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Mirum Pharmaceuticals
(NASDAQ:MIRM)
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Rating:47Neutral
Price Target:
$104.00
▼(-7.99% Downside)
Action:Reiterated
Date:08/06/26
The score is held down primarily by pressured financial performance—large TTM losses, renewed cash burn, and a weakened capital structure with negative equity—despite strong revenue growth and gross margins. Technical indicators also point to weak near-term momentum. Offsetting these, the latest earnings call was constructive with raised sales guidance, improving commercial margins, and multiple upcoming catalysts, but regulatory uncertainty for the PSC program remains a material risk.
Positive Factors
Revenue Growth & Gross Margin
Sustained top-line growth with ~70% gross margins indicates durable product economics and pricing power in rare hepatology. This supports reinvestment in commercial expansion and R&D, improving the firm's ability to scale revenues and absorb fixed costs over the next several quarters.
Negative Factors
Weakened Capital Structure
Negative equity and a material rise in debt materially weaken financial flexibility and elevate refinancing and covenant risk. Over the medium term, this reduces strategic optionality, raises creditor leverage, and can constrain ability to fund expensive late‑stage trials without dilutive or restrictive financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Gross Margin
Sustained top-line growth with ~70% gross margins indicates durable product economics and pricing power in rare hepatology. This supports reinvestment in commercial expansion and R&D, improving the firm's ability to scale revenues and absorb fixed costs over the next several quarters.
Read all positive factors
Mirum Pharmaceuticals Key Performance Indicators (KPIs)
Any
Net Sales by Product
Shows how much revenue each drug or product line contributes, revealing whether Mirum’s sales are driven by a single flagship therapy or diversified across multiple offerings. Helps assess growth momentum, pricing power, vulnerability to competition or patent cliffs, and where management is getting the most commercial traction.
Shows how much revenue each drug or product line contributes, revealing whether Mirum’s sales are driven by a single flagship therapy or diversified across multiple offerings. Helps assess growth momentum, pricing power, vulnerability to competition or patent cliffs, and where management is getting the most commercial traction.
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The Fly
The FlyMirum Pharmaceuticals (MIRM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.46B
Dividend YieldN/A
Average Volume (3M)919.61K
Price to Earnings (P/E)―
Beta (1Y)0.76
Revenue Growth50.19%
EPS Growth-742.29%
CountryUS
Employees372
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-14.55
Shares Outstanding60,981,228
10 Day Avg. Volume584,111
30 Day Avg. Volume919,612
Financial Highlights & Ratios
PEG Ratio2.25
Price to Book (P/B)12.60
Price to Sales (P/S)7.61
P/FCF Ratio72.26
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$140.00Price Target Upside23.86% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)-15.61
Revenue Forecast (FY)$676.27M
Mirum Pharmaceuticals Business Overview & Revenue Model
Company Description
Mirum Pharmaceuticals, Inc. is a biopharmaceutical firm dedicated to discovering and commercializing groundbreaking therapies for serious rare and orphan conditions. Its lead experimental drug, LIVMARLI, an oral treatment, is currently undergoing ...
How the Company Makes Money
Mirum primarily makes money through product sales of its commercial therapies. A key revenue stream is net product revenue from LIVMARLI (maralixibat), generated from selling the drug (primarily through specialty distribution channels) to treat el...
Mirum Pharmaceuticals Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
The call presented strong commercial execution (Q2 sales up 37.5% YoY), improved margins (+~5 percentage points) a fortified balance sheet (cash up ~43.5%, successful convertible note financing), and multiple near-term clinical and regulatory catalysts (Zilurgisertib PDUFA, volovitug/volixibat and volovitug AZURE readouts). The most significant negative item is regulatory uncertainty for volixibat in PSC after the FDA recommended a Phase 3, leading to an NDA timing delay to H1 2027 and added execution risk. Overall, positive commercial and financial momentum and multiple upcoming catalysts outweigh the regulatory setback, but the PSC pathway remains a material watch item.Positive Updates
Strong Quarterly Revenue Growth
Net product sales of $176.0M in Q2 2026, up from $128.0M in Q2 2025 (+37.5% YoY), driven by portfolio demand and commercial execution.
Negative Updates
Regulatory Setback for Volixibat in PSC
Following a pre-NDA meeting, FDA recommended conducting a Phase 3 study for volixibat in PSC; as a result, the company delayed the planned NDA submission to the first half of 2027. Company cites new review team and need for iterative dialogue to resolve package expectations.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Quarterly Revenue Growth
Net product sales of $176.0M in Q2 2026, up from $128.0M in Q2 2025 (+37.5% YoY), driven by portfolio demand and commercial execution.
Read all positive updates
Company Guidance
Mirum raised full‑year 2026 net product sales guidance to $680–$700M after reporting Q2 net product sales of $176M (vs. $128M YoY), including Livmarli sales of $129M (U.S. $92M; international $37M) and bile‑acid medicines contributing $48M; cash and investments were $561M as of June 30 (up from $391M at the start of the year), commercial cash contribution margin was in the high‑50s% (~+5 percentage points YoY), and operating cash flow was positive in Q2. Q2 operating expense was $290M (including $19M of which $16M was in‑process R&D for Zilurgisertib), R&D was $76M (including $29M for volovitug), SG&A $66M, cost of sales $23M, and stock‑based comp/intangible amortization/other noncash items totaled $37M. The company issued $690M principal of 0% convertible notes (net proceeds $672M), settled 75% of 2029 notes and added $197M cash, and reiterated Livmarli’s >$1B peak revenue potential. Key pipeline guidance: Zilurgisertib has a PDUFA next month with preparation for a potential U.S. Q4 launch (initially ages ≥12), AZURE‑1 top line is expected later this quarter with AZURE‑4 in Q4 to support a potential BLA in H1 2027, EXPAND top line is expected in Q4 (potential sNDA next year), VISTAS (volixibat in PSC: >180 PSC patients, >100 with 1‑year safety exposure, >600 subjects across the program) met its primary endpoint and received Breakthrough Therapy designation but FDA requested a Phase 3 (delaying the PSC NDA to H1 2027), VANTAGE (PBC) has >330 randomized and could serve as pivotal with a Q1 2027 readout, and MRN‑338 POC in fragile X is expected next year.Mirum Pharmaceuticals Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
27
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 618.07M | 521.31M | 336.89M | 186.37M | 77.06M | 19.14M |
| Gross Profit | 504.96M | 420.73M | 255.25M | 139.34M | 64.69M | 17.23M |
| EBITDA | -776.79M | 17.21M | -48.97M | -136.49M | -122.85M | -65.39M |
| Net Income | -860.21M | -23.36M | -87.94M | -163.41M | -135.66M | -83.99M |
Balance Sheet | ||||||
| Total Assets | 1.04B | 842.81M | 670.75M | 646.62M | 352.91M | 294.65M |
| Cash, Cash Equivalents and Short-Term Investments | 438.29M | 383.33M | 280.31M | 286.33M | 151.72M | 156.54M |
| Total Debt | 760.54M | 319.45M | 317.76M | 308.14M | 2.19M | 2.61M |
| Total Liabilities | 1.06B | 528.12M | 445.11M | 397.95M | 210.87M | 174.44M |
| Stockholders Equity | -10.42M | 314.69M | 225.64M | 248.67M | 142.04M | 120.21M |
Cash Flow | ||||||
| Free Cash Flow | -458.17M | 54.87M | 9.33M | -91.05M | -120.41M | -151.78M |
| Operating Cash Flow | -456.03M | 55.83M | 10.32M | -70.94M | -120.14M | -132.76M |
| Investing Cash Flow | -184.35M | -23.95M | -90.13M | -107.20M | 7.70M | 48.55M |
| Financing Cash Flow | 776.69M | 40.14M | 17.70M | 336.60M | 109.09M | 73.47M |
Mirum Pharmaceuticals Technical Analysis
Neutral
113.03
Price Trends
109.74
Negative
103.15
Positive
92.96
Positive
Market Momentum
-2.16
Positive
40.35
Neutral
15.36
Positive
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 113.03 is below the 20-day moving average (MA) of 114.49, above the 50-day MA of 109.74, and above the 200-day MA of 92.96, indicating a neutral trend. The MACD of -2.16 indicates Positive momentum. The RSI at 40.35 is Neutral, neither overbought nor oversold. The STOCH value of 15.36 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $11.60B | 42.87 | 4.41% | ― | 12.53% | -49.09% | |
54 Neutral | $3.70B | -6.81 | -94.56% | ― | ― | -203.77% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $5.68B | -137.67 | 21.72% | ― | -42.84% | -106.21% | |
50 Neutral | $8.60B | -14.96 | -110.84% | ― | -7.49% | -98.12% | |
47 Neutral | $6.46B | -7.78 | -289.33% | ― | 50.19% | -742.29% | |
46 Neutral | $10.80B | -36.25 | -56.65% | ― | 149.04% | -0.28% |
* Healthcare Sector Average
MIRM
Mirum Pharmaceuticals
105.79
52.40
98.15%
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Mirum Pharmaceuticals Corporate Events
Executive/Board ChangesShareholder Meetings
Mirum Shareholders Approve Directors, Auditors and Compensation
Positive
Jun 18, 2026
On June 15, 2026, Mirum Pharmaceuticals, Inc. held its 2026 annual meeting of stockholders, with voting based on 60,977,841 common shares outstanding as of the April 20, 2026 record date. Shareholders elected three Class I directors, Lon Cardon, W...
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...
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.