Mirum Pharmaceuticals (MIRM) AI Stock Analysis

• Market Cap: $6.44B
• Dividend Yield: N/A
• Average Volume (3M): 651.63K
• 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): -0.10
• Shares Outstanding: 59,879,960
• 10 Day Avg. Volume: 540,532
• 30 Day Avg. Volume: 651,631
• PEG Ratio: 2.28
• Price to Book (P/B): 12.60
• Price to Sales (P/S): 7.61
• P/FCF Ratio: 72.26
• Enterprise Value/Market Cap: 0.74
• Enterprise Value/Revenue: 9.19
• Enterprise Value/Gross Profit: 9.71
• Enterprise Value/Ebitda: 118.56
• 1Y Price Target: $118.00
• Price Target Upside: 28.00% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): -0.04
• Revenue Forecast (FY): $640.52M

• Rating: 66 Neutral
• Price Target: $117.00 ▲(26.91% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is driven primarily by improving fundamentals (rapid revenue scaling, high gross margins, and newly positive operating/free cash flow) and strong technical momentum. It is held back by financial risk from ongoing lack of sustained profitability and meaningful leverage, plus valuation limitations from a negative P/E; earnings-call guidance and pipeline progress are supportive but tempered by expected revenue lumpiness and adoption challenges.

Positive Factors

Revenue growth & gross margins

Rapid multi-year revenue scale-up to ~$521M and very high gross margins (~81%) indicate durable product economics and strong operating leverage. These fundamentals support reinvestment in commercialization and R&D, improving the odds of sustained cash generation as the business scales internationally.

Positive cash-flow inflection

Conversion to positive operating and free cash flow represents a structural shift from prior years of negative cash generation. Consistent FCF provides internal funding for clinical programs, reduces reliance on dilutive financing, and enhances the company's ability to execute commercialization and selective M&A over the medium term.

Pipeline expansion via Bluejay acquisition

Acquiring a late‑stage, regulatory‑designated biologic (brelovitug) diversifies Mirum’s rare liver franchise beyond small‑molecule LIVMARLI. The deal plus concurrent financings materially bolsters development firepower, improves portfolio depth, and creates a multi‑asset commercial runway across hepatology indications.

Negative Factors

Elevated leverage

Meaningful leverage (debt roughly equal to equity) raises financial risk despite improved cash flow. Elevated debt increases interest and covenant exposure, limits flexibility for discretionary investment or further M&A, and heightens sensitivity to any slowdown in cash generation or sales growth.

Profitability not yet sustained

Although losses narrowed and a first net‑income milestone occurred, core EBIT/EBITDA remain negative historically. Sustainable profitability depends on continued revenue execution and controlled SG&A/R&D; any increase in spending or sales variability could revert reported profitability and strain reserves.

Quarterly revenue variability & adoption headwinds

Revenue lumpiness from distributor ordering patterns and slower genetic testing uptake in some provider segments can impair predictability of cash flow and operating leverage. Structural adoption gaps and order timing create forecasting risk and may require sustained commercial investment to smooth long‑term revenue growth.

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

Strong revenue scale-up and high gross margins (~81% in 2025) plus a clear cash-flow inflection (2025 operating cash flow ~$56M; free cash flow ~$55M). Offsetting this, the company remains not sustainably profitable (negative EBIT/EBITDA; net losses persist) and leverage is meaningful with debt roughly equal to equity (~1.0x), increasing financial risk.

Income Statement

Revenue has scaled rapidly over the last several years (from ~$19M in 2021 to ~$521M in 2025) with strong 2025 growth, and gross margins remain high (~81% in 2025), indicating solid product economics. Losses have narrowed materially versus 2022–2024, with the 2025 net loss improving to roughly -4.5% of revenue. The key weakness is that profitability is still not sustained (negative EBIT/EBITDA and net income), so the model remains sensitive to spending levels and future growth execution.

Balance Sheet

The balance sheet has improved in equity base (stockholders’ equity up to ~$315M in 2025 from ~$226M in 2024), but leverage is meaningful: debt is ~$317M and debt is roughly equal to equity in 2025 (about 1.0x), following an even higher leverage level in 2024. Returns on equity remain negative given ongoing net losses. Overall, asset scale is solid (~$843M total assets in 2025), but the combination of losses and elevated leverage increases financial risk.

Cash Flow

Cash generation has turned a corner: operating cash flow was positive in 2024 and accelerated in 2025 (to ~$56M), with free cash flow also solid (~$55M) and growing strongly in 2025. This is a notable improvement from 2021–2023 when operating and free cash flow were deeply negative. The main watch item is that cash flow strength is relatively new and should be monitored for durability as the company continues investing while still reporting net losses.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	521.31M	336.89M	186.37M	77.06M	19.14M
Gross Profit	421.07M	255.25M	139.34M	64.69M	17.23M
EBITDA	-22.14M	-48.97M	-136.49M	-122.85M	-65.39M
Net Income	-23.36M	-87.94M	-163.41M	-135.66M	-83.99M
Balance Sheet
Total Assets	842.81M	670.75M	646.62M	352.91M	294.65M
Cash, Cash Equivalents and Short-Term Investments	383.33M	280.31M	286.33M	151.72M	156.54M
Total Debt	317.31M	317.76M	308.14M	2.19M	2.61M
Total Liabilities	528.12M	445.11M	397.95M	210.87M	174.44M
Stockholders Equity	314.69M	225.64M	248.67M	142.04M	120.21M
Cash Flow
Free Cash Flow	54.87M	9.33M	-91.05M	-120.41M	-151.78M
Operating Cash Flow	55.83M	10.32M	-70.94M	-120.14M	-132.76M
Investing Cash Flow	-23.95M	-90.13M	-107.20M	7.70M	48.55M
Financing Cash Flow	40.14M	17.70M	336.60M	109.09M	73.47M

Mirum Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 92.19
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIRM, the sentiment is Neutral. The current price of 92.19 is below the 20-day moving average (MA) of 102.86, above the 50-day MA of 91.43, and above the 200-day MA of 69.63, indicating a neutral trend. The MACD of 3.00 indicates Positive momentum. The RSI at 38.75 is Neutral, neither overbought nor oversold. The STOCH value of 62.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MIRM.

Mirum Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CPRX	84 Outperform	$2.97B	14.51	25.49%	―	25.56%	44.42%
ARWR	69 Neutral	$8.92B	40.06	65.14%	―	23258.15%	99.12%
MIRM	66 Neutral	$6.44B	-126.04	-15.81%	―	53.66%	58.63%
APLS	58 Neutral	$2.80B	173.44	7.48%	―	42.11%	―
IBRX	54 Neutral	$11.87B	-24.47	―	―	1025.95%	52.91%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
RARE	46 Neutral	$2.20B	-3.93	-656.54%	―	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.