4 revenue, primarily driven by sales of its drug Rezdiffra. The news covers the company's financial performance for the fourth quarter. It highlights the strong contribution of Rezdiffra to the revenue growth.
Madrigal Pharmaceuticals Reports Fourth-Quarter and Full-Year 2025 Financial Results
Madrigal Pharmaceuticals announced strong fourth-quarter and full-year 2025 financial results, with Rezdiffra net sales reaching nearly $1 billion in its first full year of launch. The company also expanded its MASH pipeline, acquiring rights to six pre-clinical siRNA programs and a Phase 2 oral DGAT-2 inhibitor, ervogastat, alongside an oral GLP-1 (MGL-2086). Madrigal projects continued robust sales growth for Rezdiffra in 2026, driven by broader access and increased disease awareness, and is committed to developing combination therapies for MASH.
Madrigal: Q4 Earnings Snapshot
Madrigal Pharmaceuticals Inc. (MDGL) reported a fourth-quarter loss of $58.6 million, or $2.57 per share, which missed Wall Street expectations. Despite the loss, the biopharmaceutical company's revenue of $321.1 million for the period exceeded Street forecasts. For the full year, Madrigal Pharmaceuticals recorded a total loss of $288.3 million on revenues of $958.4 million.
Madrigal: Q4 Earnings Snapshot
Madrigal Pharmaceuticals Inc. reported a significant loss of $58.6 million in its fourth quarter, translating to a loss of $2.57 per share, which missed Wall Street expectations. Despite the loss, the biopharmaceutical company's revenue of $321.1 million exceeded analysts' forecasts. For the full year, Madrigal Pharmaceuticals recorded a loss of $288.3 million on revenues of $958.4 million.
Paulson Trims Madrigal Stake As Equity Grants Highlight Valuation Gap
John Paulson has notably reduced his stake in Madrigal Pharmaceuticals, though it remains his largest holding, while the company has issued significant equity grants to new employees. This move, combined with the stock trading below analyst targets and estimated fair value, suggests a reshuffling of influence and a focus on talent acquisition. Investors are advised to monitor insider transactions and share-based compensation as these developments unfold.
Madrigal’s $50M Pfizer deal sparks a new MASH drug power play
Madrigal Pharmaceuticals' agreement to license its MASH drug, resmetirom, to Pfizer for $50 million, focuses on further development of the drug for patients with type 2 diabetes and non-alcoholic steatohepatitis (MASH). This deal highlights Pfizer's renewed interest in liver disease while enabling Madrigal to concentrate on resmetirom's clinical studies. The partnership also includes a potential $1.6 billion in additional payments for Madrigal as development progresses.
Madrigal Pharmaceuticals Announces Grants of Inducement Awards under Nasdaq Listing Rule 5635(c)(4)
Madrigal Pharmaceuticals announced the grant of equity inducement awards to five new non-executive employees on February 15, 2026, under its 2025 Inducement Plan. These awards, totaling 2,749 time-based restricted stock units, were approved by the independent Compensation Committee in accordance with Nasdaq Listing Rule 5635(c)(4), serving as an inducement for the employees to join the company. The restricted stock units will vest in four equal annual installments, contingent upon continued employment.
Madrigal Pharmaceuticals Signs Global siRNA Licensing Deal With Ribo
Madrigal Pharmaceuticals Inc. has announced a global licensing agreement with Suzhou Ribo Life Science Co. Ltd. to develop six preclinical small interfering RNA programs targeting metabolic dysfunction-associated steatohepatitis (MASH). The deal includes an upfront payment of $60 million to Ribo, with potential milestone payments up to $4.4 billion plus royalties. This agreement expands Madrigal's pipeline beyond its approved MASH therapy, Rezdiffra, aiming to provide genetically targeted treatment approaches for the liver disease.
Madrigal Pharmaceuticals secures global licensing agreement
Madrigal Pharmaceuticals, Inc. has announced an exclusive global licensing agreement with Suzhou Ribo Life Science Co. Ltd. and its subsidiary Ribocure Pharmaceuticals AB for six gene silencing therapies. This deal could amount to $4.4 billion in milestone payments and royalties, strengthening Madrigal's pipeline in MASH treatment. The company, which already has Rezdiffra as a foundational therapy for MASH, aims to expand its MASH pipeline to over 10 programs, reinforcing its position in the rapidly evolving market for MASH therapies.
Principal Financial Group Inc. Purchases 2,862 Shares of Madrigal Pharmaceuticals, Inc. $MDGL
Principal Financial Group Inc. increased its stake in Madrigal Pharmaceuticals by 31.1% in the third quarter, bringing its total ownership to 12,068 shares valued at $5.54 million. Despite high institutional ownership and a "Moderate Buy" analyst consensus with a $654.73 target price, company insiders have sold a significant number of shares in the past 90 days. Madrigal Pharmaceuticals is a clinical-stage biopharmaceutical company focusing on treatments for cardiovascular, metabolic, and liver diseases, with a lead candidate for nonalcoholic steatohepatitis (NASH).
Is Madrigal Pharmaceuticals (MDGL) Pricing Look Attractive After Recent Share Price Pullback
Madrigal Pharmaceuticals (MDGL) has experienced a recent share price pullback, leading to an analysis of its valuation. Using a Discounted Cash Flow (DCF) model and Price-to-Sales (P/S) ratio, Simply Wall St suggests the stock could be significantly undervalued. The article highlights that MDGL shows a 75.7% undervaluation based on DCF and trades below its Fair Ratio on a P/S basis, indicating potential opportunity for investors.
Madrigal Equity Awards Highlight Shift From Development Story To Commercial Growth
Madrigal Pharmaceuticals (NasdaqGS:MDGL) recently granted equity awards to 21 new non-executive employees, signaling a strategic shift from a development-focused company to one prioritizing commercial growth after the FDA and EC approval of its MASH treatment, Rezdiffra. These inducement awards are designed to align new hires with shareholder interests and attract talent in a competitive market as Madrigal builds its commercial and operational teams. Investors should monitor how this expanded headcount links to commercial milestones, revenue traction, and expense trends, especially given the increased fixed costs and potential for dilution.
MDGL Strengthens MASH Franchise With New Genetic Approaches
Madrigal Pharmaceuticals (MDGL) has expanded its metabolic dysfunction-associated steatohepatitis (MASH) pipeline through an exclusive global licensing agreement with Suzhou Ribo Life Science Co. Ltd., acquiring rights to six preclinical siRNA programs for an upfront payment of $60 million and potential milestone payments up to $4.4 billion. This move aims to develop innovative combination therapies with Madrigal's approved drug Rezdiffra, the first MASH treatment, and other pipeline assets to enhance treatment outcomes for the serious liver disease. Madrigal plans to submit investigational new drug applications for the initial siRNA candidates in 2026 and evaluate them in combination with Rezdiffra.
Madrigal inks licensing deal with China’s Suzhou Ribo for MASH drugs
Madrigal Pharmaceuticals has signed a licensing deal with China's Suzhou Ribo to develop and commercialize drugs for Metabolic Dysfunction-Associated Steatohepatitis (MASH). This collaboration aims to expand the reach of Madrigal's MASH drug candidates into the Chinese market.
Madrigal expands its MASH pipeline via Ribo deal
Madrigal Pharmaceuticals has entered into an exclusive global license agreement with Suzhou Ribo Life Science for six pre-clinical small interfering RNA (siRNA) programs to develop novel treatments for MASH. The collaboration will utilize Ribo's liver-targeting siRNA GalSTAR platform and includes potential expansion into new siRNA programs. Ribo will receive an upfront payment of $60 million, with potential cumulative payments up to $4.4 billion and royalties on net sales.
Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) Receives Consensus Recommendation of "Moderate Buy" from Analysts
Madrigal Pharmaceuticals (NASDAQ: MDGL) has received a "Moderate Buy" consensus rating from analysts, with an average one-year price target of $654.73. The company's stock opened at $478.83, and analysts have recently reiterated or adjusted their ratings and price targets, with several upgrading their stance on the biopharmaceutical firm. Despite recent insider share sales totaling approximately $58.997 million, insiders still hold a significant 21.5% of the company, and institutional investors own 98.5% of the stock.
Madrigal expands MASH pipeline with siRNA therapies in $4.4 B deal
Madrigal Pharmaceuticals has signed an exclusive global license agreement worth up to $4.4 billion with Suzhou Ribo Life Science and Ribocure Pharmaceuticals for six preclinical small interfering RNA (siRNA) programs. The collaboration aims to develop next-generation siRNA therapies to silence genes involved in metabolic dysfunction-associated steatohepatitis (MASH), building on Madrigal's existing MASH treatment, Rezdiffra. This initiative will explore whether genetic-level intervention can enhance Rezdiffra's therapeutic effects, with IND-enabling activities commencing in 2026.
Suzhou Ribo Life Science Signs Global siRNA Licensing Deal With Madrigal Pharma; Shares Rise 7%
Suzhou Ribo Life Science has entered into a global licensing agreement with Madrigal Pharmaceuticals for its siRNA drug programs. This deal focuses on six preclinical siRNA compounds primarily targeting liver diseases. Following the announcement, Suzhou Ribo Life Science's shares saw a 7% increase.
Madrigal Continues Building Out MASH Pipeline With Ribo Life Science Deal
Madrigal Pharmaceuticals has signed a second licensing deal with a Chinese biotech, Suzhou Ribo Life Science Co., Ltd., to expand its pipeline of treatments for MASH (Metabolic Dysfunction-Associated Steatohepatitis). This agreement follows a previous deal, indicating Madrigal's strategic focus on building out its MASH portfolio through collaborations. The article highlights Madrigal's efforts to strengthen its position in the MASH therapeutic area.
Madrigal builds in MASH with $4.4bn+ Ribo alliance
Madrigal Pharma, the first company to market a treatment for MASH, has signed a significant alliance with China's Ribo Life Science. This deal, worth over $4.4 billion, includes six preclinical-stage MASH candidates and aims to bolster Madrigal's pipeline for combination therapies. The move comes as Madrigal faces new competition from Novo Nordisk's Wegovy in the MASH market.
Madrigal Expands its MASH Pipeline with Exclusive Global Licensing Agreement for Six Preclinical siRNA Programs
Madrigal Pharmaceuticals announced an exclusive global licensing agreement with Suzhou Ribo Life Science Co. Ltd. for six preclinical small interfering RNA (siRNA) programs to expand its metabolic dysfunction-associated steatohepatitis (MASH) pipeline. This agreement aims to develop next-generation siRNA therapies that target genes implicated in MASH, complementing Madrigal's foundational treatment, Rezdiffra. The company emphasizes a precision gene-silencing approach with siRNAs, alongside other pipeline assets like MGL-2086 and Ervogastat, to address the rapidly expanding MASH market and offer tailored and combination treatment options.
Madrigal expands its MASH pipeline with exclusive global licensing agreement for six preclinical siRNA programs
Madrigal Pharmaceuticals has signed an exclusive global licensing agreement for six preclinical siRNA programs, developed by Suzhou Ribo Life Science, to expand its pipeline for metabolic dysfunction-associated steatohepatitis (MASH). This deal aims to strengthen Madrigal's position in the MASH market by adding new therapeutic approaches to complement its existing initiatives. The company's lead product candidate, resmetirom, is already in clinical development for NASH, an advanced form of non-alcoholic fatty liver disease.
Madrigal inks licensing deal with China’s Suzhou Ribo for MASH drugs
Madrigal Pharmaceuticals has entered into an exclusive licensing agreement with China's Suzhou Ribo Life Science. The collaboration aims to jointly develop treatments for metabolic dysfunction-associated steatohepatitis (MASH), a liver disease. Details of the deal's financial terms were not fully disclosed within this snippet.
Madrigal signs RNA liver drug pact with Ribo worth up to $4.4B
Madrigal Pharmaceuticals has secured an exclusive global license from Ribo and Ribocure for six preclinical siRNA programs targeting metabolic dysfunction-associated steatohepatitis (MASH). The deal includes an upfront payment of $60 million and potential milestone payments of up to $4.4 billion, along with royalties on net sales. This collaboration leverages Ribo's GalSTAR™ liver-targeting siRNA platform and allows for expansion into bi-specific siRNAs, further enhancing Madrigal's pipeline for MASH treatments.
Ribo and Ribocure Announce Exclusive Global Licensing Agreement with Madrigal for Novel siRNA Therapeutics Targeting MASH
Ribo and Ribocure have announced an exclusive global licensing agreement with Madrigal Pharmaceuticals for six preclinical small interfering RNA (siRNA) programs targeting MASH. Ribo will receive an upfront payment of US$60M, with potential cumulative payments reaching US$4.4B if development, regulatory, and commercial milestones are met, plus royalties. The collaboration leverages Ribo's GalSTAR™ platform to develop new treatments for metabolic dysfunction-associated steatohepatitis.
Madrigal Pharmaceuticals, Inc. announced an exclusive global licensing agreement to introduce six preclinical-stage siRNA (small interfering RNA) programs, aiming to significantly expand its research and development pipeline for metabolic dysfunction-associated steatohepatitis (MASH).
Madrigal Pharmaceuticals, Inc. has entered into an exclusive global licensing agreement for six preclinical-stage siRNA programs. This move is intended to significantly broaden its research and development pipeline specifically for metabolic dysfunction-associated steatohepatitis (MASH). The agreement further solidifies Madrigal's strategic position in the MASH treatment sector.
Madrigal Pharmaceuticals Expands MASH Pipeline with Exclusive License for siRNA Programs
Madrigal Pharmaceuticals significantly expands its pipeline for metabolic dysfunction-associated steatohepatitis (MASH) to over 10 programs, including Rezdiffra®, by securing an exclusive global license for six preclinical siRNA therapies from Suzhou Ribo Life Science. This move positions Madrigal to develop genetically-targeted combination treatments, anticipating future patient needs in MASH and reinforcing its leadership in the rapidly growing MASH treatment market. The deal involves an upfront payment of $60 million and potential cumulative payments up to $4.4 billion.
Madrigal Pharmaceuticals, Inc. $MDGL Shares Sold by First National Trust Co
First National Trust Co reduced its stake in Madrigal Pharmaceuticals by 69.1% in Q3, now holding 2,476 shares worth $1.136 million. Despite insider selling, institutional investors own 98.5% of the company's stock, and analysts maintain a "Moderate Buy" consensus with a target price of $654.73. The biopharmaceutical company is focusing on liver-directed therapies, with its lead candidate, resmetirom, in Phase 3 development for NASH.
Madrigal Grants Equity to New Hires as MASH Drug Momentum Builds
Madrigal Pharmaceuticals, Inc. (Nasdaq: MDGL) granted equity awards to 21 new non-executive employees in early February as an inducement for employment, aligning their long-term interests with the company's goals. These awards, consisting of 5,861 time-based restricted stock units, vest over four years, contingent on continued employment. The move comes as the company focuses on developing and commercializing treatments for MASH, a serious liver disease, with its lead product Rezdiffra already approved by the FDA and European Commission.
A Look At Madrigal Pharmaceuticals (MDGL) Valuation After Recent Share Price Move
Madrigal Pharmaceuticals (MDGL) has seen recent share price fluctuations, with a 3.1% gain in the past day but a 14.9% decline over the last month. Despite short-term weakness, longer-term returns are strong, and the stock is considered undervalued by Simply Wall St's narrative and DCF models, primarily due to the potential of its drug Rezdiffra and its extended patent protection. Investors are encouraged to research further into the company's valuation assumptions, risks, and potential in the healthcare AI market.
Madrigal Sets Date to Reveal 2025 Results as Investors Watch Closely
Madrigal Pharmaceuticals (Nasdaq: MDGL) will release its Q4 and full-year 2025 financial results on February 19, 2026, before U.S. markets open, followed by a webcast. Investors are keenly watching this announcement, given Madrigal's lead product, Rezdiffra (resmetirom), is the first and only approved treatment for MASH with moderate to advanced fibrosis. The company is also conducting a Phase 3 trial for compensated MASH cirrhosis.
Madrigal Equity Grants Signal Hiring Push And Undervalued Share Opportunity
Madrigal Pharmaceuticals (MDGL) has issued equity inducement awards to 21 new non-executive employees, signaling a hiring push. Despite recent stock declines, the shares remain significantly undervalued according to Simply Wall St's analysis and analyst consensus targets. These grants aim to align new hires with shareholder interests as the company expands its MASH treatment portfolio.
Madrigal Equity Grants Signal Hiring Push And Undervalued Share Opportunity
Madrigal Pharmaceuticals recently issued equity inducement awards to 21 new non-executive employees, signaling a hiring initiative and potential future commercialization efforts for its MASH treatment portfolio. Despite recent stock declines, the biomedical company has seen significant long-term gains, and Simply Wall St assesses its shares as undervalued. These equity grants are designed to align new talent with shareholder interests, though investors should monitor total share count and future insider transactions.
Madrigal Equity Grants Signal Hiring Push And Undervalued Share Opportunity
Madrigal Pharmaceuticals (NasdaqGS:MDGL) has issued equity inducement awards to 21 new non-executive employees, signaling a hiring push and potential commercialization efforts for its MASH treatment portfolio. Despite recent stock declines, the shares are considered undervalued by Simply Wall St, trading significantly below analyst consensus and estimated fair value. These grants aim to align new talent with shareholder interests and provide a useful indicator for investors tracking the company's growth strategy.
Madrigal Pharmaceuticals announces grants of inducement awards under Nasdaq Listing Rule
Madrigal Pharmaceuticals, a clinical-stage biopharmaceutical company, announced grants of inducement awards in accordance with Nasdaq Listing Rule 5635(c)(4). This news follows previous similar announcements and reports of insider share sales, alongside analyst initiations and price target adjustments. The company is focused on developing therapeutics for non-alcoholic steatohepatitis (NASH) with its product candidate, resmetirom.
Madrigal Pharmaceuticals Announces Grants of Inducement Awards under Nasdaq Listing Rule 5635(c)(4)
Madrigal Pharmaceuticals, Inc. announced the grant of equity inducement awards to 21 new non-executive employees on February 1, 2026. These awards, totaling 5,861 time-based restricted stock units, were approved by the independent Compensation Committee in accordance with Nasdaq Listing Rule 5635(c)(4) and vest over four years, subject to continued employment. The awards were made to incentivize these new employees to join the company.
21 new Madrigal hires receive 5,861 stock units vesting over 4 years
Madrigal Pharmaceuticals (NASDAQ:MDGL) has granted 5,861 inducement restricted stock units (RSUs) to 21 new non-executive employees. These awards, issued under the company's 2025 Inducement Plan and approved in accordance with Nasdaq Listing Rule 5635(c)(4), vest in four equal annual installments contingent on continued employment. This move aligns with Madrigal's routine compensation practices to attract and retain talent.
Madrigal Pharmaceuticals Announces Grants Of Inducement Awards Under Nasdaq Listing Rule
Madrigal Pharmaceuticals announced that it has granted inducement awards in accordance with Nasdaq Listing Rule 5635(c)(4). This news is presented as a brief update regarding management actions at the company.
Madrigal Pharmaceuticals Announces Grants of Inducement Awards under Nasdaq Listing Rule 5635(c)(4)
Madrigal Pharmaceuticals announced the grant of equity inducement awards to 21 new non-executive employees on February 1, 2026. These awards, totaling 5,861 time-based restricted stock units, were approved by the company's Compensation Committee in accordance with Nasdaq Listing Rule 5635(c)(4). The grants serve as a material inducement for employees accepting employment and will vest in four equal installments over four years, subject to continued employment.
Federated Hermes Inc. Takes Position in Madrigal Pharmaceuticals, Inc. $MDGL
Federated Hermes Inc. has acquired a new stake of 3,885 shares in Madrigal Pharmaceuticals (NASDAQ:MDGL), valued at approximately $1.78 million, during the third quarter. Despite a significant EPS miss and unprofitability, analysts maintain a "Moderate Buy" consensus for the biopharmaceutical company, with an average price target of $654.73. Company insiders have, however, sold a substantial number of shares recently, totaling almost $59 million.
