Mirum Pharmaceuticals (MIRM)
NASDAQ:MIRM
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Mirum Pharmaceuticals
(NASDAQ:MIRM)
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Rating:60Neutral
Price Target:
$97.00
▲(0.53% Upside)
Action:ReiteratedDate:04/01/26
The score is driven primarily by improving fundamentals—rapid sales growth, high gross margins, and newly positive operating/free cash flow—tempered by still-negative profitability and meaningful leverage. The earnings call supports the outlook with continued growth guidance and a stronger cash position, but higher planned R&D spend and clinical/regulatory execution risk raise near-term uncertainty. Technical signals are mixed, and valuation is constrained by the negative P/E and no dividend.
Positive Factors
Rapid revenue scaling
Sustained, large percentage growth and scale from low starting revenues to $521M in 2025 reflects durable commercial adoption for LIVMARLI and bile‑acid medicines. Recurring, chronic therapy demand and expanding penetration create a steadier revenue base and improve visibility for cash generation over the medium term.
Negative Factors
Ongoing net losses
Despite narrowing losses and improved cash flow, the company remains unprofitable at the GAAP level. Continued negative net income means returns on capital remain negative and long‑term value creation depends on sustaining revenue growth and converting operational cash strength into consistent GAAP profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue scaling
Sustained, large percentage growth and scale from low starting revenues to $521M in 2025 reflects durable commercial adoption for LIVMARLI and bile‑acid medicines. Recurring, chronic therapy demand and expanding penetration create a steadier revenue base and improve visibility for cash generation over the medium term.
Read all positive factors
Mirum Pharmaceuticals (MIRM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.82B
Dividend YieldN/A
Average Volume (3M)911.91K
Price to Earnings (P/E)―
Beta (1Y)0.78
Revenue Growth53.66%
EPS Growth58.63%
CountryUS
Employees334
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.10
Shares Outstanding60,341,618
10 Day Avg. Volume704,118
30 Day Avg. Volume911,908
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 Cap0.84
Enterprise Value/Revenue9.37
Enterprise Value/Gross Profit11.61
Enterprise Value/Ebitda350.20
Forecast
1Y Price Target
$129.50Price Target Upside34.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-1.62
Revenue Forecast (FY)$644.90M
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 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 Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presents a largely positive operational and commercial story: strong 2025 revenue growth (55% YoY), improved commercial margins (~55%), a healthy cash position and successful financing, multiple regulatory approvals, and an expanded pipeline with several near-term potentially registrational readouts. Key risks include a planned material increase in R&D spend (approximately $150M tied to brolobitug) compressing expenses into 2026, a deceleration in revenue growth implied by 2026 guidance (~21%–25% vs 55% in 2025), some region-specific revenue headwinds (Japan), and clinical/regulatory and competitive uncertainties for upcoming programs. Overall, the company appears well funded and operationally strong but will face elevated near-term spend and execution risk around trial readouts and regulatory interactions.Positive Updates
Strong Top-Line Revenue Growth
Total net product sales of $521 million in FY2025 vs $330 million in FY2024, representing 55% year-over-year growth; Q4 2025 net product sales of $149 million vs $99 million in Q4 2024 (~+50.5%).
Negative Updates
Material Operating Expenses
Total operating expense for FY2025 was $543 million (quarter $153 million), including R&D of $186 million, SG&A of $257 million and cost of sales of $100 million; non-cash stock-based compensation and other non-cash items totaled $95 million with $24 million of intangible amortization reflected in cost of sales.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line Revenue Growth
Total net product sales of $521 million in FY2025 vs $330 million in FY2024, representing 55% year-over-year growth; Q4 2025 net product sales of $149 million vs $99 million in Q4 2024 (~+50.5%).
Read all positive updates
Company Guidance
Mirum guided 2026 net product sales of $630–650 million (up ~21–25% vs FY2025), after reporting FY2025 net product sales of $521 million (Q4 $149M vs $99M prior year; FY +55% y/y from $330M), with Livmarli sales of $245M in the U.S. and $115M internationally and bile‑acid medicines contributing $161M; commercial cash contribution margin in 2025 was ~55%. FY2025 operating expense was $543M (Q4 $153M) including R&D $186M, SG&A $257M, and cost of sales $100M, with $95M of non‑cash stock‑based/other items (including $24M of intangible amortization in COGS); year‑end cash was $391M (vs $293M at 12/31/24), plus $268.5M gross from two private placements, and the company delivered positive operating cash flow in 2025 with an expected return to positive cash flow in 2027. Management expects R&D to increase in 2026—roughly a $150M uplift (about half CMC)—to support the brolobitug program and manufacturing/BLA readiness, and highlighted a portfolio with >$4 billion in potential revenue and four potentially registrational readouts over the next 18 months (VISTA and an AZURE‑1 interim in Q2 2026; AZURE‑1 and AZURE‑4 top‑lines in H2 2026; EXPAND in Q4 2026; VANTAGE in H1 2027; BLOOM data in 2027).Mirum Pharmaceuticals Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
48
Neutral
Cash Flow
71
Positive
| 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 | 420.73M | 255.25M | 139.34M | 64.69M | 17.23M |
| EBITDA | 17.21M | -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 | 319.45M | 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
Positive
96.49
Price Trends
95.96
Positive
87.40
Positive
76.61
Positive
Market Momentum
0.96
Negative
55.27
Neutral
79.69
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 96.49 is above the 20-day moving average (MA) of 92.72, above the 50-day MA of 95.96, and above the 200-day MA of 76.61, indicating a bullish trend. The MACD of 0.96 indicates Negative momentum. The RSI at 55.27 is Neutral, neither overbought nor oversold. The STOCH value of 79.69 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 | $3.09B | 13.32 | 24.32% | ― | 25.56% | 44.42% | |
62 Neutral | $8.93B | 75.44 | 36.12% | ― | 23258.15% | 99.12% | |
60 Neutral | $5.82B | -169.72 | -8.53% | ― | 53.66% | 58.63% | |
56 Neutral | $5.22B | 141.40 | 8.20% | ― | 42.11% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $7.51B | -5.18 | 64.30% | ― | 1025.95% | 52.91% | |
48 Neutral | $2.28B | -3.94 | -1024.42% | ― | 20.63% | 8.09% |
* Healthcare Sector Average
MIRM
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Mirum Pharmaceuticals Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Mirum Pharmaceuticals Completes Bluejay Acquisition, Expands Liver Portfolio
Positive
Jan 26, 2026
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...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Mirum Pharmaceuticals Announces Strong 2025 Sales and 2026 Outlook
Positive
Jan 12, 2026
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 f...
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.