Mirum Pharmaceuticals (MIRM)
NASDAQ:MIRM
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Mirum Pharmaceuticals
(NASDAQ:MIRM)
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Rating:52Neutral
Price Target:
$103.00
▲(5.16% Upside)
Action:Reiterated
Date:05/19/26
The score is held down primarily by weak financial quality (ongoing losses and renewed TTM cash burn with increased leverage). It is partially offset by strong commercial momentum and raised guidance from the latest earnings call, plus constructive price trend/technical momentum, while valuation remains limited by negative earnings and no dividend support.
Positive Factors
Sustained Revenue Growth & Upward Guidance
Consistent multi-year top-line expansion and a material upward guidance revision signal durable commercial traction for Mirum’s marketed medicines. Strong demand and improving penetration across U.S. and international channels support repeatable revenue conversion and reduce execution risk over the next 2–6 months.
Negative Factors
Increased Financial Leverage
Higher debt-to-equity reduces financial flexibility and raises refinancing and covenant risk if operating losses persist. Elevated leverage constrains the company's ability to fund opportunistic investments or weather slower sales, increasing the importance of consistent cash generation over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth & Upward Guidance
Consistent multi-year top-line expansion and a material upward guidance revision signal durable commercial traction for Mirum’s marketed medicines. Strong demand and improving penetration across U.S. and international channels support repeatable revenue conversion and reduce execution risk over the next 2–6 months.
Read all positive factors
Mirum Pharmaceuticals Key Performance Indicators (KPIs)
Any
Net Sales by Product
Shows how much each drug contributes to total revenue, revealing reliance on a flagship product versus a diversified portfolio. High concentration in one product increases revenue volatility if competitors emerge or label/coverage changes, whereas multiple growing products point to a more stable commercial outlook and long-term upside.
Shows how much each drug contributes to total revenue, revealing reliance on a flagship product versus a diversified portfolio. High concentration in one product increases revenue volatility if competitors emerge or label/coverage changes, whereas multiple growing products point to a more stable commercial outlook and long-term upside.
Data provided by:
The Fly
The FlyMirum Pharmaceuticals (MIRM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.19B
Dividend YieldN/A
Average Volume (3M)1.08M
Price to Earnings (P/E)―
Beta (1Y)0.79
Revenue Growth50.19%
EPS Growth-742.29%
CountryUS
Employees334
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-13.61
Shares Outstanding60,981,228
10 Day Avg. Volume920,651
30 Day Avg. Volume1,083,853
Financial Highlights & Ratios
PEG Ratio2.28
Price to Book (P/B)12.60
Price to Sales (P/S)7.61
P/FCF Ratio72.26
Enterprise Value/Market Cap0.82
Enterprise Value/Revenue8.94
Enterprise Value/Gross Profit10.99
Enterprise Value/Ebitda-132.89
Forecast
1Y Price Target
$144.50Price Target Upside47.52% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-15.5
Revenue Forecast (FY)$673.81M
Mirum Pharmaceuticals Business Overview & Revenue Model
Company Description
Mirum Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the development and commercialization of novel therapies for debilitating rare and orphan diseases. The company's lead product candidate is LIVMARLI, an investigational oral drug...
How the Company Makes Money
Mirum makes money primarily by selling its prescription medicines. The company’s core revenue stream is product sales of LIVMARLI, generated from commercial distribution (primarily in the United States) to specialty pharmacies, hospitals, and othe...
Mirum Pharmaceuticals Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presented strong commercial momentum and meaningful pipeline and BD progress: solid Q1 sales growth (~42.9% YoY), an upward revision to full-year guidance, funded R&D investments, prioritized near-term regulatory catalysts (including a PDUFA on September 26, 2026), and a plan to scale the commercial team. These positives are tempered by a very large, one-time operating expense tied to the Bluejay acquisition that drove an unusually high quarterly operating charge ($761M of $949M), minimal Q1 operating cash flow (~$2M), elevated R&D spend, and remaining data and market-size uncertainties for some pipeline assets (e.g., FOP patient counts and certain subgroup signals in hepatitis delta). Management expects operating cash flow positivity next year and GAAP profitability by 2028, indicating confidence in the business model despite near-term accounting and investment-driven headwinds.Positive Updates
Revenue Growth and Raised Guidance
Q1 net product sales of ~$160 million versus $112 million in Q1 last year, a ~42.9% increase year-over-year. Company raised full-year 2026 net product sales guidance to $660 million–$680 million, driven primarily by strong PFIC uptake and better-than-expected international performance.
Negative Updates
Very Large One-Time Operating Expense
Total operating expense for Q1 was $949 million, including $761 million in expense associated with the Bluejay acquisition (≈80.2% of the quarter's operating expense), which heavily inflated quarterly operating costs.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth and Raised Guidance
Q1 net product sales of ~$160 million versus $112 million in Q1 last year, a ~42.9% increase year-over-year. Company raised full-year 2026 net product sales guidance to $660 million–$680 million, driven primarily by strong PFIC uptake and better-than-expected international performance.
Read all positive updates
Company Guidance
Mirum raised full-year 2026 net product sales guidance to $660–$680 million after reporting Q1 net product sales of about $160 million (including Livmarli/Lemarli sales of $84 million U.S. and $30 million international, and $46 million from the bile acid medicines), supported by a Q1 cash contribution margin in the mid‑50% range and cash flow from operations of about $2 million; cash, cash equivalents and investments were $421 million at March 31 (vs. $391 million at year‑start). Management expects R&D spending to step up in 2026 (Q1 R&D was $98 million, including $21 million for berlovitag) but says this investment is fully funded; total operating expense in Q1 was $949 million (including $761 million related to the Bluejay acquisition), with SG&A of $96 million, cost of sales of $29 million, and non‑cash items of $64 million (including $35 million of stock‑based comp). The Bluejay acquisition had $253 million net cash outflow in Q1 offset by $260 million of financing proceeds; Mirum paid a $16 million upfront fee to Incyte for zolergosertib (with a $25 million FDA approval milestone and mid‑ to high‑single‑digit royalties), expects the PDUFA date of September 26, 2026 and a potential year‑end launch if approved, plans to expand the U.S. liver field team from ~20 to ~60 to reach >4,000 HCPs, expects to be operating cash‑flow positive next year, and projects GAAP profitability around 2028.Mirum Pharmaceuticals Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
47
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 569.61M | 521.31M | 336.89M | 186.37M | 77.06M | 19.14M |
| Gross Profit | 463.43M | 420.73M | 255.25M | 139.34M | 64.69M | 17.23M |
| EBITDA | -38.33M | 17.21M | -48.97M | -136.49M | -122.85M | -65.39M |
| Net Income | -798.84M | -23.36M | -87.94M | -163.41M | -135.66M | -83.99M |
Balance Sheet | ||||||
| Total Assets | 890.92M | 842.81M | 670.75M | 646.62M | 352.91M | 294.65M |
| Cash, Cash Equivalents and Short-Term Investments | 386.26M | 383.33M | 280.31M | 286.33M | 151.72M | 156.54M |
| Total Debt | 323.78M | 319.45M | 317.76M | 308.14M | 2.19M | 2.61M |
| Total Liabilities | 648.42M | 528.12M | 445.11M | 397.95M | 210.87M | 174.44M |
| Stockholders Equity | 242.49M | 314.69M | 225.64M | 248.67M | 142.04M | 120.21M |
Cash Flow | ||||||
| Free Cash Flow | -172.55M | 54.87M | 9.33M | -91.05M | -120.41M | -151.78M |
| Operating Cash Flow | -170.97M | 55.83M | 10.32M | -70.94M | -120.14M | -132.76M |
| Investing Cash Flow | -19.39M | -23.95M | -90.13M | -107.20M | 7.70M | 48.55M |
| Financing Cash Flow | 303.86M | 40.14M | 17.70M | 336.60M | 109.09M | 73.47M |
Mirum Pharmaceuticals Technical Analysis
Positive
97.95
Price Trends
97.09
Positive
96.35
Positive
84.27
Positive
Market Momentum
0.33
Positive
52.68
Neutral
47.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIRM, the sentiment is Positive. The current price of 97.95 is below the 20-day moving average (MA) of 102.44, above the 50-day MA of 97.09, and above the 200-day MA of 84.27, indicating a neutral trend. The MACD of 0.33 indicates Positive momentum. The RSI at 52.68 is Neutral, neither overbought nor oversold. The STOCH value of 47.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MIRM.
Mirum Pharmaceuticals Risk Analysis
Mirum Pharmaceuticals disclosed 75 risk factors in its most recent earnings report. Mirum Pharmaceuticals reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Mirum Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $3.82B | 17.25 | 23.65% | ― | 11.65% | 9.67% | |
54 Neutral | $10.97B | -36.87 | -55.45% | ― | 14.09% | -58.14% | |
52 Neutral | $6.19B | -7.48 | -289.33% | ― | 50.19% | -742.29% | |
52 Neutral | $7.88B | -9.04 | 138.69% | ― | 351.53% | -54.81% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $2.36B | -3.95 | 1566.94% | ― | 13.33% | -3.82% |
* Healthcare Sector Average
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Mirum Pharmaceuticals Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Mirum Pharmaceuticals Issues $690 Million Convertible Senior Notes
Positive
May 18, 2026
On May 15, 2026, Mirum Pharmaceuticals issued $690 million of 0.00% Convertible Senior Notes due 2032 in a Rule 144A private placement, with the securities structured as senior unsecured obligations carrying no regular interest and featuring multi...
Business Operations and StrategyProduct-Related Announcements
Mirum’s Volixibat Succeeds in Phase 2b PSC Itch Trial
Positive
May 4, 2026
On May 4, 2026, Mirum Pharmaceuticals reported that its VISTAS Phase 2b trial of volixibat in 158 patients with primary sclerosing cholangitis met its primary endpoint, showing a 2.72-point improvement in pruritus and a placebo-adjusted 1.64-point...
Business Operations and StrategyProduct-Related Announcements
Mirum’s brelovitug succeeds in Phase 2b HDV trial
Positive
Apr 27, 2026
On April 27, 2026, Mirum reported that the Phase 2b portion of its AZURE-1 study in chronic hepatitis delta virus met its primary endpoint, with brelovitug showing strong antiviral activity and meaningful alanine aminotransferase normalization at ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.