Mirum Pharmaceuticals (MIRM) AI Stock Analysis

• Market Cap: $5.01B
• Dividend Yield: N/A
• Average Volume (3M): 815.76K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.70
• Revenue Growth: 53.66%
• EPS Growth: 58.63%
• Country: US
• Employees: 334
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.05
• Shares Outstanding: 51,683,838
• 10 Day Avg. Volume: 712,316
• 30 Day Avg. Volume: 815,761
• PEG Ratio: 0.42
• Price to Book (P/B): 8.71
• Price to Sales (P/S): 5.83
• P/FCF Ratio: 210.57
• Enterprise Value/Market Cap: 1.05
• Enterprise Value/Revenue: 11.13
• Enterprise Value/Gross Profit: 13.92
• Enterprise Value/Ebitda: -956.98
• 1Y Price Target: $106.50
• Price Target Upside: 7.28% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: $98.00 ▼(-1.28% Downside)

The score is held back primarily by weak underlying financial quality (negative profitability, negative ROE, and higher leverage) and limited valuation support (negative P/E, no dividend). Offsetting these are strong technical uptrend signals and constructive business momentum from the latest earnings call and corporate updates (raised guidance, first net income milestone, expanded pipeline via Bluejay), though momentum indicators also suggest the stock is currently overbought.

Positive Factors

High Product-Level Margins

Very high gross margin (79.92%) alongside TTM revenue growth (9.93%) indicates durable product-level economics typical of specialty rare-disease therapies. Strong margins provide pricing power and earnings leverage to fund R&D and commercialization as sales scale across geographies.

Commercial Validation & Operating Leverage

Recording positive net income for the first time together with strong quarter revenue growth validates Mirum’s commercial model and demonstrates operating leverage. Sustained LIVMARLI and bile‑acid sales and stable reimbursement would support recurring cash generation and reinvestment capacity over coming quarters.

Pipeline Diversification via Bluejay

Closing the Bluejay acquisition brings a late‑stage biologic (bre-lovitug) in Phase 3 and incremental net cash (~$56.6M), diversifying Mirum’s portfolio beyond maralixibat. This materially deepens the pipeline, spreads clinical/regulatory risk, and supports long-term growth and commercial optionality in HDV.

Negative Factors

Elevated Financial Leverage

Debt-to-equity of 1.08 and a negative ROE (-24.76%) reflect elevated leverage and inefficient returns to shareholders. Higher leverage reduces strategic flexibility, increases refinancing and interest risk, and could necessitate dilutive financing or spending trade-offs during multi‑quarter pipeline development and integration.

Profitability & Cash Volatility

Despite robust gross margins, a negative net margin (-8.78%) and volatile free cash flow show the company still absorbs substantial SG&A and R&D costs. Continued operating losses would deplete cash reserves, limit reinvestment, and make achieving durable profitability and funding late‑stage programs more challenging over the next several quarters.

Flagship Exclusivity Risk

Multiple Paragraph IV notices and pending ANDAs create structural risk to LIVMARLI revenue. Although lawsuits yielded an automatic 30‑month FDA stay, litigation outcomes are uncertain; potential loss of exclusivity would materially reduce pricing power and the company’s primary revenue base over the medium term.

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 for the treatment of progressive familial intrahepatic cholestasis disease, as well as for the treatment of Alagille syndrome and biliary atresia disease. It also develops Volixibat drug for treatment of intrahepatic cholestasis of pregnancy and primary sclerosing cholangitis. Mirum Pharmaceuticals, Inc. was incorporated in 2018 and is headquartered in Foster City, California.

How the Company Makes Money

Mirum Pharmaceuticals generates revenue through the commercialization of its lead product, maralixibat, especially following its approval for specific indications related to rare liver diseases. The company earns revenue from product sales, which are driven by market demand and the effectiveness of its therapies. Additionally, Mirum may engage in strategic partnerships or collaborations with other pharmaceutical companies to enhance its research and development efforts, which can provide upfront payments, milestone payments, and royalties on future sales. These partnerships can significantly bolster its financial resources and contribute to its overall earnings.

Mirum Pharmaceuticals Financial Statement Overview

Summary

Revenue is growing (TTM revenue +9.93%) with strong gross margin (79.92%), but overall profitability remains weak (net margin -8.78%, negative ROE -24.76%) and leverage is elevated (debt-to-equity 1.08). Cash flow has improved, though free cash flow growth is volatile.

Income Statement

Mirum Pharmaceuticals shows a positive revenue growth trend with a 9.93% increase in TTM, indicating potential market expansion. However, the company is struggling with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin is strong at 79.92%, but the negative net profit margin of -8.78% highlights ongoing challenges in managing operational costs.

Balance Sheet

The company has a high debt-to-equity ratio of 1.08, suggesting significant leverage which could pose financial risks. The return on equity is negative at -24.76%, indicating inefficiencies in generating returns for shareholders. The equity ratio is relatively low, reflecting a higher reliance on debt financing.

Cash Flow

Free cash flow has significantly improved, but the growth rate is negative, indicating volatility. The operating cash flow to net income ratio is 0.28, showing some ability to convert income into cash, but it remains low. The free cash flow to net income ratio is nearly 1, suggesting that the company is managing its cash flow effectively relative to its net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	471.79M	336.89M	186.37M	77.06M	19.14M	0.00
Gross Profit	377.04M	255.25M	139.34M	64.69M	17.23M	-623.00K
EBITDA	-5.49M	-48.97M	-136.49M	-122.85M	-65.39M	-102.31M
Net Income	-41.42M	-87.94M	-163.41M	-135.66M	-83.99M	-103.27M
Balance Sheet
Total Assets	785.12M	670.75M	646.62M	352.91M	294.65M	240.86M
Cash, Cash Equivalents and Short-Term Investments	375.55M	280.31M	286.33M	151.72M	156.54M	231.82M
Total Debt	318.76M	317.76M	308.14M	2.19M	2.61M	3.26M
Total Liabilities	493.07M	445.11M	397.95M	210.87M	174.44M	68.77M
Stockholders Equity	292.05M	225.64M	248.67M	142.04M	120.21M	172.09M
Cash Flow
Free Cash Flow	44.32M	9.33M	-91.05M	-120.41M	-151.78M	-89.30M
Operating Cash Flow	44.69M	10.32M	-70.94M	-120.14M	-132.76M	-89.08M
Investing Cash Flow	-24.32M	-90.13M	-107.20M	7.70M	48.55M	37.87M
Financing Cash Flow	36.48M	17.70M	336.60M	109.09M	73.47M	181.29M

Mirum Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 99.27
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 99.27 is above the 20-day moving average (MA) of 87.20, above the 50-day MA of 77.57, and above the 200-day MA of 63.16, indicating a bullish trend. The MACD of 5.90 indicates Negative momentum. The RSI at 77.50 is Negative, neither overbought nor oversold. The STOCH value of 89.68 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MIRM.

Mirum Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CPRX	74 Outperform	$2.95B	14.05	27.52%	―	25.56%	44.42%
ARWR	62 Neutral	$9.08B	-995.68	-0.50%	―	23258.15%	99.12%
MIRM	58 Neutral	$5.01B	-115.19	-15.81%	―	53.66%	58.63%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
APLS	50 Neutral	$2.78B	73.46	14.10%	―	42.11%	―
IBRX	49 Neutral	$6.12B	―	―	―	1025.95%	52.91%
RARE	46 Neutral	$2.35B	-4.15	-325.76%	―	20.63%	8.09%

Mirum Pharmaceuticals Corporate Events

Mirum Pharmaceuticals Completes Bluejay Acquisition, Expands Liver Portfolio

On January 23, 2026, Mirum Pharmaceuticals completed its acquisition of privately held Bluejay Therapeutics, folding the biotech into a wholly owned subsidiary structure and adding approximately $56.6 million in net cash alongside worldwide rights to brelovitug, a late-stage monoclonal antibody for chronic hepatitis delta virus (HDV), in a deal structured as cash, Mirum stock and potential tiered sales-based milestone payments to Bluejay security holders, including affiliates of Frazier Life Sciences IX. The transaction, announced publicly on January 26, 2026, expands Mirum’s rare liver disease franchise with a Breakthrough Therapy- and PRIME-designated asset now in the global AZURE Phase 3 registrational program, while concurrent private placement financings with existing and new healthcare investors raised about $268.5 million, bolstering Mirum’s balance sheet to fund development and commercialization plans and leaving the company with 59,879,958 common shares outstanding, a move that reinforces its positioning as a leading player in rare liver conditions and could be consequential for HDV patients who currently lack approved therapies in major markets.

The most recent analyst rating on (MIRM) stock is a Buy with a $130.00 price target. To see the full list of analyst forecasts on Mirum Pharmaceuticals stock, see the MIRM Stock Forecast page.

Mirum Pharmaceuticals Announces Strong 2025 Sales and 2026 Outlook

On January 12, 2026, Mirum Pharmaceuticals reported preliminary, unaudited 2025 net product sales of about $520 million, surpassing the upper end of its guidance, driven by strong growth from LIVMARLI, CHOLBAM and CTEXLI, alongside positive cash flow from operations and an expected year-end 2025 cash and investments balance of roughly $392 million. The company outlined 2026 sales guidance of $630 million to $650 million and highlighted a series of late-stage clinical and regulatory milestones, including ongoing Phase 3 programs for volixibat in primary sclerosing cholangitis and primary biliary cholangitis, accelerated timelines for the LIVMARLI EXPAND study, and the proposed acquisition of Bluejay Therapeutics to add brelovitug for chronic hepatitis delta virus, signaling both robust commercial momentum and a deepening pipeline in rare liver and related diseases.

The most recent analyst rating on (MIRM) stock is a Buy with a $88.00 price target. To see the full list of analyst forecasts on Mirum Pharmaceuticals stock, see the MIRM Stock Forecast page.

Mirum Files Patent Suits to Block Livmarli Generics

In November 2025, Mirum Pharmaceuticals received Paragraph IV certification notice letters from multiple generic drug makers, including Sandoz, Annora Pharma, Zydus Lifesciences Global FZE and Zenara Pharma, indicating that these companies had filed Abbreviated New Drug Applications with the U.S. Food and Drug Administration seeking approval to market generic versions of Livmarli (maralixibat). On December 19, 2025, Mirum responded by filing patent infringement lawsuits in the U.S. District Court for the District of Delaware, alleging infringement of its Orange Book-listed patents for Livmarli and securing an automatic 30‑month stay that prevents the FDA from granting final approval of the ANDAs, temporarily protecting Mirum’s market exclusivity for its flagship liver disease therapy and delaying potential generic competition.

The most recent analyst rating on (MIRM) stock is a Buy with a $140.00 price target. To see the full list of analyst forecasts on Mirum Pharmaceuticals stock, see the MIRM Stock Forecast page.

Mirum Pharmaceuticals Raises Capital via Private Placement

On December 18, 2025, Mirum Pharmaceuticals entered into a subscription agreement with entities affiliated with institutional investor TCGX for a private placement of 1,000,000 common shares at $68.48 per share, raising approximately $68.5 million in gross proceeds in a transaction relying on private-offering exemptions from U.S. securities registration. Together with a separate $200 million private placement announced earlier in December, the new financing is intended to fund clinical development and commercial activities tied to Mirum’s proposed acquisition of Bluejay Therapeutics, a privately held biotech focused on viral and liver diseases, with both private placements and the Bluejay deal expected to close concurrently in the first quarter of 2026, subject to regulatory approvals and customary conditions, while Mirum has agreed to register the resale of the new shares for the investors after closing.

The most recent analyst rating on (MIRM) stock is a Buy with a $140.00 price target. To see the full list of analyst forecasts on Mirum Pharmaceuticals stock, see the MIRM Stock Forecast page.

Mirum Pharmaceuticals Announces Merger with Bluejay Therapeutics

On December 6, 2025, Mirum Pharmaceuticals announced a merger agreement with Bluejay Therapeutics, aiming to acquire Bluejay’s investigational drug brelovitug, a monoclonal antibody for chronic hepatitis delta virus (HDV). This acquisition, expected to close in the first quarter of 2026, will enhance Mirum’s leadership in rare liver diseases, potentially leading to a biologics license application submission in 2027. Additionally, Mirum has secured a $200 million private placement to support clinical development and commercial activities post-acquisition.

The most recent analyst rating on (MIRM) stock is a Hold with a $69.00 price target. To see the full list of analyst forecasts on Mirum Pharmaceuticals stock, see the MIRM Stock Forecast page.

Mirum Pharmaceuticals Faces Patent Challenge from Sandoz

On November 17, 2025, Mirum Pharmaceuticals received a Paragraph IV Certification Notice from Sandoz, indicating Sandoz’s intent to produce a generic version of Livmarli. Mirum plans to defend its patents vigorously by filing a patent infringement suit against Sandoz, which could delay the FDA’s approval of the generic drug for up to 30 months.

The most recent analyst rating on (MIRM) stock is a Buy with a $95.00 price target. To see the full list of analyst forecasts on Mirum Pharmaceuticals stock, see the MIRM Stock Forecast page.